Section 6704. Licensing of nonprofit property/casualty insurance companies

(a) No person, firm, corporation or association  as  an  underwriter  or
  underwriters,  and  no  nonprofit  property/casualty  insurance company,
  shall do any insurance business in this state, unless authorized  to  do
  so pursuant to the provisions of this article.
    (b) The superintendent may pursuant to this article issue a license to
  a  nonprofit  property/casualty insurance company that is organized as a
  type B corporation pursuant to paragraph (b) of section two hundred  one
  of the not-for-profit corporation law if such company:
    (1)  complies  with  (A)  the  applicable  requirements of section one
  thousand one hundred two of this chapter,  and  (B)  the  provisions  of
  article  forty-one of this chapter applicable to stock property/casualty
  insurance companies (other  than  sections  four  thousand  one  hundred
  three,  four  thousand  one  hundred  five and four thousand one hundred
  nineteen)  and,  in  each  case,  the  rules  and  regulations  of   the
  superintendent  promulgated  pursuant  thereto  except  insofar  as such
  provisions of law, rules and regulations may be  inconsistent  with  the
  provisions of this article, and
    (2)  has  an  initial  surplus  to policyholders at least equal to the
  amount of applicable paid-in capital and additional  amount  of  paid-in
  surplus  required  by  paragraph  one  of subsection (a) of section four
  thousand one hundred  three  of  this  chapter  for  a  newly  organized
  domestic  stock  property/casualty insurance company doing the same kind
  or kinds of insurance business.
    Thereafter, every such nonprofit property/casualty  insurance  company
  shall  maintain  a surplus to policyholders at least equal to the amount
  of applicable paid-in capital required to be maintained by paragraph one
  of subsection (a) of section four thousand one  hundred  three  of  this
  chapter  for  a domestic stock property/casualty insurance company doing
  the same kind or kinds of insurance business.
    (c)  The  superintendent  may  issue  a   license   to   a   nonprofit
  property/casualty  insurance  company pursuant to this article that is a
  nonprofit reciprocal insurer organized pursuant to article sixty-one  of
  this  chapter  if such company complies with the requirements of section
  one thousand one hundred two of this chapter and  article  sixty-one  of
  this  chapter  and,  in  each  case,  the  rules  and regulations of the
  superintendent promulgated  pursuant  thereto  except  insofar  as  such
  provisions  of  law,  rules and regulations may be inconsistent with the
  provisions of this article and except that the provisions of  subsection
  (a)  of  section six thousand one hundred four of this chapter shall not
  apply with respect to nonprofit organizations that are or seek to become
  subscribers of such a  nonprofit  property/casualty  insurance  company,
  provided  that  such  a  nonprofit  property/casualty  insurance company
  either (1) has  an  initial  surplus  to  policyholders  and  thereafter
  maintains  a  surplus  to  policyholders  in an amount acceptable to the
  superintendent which amount shall  be  substantially  greater  than  the
  initial  surplus  to  policyholders  and  surplus to policyholders to be
  maintained by a reciprocal  insurer  under  article  sixty-one  of  this
  chapter,  or  (2)  submits  a reinsurance or other financial plan, which
  adequately addresses the provisions of subsection  (a)  of  section  six
  thousand one hundred four of this chapter and which reinsurance or other
  financial plan is acceptable to the superintendent.
    (d)  Every  license  to  engage in an insurance business issued by the
  superintendent to  any  nonprofit  property/casualty  insurance  company
  pursuant  to  the provisions of this article shall specify the company's
  name, the location of its  principal  office,  the  name  and  principal
  address  of  its  attorney-in-fact,  if  any,  and  the kind or kinds of
  insurance business specified in terms of subsection (a) of  section  one

  thousand one hundred thirteen of this chapter, which it is authorized to
  engage in in this state.