Application for License/Renewal Under Article 63 of the Insurance Law and Quarterly and Annual Submission of Free Trade Zone Reports
Application for License/Renewal Under Article 63 of the Insurance Law
An authorized insurer may obtain a special risk license pursuant to Article 63 of the Insurance Law to write in the "Free Trade Zone". In order to be licensed to write in the "Free Trade Zone", the insurer must be in compliance with the requirements specified in Article 63 of the Insurance Law and Regulation 86.
To obtain a special risk license, the "application for license under Article 63 of the Insurance law" (Application) must be completed by the authorized insurer.
Annually, the Application also must be completed by the authorized insurer in order to renew the special risk license. The special risk license runs from September 1st to August 31st each year. All renewal applications should be submitted to this Department by July 31st.
The Application is available in PDF and WORD format to download.
Application for License Under Article 63 of the Insurance Law
The completed Application along with a check or money order for $2,000.00 made out to the "Superintendent of Financial Services" should be mailed to:
Mr. Gilbert Denton
Senior Insurance Examiner
New York State Department of Financial Services
Property Bureau - 4th Floor
One State Street
New York, New York 10004
Chapter 490 of the Laws of 2011 is effective November 15, 2011 and revises the minimum surplus to policyholders requirement for authorized insurers to write in the Free Trade Zone. In addition Chapter 490 adds a new Class 3 risk. Authorized insurers that are currently licensed to write in the Free Trade Zone do not have to submit a new Application in order to write Class 3 risks. However, effective November 15, 2011 insurers must meet the revised minimum surplus to policyholders as specified in Chapter 490 in order to continue to be licensed to write in the Free Trade Zone. Due to the changes made by Chapter 490, the Department has revised the Application.
Quarterly and Annual Submission of Free Trade Zone Reports
All companies authorized to do business pursuant to Article 63 of the Insurance Law are required to complete and file annually Schedule SR and the Exhibit of Premiums and Losses Pursuant to Article 63 on the New York Supplement to the Property and Casualty Annual Statement and are also required to file quarterly Supplemental Schedule for All Property Insurance Companies Licensed Pursuant to Article 63 of the New York Insurance Law (Schedule C-1) with the Department. The Schedule C-1 for the 2012 quarterly filings can be filed electronically by completing the Schedule C-1 Report file below. Companies are strongly encouraged to file the Schedule C-1 electronically. The Schedule C-1 Report file can be submitted by e-mail to email@example.com.