N.Y. Ins. Law § 6621

§ 6621. Unabsorbed portions of premium payments. (a) Subject to the\nrequirements of this article for the accumulation and maintenance of\nminimum surplus, the surplus of any advance premium corporation shall be\neligible for equitable distribution to its members as unabsorbed\nportions of premium payments; but no unabsorbed portion of premium\npayments shall be returned or distributed until authorized by the\ncorporation's board of directors nor until approved by the\nsuperintendent.\n (b) In authorizing any such return of unabsorbed portion of premium\npayments, the board of directors of such a corporation may provide for\nan apportionment thereof among separate groups of members on the basis\nof earned premiums equitably classified according to major kinds of\ninsurance.\n (c) This section shall not prohibit the return of the unabsorbed\nportion of premium payments on an equitable basis to policyholders in\nother states or under reinsurance contracts.\n