(c) An insurer authorized by any provision of this chapter to engage in fidelity and surety insurance or reinsurance business may also guarantee performance of a contract insuring against physical damage to property in favor of mortgagees or other loss payees named in such contract, provided:

1. (1) It is authorized to engage in the kinds of insurance included in such contract;
2. (2) It has assumed reinsurance on the guaranteed contract in whole or in part;
3. (3) It is charged with such amount as part of its unearned premium reserve as may be prescribed by regulation of the superintendent not exceeding the amount it would be required to maintain in accordance with the provisions of this chapter if it were the direct insurer of the guaranteed risks; and
4. (4) If the property is located in this state, the ceding insurer is licensed to engage in the kinds of insurance included in such contracts.

(e) Any health service corporation organized under article forty-three of this chapter is authorized to engage in reinsurance of policies of:

1. (1) any other corporation organized under article forty-three of this chapter;
2. (2) any health maintenance organization organized under article forty-four of the public health law; and
3. (3) long term care insurance issued by accident and health insurers organized under article forty-two of this chapter.