(b) The superintendent may pursuant to this article issue a license to a nonprofit property/casualty insurance company that is organized as a charitable corporation as defined in paragraph (a) of section one hundred two (Definitions) of the not-for-profit corporation law if such company:

1. (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. (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.