N.Y. Insurance Law § 1105: Voluntarily ceasing to maintain license

§ 1105. Voluntarily ceasing to maintain license. When an authorized

insurer proposes to cease to maintain its existing licensing status in

this state, the insurer shall at least forty-five days prior to such

proposed action submit to the superintendent a plan to protect the

interests of the people of this state. Such proposed action shall not

become effective without the approval of such plan by the

superintendent. The plan shall include requirements and procedures for

meeting the insurer's contractual obligations, providing security

protection in the event of a subsequent insolvency, and meeting any

applicable statutory obligations, including its obligations pursuant to

articles fifty-three, fifty-four and fifty-five of this chapter. Such

plan shall be in compliance with a regulation to be promulgated by the

superintendent. A plan may request that the insurer be permitted to

continue or service a life insurance policy or annuity contract from

outside this state by telephone, video call, facsimile, web portal,

electronic transfer of funds, or by any other electronic means as

approved by the superintendent pursuant to subparagraph (C) of paragraph

two of subsection (b) of section one thousand one hundred one of this

article. In order to protect the interests of the people of this state,

the superintendent may require the deposit of securities in this state,

in trust, in the name of the superintendent.