N.Y. Insurance Law § 1106: Additional requirements for foreign or alien insurer's license

§ 1106. Additional requirements for foreign or alien insurer's

license. (a) Before issuing a license to do business, except by way of a

renewal license, to any foreign or alien insurer the superintendent in

addition to the requirement set forth in subsection (b) hereof:

(1) shall require it to submit for filing a certified copy of its

charter, and of its by-laws, if any, currently in force, and such other

documents necessary to show the kinds of business which it is empowered

to do, and a full statement, subscribed and affirmed as true under the

penalties of perjury by two officers or responsible representatives in

such manner as the superintendent shall prescribe, showing its assets,

liabilities and financial condition; and

(2) may require a full statement of its income, disbursements,

business done, and other facts required to be shown in its annual

statement; and

(3) may either make an examination of the insurer's affairs at its

principal office within the United States, or accept a report of an

examination made by the insurance department or other insurance

supervisory official of any other state or of any government outside the

United States.

(b) (1) Before issuing any new or renewal license to any foreign or

alien insurer, the superintendent may require satisfactory proof, either

in the insurer's charter or by an agreement evidenced by a duly

certified resolution of its board of directors, or otherwise as the

superintendent may require, that such insurer will not engage in any

insurance business in contravention of the provisions of this section or

not authorized by its charter.

(2) The superintendent shall issue a renewal license to any foreign or

alien insurer if satisfied, by such proof as he may require, that such

an insurer is not delinquent with respect to any requirement imposed by

this chapter and that its continuance in business in this state will not

be hazardous or prejudicial to the best interests of the people of this

state.

(c) No foreign insurer shall be licensed to do in this state any kind

of insurance business, or combination of kinds of insurance business,

which are not permitted to be done by domestic insurers hereafter to be

licensed under the provisions of this chapter. No foreign insurer shall

be authorized to do business in this state if it does in this state or

elsewhere any kind of business, other than an insurance business and

such business as is necessarily or properly incidental to the kind or

kinds of insurance business which it is licensed to do in this state.

(d) No alien insurer shall be licensed to do in this state any kind of

insurance business, or any combination of kinds of insurance business,

which are not permitted to be done by domestic insurers hereafter to be

licensed under the provisions of this chapter. No alien insurer shall be

authorized to do an insurance business in this state if it does anywhere

within the United States any kind of business other than an insurance

business and such business as is necessarily or properly incidental to

the kind or kinds of insurance business which it is authorized to do in

this state.

(e) Except as otherwise specifically provided in this chapter no

foreign insurer and no United States branch of an alien insurer shall be

or continue to be authorized to do an insurance business in this state

if it fails to comply substantially with any requirement or limitation

of this chapter, applicable to similar domestic insurers hereafter to be

organized, which in the judgment of the superintendent is reasonably

necessary to protect the interests of the people of this state.

(f) No foreign insurer and no United States branch of an alien insurer

which does outside of this state any kind or combination of kinds of

insurance business not permitted to be done in this state by similar

domestic insurers hereafter organized, shall be or continue to be

authorized to do an insurance business in this state, unless in the

judgment of the superintendent the doing of such kind or combination of

kinds of insurance business will not be prejudicial to the best

interests of the people of this state.

(g) Subsections (e) and (f) hereof shall not affect the requirements

of section one thousand one hundred two of this article or section four

thousand two hundred five of this chapter with respect to business done

within this state.

(h) Notwithstanding the provisions of subsection (c) hereof any

foreign insurance company licensed to do the business of life insurance

in this state continuously since January first, nineteen hundred twenty

may continue to be licensed, in the discretion of the superintendent, to

do the kinds of insurance business it was authorized to do immediately

prior to January first, nineteen hundred forty.

(i) (1) Notwithstanding any other provisions of this chapter, any

foreign licensed mutual life insurer which intends to reorganize or

convert to a stock life insurer shall file with the superintendent a

copy of its plan of reorganization or conversion at least ninety days

prior to the date of any public hearing required to be held on such a

plan by the state of domicile of the insurer, or the proposed effective

date of the reorganization or conversion, whichever is earlier.

(2) If, after examining the plan, the superintendent finds that the

plan is not fair or equitable to the New York policyholders of such

insurer he shall set forth the reasons for such findings and at least

fifteen days prior to such hearing, or the proposed effective date of

the reorganization or conversion, whichever is earlier, notify the

commissioner, superintendent or director of the state of domicile and

the insurer of such findings and such reasons and advise of any

requirements he finds necessary for the protection of current New York

policyholders in order to permit the insurer to continue to do business

in New York as a stock insurer after such reorganization or conversion.