N.Y. Insurance Law § 1203: Non-use of corporate charter

§ 1203. Non-use of corporate charter. (a) Any domestic insurance

company which, after one year from the date of its incorporation, has

not organized and obtained a certificate of authority or license to do

an insurance business, shall, unless granted an extension, forfeit its

corporate charter, and the superintendent may thereupon commence a

proceeding, pursuant to the provisions of article seventy-four of this

chapter, to liquidate and dissolve such corporation. The superintendent

may for good cause shown grant a written extension of such one-year

period upon a written request filed with him within such period or

during the pendency of any examination or investigation pursuant to

paragraph one of subsection (e) of section one thousand one hundred two

of this chapter, whichever is longer.

(b) Any domestic insurer which ceases to do any insurance business for

more than one year continuously shall forfeit its right to resume an

insurance business, except with the prior approval of the

superintendent. Unless such approval shall be granted, the

superintendent may commence a proceeding, pursuant to the provisions of

article seventy-four of this chapter, to liquidate and dissolve such

insurer.