N.Y. Insurance Law § 4503: Licensing of foreign and alien societies

§ 4503. Licensing of foreign and alien societies. (a) The

superintendent may issue a license to do business in this state to any

foreign or alien society which conforms to the requirements for foreign

or alien insurers pursuant to section one thousand one hundred six of

this chapter, other than subsection (e) thereof, and which conforms in

substance to all other requirements imposed on domestic authorized

societies under this chapter. Every such license shall contain the name

of the licensee, its home office address, the state or country under

whose laws it was incorporated and the term of such license. The

superintendent may refuse to issue or renew any such license if in his

judgment such refusal will best promote the interests of the people of

this state. The superintendent may refuse to renew any such license in

addition to, or in lieu of, a proceeding under article seventy-four of

this chapter in the circumstances specified in section four thousand

five hundred nineteen of this article.

(b) Every license, including every renewal license, issued to a

foreign or alien society shall be for a term expiring on April thirtieth

following the date of issuance, but such license shall continue in full

force until a renewal license shall have been issued or shall have been

specifically refused by the superintendent.

(c) No alien society shall be authorized to do business in this state

unless it shall at all times maintain trusteed assets, a trusteed

surplus and a deposit in the United States pursuant to the provisions of

sections one thousand three hundred twelve, one thousand three hundred

fifteen, and one thousand three hundred twenty of this chapter,

respectively. Such trusteed surplus shall be in an amount not less than

four hundred fifty thousand dollars and shall be held in trust for the

security of members in the United States admitted to the society on or

after January first, nineteen hundred forty. The term "policyholders in

the United States" as used in sections one thousand three hundred

twelve, one thousand three hundred fifteen and one thousand three

hundred twenty of this chapter shall be deemed, in the case of

authorized alien societies, to refer to members in the United States

admitted to the society on and after January first, nineteen hundred

forty.