N.Y. Insurance Law § 7120: Redomestication of foreign insurance companies

§ 7120. Redomestication of foreign insurance companies. (a)

Definitions. In this section:

(1) "Redomestication" means the transfer to this state of the

corporate domicile of an authorized foreign company, as provided for in

this section.

(2) "Transferring company" means any authorized foreign company

seeking redomestication.

(b) A transferring company shall:

(1) file with the superintendent a certificate in such form as

prescribed by the superintendent signed by the insurance supervisory

official of the state where such transferring company is domiciled

approving the proposed redomestication and confirming that upon

redomestication the transferring company shall no longer be subject as a

domestic company to the requirements of its current state of domicile;

(2) comply with the applicable requirements of this chapter regarding

the organization and licensing of a domestic company of the same type;

(3) demonstrate to the satisfaction of the superintendent that upon

redomestication, the transferring company will be in compliance with the

requirements of this chapter and any regulations promulgated thereunder

applicable to a domestic company of the same type;

(4) submit to the superintendent all documents and filings necessary

to comply with paragraphs two and three of this subsection; and

(5) submit new policy forms to the superintendent for use after

redomestication, if so ordered by the superintendent, or use existing

policy forms with appropriate endorsements if allowed by, and under such

conditions as approved by, the superintendent.

(c) After the transferring company has complied with the provisions of

this section, the superintendent may, in accordance with section one

thousand one hundred two of this chapter issue a new license to the

transferring company to reflect the change in its state of corporate

domicile. The duration of its license shall be governed by section one

thousand one hundred three of this chapter. Upon issuance of such new

license the redomestication shall become effective and the transferring

company shall be a domestic company.

(d) Simultaneous with the redomestication taking effect:

(1) all materials and documents that were submitted to the

superintendent by the transferring company pursuant to the requirements

of this section shall be filed in the office of the superintendent; and

(2) the superintendent shall, in accordance with section one thousand

two hundred one or other applicable provisions of this chapter issue to

the company a certified copy of its new declaration and charter and a

certificate of incorporation. The new charter of the company may provide

for the continuation of the corporate existence of the transferring

company and in such case the original date of incorporation of the

transferring company shall be the date of incorporation of the new

domestic company.

(e) All outstanding insurance policies and contracts shall remain in

full force and effect with no change and need not be endorsed as to the

new name of the company, if any, or its new location unless ordered by

the superintendent.

(f) All agents' appointments and licenses, rates, and other items that

the superintendent allows, existing at the time of redomestication,

shall continue in full force and effect in accordance with applicable

provisions of this chapter.