N.Y. Insurance Law § 7202: Domestication of the United States branch of an alien insurer permitted

§ 7202. Domestication of the United States branch of an alien insurer

permitted. (a) (1) Upon compliance with the provisions of this article

any licensed alien insurer having its United States branch entered

through this state and owning beneficially, directly or indirectly, all

outstanding shares of a domestic insurer or of a foreign insurer

qualified and licensed in this state to write all the kinds of insurance

for which the United States branch is qualified and licensed may

domesticate its United States branch by agreeing in writing with such

domestic or foreign insurer to the acquisition of the business and

assets, and the assumption of all liabilities, of the United States

branch, by the domestic or foreign insurer for no consideration except

such assumption.

(2) The agreement may, however, provide for additional consideration

payable by the issuance of shares by the acquiring insurer.

(3) The domestication shall be subject to prior written approval by

the superintendent if the acquiring insurer is domestic, or by the

insurance supervisory official of the state of incorporation if it is

foreign.

(4) The domestication shall be subject to final approval by the

superintendent and if the acquiring insurer is foreign by the

supervisory official of such state.

(b) Any shares of the acquiring insurer or voting trust certificates

therefor held among the trusteed assets of the United States branch or

held in a trust created by the alien insurer of which the alien insurer

is a beneficiary shall be deemed to be shares held beneficially, but

indirectly, by such alien insurer.

(c) Any acquisition of assets and assumption of liabilities pursuant

to subsection (a) hereof shall be effected by filing with the

superintendent an instrument of transfer and assumption, executed by the

alien insurer and the acquiring insurer, in form satisfactory to the

superintendent as to a domestic insurer or to both the superintendent

and the insurance supervisory official of the state of incorporation as

to a foreign insurer.

(d) The acquiring insurer may be licensed to engage in the insurance

business in this state either before entering into such domestication

agreement or, if the superintendent approves, effective with

consummation of the agreement in accordance with the provisions of

section seven thousand two hundred five of this article.

(e) This article shall not be construed to (i) authorize any insurance

company to do any kind of insurance business not authorized by its

charter or (ii) authorize any foreign or alien insurance company to do

any kind of insurance business in this state not authorized by its

license or certificate of authority to do business in this state.