2006 New York Code - Redomestication Of Foreign Life Insurance Companies.

 
    §  7120.  Redomestication  of  foreign  life  insurance companies. (a)
  Definitions. In this section:
    (1) "Redomestication"  means  the  transfer  to  this  state  of   the
  corporate  domicile  of  an authorized foreign life insurance company as
  provided for in this section.
    (2) "Transferring insurer" means any authorized foreign life insurance
  company seeking redomestication.
    (b) A transferring insurer 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  insurer  is  domiciled
  approving   the   proposed  redomestication  and  confirming  that  upon
  redomestication the transferring insurer shall no longer be subject as a
  domestic insurer 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  stock or mutual life
  insurance company;
    (3) demonstrate to the satisfaction of the  superintendent  that  upon
  redomestication, the transferring insurer will be in compliance with the
  requirements  of this chapter and any regulations promulgated thereunder
  applicable to a domestic stock or mutual life insurance company  as  the
  case may be;
    (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 insurer 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 insurer 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
  insurer shall be a domestic insurer.
    (d) Simultaneous with the redomestication taking effect:
    (1)  all  materials  and  documents  that  were   submitted   to   the
  superintendent  by the transferring insurer 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 of this chapter issue to the insurer a certified copy of
  its  new  declaration  and charter and certificate of incorporation. The
  new charter of the insurer may  provide  for  the  continuation  of  the
  corporate  existence  of  the  transferring insurer and in such case the
  original date of incorporation of the transferring insurer shall be  the
  date of incorporation of the new domestic insurer.
    (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
  which   the   superintendent   allows,   existing   at   the   time   of
  redomestication, shall continue in full force and effect  in  accordance
  with applicable provisions of this chapter.