2012 New York Consolidated Laws
ISC - Insurance
Article 71 - (7101 - 7121) MERGER, CONSOLIDATION, REDOMESTICATION, ACQUISITION OF ASSETS AND ACQUISITION OF CERTAIN SHARES OF INSURERS
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.