2019 New York Laws
ISC - Insurance
Article 45 - Fraternal Benefit Societies
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.