2019 New York Laws
ISC - Insurance
Article 72 - Domestication of the United States Branch of an Alien Insurer
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.