Source: https://dfs.ny.gov/insurance/ogco2006/rg060126.htm
Timestamp: 2020-04-06 22:43:33
Document Index: 128978698

Matched Legal Cases: ['§ 6902', '§ 6902', '§ 1106', '§ 107', '§ 6902', '§ 1106', '§ 1106', '§ 107', '§ 107', '§ 6902', '§ 6902']

Admission to New York as a Financial Guarantee Insurer | Department of Financial Services
The Office of General Counsel issued the following opinion on January 31, 2006 representing the position of the New York State Insurance Department.
Re: Admission to New York as a Financial Guarantee Insurer
May a United States branch of an alien insurer be admitted to New York State as a financial guarantee insurer pursuant to N.Y. Ins. Law § 6902(a) (McKinneys Supp. 2006)?
No, even though N.Y. Ins. Law § 6902(a) (McKinneys Supp. 2006) states that a foreign insurer may be licensed in the manner prescribed by N.Y. Ins. Law § 1106 (McKinney 2000), which is entitled "[a]dditional requirements for foreign or alien insurers license", a "foreign insurer" is different from an "alien insurer" as those two terms are defined in N.Y. Ins. Law § 107 (McKinneys Supp. 2006).
No facts were provided.
N.Y. Ins. Law § 6902(a) (McKinneys Supp. 2006) states in relevant part:
A financial guaranty insurance corporation may be organized and licensed in the manner prescribed in section one thousand two hundred and one of this chapter and a foreign insurer may be licensed in the manner prescribed in section one thousand one hundred six of this chapter, . . .
N.Y. Ins. Law § 1106 (McKinney 2000) states in relevant part: "[b]efore issuing a license to do business, except by way of a renewal license, to any foreign or alien insurer the superintendent . . ." . N.Y. Ins. Law § 1106 (McKinney 2000) goes on to detail the licensing process.
N.Y. Ins. Law § 107(a)(5) (McKinneys Supp. 2006) states that an "[a]lien insurer means any insurer incorporated or organized under the laws of any foreign nation, or of any province or territory not included under the definition of a foreign insurer."
N.Y. Ins. Law § 107(a)(21) (McKinneys Supp. 2006) states that a [f]oreign insurer means any insurer incorporated or organized under the laws of any state, as herein defined, other than this state."
Since an alien insurer is defined differently than a foreign insurer in the Insurance Law, the use of the word foreign insurer in N.Y. Ins. Law § 6902(a) (McKinneys Supp. 2006) cannot be interpreted to include an alien insurer. Therefore, an alien insurer cannot be licensed pursuant to N.Y. Ins. Law
§ 6902(a) (McKinneys Supp. 2006).
For further information one may contact Senior Attorney Susan Dess at the New York City Office.