NY Ins L § 1106 (2021)
2021 New York Laws ISC - Insurance Article 11 - Licensing of Insurers 1106 - Additional Requirements for Foreign or Alien Insurer's License.

§  1106.  Additional  requirements  for  foreign  or  alien  insurer's license. (a) Before issuing a license to do business, except by way of a renewal license, to any foreign or alien insurer the  superintendent  in addition to the requirement set forth in subsection (b) hereof:  (1)  shall  require  it  to  submit for filing a certified copy of its charter, and of its by-laws, if any, currently in force, and such  other documents  necessary to show the kinds of business which it is empowered to do, and a full statement, subscribed and affirmed as true  under  the penalties  of  perjury by two officers or responsible representatives in such manner as the superintendent shall prescribe, showing  its  assets, liabilities and financial condition; and  (2)  may  require  a  full  statement  of  its  income, disbursements, business done, and other facts  required  to  be  shown  in  its  annual statement; and  (3)  may  either  make  an examination of the insurer's affairs at its principal office within the United States, or  accept  a  report  of  an examination   made  by  the  insurance  department  or  other  insurance supervisory official of any other state or of any government outside the United States.  (b) (1) Before issuing any new or renewal license to  any  foreign  or alien insurer, the superintendent may require satisfactory proof, either in  the  insurer's  charter  or  by  an  agreement  evidenced  by a duly certified resolution of its board of  directors,  or  otherwise  as  the superintendent  may  require,  that  such insurer will not engage in any insurance business in contravention of the provisions of this section or not authorized by its charter.  (2) The superintendent shall issue a renewal license to any foreign or alien insurer if satisfied, by such proof as he may require,  that  such an  insurer is not delinquent with respect to any requirement imposed by this chapter and that its continuance in business in this state will not be hazardous or prejudicial to the best interests of the people of  this state.  (c)  No foreign insurer shall be licensed to do in this state any kind of insurance business, or combination of kinds  of  insurance  business, which  are not permitted to be done by domestic insurers hereafter to be licensed under the provisions of this chapter. No foreign insurer  shall be  authorized  to do business in this state if it does in this state or elsewhere any kind of business, other than  an  insurance  business  and such  business  as  is necessarily or properly incidental to the kind or kinds of insurance business which it is licensed to do in this state.  (d) No alien insurer shall be licensed to do in this state any kind of insurance business, or any combination of kinds of  insurance  business, which  are not permitted to be done by domestic insurers hereafter to be licensed under the provisions of this chapter. No alien insurer shall be authorized to do an insurance business in this state if it does anywhere within the United States any kind of business other  than  an  insurance business  and  such business as is necessarily or properly incidental to the kind or kinds of insurance business which it is authorized to do  in this state.  (e)  Except  as  otherwise  specifically  provided  in this chapter no foreign insurer and no United States branch of an alien insurer shall be or continue to be authorized to do an insurance business in  this  state if  it  fails to comply substantially with any requirement or limitation of this chapter, applicable to similar domestic insurers hereafter to be organized, which in the judgment of  the  superintendent  is  reasonably necessary to protect the interests of the people of this state.  (f) No foreign insurer and no United States branch of an alien insurer which  does  outside  of  this state any kind or combination of kinds of  insurance business not permitted to be done in  this  state  by  similar domestic  insurers  hereafter  organized,  shall  be  or  continue to be authorized to do an insurance business in  this  state,  unless  in  the judgment  of the superintendent the doing of such kind or combination of kinds of  insurance  business  will  not  be  prejudicial  to  the  best interests of the people of this state.  (g)  Subsections  (e) and (f) hereof shall not affect the requirements of section one thousand one hundred two of this article or section  four thousand  two hundred five of this chapter with respect to business done within this state.  (h) Notwithstanding  the  provisions  of  subsection  (c)  hereof  any foreign  insurance company licensed to do the business of life insurance in this state continuously since January first, nineteen hundred  twenty may continue to be licensed, in the discretion of the superintendent, to do  the  kinds of insurance business it was authorized to do immediately prior to January first, nineteen hundred forty.  (i) (1) Notwithstanding any other  provisions  of  this  chapter,  any foreign  licensed  mutual  life  insurer  which intends to reorganize or convert to a stock life insurer shall file  with  the  superintendent  a copy  of  its  plan of reorganization or conversion at least ninety days prior to the date of any public hearing required to be held  on  such  a plan  by the state of domicile of the insurer, or the proposed effective date of the reorganization or conversion, whichever is earlier.  (2) If, after examining the plan, the superintendent  finds  that  the plan  is  not  fair  or  equitable to the New York policyholders of such insurer he shall set forth the reasons for such findings  and  at  least fifteen  days  prior  to such hearing, or the proposed effective date of the reorganization or  conversion,  whichever  is  earlier,  notify  the commissioner,  superintendent  or  director of the state of domicile and the insurer of  such  findings  and  such  reasons  and  advise  of  any requirements  he  finds necessary for the protection of current New York policyholders in order to permit the insurer to continue to do  business in New York as a stock insurer after such reorganization or conversion.