NY Ins L § 7120 (2021)
2021 New York Laws ISC - Insurance Article 71 - 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.