2023 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.