2023 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.