BILL NUMBER:A10481
TITLE OF BILL:
An act to amend the insurance law, in relation to the redomestication of
insurance companies
PURPOSE:
To provide for the more efficient regulation of insurance entities by
more closely conforming New York law governing the redomestication of
insurance companies to the National Association of Insurance Commission-
ers (NAIC) Redomestication Model Bill.
SUMMARY OF PROVISIONS:
This bill would amend §7120 to the Insurance Law to more closely conform
New York law governing the redomestication of insurance companies to the
NAIC Redomestication Model Bill. Specifically, this bill would include
provisions governing the redomestication of a domestic insurance company
to another state upon the approval of the Superintendent of Insurance.
In order to be eligible for redomestication, the insurer would have to
demonstrate to the satisfaction of the Superintendent that the redomes-
tication would further the regulatory efficiency of the holding company
system which controls the insurer. The redomesticating insurer would
also be required to demonstrate that, upon redomestication, it will be
in compliance with all applicable requirements of the Insurance Law. In
addition, the redomesticating insurer would be required to demonstrate
to the satisfaction of the Superintendent that the redomestication will
S T A T E O F N E W Y O R K
________________________________________________________________________
10481
I N A S S E M B L Y
April 2, 2010
___________
Introduced by M. of A. BING -- read once and referred to the Committee
on Insurance
AN ACT to amend the insurance law, in relation to the redomestication of
insurance companies
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 7120 of the insurance law, as amended by chapter 48
of the laws of 2009, is amended to read as follows:
S 7120. Redomestication of [foreign] insurance companies. (a) Defi-
nitions. In this section:
(1) "Redomestication" means the transfer to this state of the corpo-
rate domicile of an authorized foreign company OR THE TRANSFER FROM THIS
STATE OF THE CORPORATE DOMICILE OF A DOMESTIC COMPANY, as provided for
in this section.
(2) "Transferring company" means any authorized [foreign] company
seeking redomestication.
(b) A transferring company TRANSFERRING TO THIS STATE 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 redomes-
tication the transferring company shall no longer be subject as a domes-
tic 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 redo-
mestication, if so ordered by the superintendent, or use existing policy
forms with appropriate endorsements if allowed by, and under such condi-
tions as approved by, the superintendent.
(B-1) A TRANSFERRING COMPANY TRANSFERRING FROM THIS STATE SHALL:
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