Senate Bill S7640

2009-2010 Legislative Session

Relates to the redomestication of insurance companies

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S7640 (ACTIVE) - Details

See Assembly Version of this Bill:
A10481
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §7120, Ins L
Versions Introduced in Other Legislative Sessions:
2011-2012: S3366, A5859, A8899
2013-2014: S3543, A6326
2015-2016: S1434
2017-2018: S697
2019-2020: S3504
2021-2022: S3773
2023-2024: S2792

2009-S7640 (ACTIVE) - Summary

Relates to the redomestication of insurance companies.

2009-S7640 (ACTIVE) - Sponsor Memo

2009-S7640 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7640

                            I N  S E N A T E

                             April 28, 2010
                               ___________

Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
  printed to be committed 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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