Assembly Bill A7249

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

                                  7249

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 26, 2009
                               ___________

Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
  tee on Insurance

AN ACT to amend the insurance law, in  relation  to  permitting  foreign
  insurance companies to transfer their corporate domicile to New York

  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 added by  chapter  26
of the laws of 1992, is amended to read as follows:
  S  7120.  Redomestication  of  foreign [life] insurance companies. (a)
Definitions. In this section:
  (1) "Redomestication" means the transfer to this state of  the  corpo-
rate  domicile  of  an  authorized  foreign [life insurance] company, as
provided for in this section.
  (2) "Transferring [insurer]  COMPANY"  means  any  authorized  foreign
[life insurance] company seeking redomestication.
  (b) A transferring [insurer] 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 [insurer] COMPANY is domi-
ciled  approving  the  proposed redomestication and confirming that upon
redomestication the transferring [insurer] COMPANY shall  no  longer  be
subject  as  a  domestic  [insurer]  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 [stock or mutual life
insurance] company OF THE SAME TYPE;
  (3) demonstrate to the satisfaction of the  superintendent  that  upon
redomestication,  the  transferring [insurer] COMPANY will be in compli-
ance with the requirements of this chapter and any  regulations  promul-
gated  thereunder  applicable to a domestic [stock or mutual life insur-
ance] company [as the case may be] OF THE SAME TYPE;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10726-01-9
              

A. 7249                             2

  (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.
  (c) After the transferring [insurer] 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 [insurer] 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 [insurer] COMPANY shall be a domestic [insurer] COMPANY.
  (d) Simultaneous with the redomestication taking effect:
  (1) all materials and documents that were submitted to the superinten-
dent  by the transferring [insurer] 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 [insurer] COMPANY a certified copy of its new declaration and  char-
ter and A certificate of incorporation. The new charter of the [insurer]
COMPANY  may  provide for the continuation of the corporate existence of
the transferring [insurer] COMPANY and in such case the original date of
incorporation of the transferring [insurer] COMPANY shall be the date of
incorporation of the new domestic [insurer] 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
[which] THAT the superintendent allows, existing at the time of redomes-
tication, shall continue in full force and  effect  in  accordance  with
applicable provisions of this chapter.
  S 2. This act shall take effect immediately.