senate Bill S3543

2013-2014 Legislative Session

Relates to the redomestication of insurance companies

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to insurance
Feb 05, 2013 referred to insurance

S3543 - Details

See Assembly Version of this Bill:
A6326
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Amd §7120, Ins L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S3366, A5859, A8899
2009-2010: S7640, A10481

S3543 - Summary

Relates to the redomestication of insurance companies.

S3543 - Sponsor Memo

S3543 - Bill Text download pdf

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

                                  3543

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 5, 2013
                               ___________

Introduced  by  Sen.  SEWARD -- 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08120-01-3

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