assembly Bill A9242

2021-2022 Legislative Session

Relates to the redomestication of insurance companies

download bill text pdf

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Current Bill Status - In Assembly Committee


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

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 09, 2022 referred to insurance

A9242 (ACTIVE) - Details

See Senate Version of this Bill:
S3773
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §7120, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: S7640
2011-2012: S3366
2013-2014: S3543
2015-2016: S1434
2017-2018: S697
2019-2020: S3504

A9242 (ACTIVE) - Summary

Relates to the redomestication of insurance companies.

A9242 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9242
 
                           I N  A S S E M B L Y
 
                             February 9, 2022
                                ___________
 
 Introduced  by M. of A. QUART -- 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:
   §  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07423-01-1