§ 1103 — Duration of licenses

§ 1103. Duration of licenses. (a) Every license issued to a domestic\ninsurer shall be for an indefinite term and shall expire with the\nexpiration or termination of its corporate existence.\n (b) Every license, including every renewal license, issued to a\nforeign or alien insurer shall be for a term expiring on June thirtieth\nfollowing the date of issuance, except that at any time after a licensed\nforeign or alien insurer has filed its annual statement pursuant to\nsection three hundred seven of this chapter the superintendent may issue\nto such insurer a renewal license for the next year.\n