§ 1105 — Voluntarily ceasing to maintain license

§ 1105. Voluntarily ceasing to maintain license. When an authorized\ninsurer proposes to cease to maintain its existing licensing status in\nthis state, the insurer shall at least forty-five days prior to such\nproposed action submit to the superintendent a plan to protect the\ninterests of the people of this state. Such proposed action shall not\nbecome effective without the approval of such plan by the\nsuperintendent. The plan shall include requirements and procedures for\nmeeting the insurer's contractual obligations, providing security\nprotection in the event of a subsequent insolvency, and meeting any\napplicable statutory obligations, including its obligations pursuant to\narticles fifty-three, fifty-four and fifty-five of this chapter. Such\nplan shall be in compliance with a regulation to be promulgated by the\nsuperintendent. A plan may request that the insurer be permitted to\ncontinue or service a life insurance policy or annuity contract from\noutside this state by telephone, video call, facsimile, web portal,\nelectronic transfer of funds, or by any other electronic means as\napproved by the superintendent pursuant to subparagraph (C) of paragraph\ntwo of subsection (b) of section one thousand one hundred one of this\narticle. In order to protect the interests of the people of this state,\nthe superintendent may require the deposit of securities in this state,\nin trust, in the name of the superintendent.\n