§ 1106 — Additional requirements for foreign or alien insurer's license

New York § 1106

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 11: Licensing of Insurers

Text

§ 1106. Additional requirements for foreign or alien insurer's\nlicense. (a) Before issuing a license to do business, except by way of a\nrenewal license, to any foreign or alien insurer the superintendent in\naddition to the requirement set forth in subsection (b) hereof:\n (1) shall require it to submit for filing a certified copy of its\ncharter, and of its by-laws, if any, currently in force, and such other\ndocuments necessary to show the kinds of business which it is empowered\nto do, and a full statement, subscribed and affirmed as true under the\npenalties of perjury by two officers or responsible representatives in\nsuch manner as the superintendent shall prescribe, showing its assets,\nliabilities and financial condition; and\n (2) may require a full statement of its income, disbursements,\nbusiness done, and other facts required to be shown in its annual\nstatement; and\n (3) may either make an examination of the insurer's affairs at its\nprincipal office within the United States, or accept a report of an\nexamination made by the insurance department or other insurance\nsupervisory official of any other state or of any government outside the\nUnited States.\n (b) (1) Before issuing any new or renewal license to any foreign or\nalien insurer, the superintendent may require satisfactory proof, either\nin the insurer's charter or by an agreement evidenced by a duly\ncertified resolution of its board of directors, or otherwise as the\nsuperintendent may require, that such insurer will not engage in any\ninsurance business in contravention of the provisions of this section or\nnot authorized by its charter.\n (2) The superintendent shall issue a renewal license to any foreign or\nalien insurer if satisfied, by such proof as he may require, that such\nan insurer is not delinquent with respect to any requirement imposed by\nthis chapter and that its continuance in business in this state will not\nbe hazardous or prejudicial to the best interests of the people of this\nstate.\n (c) No foreign insurer shall be licensed to do in this state any kind\nof insurance business, or combination of kinds of insurance business,\nwhich are not permitted to be done by domestic insurers hereafter to be\nlicensed under the provisions of this chapter. No foreign insurer shall\nbe authorized to do business in this state if it does in this state or\nelsewhere any kind of business, other than an insurance business and\nsuch business as is necessarily or properly incidental to the kind or\nkinds of insurance business which it is licensed to do in this state.\n (d) No alien insurer shall be licensed to do in this state any kind of\ninsurance business, or any combination of kinds of insurance business,\nwhich are not permitted to be done by domestic insurers hereafter to be\nlicensed under the provisions of this chapter. No alien insurer shall be\nauthorized to do an insurance business in this state if it does anywhere\nwithin the United States any kind of business other than an insurance\nbusiness and such business as is necessarily or properly incidental to\nthe kind or kinds of insurance business which it is authorized to do in\nthis state.\n (e) Except as otherwise specifically provided in this chapter no\nforeign insurer and no United States branch of an alien insurer shall be\nor continue to be authorized to do an insurance business in this state\nif it fails to comply substantially with any requirement or limitation\nof this chapter, applicable to similar domestic insurers hereafter to be\norganized, which in the judgment of the superintendent is reasonably\nnecessary to protect the interests of the people of this state.\n (f) No foreign insurer and no United States branch of an alien insurer\nwhich does outside of this state any kind or combination of kinds of\ninsurance business not permitted to be done in this state by similar\ndomestic insurers hereafter organized, shall be or continue to be\nauthorized to do an insurance business in this state, unless in the\njudgment of the superintendent the doing of such kind or combination of\nkinds of insurance business will not be prejudicial to the best\ninterests of the people of this state.\n (g) Subsections (e) and (f) hereof shall not affect the requirements\nof section one thousand one hundred two of this article or section four\nthousand two hundred five of this chapter with respect to business done\nwithin this state.\n (h) Notwithstanding the provisions of subsection (c) hereof any\nforeign insurance company licensed to do the business of life insurance\nin this state continuously since January first, nineteen hundred twenty\nmay continue to be licensed, in the discretion of the superintendent, to\ndo the kinds of insurance business it was authorized to do immediately\nprior to January first, nineteen hundred forty.\n (i) (1) Notwithstanding any other provisions of this chapter, any\nforeign licensed mutual life insurer which intends to reorganize or\nconvert to a stock life insurer shall file with the superintendent a\ncopy of its plan of reorganization or conversion at least ninety days\nprior to the date of any public hearing required to be held on such a\nplan by the state of domicile of the insurer, or the proposed effective\ndate of the reorganization or conversion, whichever is earlier.\n (2) If, after examining the plan, the superintendent finds that the\nplan is not fair or equitable to the New York policyholders of such\ninsurer he shall set forth the reasons for such findings and at least\nfifteen days prior to such hearing, or the proposed effective date of\nthe reorganization or conversion, whichever is earlier, notify the\ncommissioner, superintendent or director of the state of domicile and\nthe insurer of such findings and such reasons and advise of any\nrequirements he finds necessary for the protection of current New York\npolicyholders in order to permit the insurer to continue to do business\nin New York as a stock insurer after such reorganization or conversion.\n