New York § 1203 Non-use of corporate charter

New York Statutes

§ 1203 — Non-use of corporate charter

New York § 1203

Law ISCInsurance

Art. 12Organization and Corporate Procedure

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Bluebook

N.Y. Insurance § 1203 (2026).

Text

§ 1203. Non-use of corporate charter.

(a)Any domestic insurance\ncompany which, after one year from the date of its incorporation, has\nnot organized and obtained a certificate of authority or license to do\nan insurance business, shall, unless granted an extension, forfeit its\ncorporate charter, and the superintendent may thereupon commence a\nproceeding, pursuant to the provisions of article seventy-four of this\nchapter, to liquidate and dissolve such corporation. The superintendent\nmay for good cause shown grant a written extension of such one-year\nperiod upon a written request filed with him within such period or\nduring the pendency of any examination or investigation pursuant to\nparagraph one of subsection (e) of section one thousand one hundred two\nof this chapter, whicheve

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§ 1203. Non-use of corporate charter. (a) Any domestic insurance\ncompany which, after one year from the date of its incorporation, has\nnot organized and obtained a certificate of authority or license to do\nan insurance business, shall, unless granted an extension, forfeit its\ncorporate charter, and the superintendent may thereupon commence a\nproceeding, pursuant to the provisions of article seventy-four of this\nchapter, to liquidate and dissolve such corporation. The superintendent\nmay for good cause shown grant a written extension of such one-year\nperiod upon a written request filed with him within such period or\nduring the pendency of any examination or investigation pursuant to\nparagraph one of subsection (e) of section one thousand one hundred two\nof this chapter, whichever is longer.\n (b) Any domestic insurer which ceases to do any insurance business for\nmore than one year continuously shall forfeit its right to resume an\ninsurance business, except with the prior approval of the\nsuperintendent. Unless such approval shall be granted, the\nsuperintendent may commence a proceeding, pursuant to the provisions of\narticle seventy-four of this chapter, to liquidate and dissolve such\ninsurer.\n