§ 4503 — Licensing of foreign and alien societies

§ 4503. Licensing of foreign and alien societies. (a) The\nsuperintendent may issue a license to do business in this state to any\nforeign or alien society which conforms to the requirements for foreign\nor alien insurers pursuant to section one thousand one hundred six of\nthis chapter, other than subsection (e) thereof, and which conforms in\nsubstance to all other requirements imposed on domestic authorized\nsocieties under this chapter. Every such license shall contain the name\nof the licensee, its home office address, the state or country under\nwhose laws it was incorporated and the term of such license. The\nsuperintendent may refuse to issue or renew any such license if in his\njudgment such refusal will best promote the interests of the people of\nthis state. The superintendent may refuse to renew any such license in\naddition to, or in lieu of, a proceeding under article seventy-four of\nthis chapter in the circumstances specified in section four thousand\nfive hundred nineteen of this article.\n (b) Every license, including every renewal license, issued to a\nforeign or alien society shall be for a term expiring on April thirtieth\nfollowing the date of issuance, but such license shall continue in full\nforce until a renewal license shall have been issued or shall have been\nspecifically refused by the superintendent.\n (c) No alien society shall be authorized to do business in this state\nunless it shall at all times maintain trusteed assets, a trusteed\nsurplus and a deposit in the United States pursuant to the provisions of\nsections one thousand three hundred twelve, one thousand three hundred\nfifteen, and one thousand three hundred twenty of this chapter,\nrespectively. Such trusteed surplus shall be in an amount not less than\nfour hundred fifty thousand dollars and shall be held in trust for the\nsecurity of members in the United States admitted to the society on or\nafter January first, nineteen hundred forty. The term "policyholders in\nthe United States" as used in sections one thousand three hundred\ntwelve, one thousand three hundred fifteen and one thousand three\nhundred twenty of this chapter shall be deemed, in the case of\nauthorized alien societies, to refer to members in the United States\nadmitted to the society on and after January first, nineteen hundred\nforty.\n