Assembly Bill A6326

2013-2014 Legislative Session

Relates to the redomestication of insurance companies

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

multi-Sponsors

2013-A6326 (ACTIVE) - Details

See Senate Version of this Bill:
S3543
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง7120, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A10481, S7640
2011-2012: A5859, A8899, S3366
2015-2016: S1434
2017-2018: S697
2019-2020: S3504
2021-2022: S3773
2023-2024: S2792

2013-A6326 (ACTIVE) - Summary

Relates to the redomestication of insurance companies.

2013-A6326 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6326

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             March 25, 2013
                               ___________

Introduced  by M. of A. QUART -- Multi-Sponsored by -- M. of A. GUNTHER,
  HOOPER, ROBINSON -- read once and referred to the Committee on  Insur-
  ance

AN ACT to amend the insurance law, in relation to the redomestication of
  insurance companies

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 7120 of the insurance law, as amended by chapter 48
of the laws of 2009, is amended to read as follows:
  S 7120. Redomestication of [foreign] insurance  companies.  (a)  Defi-
nitions.  In this section:
  (1) "Redomestication"  means  the transfer to this state of the corpo-
rate domicile of an authorized foreign company OR THE TRANSFER FROM THIS
STATE OF THE CORPORATE DOMICILE OF A DOMESTIC COMPANY, as  provided  for
in this section.
  (2) "Transferring  company"  means  any  authorized  [foreign] company
seeking redomestication.
  (b) A transferring company TRANSFERRING TO THIS STATE shall:
  (1) file with  the  superintendent  a  certificate  in  such  form  as
prescribed  by  the  superintendent  signed by the insurance supervisory
official of the state  where  such  transferring  company  is  domiciled
approving the proposed redomestication and confirming that upon redomes-
tication the transferring company shall no longer be subject as a domes-
tic company to the requirements of its current state of domicile;
  (2)  comply with the applicable requirements of this chapter regarding
the organization and licensing of a domestic company of the same type;
  (3) demonstrate to the satisfaction of the  superintendent  that  upon
redomestication, the transferring company will be in compliance with the
requirements  of this chapter and any regulations promulgated thereunder
applicable to a domestic company of the same type;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08120-01-3

              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.