Title ISC, Insurance

§ 7120. Redomestication of foreign insurance companies. (a)\nDefinitions. In this section:\n (1) "Redomestication" means the transfer to this state of the\ncorporate domicile of an authorized foreign company, as provided for in\nthis section.\n (2) "Transferring company" means a…

§ 7121. Effects upon guaranty corporations of certain events. (a) No\ndomestic life insurance company which became a domestic insurer in\naccordance with section seven thousand one hundred twenty of this\narticle shall, except as provided in paragraph two of subsection (c) of\nt…

§ 7201. Definitions. In this article:\n (a) "Domestication" means the reorganization pursuant to the\nprovisions of this article of the United States branch of an alien\ninsurer whereby a domestic or foreign insurer succeeds to all business\nand assets and assumes all liabilitie…

§ 7202. Domestication of the United States branch of an alien insurer\npermitted. (a) (1) Upon compliance with the provisions of this article\nany licensed alien insurer having its United States branch entered\nthrough this state and owning beneficially, directly or indirectly, …

§ 7203. Authorization and execution of domestication agreement. (a)\nSuch domestication agreement shall be authorized, adopted, approved,\nsigned and acknowledged by the alien insurer pursuant to the laws of the\ncountry where organized.\n (b) Such agreement shall also be approv…

§ 7204. Approval by superintendent. (a) An executed counterpart of the\ndomestication agreement, together with certified copies of the corporate\nproceedings of the acquiring insurer and the alien insurer approving,\nadopting and authorizing the execution of such domestication a…

§ 7205. Consummation of domestication agreement; transfer of deposits;\nwithdrawal of trusteed assets. (a) (1) Upon the filing with the\nsuperintendent of a certified copy of the instrument of transfer and\nassumption, the domestication of the United States branch shall be\neffe…

§ 7301. Prohibited conversion. No insurer organized or licensed under\nthis chapter shall convert to a different type of insurer except as\nprovided in this article.\n

§ 7302. Conversion of stock life insurance companies into mutual\ncompanies. (a) A domestic stock life insurance company may become a\nmutual life insurance company, whether or not its policyholders have\nbecome entitled to vote for directors pursuant to section four thousand\nt…

§ 7303. Conversion of retirement systems into mutual life insurance\ncompanies. Any retirement system licensed pursuant to article forty-six\nof this chapter may be converted into and licensed as a mutual life\ninsurance company, to do the kinds of business specified in paragrap…

§ 7304. Conversion of fraternal benefit societies into mutual life\ninsurance companies. Any domestic fraternal benefit society, as defined\nin subsection (a) of section four thousand five hundred one of this\nchapter, may be converted into and licensed as a mutual life insuranc…

§ 7305. Conversion of assessment corporations into advance premium\ncorporations. Any assessment corporation, as defined in section six\nthousand six hundred two of this chapter, licensed under section six\nthousand six hundred three of this chapter to do the business of fire\ni…

§ 7306. Conversion of advance premium corporations or assessment\ncorporations into mutual property/casualty insurance companies. Any\nadvance premium corporation or assessment corporation, as defined in\nsection six thousand six hundred two of this chapter, which has in force\n…

§ 7306-a. Reconversion of domestic mutual property/casualty insurance\ncompany into advance premium corporation or assessment corporation. Any\ndomestic mutual property/casualty insurance company, organized under\narticle twelve of this chapter and licensed under article forty-o…

§ 7307. Conversion of domestic mutual property/casualty insurance\ncompanies or advance premium corporations into domestic stock\nproperty/casualty insurance companies; insurers not in rehabilitation.\n(a) In this article:\n (1) "Affiliate" of a mutual insurer means any person w…

§ 7308. Conversion of domestic reciprocal insurers into stock\nproperty/casualty insurance companies. (a) Any domestic reciprocal\ninsurer doing business under the provisions of this article may, by the\naffirmative vote of its subscribers holding two-thirds of its operating\nre…

§ 7309. Conversion of domestic reciprocal insurers into mutual\nproperty/casualty insurance companies. Any domestic reciprocal insurer\ndoing business under the provisions of this article which has in force\ncontracts of insurance, of the kinds which domestic mutual\nproperty/ca…

§ 7310. Reorganization of domestic guarantee capital life insurance\ncompanies into domestic stock life insurance companies. (a) As used in\nthis section, the following terms shall have the following meanings:\n (1) "Guarantee capital insurer" means a domestic life insurer with …

§ 7311. Conversion of domestic mutual property/casualty insurance\ncompanies or advance premium corporations into domestic stock\nproperty/casualty insurance companies; insurers in rehabilitation. (a) A\ndomestic mutual insurer organized under article twelve of this chapter\nand…

§ 7312. Reorganization of a domestic mutual life insurer into a\ndomestic stock life insurer. (a) Definitions. As used in this section,\nthe following terms shall have the following meanings:\n (1) "Mutual life insurer" means a domestic mutual life insurer.\n (2) "Policyholder" …

§ 7313. Reorganization of domestic mutual accident and health\ninsurance companies.\n (a) In this section:\n (1) "Affiliate" of a mutual insurer means any person who controls, is\ncontrolled by or is under common control with, the mutual insurer being\nconverted. A corporation i…

§ 7315. Reorganization of domestic life insurance companies.\nNotwithstanding any other provision of this chapter, a domestic mutual\nlife insurance company which has a surplus of less than one million\ndollars as shown on its last filed annual statement may reorganize into\na d…

§ 7316. Conversion of savings banks life insurance into a mutual life\ninsurance company. (a) (1) Upon compliance with the requirements of this\nsection, the life insurance business conducted by all savings and\ninsurance banks as defined in article six-A of the banking law may …

§ 7317. Conversion of certain article 43 corporations. (a) (1) An\narticle forty-three corporation which was the subject of an initial\nopinion and decision issued by the superintendent on or before December\nthirty-first, nineteen hundred ninety-nine, as the same may be amended…

§ 7401. Application of article; definitions. (a) This article shall\napply to all corporations, associations, societies, orders, firms, and\nindividuals to which this chapter is applicable, or which are subject to\nexamination or supervision by the superintendent under this chap…

§ 7402. Grounds for rehabilitation of domestic insurer. The\nsuperintendent may apply under this article for an order directing him\nto rehabilitate a domestic insurer which:\n (a) Is insolvent within the meaning of section one thousand three\nhundred nine of this chapter.\n (b)…

§ 7403. Order of rehabilitation; advances from property/casualty\ninsurance security fund; termination. (a) An order to rehabilitate a\ndomestic insurer shall direct the superintendent and his successors in\noffice, as rehabilitator, forthwith to take possession of the property\…

§ 7404. Grounds for liquidation. The superintendent may apply under\nthis article for an order directing the superintendent to liquidate the\nbusiness of a domestic insurer, or of the United States branch of an\nalien insurer having trusteed assets in this state, upon any of the…

§ 7405. Order of liquidation; rights and liabilities. (a) An order to\nliquidate the business of a domestic insurer shall direct the\nsuperintendent and his successors in office, as liquidator, forthwith to\ntake possession of the property of such insurer and to liquidate the\nb…

§ 7406. Grounds for conservation of assets of foreign or alien\ninsurer. (a) The superintendent may apply under this article for an\norder directing the superintendent to conserve the assets within the\nstate of a foreign insurer upon:\n (1) any of the grounds specified in subse…

§ 7407. Order of conservation or ancillary liquidation of a foreign or\nalien insurer. (a) An order to conserve the assets of a foreign or alien\ninsurer shall direct the superintendent and his successors in office, as\nconservator, forthwith to take possession of, and conserve,…

§ 7408. Uniform insurers liquidation act; title; definitions. (a) This\nsection and sections seven thousand four hundred nine through seven\nthousand four hundred fifteen of this article may be cited as the\nuniform insurers liquidation act.\n (b) In this act:\n (1) "Insurer" me…

§ 7409. Conduct of delinquency proceedings against insurers domiciled\nin this state. (a) Whenever under the laws of this state a receiver is\nto be appointed in delinquency proceedings for an insurer domiciled in\nthis state, the court shall appoint the superintendent as such r…

§ 7410. Conduct of delinquency proceedings against insurers not\ndomiciled in this state. (a) Whenever under the laws of this state an\nancillary receiver is to be appointed in delinquency proceedings for an\ninsurer not domiciled in this state, the court shall appoint the\nsupe…

§ 7411. Filing and proving of claims of non-residents against\ndelinquent insurers domiciled in this state. (a) In a delinquency\nproceeding begun in this state against an insurer domiciled in this\nstate, claimants residing in reciprocal states may file claims either\nwith the …

§ 7412. Filing and proving of claims of residents against delinquent\ninsurers domiciled in reciprocal states. (a) In a delinquency proceeding\nin a reciprocal state against an insurer domiciled in that state,\nclaimants residing in this state may file claims either with the\nan…

§ 7413. Priority of preferred claims, special deposit claims and\nsecured claims. (a) In a delinquency proceeding against an insurer\ndomiciled in this state, claims owing to residents of ancillary states\nshall be preferred claims if like claims are preferred under the laws of\…

§ 7414. Attachment and garnishment of assets. During the pendency of\ndelinquency proceedings in this or any reciprocal state no action or\nproceeding in the nature of an attachment, garnishment, or execution\nshall be commenced or maintained in the courts of this state against …

§ 7415. Uniformity of interpretation. The uniform insurers liquidation\nact shall be interpreted and construed to effectuate its general purpose\nto make uniform the law of those states that enact it. To the extent\nthat its provisions, when applicable, conflict with other provi…

§ 7416. Grounds for dissolution of domestic insurer. The\nsuperintendent may apply under this article for an order dissolving the\ncorporate existence of a domestic insurer: (i) upon his application for\nan order of liquidation of its business, or at any time after such order\nh…

§ 7417. Commencement of a proceeding. The superintendent represented\nby the attorney general shall commence any proceeding under this article\nby an application to the supreme court, in the judicial district in\nwhich the principal office of the insurer is located, for an order…

§ 7418. Service of order to show cause. (a) The order to show cause\nand the papers upon which it is granted shall be served upon the insurer\nnamed therein by delivering true copies to, and leaving them with:\n (1) If a domestic corporation: its president or other head, the\nse…

§ 7419. Injunctions. (a) Upon application by the superintendent for an\norder to show cause under this article or at any time thereafter, the\ncourt in which such order is made, or any justice thereof may without\nnotice issue an injunction restraining the insurer, its officers,…

§ 7420. Annual report. The superintendent shall transmit to the\nlegislature in his annual report the names of all insurers proceeded\nagainst under this article together with such facts as shall acquaint\nthe policyholders, creditors, shareholders, and the public with all\nproc…

§ 7421. Removal of proceedings. Any time after commencement of a\nproceeding under this article, the superintendent may apply ex parte to\nthe court or any justice thereof for an order changing the venue of and\nremoving the proceeding to Albany county, or, in the discretion of …

§ 7422. Appointment of deputies; employment of assistants. (a) For the\npurposes of this article the superintendent shall have power to appoint\nspecial deputy, and assistant special deputy, superintendents as his\nagents, and to employ such counsel, clerks and assistants as may…

§ 7423. Exemption from filing fees. The superintendent shall not be\nrequired to pay any fee to any county clerk, register or other public\nofficer in this state for filing, recording, issuing a transcript or\ncertificate, or authenticating any paper or instrument pertaining to …

§ 7424. Deposit of monies collected; preference. Monies collected by\nthe superintendent in a proceeding under this article shall be deposited\nin one or more state or national banks, savings banks, or trust\ncompanies. In the case of insolvency or voluntary or involuntary\nliqu…

§ 7425. Voidable transfers. (a) Any transfer of, or lien created upon,\nthe property of an insurer within twelve months prior to the granting of\nan order to show cause under this article with the intent of giving to\nany creditor or enabling him to obtain a greater percentage o…

§ 7427. Offsets. (a) In all cases of mutual debts or mutual credits\nbetween the insurer and another person in connection with any action or\nproceeding under this article, such credits and debts shall be set off\nand the balance only shall be allowed or paid, except as provided…