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N.Y. Insurance Law § 7120 Redomestication of foreign insurance companies
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§ 7120. Redomestication of foreign insurance companies. (a) Definitions. In this section: (1) "Redomestication" means the transfer to this state of the corporate domicile of an authorized foreign company, as provided for in this section. (2) "Transferring company" means any auth…
N.Y. Insurance Law § 7121 Effects upon guaranty corporations of certain events
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§ 7121. Effects upon guaranty corporations of certain events. (a) No domestic life insurance company which became a domestic insurer in accordance with section seven thousand one hundred twenty of this article shall, except as provided in paragraph two of subsection (c) of this …
N.Y. Insurance Law § 7201 Definitions
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§ 7201. Definitions. In this article: (a) "Domestication" means the reorganization pursuant to the provisions of this article of the United States branch of an alien insurer whereby a domestic or foreign insurer succeeds to all business and assets and assumes all liabilities of …
N.Y. Insurance Law § 7202 Domestication of the United States branch of an alien insurer permitted
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§ 7202. Domestication of the United States branch of an alien insurer permitted. (a) (1) Upon compliance with the provisions of this article any licensed alien insurer having its United States branch entered through this state and owning beneficially, directly or indirectly, all…
N.Y. Insurance Law § 7203 Authorization and execution of domestication agreement
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§ 7203. Authorization and execution of domestication agreement. (a) Such domestication agreement shall be authorized, adopted, approved, signed and acknowledged by the alien insurer pursuant to the laws of the country where organized. (b) Such agreement shall also be approved, a…
N.Y. Insurance Law § 7204 Approval by superintendent
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§ 7204. Approval by superintendent. (a) An executed counterpart of the domestication agreement, together with certified copies of the corporate proceedings of the acquiring insurer and the alien insurer approving, adopting and authorizing the execution of such domestication agre…
N.Y. Insurance Law § 7205 Consummation of domestication agreement; transfer of deposits; withdrawal of trusteed assets
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§ 7205. Consummation of domestication agreement; transfer of deposits; withdrawal of trusteed assets. (a) (1) Upon the filing with the superintendent of a certified copy of the instrument of transfer and assumption, the domestication of the United States branch shall be effectiv…
N.Y. Insurance Law § 7301 Prohibited conversion
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§ 7301. Prohibited conversion. No insurer organized or licensed under this chapter shall convert to a different type of insurer except as provided in this article.
N.Y. Insurance Law § 7302 Conversion of stock life insurance companies into mutual companies
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§ 7302. Conversion of stock life insurance companies into mutual companies. (a) A domestic stock life insurance company may become a mutual life insurance company, whether or not its policyholders have become entitled to vote for directors pursuant to section four thousand two h…
N.Y. Insurance Law § 7303 Conversion of retirement systems into mutual life insurance companies
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§ 7303. Conversion of retirement systems into mutual life insurance companies. Any retirement system licensed pursuant to article forty-six of this chapter may be converted into and licensed as a mutual life insurance company, to do the kinds of business specified in paragraphs …
N.Y. Insurance Law § 7304 Conversion of fraternal benefit societies into mutual life insurance companies
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§ 7304. Conversion of fraternal benefit societies into mutual life insurance companies. Any domestic fraternal benefit society, as defined in subsection (a) of section four thousand five hundred one of this chapter, may be converted into and licensed as a mutual life insurance c…
N.Y. Insurance Law § 7305 Conversion of assessment corporations into advance premium corporations
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§ 7305. Conversion of assessment corporations into advance premium corporations. Any assessment corporation, as defined in section six thousand six hundred two of this chapter, licensed under section six thousand six hundred three of this chapter to do the business of fire insur…
N.Y. Insurance Law § 7306 Conversion of advance premium corporations or assessment corporations into mutual property/casualty insurance companies
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§ 7306. Conversion of advance premium corporations or assessment corporations into mutual property/casualty insurance companies. Any advance premium corporation or assessment corporation, as defined in section six thousand six hundred two of this chapter, which has in force cont…
N.Y. Insurance Law § 7306-A Reconversion of domestic mutual property/casualty insurance company into advance premium corporation or assessment corporation
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§ 7306-a. Reconversion of domestic mutual property/casualty insurance company into advance premium corporation or assessment corporation. Any domestic mutual property/casualty insurance company, organized under article twelve of this chapter and licensed under article forty-one …
N.Y. Insurance Law § 7307 Conversion of domestic mutual property/casualty insurance companies or advance premium corporations into domestic stock property/casualty...
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§ 7307. Conversion of domestic mutual property/casualty insurance companies or advance premium corporations into domestic stock property/casualty insurance companies; insurers not in rehabilitation. (a) In this article: (1) "Affiliate" of a mutual insurer means any person who co…
N.Y. Insurance Law § 7308 Conversion of domestic reciprocal insurers into stock property/casualty insurance companies
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§ 7308. Conversion of domestic reciprocal insurers into stock property/casualty insurance companies. (a) Any domestic reciprocal insurer doing business under the provisions of this article may, by the affirmative vote of its subscribers holding two-thirds of its operating reserv…
N.Y. Insurance Law § 7309 Conversion of domestic reciprocal insurers into mutual property/casualty insurance companies
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§ 7309. Conversion of domestic reciprocal insurers into mutual property/casualty insurance companies. Any domestic reciprocal insurer doing business under the provisions of this article which has in force contracts of insurance, of the kinds which domestic mutual property/casual…
N.Y. Insurance Law § 7310 Reorganization of domestic guarantee capital life insurance companies into domestic stock life insurance companies
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§ 7310. Reorganization of domestic guarantee capital life insurance companies into domestic stock life insurance companies. (a) As used in this section, the following terms shall have the following meanings: (1) "Guarantee capital insurer" means a domestic life insurer with a gu…
N.Y. Insurance Law § 7311 Conversion of domestic mutual property/casualty insurance companies or advance premium corporations into domestic stock property/casualty...
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§ 7311. Conversion of domestic mutual property/casualty insurance companies or advance premium corporations into domestic stock property/casualty insurance companies; insurers in rehabilitation. (a) A domestic mutual insurer organized under article twelve of this chapter and lic…
N.Y. Insurance Law § 7312 Reorganization of a domestic mutual life insurer into a domestic stock life insurer
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§ 7312. Reorganization of a domestic mutual life insurer into a domestic stock life insurer. (a) Definitions. As used in this section, the following terms shall have the following meanings: (1) "Mutual life insurer" means a domestic mutual life insurer. (2) "Policyholder" means …
N.Y. Insurance Law § 7313 Reorganization of domestic mutual accident and health insurance companies
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§ 7313. Reorganization of domestic mutual accident and health insurance companies. (a) In this section: (1) "Affiliate" of a mutual insurer means any person who controls, is controlled by or is under common control with, the mutual insurer being converted. A corporation is an af…
N.Y. Insurance Law § 7315 Reorganization of domestic life insurance companies
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§ 7315. Reorganization of domestic life insurance companies. Notwithstanding any other provision of this chapter, a domestic mutual life insurance company which has a surplus of less than one million dollars as shown on its last filed annual statement may reorganize into a domes…
N.Y. Insurance Law § 7316 Conversion of savings banks life insurance into a mutual life insurance company
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§ 7316. Conversion of savings banks life insurance into a mutual life insurance company. (a) (1) Upon compliance with the requirements of this section, the life insurance business conducted by all savings and insurance banks as defined in article six-A of the banking law may be …
N.Y. Insurance Law § 7317 Conversion of certain article 43 corporations
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§ 7317. Conversion of certain article 43 corporations. (a) (1) An article forty-three corporation which was the subject of an initial opinion and decision issued by the superintendent on or before December thirty-first, nineteen hundred ninety-nine, as the same may be amended or…
N.Y. Insurance Law § 7401 Application of article; definitions
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§ 7401. Application of article; definitions. (a) This article shall apply to all corporations, associations, societies, orders, firms, and individuals to which this chapter is applicable, or which are subject to examination or supervision by the superintendent under this chapter…
N.Y. Insurance Law § 7402 Grounds for rehabilitation of domestic insurer
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§ 7402. Grounds for rehabilitation of domestic insurer. The superintendent may apply under this article for an order directing him to rehabilitate a domestic insurer which: (a) Is insolvent within the meaning of section one thousand three hundred nine of this chapter. (b) Has re…
N.Y. Insurance Law § 7403 Order of rehabilitation; advances from property/casualty insurance security fund; termination
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§ 7403. Order of rehabilitation; advances from property/casualty insurance security fund; termination. (a) An order to rehabilitate a domestic insurer shall direct the superintendent and his successors in office, as rehabilitator, forthwith to take possession of the property of …
N.Y. Insurance Law § 7404 Grounds for liquidation
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§ 7404. Grounds for liquidation. The superintendent may apply under this article for an order directing the superintendent to liquidate the business of a domestic insurer, or of the United States branch of an alien insurer having trusteed assets in this state, upon any of the gr…
N.Y. Insurance Law § 7405 Order of liquidation; rights and liabilities
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§ 7405. Order of liquidation; rights and liabilities. (a) An order to liquidate the business of a domestic insurer shall direct the superintendent and his successors in office, as liquidator, forthwith to take possession of the property of such insurer and to liquidate the busin…
N.Y. Insurance Law § 7406 Grounds for conservation of assets of foreign or alien insurer
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§ 7406. Grounds for conservation of assets of foreign or alien insurer. (a) The superintendent may apply under this article for an order directing the superintendent to conserve the assets within the state of a foreign insurer upon: (1) any of the grounds specified in subsection…
N.Y. Insurance Law § 7407 Order of conservation or ancillary liquidation of a foreign or alien insurer
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§ 7407. Order of conservation or ancillary liquidation of a foreign or alien insurer. (a) An order to conserve the assets of a foreign or alien insurer shall direct the superintendent and his successors in office, as conservator, forthwith to take possession of, and conserve, th…
N.Y. Insurance Law § 7408 Uniform insurers liquidation act; title; definitions
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§ 7408. Uniform insurers liquidation act; title; definitions. (a) This section and sections seven thousand four hundred nine through seven thousand four hundred fifteen of this article may be cited as the uniform insurers liquidation act. (b) In this act: (1) "Insurer" means any…
N.Y. Insurance Law § 7409 Conduct of delinquency proceedings against insurers domiciled in this state
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§ 7409. Conduct of delinquency proceedings against insurers domiciled in this state. (a) Whenever under the laws of this state a receiver is to be appointed in delinquency proceedings for an insurer domiciled in this state, the court shall appoint the superintendent as such rece…
N.Y. Insurance Law § 7410 Conduct of delinquency proceedings against insurers not domiciled in this state
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§ 7410. Conduct of delinquency proceedings against insurers not domiciled in this state. (a) Whenever under the laws of this state an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this state, the court shall appoint the superint…
N.Y. Insurance Law § 7411 Filing and proving of claims of non-residents against delinquent insurers domiciled in this state
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§ 7411. Filing and proving of claims of non-residents against delinquent insurers domiciled in this state. (a) In a delinquency proceeding begun in this state against an insurer domiciled in this state, claimants residing in reciprocal states may file claims either with the anci…
N.Y. Insurance Law § 7412 Filing and proving of claims of residents against delinquent insurers domiciled in reciprocal states
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§ 7412. Filing and proving of claims of residents against delinquent insurers domiciled in reciprocal states. (a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants residing in this state may file claims either with the ancill…
N.Y. Insurance Law § 7413 Priority of preferred claims, special deposit claims and secured claims
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§ 7413. Priority of preferred claims, special deposit claims and secured claims. (a) In a delinquency proceeding against an insurer domiciled in this state, claims owing to residents of ancillary states shall be preferred claims if like claims are preferred under the laws of thi…
N.Y. Insurance Law § 7414 Attachment and garnishment of assets
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§ 7414. Attachment and garnishment of assets. During the pendency of delinquency proceedings in this or any reciprocal state no action or proceeding in the nature of an attachment, garnishment, or execution shall be commenced or maintained in the courts of this state against the…
N.Y. Insurance Law § 7415 Uniformity of interpretation
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§ 7415. Uniformity of interpretation. The uniform insurers liquidation act shall be interpreted and construed to effectuate its general purpose to make uniform the law of those states that enact it. To the extent that its provisions, when applicable, conflict with other provisio…
N.Y. Insurance Law § 7416 Grounds for dissolution of domestic insurer
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§ 7416. Grounds for dissolution of domestic insurer. The superintendent may apply under this article for an order dissolving the corporate existence of a domestic insurer: (i) upon his application for an order of liquidation of its business, or at any time after such order has b…
N.Y. Insurance Law § 7417 Commencement of a proceeding
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§ 7417. Commencement of a proceeding. The superintendent represented by the attorney general shall commence any proceeding under this article by an application to the supreme court, in the judicial district in which the principal office of the insurer is located, for an order di…
N.Y. Insurance Law § 7418 Service of order to show cause
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§ 7418. Service of order to show cause. (a) The order to show cause and the papers upon which it is granted shall be served upon the insurer named therein by delivering true copies to, and leaving them with: (1) If a domestic corporation: its president or other head, the secreta…
N.Y. Insurance Law § 7419 Injunctions
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§ 7419. Injunctions. (a) Upon application by the superintendent for an order to show cause under this article or at any time thereafter, the court in which such order is made, or any justice thereof may without notice issue an injunction restraining the insurer, its officers, di…
N.Y. Insurance Law § 7420 Annual report
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§ 7420. Annual report. The superintendent shall transmit to the legislature in his annual report the names of all insurers proceeded against under this article together with such facts as shall acquaint the policyholders, creditors, shareholders, and the public with all proceedi…
N.Y. Insurance Law § 7421 Removal of proceedings
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§ 7421. Removal of proceedings. Any time after commencement of a proceeding under this article, the superintendent may apply ex parte to the court or any justice thereof for an order changing the venue of and removing the proceeding to Albany county, or, in the discretion of the…
N.Y. Insurance Law § 7422 Appointment of deputies; employment of assistants
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§ 7422. Appointment of deputies; employment of assistants. (a) For the purposes of this article the superintendent shall have power to appoint special deputy, and assistant special deputy, superintendents as his agents, and to employ such counsel, clerks and assistants as may by…
N.Y. Insurance Law § 7423 Exemption from filing fees
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§ 7423. Exemption from filing fees. The superintendent shall not be required to pay any fee to any county clerk, register or other public officer in this state for filing, recording, issuing a transcript or certificate, or authenticating any paper or instrument pertaining to the…
N.Y. Insurance Law § 7424 Deposit of monies collected; preference
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§ 7424. Deposit of monies collected; preference. Monies collected by the superintendent in a proceeding under this article shall be deposited in one or more state or national banks, savings banks, or trust companies. In the case of insolvency or voluntary or involuntary liquidat…
N.Y. Insurance Law § 7425 Voidable transfers
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§ 7425. Voidable transfers. (a) Any transfer of, or lien created upon, the property of an insurer within twelve months prior to the granting of an order to show cause under this article with the intent of giving to any creditor or enabling him to obtain a greater percentage of h…
N.Y. Insurance Law § 7427 Offsets
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§ 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…