Bill > S05050

This bill amends the New York insurance law to expand the definition of "redomestication" to include not just the transfer of a foreign insurance company's corporate domicile to New York, but also the transfer of a domestic New York insurance company's corporate domicile to another state. The bill establishes a process for such transfers, requiring superintendent approval and ensuring that the transferring company remains authorized to do business in New York. Key provisions include requirements for the transferring company to file necessary documentation, demonstrate compliance with insurance regulations, and maintain continuity of existing policies and agent appointments. For companies transferring out of New York, the superintendent must approve the transfer unless it is determined not to be in the best interest of policyholders. The bill also includes confidentiality provisions for certain reports and information submitted during the redomestication process. Importantly, the bill maintains the validity of existing insurance policies and contracts during the transfer, providing stability for policyholders and ensuring a smooth transition for insurance companies changing their corporate domicile.

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https://www.nysenate.gov/legislation/bills/2025/S5050