Last edited by Vishicage
Sunday, May 10, 2020 | History

3 edition of Proposed Article 72, Domestication of the United States branch of an alien insurer found in the catalog.

Proposed Article 72, Domestication of the United States branch of an alien insurer

Proposed Article 72, Domestication of the United States branch of an alien insurer

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Published by The Project in [Albany, N.Y .
Written in English

    Subjects:
  • Insurance companies, Foreign -- New York (State).

  • Edition Notes

    StatementNew York State, Law Revision Commission, Project to Recodify the Insurance Law.
    ContributionsNew York (State).
    The Physical Object
    FormatMicroform
    Pagination3, 10 leaves
    Number of Pages10
    ID Numbers
    Open LibraryOL22218427M

    Article 72 Domestication of the United States Branch of an Alien Insurer Article 73 Conversion to Different Type of Insurer Article 74 Rehabilitation, Liquidation, Conservation and Dissolution of Insurers. No foreign insurer and no United States branch of an alien insurer which does outside of this state any kind or combination of kinds of insurance business not permitted to be done in this state by similar domestic insurers hereafter organized, shall be or continue to be authorized to do an insurance business in this state, unless in the judgment of the superintendent the doing of such kind or.

    The Bricker Amendment is the collective name of a number of slightly different proposed amendments to the United States Constitution considered by the United States Senate in the s. None of these amendments ever passed Congress. Each of them would require explicit congressional approval, especially for executive agreements that did not require the Senate's two thirds approval for treaty. § Domestication of non-United States entities. (a) As used in this section, "non-United States entity" means a foreign limited liability company (other than one formed under the laws of a state) or a corporation, a business trust or association, a real estate investment trust, .

    3. Alien insurer. An "alien" insurer is a foreign insurer formed under the laws of any country other than the United States of America, its states, districts, commonwealths and possessions. Foreign insurers and United States branches of alien insurers transacting an insurance business in this State shall maintain investments of the same general type and character as specified for domestic insurers, except that investments of substantially the same quality as those specified in this chapter, authorized by the law of the insurer's.


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Proposed Article 72, Domestication of the United States branch of an alien insurer Download PDF EPUB FB2

New York Laws ISC - Insurance Article 72 - (Insurance) DOMESTICATION OF THE UNITED STATES BRANCH OF AN ALIEN INSURER. - Definitions. - Domestication of the United States branch of an alien insurer permitted. Arti Domestication of the United States Branch of an Alien Insurer.

Refreshed: New York Code - Laws: Insurance: ( - ) Domestication Of The United States Branch Of An Alien Insurer Article 72 - DOMESTICATION OF THE UNITED STATES BRANCH OF AN ALIEN INSURER - Definitions.

- Domestication of the United States branch of an alien insurer permitted. - Authorization and execution of domestication agreement. - Approval by.

(1) “Domestic insurer” means an insurer formed under the laws of this state. (2) “Foreign insurer” means an insurer formed under the laws of a state other than this state.

(3) “Alien insurer” means an insurer formed under the laws of any country other than the United States of America or a state thereof. [ c §17]. Sec. 38ag. Domestication of alien insurer's United States branch.

(a) An alien insurer whose United States branch is licensed under section 38ad may, with the prior written approval of the commissioner, domesticate its United States branch in accordance with the provisions of this section. Domestic, Foreign, and Alien Companies Domestic.

A company within the state in which it is chartered and in which its home office is located. For example: A company's home office is located in Florida and its insurance business is done in Florida. In Florida, this company would be known as a Domestic insurer.

(2) As a domiciliary receiver, the department is vested by operation of law with the title to all of the property, contracts, and rights of action, and all of the books and records, of the insurer, wherever located, as of the date of entry of the order directing it to rehabilitate or liquidate a domestic insurer or to liquidate the United States branch of an alien insurer domiciled in this state; and it shall have the.

The identity and address of the regulatory authority exercising oversight of the insurer. This paragraph does not impose upon the office any duty or responsibility to determine the actual financial condition or claims practices of any unauthorized insurer, and the status of eligibility, if granted by the office.

Section E Domestication of United States branch of alien insurer effective upon filing of instrument of transfer and assumption Section Agent, broker and adjuster defined; on-premises and off-premise solicitation of negotiation of policy of insurance.

An example of an alien insurer would be a United States-based insurer providing policies for immigrants to the United States an insurer formed according to the legal requirements of another country a Tennessee-based insurer providing insurance policies for travel to foreign countries. In the United States, an insurance company represented by an agent in a state other than the company's incorporated state is considered a foreign insurer.

This is FindLaw's hosted version of New York Consolidated Laws, Insurance Law. Use this page to navigate to all sections within Insurance Law. Expand sections by using the arrow icons. Article 1. General Provisions.

Article 2. Organization of the Department of Financial Services. Article 3. Administrative and Procedural Provisions. Definition. Alien Insurer — an insurer domiciled in and licensed under the laws of a country outside a given jurisdiction.

For example, from a U.S. perspective, a Bermuda insurer would be an alien insurer. A German insurance company, formed in Germany, that sells insurance policies in any state in the US is an alien insurer.

An insurance company formed in the State of Wisconsin, but is represented by an agent in the State of New York to provide insurance for a New Yorker is an alien insurer.

An insurer incorporated in a foreign country is called an “alien” insurer in those U.S. states in which it is licensed (not included in the chart). The chart also shows self-insured groups and risk purchasing groups (organizations consisting of firms engaged in similar businesses that band together to purchase commercial insurance).

(3) An "alien" insurer is one formed under the laws of a nation other than the United States. (4) For the purposes of this code, "United States," when used to signify place, means only the states of the United States, the government of Puerto Rico and the District of Columbia.

Subd. False entries. Making any false entry in any book, report, or statement of any insurer with intent to deceive any agent or examiner lawfully appointed to examine into its condition or into any of its affairs, or any public official to whom such insurer is required by law to report, or who has authority by law to examine into its condition or into any of its affairs, or, with like.

1) Yes, N.Y. Ins. Law § (a) (McKinney Supp. ) exempts from the requirement of an insurance agent license, the United States Manager of a United States Branch of an alien insurer; and its regularly salaried officers and employees provided that such officers and employees do not solicit or accept from the public outside of an office of the United States branch, applications or orders for.

Because an insurer writes the policy language and the insured has little or no control over the content, any ambiguity in the wording is usually resolved in favor of the insured.

Domestic insurer. Which of the following meets the definition of an alien insurer: An insurer organized under the laws of Canada.

63 United States branch of an alien assuming insurer is entered through, a 64 state that employs standards regarding credit for reinsurance 65 substantially similar to those applicable in this state and the assuming 66 insurer or United States branch of an alien assuming insurer (1).

United States manager — Mexican or Canadian insurers. Domestication of alien insurer — Commissioner's approval. Domestication agreement — Necessary authorization. Domestication agreement — Commissioner's approval of corporate proceedings. Domestication — When effective — Deposits.Section Annuities; certain proceeds of endowment and life insurance contracts; not apply in the case of amounts received after Decemas an annuity under chapter 73 of title 10 of the United States Code, was a nonresident alien for purposes of the laws of the United States .(c) Any licensed alien insurer may make additional deposits with the superintendent in order to comply with this section or section one thousand three hundred twelve of this article.

(d) In any financial statement of a United States branch of any such alien insurer the item corresponding to capital stock of a domestic stock corporation shall be.