Insurance Law 1105 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 1104 Revocation or suspension of license; restriction of license authority or limitation on premiums written up ARTICLE 11 Licensing of Insurers next SECTION 1106 Additional requirements for foreign or alien insurer's license Viewing most recent revision (from 2021-07-30) View historical revision as of: -- Choose a Date -- 2021-07-30 2014-09-22 Share Facebook Email SECTION 1105 Voluntarily ceasing to maintain license Insurance (ISC) CHAPTER 28, ARTICLE 11 § 1105. Voluntarily ceasing to maintain license. When an authorized insurer proposes to cease to maintain its existing licensing status in this state, the insurer shall at least forty-five days prior to such proposed action submit to the superintendent a plan to protect the interests of the people of this state. Such proposed action shall not become effective without the approval of such plan by the superintendent. The plan shall include requirements and procedures for meeting the insurer's contractual obligations, providing security protection in the event of a subsequent insolvency, and meeting any applicable statutory obligations, including its obligations pursuant to articles fifty-three, fifty-four and fifty-five of this chapter. Such plan shall be in compliance with a regulation to be promulgated by the superintendent. A plan may request that the insurer be permitted to continue or service a life insurance policy or annuity contract from outside this state by telephone, video call, facsimile, web portal, electronic transfer of funds, or by any other electronic means as approved by the superintendent pursuant to subparagraph (C) of paragraph two of subsection (b) of section one thousand one hundred one of this article. In order to protect the interests of the people of this state, the superintendent may require the deposit of securities in this state, in trust, in the name of the superintendent.