Insurance Law 1203 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 1202 Number of directors; independent directors and committees of the board of directors; duty of directors up ARTICLE 12 Organization and Corporate Procedure next SECTION 1204 Sale of insurance securities Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 1203 Non-use of corporate charter Insurance (ISC) CHAPTER 28, ARTICLE 12 § 1203. Non-use of corporate charter. (a) Any domestic insurance company which, after one year from the date of its incorporation, has not organized and obtained a certificate of authority or license to do an insurance business, shall, unless granted an extension, forfeit its corporate charter, and the superintendent may thereupon commence a proceeding, pursuant to the provisions of article seventy-four of this chapter, to liquidate and dissolve such corporation. The superintendent may for good cause shown grant a written extension of such one-year period upon a written request filed with him within such period or during the pendency of any examination or investigation pursuant to paragraph one of subsection (e) of section one thousand one hundred two of this chapter, whichever is longer. (b) Any domestic insurer which ceases to do any insurance business for more than one year continuously shall forfeit its right to resume an insurance business, except with the prior approval of the superintendent. Unless such approval shall be granted, the superintendent may commence a proceeding, pursuant to the provisions of article seventy-four of this chapter, to liquidate and dissolve such insurer.