§ 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.

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Terms Used In N.Y. Insurance Law 1105

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.