New York S05050 amends the definition of redomestication to include transferring a domestic company's corporate domicile from the state.

New York S05050 amends the insurance law to redefine redomestication to include the transfer of a domestic company's corporate domicile from New York. This change allows companies to transfer their domicile to another state while continuing their insurance business. The bill outlines the process for such transfers, including filing requirements, compliance with licensing, and the issuance of new licenses by the superintendent. It also specifies that existing insurance policies and contracts remain in effect unless otherwise directed by the superintendent.

New York S05050 amends the definition of redomestication to include transferring a domestic company's corporate domicile from the state.

New York S05050 amends the insurance law to redefine redomestication to include the transfer of a domestic company's corporate domicile from New York. This change allows companies to transfer their domicile to another state while continuing their insurance business. The bill outlines the process for such transfers, including filing requirements, compliance with licensing, and the issuance of new licenses by the superintendent. It also specifies that existing insurance policies and contracts remain in effect unless otherwise directed by the superintendent.