NY A09242

Expands the definition of "redomestication" to include both the transfer of foreign companies INTO New York and the transfer of domestic New York companies TO other states.

Permits domestic New York insurance companies to transfer their corporate domicile to other states where they are admitted to do business, with superintendent approval unless the transfer is not in the interest of New York policyholders.

Allows companies transferring from New York to continue using previously approved policy forms with endorsements as determined by the superintendent to reflect the redomestication.

Requires the superintendent to keep confidential any reports or information submitted under this section that are not otherwise required to be publicly disclosed, in accordance with existing confidentiality provisions.

Takes effect immediately upon enactment.