NY A05665

Expands the definition of "redomestication" in insurance law to allow New York domestic insurance companies to transfer their corporate domicile to another state, in addition to the existing provision allowing foreign companies to transfer into New York

Requires superintendent approval for a domestic company to transfer out of New York, with approval granted unless the superintendent determines the transfer is not in the interest of New York policyholders

Allows companies transferring out of New York to continue using previously approved policy forms with any endorsements the superintendent deems necessary to reflect the redomestication

Maintains that all outstanding insurance policies, contracts, agent appointments, licenses, and rates remain in full force and effect after redomestication regardless of direction of transfer

Requires the superintendent to keep confidential any reports or information submitted during the redomestication process that are not otherwise required to be publicly filed