Stock, Property and Casualty Insurance Company License - Alien (AUSB S-10)
This allows an alien insurer to operate an insurance company in the State.Overview
License to operate an insurance company in New York state by an alien company as a U.S. branch. New York Insurance Law defines an "Alien insurer" as "... any insurer incorporated or organized under the laws of any foreign nation, or of any province or territory not included under the definition of ,foreign insurer." A Canadian insurer would be classified as an alien insurer. The statute defines a "United States branch" as "... the business unit through which business is transacted within the United States by an alien insurer, or the assets and liabilities of such insurer within the United States pertaining to such business or the management powers pertaining to such business and to such assets and liabilities or any combination of these three."
Prerequisites
1. Agency: Financial Services, Department of (Insurance Industry); Permit: Approval/Reservation of Business Entity NameRequirements
1. Character References, Always Required2. Financial Information, Always Required
3. Formal Educational Information, Always Required
4. Personal Background Information, Always Required
How to Apply
1. See form below.
Form(s)
| NAME | FORM NUMBER | FORM AND INSTRUCTIONS AVAILABLE |
|---|---|---|
| Alien Property and Casualty Insurance Company - License for Admission to do Business in New York State | AUSB1245, AUSB435, AF407, AF404, AF533, AF399, AUSB1106, 601, 602, 603, NAICB10 | Insurer Admission Application |
Required Fees
| TYPE | REFUNDABLE | AMOUNT | COMMENTS |
|---|---|---|---|
| Filing | Yes | $30 | $5 Certificate of deposit. Average daily salary and overhead times number of days. |
Payment Options:
Personal Check; Postal Money Order; Certified Check
Checks made payable to Superintendent of Financial Services
Duration & Processing
| Average Processing Time: | 180 Days |
|---|---|
| Term/Duration: | Annual |
| Renewable: | Yes - annually |
| Automatically Sent: | Yes - 30 days prior |
Application Processing Comments: Depends on the complexity of applying company
Common Denial Reasons: Inadequate financial position
Additional Info
1. The agency has an appeal process for a denied application2. Permit/license must be posted
3. Original sets of materials should be submitted to both the Property Bureau and the Office of General Counsel, One Commerce Plaza, Albany, NY 12257.
For additional information/Sponsor Agency:
Find Assistance
Check out our FAQs, Helpful Links or visit our Contact Us page.
Find Incentives and Support
You are not alone. Find ways New York State can help you grow.