#rn:msg:(3673)#

Stock, Property and Casualty Insurance Company License - Alien (AUSB S-10)

This allows an alien insurer to operate an insurance company in the State.

AVERAGE PROCESSING TIME

180 Days

SEE DETAILS

	
		

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 Name

Requirements

1. Character References, Always Required
2. 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)

Required Fees

TYPE REFUNDABLE AMOUNT COMMENTS
FilingYes$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


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 application
2. 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:

Financial Services, Department of

Check out our FAQs, Helpful Links or visit our Contact Us page.

Start Your Business

Use our Business Wizard to find out what you need.

Visit the Business Wizard

Find Incentives and Support

You are not alone. Find ways New York State can help you grow.

Visit the Incentive Wizard