Section 1103. Duration of licenses

(a) Every license issued to a domestic
  insurer shall be for an  indefinite  term  and  shall  expire  with  the
  expiration or termination of its corporate existence.
    (b)  Every  license,  including  every  renewal  license,  issued to a
  foreign or alien insurer shall be for a term expiring on June  thirtieth
  following the date of issuance, except that at any time after a licensed
  foreign  or  alien  insurer  has  filed its annual statement pursuant to
  section three hundred seven of this chapter the superintendent may issue
  to such insurer a renewal license for the next year.