Section 1106. Additional requirements for foreign or alien insurer's license

(a) Before issuing a license to do business, except by way of a  renewal license, to any foreign or alien insurer the  superintendent  in
  addition to the requirement set forth in subsection (b) hereof:
    (1)  shall  require  it  to  submit for filing a certified copy of its
  charter, and of its by-laws, if any, currently in force, and such  other
  documents  necessary to show the kinds of business which it is empowered
  to do, and a full statement, subscribed and affirmed as true  under  the
  penalties  of  perjury by two officers or responsible representatives in
  such manner as the superintendent shall prescribe, showing  its  assets,
  liabilities and financial condition; and
    (2)  may  require  a  full  statement  of  its  income, disbursements,
  business done, and other facts  required  to  be  shown  in  its  annual
  statement; and
    (3)  may  either  make  an examination of the insurer's affairs at its
  principal office within the United States, or  accept  a  report  of  an
  examination   made  by  the  insurance  department  or  other  insurance
  supervisory official of any other state or of any government outside the
  United States.
    (b) (1) Before issuing any new or renewal license to  any  foreign  or
  alien insurer, the superintendent may require satisfactory proof, either
  in  the  insurer's  charter  or  by  an  agreement  evidenced  by a duly
  certified resolution of its board of  directors,  or  otherwise  as  the
  superintendent  may  require,  that  such insurer will not engage in any
  insurance business in contravention of the provisions of this section or
  not authorized by its charter.
    (2) The superintendent shall issue a renewal license to any foreign or
  alien insurer if satisfied, by such proof as he may require,  that  such
  an  insurer is not delinquent with respect to any requirement imposed by
  this chapter and that its continuance in business in this state will not
  be hazardous or prejudicial to the best interests of the people of  this
  state.
    (c)  No foreign insurer shall be licensed to do in this state any kind
  of insurance business, or combination of kinds  of  insurance  business,
  which  are not permitted to be done by domestic insurers hereafter to be
  licensed under the provisions of this chapter. No foreign insurer  shall
  be  authorized  to do business in this state if it does in this state or
  elsewhere any kind of business, other than  an  insurance  business  and
  such  business  as  is necessarily or properly incidental to the kind or
  kinds of insurance business which it is licensed to do in this state.
    (d) No alien insurer shall be licensed to do in this state any kind of
  insurance business, or any combination of kinds of  insurance  business,
  which  are not permitted to be done by domestic insurers hereafter to be
  licensed under the provisions of this chapter. No alien insurer shall be
  authorized to do an insurance business in this state if it does anywhere
  within the United States any kind of business other  than  an  insurance
  business  and  such business as is necessarily or properly incidental to
  the kind or kinds of insurance business which it is authorized to do  in
  this state.
    (e)  Except  as  otherwise  specifically  provided  in this chapter no
  foreign insurer and no United States branch of an alien insurer shall be
  or continue to be authorized to do an insurance business in  this  state
  if  it  fails to comply substantially with any requirement or limitation
  of this chapter, applicable to similar domestic insurers hereafter to be
  organized, which in the judgment of  the  superintendent  is  reasonably
  necessary to protect the interests of the people of this state.
    (f) No foreign insurer and no United States branch of an alien insurer
  which  does  outside  of  this state any kind or combination of kinds of

  insurance business not permitted to be done in  this  state  by  similar
  domestic  insurers  hereafter  organized,  shall  be  or  continue to be
  authorized to do an insurance business in  this  state,  unless  in  the
  judgment  of the superintendent the doing of such kind or combination of
  kinds of  insurance  business  will  not  be  prejudicial  to  the  best
  interests of the people of this state.
    (g)  Subsections  (e) and (f) hereof shall not affect the requirements
  of section one thousand one hundred two of this article or section  four
  thousand  two hundred five of this chapter with respect to business done
  within this state.
    (h) Notwithstanding  the  provisions  of  subsection  (c)  hereof  any
  foreign  insurance company licensed to do the business of life insurance
  in this state continuously since January first, nineteen hundred  twenty
  may continue to be licensed, in the discretion of the superintendent, to
  do  the  kinds of insurance business it was authorized to do immediately
  prior to January first, nineteen hundred forty.
    (i) (1) Notwithstanding any other  provisions  of  this  chapter,  any
  foreign  licensed  mutual  life  insurer  which intends to reorganize or
  convert to a stock life insurer shall file  with  the  superintendent  a
  copy  of  its  plan of reorganization or conversion at least ninety days
  prior to the date of any public hearing required to be held  on  such  a
  plan  by the state of domicile of the insurer, or the proposed effective
  date of the reorganization or conversion, whichever is earlier.
    (2) If, after examining the plan, the superintendent  finds  that  the
  plan  is  not  fair  or  equitable to the New York policyholders of such
  insurer he shall set forth the reasons for such findings  and  at  least
  fifteen  days  prior  to such hearing, or the proposed effective date of
  the reorganization or  conversion,  whichever  is  earlier,  notify  the
  commissioner,  superintendent  or  director of the state of domicile and
  the insurer of  such  findings  and  such  reasons  and  advise  of  any
  requirements  he  finds necessary for the protection of current New York
  policyholders in order to permit the insurer to continue to do  business
  in New York as a stock insurer after such reorganization or conversion.