N.Y. Comp. Codes R. & Regs. tit. 11 § 301.9

Current through Register Vol. 46, No. 50, December 11, 2024

Section 301.9 - Notice and registration requirements on and after december 10, 1988

(a) Section 5908 of the Insurance Law requires that a purchasing group which intends to do business in this State shall, prior to doing such business, furnish notice of such intention to the superintendent, and requires a purchasing group which does business in this State to submit to the superintendent a statement of registration. For the purpose of section 5908, doing business in this State shall have the meaning contained in section 301.1(b) of this Part.

(b) A purchasing group shall file the statement of registration, consisting of a power of attorney and certificate of designation, which shall be submitted in the form prescribed by the superintendent. The power of attorney shall:

(1) be executed and certified;

(2) appoint the superintendent and any successors in office, and any authorized deputy, as the purchasing group's true and lawful attorney in and for the State of New York, for the purpose of receiving all legal documents or process in any proceeding against the purchasing group that may be served;

(3) be of indefinite duration;

(4) bind any person or corporation which, as successor, acquires the purchasing group's assets and assumes its liabilities by merger, or consolidation or otherwise;

(5) not be terminated by the purchasing group or such successor so long as any contracts, or liabilities or duties arising out of such contracts, entered into by the purchasing group while doing business in New York, are in effect; and

(6) be accompanied by a certified copy of a resolution by the purchasing group's governing body or empowered person authorizing the requisite power of attorney.

(c) The written certificate of designation shall be executed and certified and shall state the name and address of the authorized officer, agent or other person to whom legal documents or process shall be forwarded by the superintendent or deputy. In the event of any change in such designation, a new certificate shall be filed with the superintendent within 10 days of such change.

(d) A registration fee of $100 shall accompany the statement of registration. Such registration shall not be considered complete, and a purchasing group shall not do business in this State, unless the required fee is duly paid. The superintendent will not act as agent for the receipt of any legal documents or process unless the purchasing group has filed its statement of registration in accordance with section5908 of the Insurance Law and this section.

(e) Any purchasing group doing business in this State prior to December 10, 1988 which has not already filed its registration documents in the form prescribed by the superintendent, including all of the provisions required by this Part, shall file a statement of registration which complies with this Part on or before January 10, 1989.

(f) The registration requirements of this section shall not apply to any purchasing group exempted from such requirements by section 5908 (d)(3) of the Insurance Law.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 301.9