As of August 12 2009, in accordance with Chapter 293 of the Laws of New York 2009, the minimum number of directors required for New York domestic insurers has been reduced from thirteen to seven, and the minimum number of New York resident directors required for domestic insurers has been reduced from two to one. Other amendments include a reduction in the minimum required number of elected principal officers who must also be directors from two to one. Additionally, Chapter 293 now requires that the insurer’s charter or the notice to be published in connection with the proposed incorporation include only the city and state of a proposed incorporator’s residence and not the entire residence address of a proposed incorporator.
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