New York Insurance Law Article 80 - MUTUAL HOLDING COMPANY

• 8001 - Definitions.
  As used in this article, the following terms shall have the following meanings: (a) "Adoption date" means the date the board of directors of the...
• 8002 - Reorganization of Mutual Life Insurer Through Formation of a Mutual Holding Company; Contents of Plan.
  (a) A mutual life insurer having on the adoption date admitted assets of less than ten billion dollars may be reorganized as a domestic stock...
• 8003 - Dividend Practices.
  (a) Following the effective date of the plan, the reorganized insurer may, with respect to its participating individual policies and contracts, either: (1) continue the...
• 8004 - Adoption of Plan; Submission of Plan to the Superintendent.
  (a) A mutual life insurer seeking to reorganize under this article shall, by action of three-fourths of its entire board of directors, adopt a plan...
• 8005 - Amendment or Withdrawal of Plan.
  At any time before the plan of reorganization becomes effective as provided in section eight thousand nine of this article, the reorganizing insurer may, by...
• 8006 - Consultants.
  The superintendent may appoint one or more consultants as the superintendent shall reasonably deem necessary to advise the superintendent in making the determination whether the...
• 8007 - Approval of Plan by Superintendent; Hearing.
  The superintendent shall order a public hearing on the plan to be held prior to the plan being submitted to the policyholders for their approval....
• 8008 - Approval of Plan by Policyholders.
  (a) A proposal to approve the plan of reorganization shall be submitted to policyholders for approval. The policyholders entitled to notice of and to vote...
• 8009 - Filing a Plan; Effective Date of Reorganization.
  8009. Filing of plan; effective date of reorganization. (a) When the superintendent has given his or her approval of the plan of reorganization as provided...
• 8010 - Effect of Reorganization.
  Upon the effective date of a plan of reorganization in accordance with section eight thousand nine of this article: (a) the reorganizing insurer shall immediately...
• 8011 - Corporate Existance.
  8011. Corporate existence. (a) The reorganized insurer shall be a continuation of the reorganizing insurer, and the reorganization shall in no way annul, modify or...
• 8012 - Directors and Officers.
  Except as otherwise provided in the plan of reorganization and subject to subsection (d) of section eight thousand seventeen of this article, the directors and...
• 8013 - Notice of Proposed Reorganization.
  (a) In addition to the notices given pursuant to section eight thousand eight of this article, the reorganizing insurer shall give written notice of the...
• 8014 - Failure to Give Notice.
  If the reorganizing insurer complies substantially and in good faith with the requirements of this article with respect to the giving of any required notice...
• 8015 - Limitations of Actions; Security.
  (a) Notwithstanding any other provision of law to the contrary and except as otherwise provided in subsection (c) or (d) of this section, actions concerning...
• 8016 - Prohibited Transactions by Officers, Directors and Employees.
  No director, officer, agent or employee of the reorganizing insurer shall receive any fee, commission or other valuable consideration whatsoever, other than regular salary and...
• 8017 - Requirements Applicable to a Mutual Holding Company.
  (a) The following provisions of this article are applicable to a mutual holding company: (1) the following provisions of article twelve of this chapter shall...
• 8018 - Other Requirements Applicable to a Stock Holding Company and a Mutual Holding Company.
  (a) From and after the effective date of the plan, the mutual holding company shall hold, directly or through one or more stock holding companies,...
• 8019 - Conversion of Mutual Holding Company.
  (a) A mutual holding company may reorganize in accordance with a plan of reorganization which is fair and equitable to the company's members and is:...
• 8020 - Transfers of Subsidiaries.
  A reorganizing or reorganized insurer may transfer any one or more of its subsidiaries to the mutual holding company or to one or more persons...
• 8021 - Limitations on Accumulation of Surplus of Mutual Holding Companies.
  (a) A mutual holding company may maintain (1) a non-insurance surplus not exceeding the aggregate capital and surplus of its insurance subsidiaries and (2) aggregate...

Last modified: February 3, 2019