NY Ins L § 8015 (2021)
2021 New York Laws ISC - Insurance Article 80 - Mutual Holding Company 8015 - Limitations of Actions; Security.

§  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 or arising out of any plan of reorganization, proposed plan of reorganization, plan amendment or proposed plan amendment under  this  article  or  any  acts taken  or  proposed  to  be  taken  under this article must be commenced within  eighteen  months  after  the  plan  of  reorganization  or  plan amendment  is filed pursuant to subsection (a) of section eight thousand nine of this article or the charter is filed pursuant to subsection  (c) of section eight thousand seventeen of this article, as the case may be, in  the office of the superintendent or one year from the effective date of the plan of reorganization, whichever is later, or  if  the  plan  of reorganization  or plan amendment is withdrawn, within one year from the date the board of directors approves a resolution to withdraw the  plan. Where  an  action concerns or arises out of a plan amendment or proposed plan amendment made under section eight thousand five of  this  article, the  applicable  time period is measured from the filing, effective date or approval of withdrawal of the plan amendment, as  the  case  may  be. Where  the  action  arises  out  of  either  a  transfer of subsidiaries pursuant to section eight thousand twenty of this article or a  sale  of securities  of  the  reorganized  insurer  or  any stock holding company pursuant to section eight  thousand  eighteen  of  this  article,  which transfer  or  sale  is not contemplated by the plan, then the applicable time period shall be measured from the effective date of  such  transfer or sale, as the case may be. Where the action arises out of the terms or proposed  terms  for  the  establishment  of  the  closed  block or such alternative provision  pursuant  to  subsection  (b)  of  section  eight thousand three of this article, then the applicable time period shall be measured  from  the  implementation date as defined in subsection (e) of section eight thousand three of this article. Where the action  concerns or  arises  out  of a plan of reorganization adopted pursuant to section eight thousand nineteen of this article, then the applicable time period shall be measured from the effective date of the plan of reorganization.  (b) In any action referred to in subsection (a) of this  section,  the plaintiff  or  plaintiffs shall be required, upon a motion of the mutual holding company, reorganizing insurer  or  reorganized  insurer  or  any stock  holding  company  which  establishes  to  the satisfaction of the court, that a substantial likelihood exists that such action is  brought without merit and with an intention to delay or harass, to give adequate security  for  the damages and reasonable expenses, including attorneys' fees, which may be incurred as a result of, or in connection with,  such action by such company and by any other defendants in such action or for which  such  company  may  become  liable,  to which security the mutual holding company, reorganizing insurer  or  reorganized  insurer  or  any stock  holding  company  shall have recourse in such amount as the court determines upon the termination of such action. The amount  of  security may from time to time be increased or decreased in the discretion of the court  upon  a  showing  that  the  security  provided has or may become inadequate or excessive.  (c) Notwithstanding any other provision of law to  the  contrary,  any action  seeking  a stay, restraining order, injunction or similar remedy to prevent or delay the closing of  any  transaction  pursuant  to  this article  or  of  any transaction described in the plan of reorganization must be commenced within one hundred twenty days after,  as  applicable: (1)  the  approval  of  a  plan  of reorganization by the superintendent pursuant to section eight thousand seven or eight thousand  nineteen  of this  article,  as  the  case  may  be;  or  (2)  the  approval  of  the  superintendent  pursuant  to  section  eight  thousand  twenty  of  this article.  (d)  Any  action or proceeding against the superintendent or any other governmental body or officer in connection with any act taken or  order, regulation  or  rule  issued  pursuant to this article must be commenced within one hundred twenty days from the date of such act or  signing  of such order, regulation or rule.  (e) Any person aggrieved by any act taken or order, regulation or rule issued  pursuant to this article may petition for judicial review in the manner provided by article seventy-eight of the civil practice  law  and rules,  pursuant  to the limitations period prescribed in subsection (d) of  this  section.  The  petition  shall  be  brought  in  the  judicial department  embracing the county wherein the act was taken or the order, regulation or rule was issued. All such proceedings shall be  heard  and determined  as expeditiously as possible and with lawful precedence over other matters.  Acts  taken  or  orders,  regulations  or  rules  issued pursuant  to  this  article  shall not be stayed or enjoined except upon application after notice to  the  superintendent  and  to  the  attorney general  and  upon  a  showing  that  the  petitioner  has a substantial likelihood of success and will suffer irreparable harm if  the  stay  or injunction is not granted.