NY Ins L § 8008 (2021)
2021 New York Laws ISC - Insurance Article 80 - Mutual Holding Company 8008 - Approval of Plan by Policyholders.

§  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 upon the proposal shall be the holders of policies  or  contracts  which  are  in force  on the adoption date. The reorganizing insurer shall give written notice stating the date, time and place for voting on such  proposal  to policyholders  entitled  to  notice  of  and  to vote on the proposal in accordance with this section, sent by mail or electronic transmission to the last known mailing or electronic addresses of such policyholders  as shown  on  the records of the reorganizing insurer. Such notice shall be sent at least thirty days before  the  date  of  the  proposed  vote  to approve the plan of reorganization. Such notice may be combined with the summary  notice  of the hearing required by section eight thousand seven of this article. Such notice shall be subject to  the  approval  of  the superintendent  and shall include both a website address and a toll-free telephone number through which members may  obtain  either  a  true  and correct  copy  of  the  plan,  or  a  summary  thereof  approved  by the superintendent,  and  such  other   explanatory   information   as   the superintendent shall approve or require.  (b)  Each  policyholder  entitled  to  vote  on  the proposal shall be entitled to cast one vote, unless otherwise provided in the  charter  or by-laws  of  the reorganizing insurer, on the proposal, either in person or by mail or by proxy, irrespective of the  number  or  amount  of  the policies  or contracts he or she holds. Each proxy shall be revocable at any  time,  except  to  the  extent  that,  at  the  time  of  attempted revocation,  the  power  conferred  thereby  has  already  been properly exercised. All votes shall be by written ballot cast  in  person  or  by mail  or  by  electronic  means  by policyholders entitled to vote or by proxy agents duly appointed  by  policyholders  entitled  to  vote.  The voting  on  the  proposal  shall  be  held  at  the  home  office of the reorganizing insurer. The polls shall be opened at ten  o'clock  in  the forenoon  and remain open until four o'clock in the afternoon of the day fixed for such voting, at which time they shall be closed.  (c) The proposal to  approve  the  plan  of  reorganization  shall  be adopted by the affirmative vote of at least two-thirds of all votes cast by policyholders entitled to vote.  (d)  The  superintendent shall have power to prescribe rules governing the procedures for conduct of the voting on the proposal.  (e) The provisions of section four thousand two hundred  ten  of  this chapter  shall not apply to the action by policyholders pursuant to this section.  (f) Upon the conclusion of the vote, the  reorganizing  insurer  shall submit to the superintendent:  (1)  a certified copy of the plan of reorganization, subscribed by the chairman of the board, the president or any vice president and  attested by the secretary or an assistant secretary of the reorganizing insurer;  (2)  a  certificate,  subscribed  by  the  chairman  of the board, the president or any  vice  president  and  attested  by  the  secretary  or assistant  secretary  of  the reorganizing insurer, or subscribed by the person or persons, if any, designated by the superintendent to supervise the giving of notice of the date for action  on  the  proposal,  to  the effect that such notice was given in accordance with this section to all policyholders entitled to such notice; and  (3) a certificate subscribed by an officer of the reorganizing insurer of  the  results  of  the  vote,  as evidenced by valid ballots received before the polls were closed.   Each such certificate shall be affirmed as true under the penalties of perjury by the person or persons subscribing the same and, in  the  case  of  a  certificate signed by officers of the reorganizing insurer, shall be affirmed under the corporate seal of the reorganizing insurer.