reglab/housing_qa huggingface dataset:
NY Ins L § 7818 (2021)
2021 New York Laws ISC - Insurance Article 78 - Life Settlements 7818 - Nonconforming Contracts.

§  7818. Nonconforming contracts. (a) Except as otherwise specifically provided in this chapter, any life settlement contract subject  to  this chapter  that  is  in violation of any of the provisions of this chapter shall be valid and binding upon the life settlement provider, but in all respects in which the contract's provisions  are  in  violation  of  the requirements  or prohibitions of this chapter it shall be enforceable as if it conformed with such requirements or prohibitions.  (b) In any  action  to  recover  under  the  provisions  of  any  life settlement  contract  that  the  superintendent  is  authorized  by this chapter to approve, if in the superintendent's opinion the provisions of this chapter are more favorable to owners, the court shall enforce  such contract  as  if its provisions were the same as those specified in this chapter unless the  court  finds  that  the  actual  provisions  of  the contract were more favorable to owners at the date when the contract was entered into.
NY Ins L § 7819 (2021)
2021 New York Laws ISC - Insurance Article 78 - Life Settlements 7819 - Applicability and Choice of Law.

§  7819.  Applicability  and choice of law. (a) The provisions of this article shall apply to any life settlement contract made, proposed to be made, or solicited with a resident of this state or any owner physically in this state.  (b)(1) If there is more than one owner on a  single  policy,  and  the owners  are  residents  of different states, then the state of residency shall be the state in which the owner having the largest  percentage  of ownership  resides  or, if the owners hold equal ownership, the state of residence of one owner, agreed upon in writing by all of the owners.  (2) A life settlement contract entered into with an  owner  who  is  a resident of another state may be governed by the laws of the other state provided  that the owner elects in writing to be governed by the laws of the other state, and if the owner is also a resident of this state,  the life  settlement  contract  is  made,  proposed to be made and solicited outside this state.  (c) For the purposes of this section, with respect to any person other than a natural person, the state of residence shall be:  (1) the state in which the person maintains  its  principal  place  of business; or  (2) with respect to a trust, a state in which the grantor resides.
NY Ins L § 7820 (2021)
2021 New York Laws ISC - Insurance Article 78 - Life Settlements 7820 - Severability.

§  7820.  Severability. If any clause, sentence, paragraph, section or   part of this article  shall  be  adjudged  by  any  court  of  competent   jurisdiction  to be invalid and after exhaustion of all further judicial   review,  the  judgment  shall  not  affect,  impair  or  invalidate  the   remainder thereof, but shall be confined in its operation to the clause,   sentence,  paragraph,  section or part of this article directly involved   in the controversy in which the judgment shall have been rendered.
NY Ins L § 7901 (2021)
2021 New York Laws ISC - Insurance Article 79 - Service Contracts 7901 - Scope and Purposes.

§ 7901. Scope and purposes. (a) The purposes of this article are to:  (1)  create  a  legal  framework within which service contracts may be sold in this state;  (2) encourage the marketing and  developing  of  more  economical  and effective means of providing services under service contracts; and  (3)   permit  and  encourage  fair  and  effective  competition  among different systems of providing and paying for these services.  (b) This article shall not apply to:  (1) Express or implied warranties;  (2) Maintenance agreements;  (3) Warranties, service contracts or maintenance agreements offered by public utilities on their transmission devices to the  extent  they  are regulated by the public service commission; and  (4)  Warranties, service contracts and maintenance agreements that are conditioned upon or otherwise associated with  the  sale  or  supply  of heating fuel.
NY Ins L § 7904 (2021)
2021 New York Laws ISC - Insurance Article 79 - Service Contracts 7904 - Required Disclosures; Service Contract Reimbursement Insurance Policy.

§ 7904. Required disclosures; service contract reimbursement insurance   policy.  Service  contract  reimbursement  insurance  policies  insuring   service contracts issued, sold or offered for sale in this  state  shall   state  that,  upon  failure of the provider to perform under the service   contract,  including  failure  to  return  the  unearned  provider   fee   thereunder,  the  insurer that issued the service contract reimbursement   insurance policy shall pay on  behalf  of  the  provider  any  sums  the   provider is legally obligated to pay under the service contract or shall   perform  the  service which the provider is legally obligated to perform   according to the provider's contractual obligations  under  the  service   contracts issued or sold by the provider.
NY Ins L § 7906 (2021)
2021 New York Laws ISC - Insurance Article 79 - Service Contracts 7906 - Prohibited Acts.

§  7906. Prohibited acts. (a) A provider shall not use in its name the words insurance, casualty, guaranty, surety, mutual or any  other  words descriptive  of the insurance, casualty, guaranty or surety business, or a name deceptively similar to the name or description of  any  insurance or surety corporation or any other provider.  (b)  A provider shall not in its service contracts or literature make, permit or cause to  be  made  any  false  or  misleading  statement,  or deliberately  omit  any  material  statement that would make the service contracts or literature misleading if omitted, in  connection  with  the sale, offer to sell, or advertisement of a service contract.  (c)  A person, including a bank, savings and loan association, lending institution, manufacturer or seller of any product,  shall  not  require the  purchase  of  a  service contract as a condition of a loan or other extension of credit or a condition for the sale or other disposition  of any property. The superintendent may promulgate regulations necessary to effectuate  this subsection as authorized by section seven thousand nine hundred eleven of this article.
NY Ins L § 7908 (2021)
2021 New York Laws ISC - Insurance Article 79 - Service Contracts 7908 - Recordkeeping Requirements.

§  7908.    Recordkeeping  requirements.  (a) Books and records. (1) A provider or its administrator shall keep accurate  accounts,  books  and records concerning transactions regulated under this article.  (2)  A  provider's  or its administrator's accounts, books and records shall include:  (A) copies of each type of service contract issued;  (B) the name and address of each service contract holder to the extent that the name and address have been furnished by  the  service  contract holder to the provider;  (C)  a  list  of  the  provider  locations where service contracts are marketed, sold, offered for sale, issued, made or proposed to be made or administered; and  (D) written claims filed which shall contain at least  the  dates  and description of all claims related to the service contracts.  (3)  Except  as provided in subsection (b) of this section, a provider or its administrator shall retain all of the  service  contract  records required  under  paragraph  two  of  this  subsection pertaining to each service contract holder for at least three  years  after  the  specified period of coverage thereunder has expired.  (4)  A  provider may keep all records required under this article on a computer disk or other similar technology. If the records are maintained in other than hard copy, the records shall be capable of duplication  to legible hard copy at the request of the superintendent.  (b) A provider discontinuing business in this state shall maintain its records until it furnishes to the superintendent satisfactory proof that it  has  discharged  all obligations to service contract holders in this state.
NY Ins L § 7909 (2021)
2021 New York Laws ISC - Insurance Article 79 - Service Contracts 7909 - Termination of Service Contract Reimbursement Insurance Policy.

§  7909.    Termination  of  service  contract reimbursement insurance   policy.   An  insurer  that  issues  a  service  contract  reimbursement   insurance  policy  shall  not  terminate the policy except in accordance   with section three thousand four hundred twenty-six of this chapter  and   upon notice to the superintendent. The termination of a service contract   reimbursement   insurance   policy   shall   not   reduce  the  issuer's   responsibility for service contracts issued in this state  by  providers   prior to the date of the termination.
NY Ins L § 7911 (2021)
2021 New York Laws ISC - Insurance Article 79 - Service Contracts 7911 - Authority to Develop Regulations.

§  7911.  Authority  to  develop  regulations.  The superintendent may   promulgate regulations necessary to effectuate this article.
NY Ins L § 7912 (2021)
2021 New York Laws ISC - Insurance Article 79 - Service Contracts 7912 - Transition.

§  7912.  Transition.  Providers who have submitted an application for   approval of registration pursuant to section seven thousand nine hundred   seven of this article who have  been  previously  engaged  in  New  York   state,  for  not  less than two years immediately prior to the effective   date of this section in the business of marketing, selling, offering for   sale, issuing, making, proposing or  administering  a  service  contract   which  otherwise was in compliance with all applicable laws of the state   of New York immediately prior to the effective date of this section, may   engage in such business in the state of New York until such time as  the   superintendent  has  issued  a  determination  on  such  application for   approval of registration provided that such application is  received  by   the  superintendent  within  sixty  days  of  the effective date of this   section.
NY Ins L § 7913 (2021)
2021 New York Laws ISC - Insurance Article 79 - Service Contracts 7913 - Separability Provision.

§  7913.  Separability provision. If any provision of this article, or   the application of any such provision to any  person  or  circumstances,   shall   be  held  invalid,  the  remainder  of  this  article,  and  the   application of the provision to any person or circumstances  other  than   those as to which it is held invalid, shall not be affected.
NY Ins L § 8002 (2021)
2021 New York Laws ISC - Insurance Article 80 - Mutual Holding Company 8002 - Reorganization of Mutual Life Insurer Through Formation of a Mutual Holding Company; Contents of Plan.

§  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  life  insurer  with  a mutual  holding  company  by  complying  with  the  requirements of this article.  (b) The plan of reorganization shall contain provisions for:  (1) the reorganizing insurer becoming a domestic stock life insurer;  (2) the formation of a mutual holding company;  (3) the members of the reorganizing insurer becoming  members  of  the mutual  holding  company  with  membership  interests  therein,  and the membership interests in the reorganizing insurer being extinguished; and  (4) at least fifty-one percent of  the  voting  stock  issued  by  the reorganized  insurer being acquired and held, directly or through one or more stock holding companies, by the mutual holding company.  (5) the general terms for the establishment of the closed block or  an alternative  provision  under  subsection  (b) of section eight thousand three of this article and the proposed dividend policy under  subsection (a) of section eight thousand three of this article; and  (6)  a  plan  of  operation  for  the  reorganized  insurer  including financial projections for a three-year period and a statement indicating its intentions with regard to issuing any nonparticipating business.  (c) The plan of reorganization shall provide that  the  reorganization will not change premiums or reduce policy benefits, values or guarantees or  other  policy  obligations of the mutual life insurer, provided that the plan of reorganization may provide that the reorganized insurer will be able to make such changes and reductions as would be permitted  under this  chapter if the mutual life insurer were not a reorganizing insurer under this article.  (d) The plan may provide for  the  formation  of  one  or  more  stock holding companies.  (e) The plan shall include the following as exhibits:  (1)  the  proposed  charters  or  certificates of incorporation of the reorganized insurer, the mutual holding company and  any  stock  holding company or companies; and  (2)  the  proposed  by-laws  of  the  reorganized  insurer, the mutual holding company and any stock holding company or companies.
NY Ins L § 8004 (2021)
2021 New York Laws ISC - Insurance Article 80 - Mutual Holding Company 8004 - Adoption of Plan; Submission of Plan to the Superintendent.

§  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 consistent with the provisions of sections  eight  thousand two and eight thousand three of this article which is fair and equitable to  the  policyholders. The resolution shall specify the reasons for and the purposes of the proposed reorganization.  (b) The plan shall be submitted to the superintendent,  together  with the  resolution  of  the board of directors of the reorganizing insurer, certified by the secretary thereof, adopting the plan pursuant  to  this article.
NY Ins L § 8005 (2021)
2021 New York Laws ISC - Insurance Article 80 - Mutual Holding Company 8005 - Amendment or Withdrawal of 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   resolution of a three-fourths majority of its entire board of directors,   amend the plan of reorganization or withdraw the plan of reorganization.   In the case of a plan amendment, all references in this article  to  the   plan  of reorganization shall be deemed to refer to the plan as amended,   but no amendment shall be deemed to change the adoption date of the plan   of reorganization. A further public hearing is not necessary unless  the   superintendent  determines  that amendments submitted after the original   hearing required under section eight thousand seven of this article will   substantially alter the plan.  In  the  event  that  the  superintendent   determines that the amendment substantially alters the plan, the plan as   amended  must  be  submitted  for  reconsideration  by the policyholders   entitled to vote on the plan as provided in section eight thousand eight   of this article.
NY Ins L § 8006 (2021)
2021 New York Laws ISC - Insurance Article 80 - Mutual Holding Company 8006 - Consultants.

§  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   proposed plan of reorganization meets  the  applicable  requirements  of   this  article.  The  reorganizing  insurer  shall be responsible for the   reasonable fees and expenses of any such consultants.  This  expenditure   shall  not  constitute  an  expenditure  of public funds pursuant to the   state finance law.
NY Ins L § 8007 (2021)
2021 New York Laws ISC - Insurance Article 80 - Mutual Holding Company 8007 - Approval of Plan by Superintendent; Hearing.

§   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. The reorganizing insurer  shall  give  written  notice  of  the  hearing  to policyholders  whose  policies or contracts are in force on the adoption date, 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 summary notice shall be subject to the approval of the superintendent, shall include the date, time  and  place of the hearing, and shall include both a website address and a toll-free telephone  number  through  which members may obtain, if not included in the summary notice, a full notice of the hearing and 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. The reorganizing insurer shall also post a copy of such notice on its website.  Such  notice  shall  be sent at least thirty days before the date specified for the hearing. The hearing shall be held at a time and location in this state deemed by the superintendent  to  be most convenient to the greatest number of persons affected by such plan. At such hearing any person may be heard in  favor of,  or against, the terms of the plan. The plan of reorganization shall be made available for public inspection at one office of the  department in  each city in this state where the department maintains an office and at the principal office of the reorganizing insurer. The  superintendent shall approve the plan if the superintendent finds that:  (a) the plan is fair and equitable to policyholders;  (b) the plan does not violate this article; and  (c) after giving effect to the reorganization, the reorganized insurer will  have  an amount of capital and surplus the superintendent deems to be reasonably necessary for its future solvency.
NY Ins L § 8009 (2021)
2021 New York Laws ISC - Insurance Article 80 - Mutual Holding Company 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 in  section  eight  thousand  seven  of  this article,  and  certification  of  approval  of the plan by policyholders entitled to vote on the plan has been  made  to  the  superintendent  as provided  in section eight thousand eight of this article, a copy of the plan of reorganization,  with  the  superintendent's  approval  endorsed thereon,  shall  be filed in the office of the superintendent. A copy of such plan certified by the superintendent shall also  be  filed  by  the reorganizing  insurer in the office of the clerk of the county where the principal office of the reorganizing insurer is  located  within  thirty days after the superintendent's approval.  (b)  The  plan  of reorganization shall take effect in accordance with its terms on the date and at the time when the filing in the  office  of the  superintendent  required  by  this section has been made or on such later date or at such later time, if any, as may have been specified  in or determined in accordance with the plan or pursuant thereto.  (c)  As  of  the  effective  date,  the  superintendent shall issue an amended certificate of authority to the reorganized insurer, and, if the plan of reorganization specifies that the reorganized  insurer  proposes to  continue  to issue for delivery in this state participating policies or contracts, the superintendent shall, in  accordance  with  subsection (f)  of  section  four  thousand two hundred thirty-one of this chapter, issue a permit authorizing it to do so.
NY Ins L § 8010 (2021)
2021 New York Laws ISC - Insurance Article 80 - Mutual Holding Company 8010 - Effect of Reorganization.

§ 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 become a domestic stock life insurer;  (b) the members of the reorganizing  insurer  on  the  effective  date shall  immediately  become  members  of  the mutual holding company with membership interests  therein,  and  all  membership  interests  in  the reorganizing insurer shall be extinguished;  (c)  persons  becoming  policyholders of the reorganized insurer after the effective date of the  plan  shall  become  members  of  the  mutual holding company immediately upon issuance of the policy or contract;  (d)  one hundred percent of the voting stock issued by the reorganized insurer shall be owned, directly or through one or  more  stock  holding companies,  by  the  mutual  holding  company, and at no time subsequent shall such mutual holding company own less  than  fifty-one  percent  of such voting stock; and  (e)  any  other  reorganization  of  the  reorganizing insurer and its subsidiaries specified in the plan shall become effective in  accordance with  the terms of the plan. Except for the right to vote, the rights of all policyholders with respect to  the  reorganized  insurer  thereafter shall  be as specified in their policies or contracts, in the charter of the reorganized insurer and in the plan of reorganization.
NY Ins L § 8011 (2021)
2021 New York Laws ISC - Insurance Article 80 - Mutual Holding Company 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 change any of such insurer's existing suits, rights, contracts or liabilities except as provided in the approved plan of  reorganization.  All  rights,  franchises  and  interests   of   the reorganizing insurer in and to every species of property, real, personal and  mixed, and things in action thereunto belonging, shall be vested in the continuing company, without any deed or transfer, and simultaneously therewith such continuing  company  shall  be  subject  to  all  of  the obligations  and  liabilities  of  the  reorganizing insurer, other than obligations  and  liabilities  with  respect   to   the   policyholders' membership interests extinguished by the plan of reorganization.  (b)  No action or proceeding pending at the time of the reorganization to which the reorganizing insurer may be a  party  shall  be  abated  or discontinued  by  reason  of  such  reorganization,  but the same may be prosecuted to final judgment in the same manner as if the reorganization had not taken place, or the reorganized insurer may  be  substituted  in place  of  such  reorganizing insurer by order of the court in which the action or proceeding may be pending.
NY Ins L § 8012 (2021)
2021 New York Laws ISC - Insurance Article 80 - Mutual Holding Company 8012 - Directors and Officers.

§  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 officers of the   reorganizing insurer shall  serve  as  directors  and  officers  of  the   reorganized  insurer,  any  stock holding company and the mutual holding   company until new directors and officers  have  been  duly  elected  and   qualified  pursuant  to  the charter or certificate of incorporation and   the by-laws of the respective companies.