reglab/statecodes huggingface dataset:
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7105 - Approval by Superintendent.

§  7105.  Approval  by  superintendent.  (a)  Upon  the adoption of an
agreement  of  merger  or  consolidation,  or  an  agreement   for   the
acquisition  of  assets, the proposed agreement shall be executed by the
president and attested by the secretary, or  officers  corresponding  to
either  of  them, under the corporate seal of each of the constituent or
contracting companies. A certified copy of such agreement, together with
a certificate of its adoption as provided for herein, subscribed by such
officers and affirmed by them as true under the penalties of perjury and
under the seal of their respective companies, shall be submitted to  the
superintendent  for  his  approval.   The superintendent shall thereupon
consider such agreement, and if satisfied that  it  complies  with  this
article,  is  fair  and equitable, does not tend to substantially lessen
competition in any line of  insurance  or  tend  to  create  a  monopoly
therein,  and  is  not  inconsistent  with  law,  he  shall approve such
agreement. If the superintendent shall refuse to approve such agreement,
notification of such refusal,  assigning  the  reasons  therefor,  shall
within  thirty days from the date of submission to him of such agreement
be given in writing by the superintendent to each of the constituent  or
contracting  companies.  No  agreement  shall  take  effect  unless  the
approval of the superintendent has been obtained.
(b) In the event any domestic life insurance company  submits  to  the
superintendent  for his approval an agreement of merger or consolidation
pursuant to this section, the superintendent may extend  the  five  year
interval  for  examination  prescribed  by section three hundred nine of
this chapter for an additional one year interval.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7106 - Merger or Consolidation Between Domestic and Foreign Companies; Certificate of Approval.

§   7106.   Merger  or  consolidation  between  domestic  and  foreign
companies;  certificate  of  approval.  (a)  In  case  of  a  merger  or
consolidation between a domestic and a foreign company, the agreement of
merger or consolidation shall be executed by the proper officers of said
foreign  company when they are duly authorized thereto by such action on
the part of the directors,  shareholders  or  members  of  said  foreign
company  as  may  be required by the laws of the state where the same is
incorporated; and if required by such laws, said agreement of merger  or
consolidation   shall  be  submitted  to  the  superintendent  or  other
insurance supervisory official  of  the  state  in  which  such  foreign
company  is  incorporated and no such merger or consolidation shall take
effect until it shall have been approved by the superintendent  of  this
state,  and, if required as aforesaid, by such insurance official of the
state where said foreign company is  incorporated,  as  evidenced  by  a
certificate  of  his approval, filed in the office of the superintendent
of this state.
(b) No such merger or consolidation between  a  domestic  and  foreign
company   shall   take   effect,  unless  and  until  the  surviving  or
consolidated company, if such company is a foreign company,  shall  file
with  the superintendent of this state a power of attorney in compliance
with section one thousand two hundred twelve of this chapter.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7107 - Expedited Approval; Mutual Property/casualty Insurance Companies.

§   7107.   Expedited  approval;  mutual  property/casualty  insurance
  companies. If in the judgment of the superintendent the interests of the
  policyholders require it, a domestic mutual property/casualty  insurance
  company   may,   after   obtaining   the   tentative   approval  of  the
  superintendent  and  subject  to  his  final  approval,  enter  into  an
  agreement  of merger or consolidation with an authorized assuming mutual
  property/casualty insurance company, upon the adoption of such agreement
  by the boards of directors of such companies at special meetings  called
  for  the  purpose  upon  at least ten days notice. Upon the execution of
  such  agreement,  notice  thereof,   in   a   form   approved   by   the
  superintendent, shall immediately be mailed to the policyholders of both
  companies.  If within thirty days after such notice five percent or more
  of the policyholders of either company, determined as  of  the  date  of
  mailing such notice, shall file with the superintendent their objections
  to  such agreement, the superintendent shall call a hearing thereon upon
  such notice as the superintendent shall deem  advisable.  If  upon  such
  hearing  the  superintendent shall find that the terms of such agreement
  are not fair and reasonable to the policyholders and creditors  affected
  thereby,  the superintendent may withdraw his tentative approval of such
  agreement  which  shall  thereupon  become  null  and   void.   If   the
  superintendent  finally approves such agreement, the other provisions of
  this article, except sections seven thousand  one  hundred  four,  seven
  thousand  one  hundred  five  and seven thousand one hundred nineteen of
  this article, shall be applicable to such merger or consolidation.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7108 - Filing of Agreement of Merger or Consolidation.

§ 7108. Filing of agreement of merger or consolidation. A duplicate or
  certified  copy  of  the  agreement  of merger or consolidation with the
  approval of the superintendent endorsed thereon shall be  filed  in  the
  office  of  the  clerk  of the county where the principal office of each
  domestic constituent company is located and upon  such  filing,  if  all
  other  requirements  have  been  fulfilled, such merger or consolidation
  shall become effective.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7109 - Limitation on Enlargement of Powers.

§  7109.  Limitation  on enlargement of powers. This article shall not
  enlarge the charter powers of any company except in conformity with  the
  provisions  of  the  proposed  charter  of the surviving or consolidated
  company as provided in section seven thousand one hundred three of  this
  article,  nor authorize any company to do any kind of insurance business
  not authorized by its  charter,  nor  authorize  any  foreign  or  alien
  company  to  do  any  kind  of  insurance  business  in  this  state not
  authorized by its license or certificate of authority to do business  in
  this state.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7110 - Fees; Certification; Prohibitions; Penalty.

§  7110.  Fees;  certification; prohibitions; penalty. (a) Whenever an
agreement of consolidation or merger or for the acquisition  of  assets,
or  a plan for acquisition of minority interests in a subsidiary insurer
as provided in section seven  thousand  one  hundred  eighteen  of  this
article,  shall  be  filed  with the superintendent, there shall also be
filed with him a certificate executed by the president and  attested  by
the secretary, or by officers corresponding to either of them, under the
corporate  seal  of each of the constituent or contracting companies, or
of the parent corporation and subsidiary insurer, and subscribed by such
officers and affirmed by them as true under the  penalties  of  perjury,
setting  forth  all fees, commissions or other compensations or valuable
considerations paid or to  be  paid,  directly  or  indirectly,  to  any
person,  firm  or  corporation,  for  in  any  manner  securing, aiding,
promoting or assisting in any such consolidation, merger or  acquisition
of assets or minority interests.
(b)  No  director,  officer  or  member  of any such company or of any
parent corporation or subsidiary insurer, except as fully  expressed  in
the  agreement  of  consolidation  or  merger  or for the acquisition of
assets or in the  plan  for  acquisition  of  minority  interests  in  a
subsidiary   insurer,   shall   receive   any   fee,  commission,  other
compensation or valuable consideration, directly or indirectly,  for  in
any manner aiding, promoting or assisting in such consolidation, merger,
or acquisition of assets or minority interests.
(c)  Any  person  violating the provisions of subsection (a) hereof or
knowingly making any false certificate or  statement  pursuant  thereto,
shall be guilty of a felony.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7111 - Proof of Proceedings of Meeting and Action of Company.

§  7111.  Proof  of  proceedings  of  meeting and action of company. A
  certified copy of the proceedings of any meeting made by  the  secretary
  thereof  or  of  the action of any company made by the secretary of such
  company, subscribed and affirmed by him as true under the  penalties  of
  perjury, shall be presumptive evidence of the holding of the meeting and
  the action of such meeting and the action of such company.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7112 - Vesting of Property in Surviving or Consolidated Company; Assumption of Liabilities.

§  7112.  Vesting  of  property  in surviving or consolidated company;
  assumption of liabilities. Upon  the  merger  or  consolidation  of  any
  companies  in the manner herein provided, all the rights, franchises and
  interests of the constituent companies,  in  and  to  every  species  of
  property,  real,  personal  and  mixed,  and  things in action thereunto
  belonging, shall be deemed as transferred to and vested in the surviving
  or consolidated  company,  without  any  other  deed  or  transfer;  and
  simultaneously therewith such surviving or consolidated company shall be
  deemed  to  have  assumed  all  of  the  liabilities  of the constituent
  companies.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7113 - Transfer of Deposits to Surviving or Consolidated Company.

§  7113. Transfer of deposits to surviving or consolidated company. If
  any  constituent  company  in  a  merger  or  consolidation  under   the
  provisions of this article shall have on deposit with the superintendent
  securities   held   for  the  benefit  and  protection  of  all  of  its
  policyholders or policyholders and creditors within the  United  States,
  the  superintendent is authorized, upon the completion of such merger or
  consolidation, to transfer residuary interest in such  deposit  of  such
  constituent  company  to  the  surviving or consolidated company, and to
  release such deposit or any part thereof if no longer required  of  such
  surviving or consolidated company under the provisions of this chapter.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7114 - Pending Actions.

§  7114. Pending actions. No action or proceeding, pending at the time
  of the merger or  consolidation  to  which  either  of  the  constituent
  companies  may  be a party, shall be abated or discontinued by reason of
  such merger or consolidation, but the same may be  prosecuted  to  final
  judgment  in  the  same manner as if the merger or consolidation had not
  taken  place;  or  the  continuing  or  consolidated  company,  may   be
  substituted  in  the  place  of such constituent company by order of the
  court in which the action or proceeding may be pending.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7115 - Shareholders' Liability.

§  7115.  Shareholders' liability. The shareholders of a stock company
  merging or consolidating shall continue subject to all the  liabilities,
  claims  and  demands  existing  against  them  as such at or before such
  merger or consolidation.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7116 - Liability of Members of Assessment Company to Continue.

§  7116.  Liability  of  members of assessment company to continue. In
  case of a merger or consolidation of assessment companies the  liability
  of  members  thereof to assessments shall continue and be transferred to
  the surviving or consolidated company.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7117 - Return of Shares of Constituent Company.

§  7117.  Return  of  shares  of  constituent  company. A surviving or
  consolidated company may require the return of the original certificates
  of stock held by each shareholder in each constituent company, and issue
  in lieu thereof new certificates for such number of its  own  shares  as
  such  shareholder may be entitled to receive.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7119 - Appraisal of Shares of Dissenting Shareholder on Merger or Consolidation of Domestic Company or on Acquisition of Minority Interests in a Subsidiary I

§  7119.  Appraisal  of  shares of dissenting shareholder on merger or
consolidation  of  domestic  company  or  on  acquisition  of   minority
interests  in  a  subsidiary  insurer.  (a)  A shareholder of a domestic
company, by complying with  section  six  hundred  twenty-three  of  the
business corporation law except as otherwise provided in subsections (b)
and  (c)  hereof,  shall  have the right to receive payment for the fair
value of his shares, and such other rights and benefits as are  provided
by such section of the business corporation law, in the following cases:
(1)  a  shareholder entitled to vote who does not assent to the taking
of any action specified in section seven thousand  one  hundred  two  of
this article; or
(2)  a shareholder whose shares are acquired pursuant to section seven
thousand one hundred eighteen of this article.
(b) A shareholder who elects to dissent from an  acquisition  proposed
under section seven thousand one hundred eighteen of this article shall,
in  lieu  of  the procedures set forth in paragraphs (a), (b) and (c) of
section six hundred twenty-three of the business corporation law, file a
written notice of his election to dissent with the parent within  twenty
days after the delivery to him of either a copy of the plan or a summary
thereof pursuant to subsection (e) of section seven thousand one hundred
eighteen of this article.
(c)  For  purposes  of  this  section,  the  provisions of section six
hundred  twenty-three  of  the  business  corporation  law,  other  than
paragraphs (i) and (m) thereof, are applicable except that:
(1)  the references to "this chapter" in paragraph (a) of such section
of the business corporation law are deemed to refer to this article;
(2) in the case of shares acquired pursuant to section seven  thousand
one  hundred  eighteen of this article, the references to "shareholders'
authorization date" in paragraph (g) of such  section  of  the  business
corporation  law are deemed to refer to the date of delivery of the plan
or a summary thereof as provided in  subsection  (e)  of  section  seven
thousand one hundred eighteen of this article; and
(3)  upon  payment of the value of the shares of a shareholder who has
dissented from a merger or consolidation, as provided in  paragraph  (g)
or (h) of such section of the business corporation law, the shares shall
be cancelled.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7121 - Effects Upon Guaranty Corporations of Certain Events.

§  7121.  Effects upon guaranty corporations of certain events. (a) No
domestic life insurance company  which  became  a  domestic  insurer  in
accordance  with  section  seven  thousand  one  hundred  twenty of this
article shall, except as provided in paragraph two of subsection (c)  of
this  section,  at any time be deemed to be a member company of The Life
Insurance Guaranty Corporation provided for in article  seventy-five  of
this chapter.
(b)  No  benefits  for  any  person  shall  arise  or  be increased or
decreased under article seventy-five or article  seventy-seven  of  this
chapter  as  a  result  of the redomestication of a foreign life insurer
pursuant to section seven thousand one hundred twenty of this article.
(c)(1) No merger or consolidation between a  domestic  life  insurance
company  which  is  a  member  company  of  The  Life Insurance Guaranty
Corporation and a domestic life insurance company which is not a  member
company  of  The Life Insurance Guaranty Corporation shall result in any
increase  or  decrease  of  the  protection   provided   under   article
seventy-five  of this chapter to the policies or contracts of the member
company. No policy or contract issued by a non-member company  prior  to
such merger or consolidation shall receive the protection provided under
article  seventy-five  of  this  chapter  as  a result of such merger or
consolidation.
(2) If the surviving or consolidated company of  any  such  merger  or
consolidation  is  not  a  member company of The Life Insurance Guaranty
Corporation, the surviving or consolidated company shall be deemed to be
a member company of The Life Insurance Guaranty Corporation and shall be
subject to any assessment levied against member  companies  pursuant  to
section  seven  thousand five hundred four of this chapter in proportion
to the surviving or consolidated  company's  total  admitted  assets  as
shown  in  its  annual statement for the year next preceding the date of
such assessment; provided, however, in the event that an  assessment  is
levied  against  the  surviving  or  consolidated  company the year such
merger or consolidation is consummated, the  surviving  or  consolidated
company  shall  be  assessed in proportion to the admitted assets of its
constituent member company as shown  in  such  member  company's  annual
statement for the year next preceding the date of such assessment.
2023 New York Laws › ISC - Insurance › Article 72 - Domestication of the United States Branch of an Alien Insurer › 7201 - Definitions.

§ 7201. Definitions. In this article:
(a) "Domestication"   means   the   reorganization   pursuant  to  the
provisions of this article of the  United  States  branch  of  an  alien
insurer  whereby  a domestic or foreign insurer succeeds to all business
and assets and assumes all liabilities of such branch.
(b) "United States branch"  means  the  business  unit  through  which
business  is transacted within the United States by an alien insurer and
the assets and liabilities of such  insurer  within  the  United  States
pertaining to such business.
(c) "Domestic  insurer"  means  a stock insurance company incorporated
under the laws of this state.
(d) "Foreign insurer" means a  stock  insurance  company  incorporated
under the laws of any other state.
2023 New York Laws › ISC - Insurance › Article 72 - Domestication of the United States Branch of an Alien Insurer › 7202 - Domestication of the United States Branch of an Alien Insurer Permitted.

§  7202. Domestication of the United States branch of an alien insurer
permitted. (a) (1) Upon compliance with the provisions of  this  article
any  licensed  alien  insurer  having  its  United States branch entered
through this state and owning beneficially, directly or indirectly,  all
outstanding  shares  of  a  domestic  insurer  or  of  a foreign insurer
qualified and licensed in this state to write all the kinds of insurance
for which the  United  States  branch  is  qualified  and  licensed  may
domesticate  its  United  States branch by agreeing in writing with such
domestic or foreign insurer to  the  acquisition  of  the  business  and
assets,  and  the  assumption  of  all liabilities, of the United States
branch, by the domestic or foreign insurer for no  consideration  except
such assumption.
(2)  The  agreement may, however, provide for additional consideration
payable by the issuance of shares by the acquiring insurer.
(3) The domestication shall be subject to prior  written  approval  by
the  superintendent  if  the  acquiring  insurer  is domestic, or by the
insurance supervisory official of the state of incorporation  if  it  is
foreign.
(4)  The  domestication  shall  be  subject  to  final approval by the
superintendent  and  if  the  acquiring  insurer  is  foreign   by   the
supervisory official of such state.
(b)  Any  shares of the acquiring insurer or voting trust certificates
therefor held among the trusteed assets of the United States  branch  or
held  in a trust created by the alien insurer of which the alien insurer
is a beneficiary shall be deemed to be  shares  held  beneficially,  but
indirectly, by such alien insurer.
(c)  Any  acquisition of assets and assumption of liabilities pursuant
to  subsection  (a)  hereof  shall  be  effected  by  filing  with   the
superintendent an instrument of transfer and assumption, executed by the
alien  insurer  and  the  acquiring insurer, in form satisfactory to the
superintendent as to a domestic insurer or to  both  the  superintendent
and  the insurance supervisory official of the state of incorporation as
to a foreign insurer.
(d) The acquiring insurer may be licensed to engage in  the  insurance
business  in  this  state either before entering into such domestication
agreement  or,  if   the   superintendent   approves,   effective   with
consummation  of  the  agreement  in  accordance  with the provisions of
section seven thousand two hundred five of this article.
(e) This article shall not be construed to (i) authorize any insurance
company to do any kind of  insurance  business  not  authorized  by  its
charter  or  (ii) authorize any foreign or alien insurance company to do
any kind of insurance business in  this  state  not  authorized  by  its
license or certificate of authority to do business in this state.
2023 New York Laws › ISC - Insurance › Article 72 - Domestication of the United States Branch of an Alien Insurer › 7203 - Authorization and Execution of Domestication Agreement.

§  7203.  Authorization  and execution of domestication agreement. (a)
Such domestication agreement shall  be  authorized,  adopted,  approved,
signed and acknowledged by the alien insurer pursuant to the laws of the
country where organized.
(b)  Such  agreement shall also be approved, adopted and authorized by
the acquiring insurer's board of directors and executed by its president
or any vice  president  and  attested  by  its  secretary  or  assistant
secretary  under  its  corporate  seal,  or,  in  the  case of a foreign
insurer, as otherwise provided in the laws of the state of its domicile.
2023 New York Laws › ISC - Insurance › Article 72 - Domestication of the United States Branch of an Alien Insurer › 7204 - Approval by Superintendent.

§ 7204. Approval by superintendent. (a) An executed counterpart of the
domestication agreement, together with certified copies of the corporate
proceedings  of  the  acquiring insurer and the alien insurer approving,
adopting and authorizing the execution of such domestication  agreement,
and,  in  the  case  of  a  foreign insurer, the written approval of the
insurance supervisory official of the state in which  the  wholly  owned
foreign   insurer   is   incorporated,   shall   be   submitted  to  the
superintendent for his approval.
(b) If  satisfied  that  the  agreement  is  in  accordance  with  the
provisions  of  this article and that the interests of policyholders and
creditors of the United  States  branch  are  not  materially  adversely
affected the superintendent may approve such domestication agreement and
authorize  its consummation in compliance with the provisions of section
seven thousand two hundred five of this article.
2023 New York Laws › ISC - Insurance › Article 72 - Domestication of the United States Branch of an Alien Insurer › 7205 - Consummation of Domestication Agreement; Transfer of Deposits; Withdrawal of Trusteed Assets.

§ 7205. Consummation of domestication agreement; transfer of deposits;
withdrawal  of  trusteed  assets.  (a)  (1)  Upon  the  filing  with the
superintendent of a certified copy of the  instrument  of  transfer  and
assumption,  the  domestication  of  the  United  States branch shall be
effective.
(2) Thereupon all rights, franchises  and  interests  of  such  United
States  branch  in  and to every species of property, real, personal and
mixed, and  things  in  action  thereunto  belonging,  shall  be  deemed
transferred  to  and  vested  in  the  acquiring insurer and it shall be
deemed to have assumed all liabilities of such United States branch.
(3) Simultaneously all deposits of the United States  branch  held  by
superintendents,  state  officers  or  other  state  regulatory agencies
pursuant to state laws shall be deemed held as  security  for  the  full
performance  by  the  acquiring  insurer  of  its  assumption  as direct
liabilities of all the liabilities to policyholders and creditors within
the United States of such United States branch, and such desposits shall
be deemed admitted assets of the acquiring insurer and reported as  such
in  its  annual  financial  statements  and other reports required to be
filed by it in this state.
(4) Upon the ultimate release by any such state officer or  agency  of
any  such  deposits, the securities and cash released shall be delivered
and paid over to such acquiring  insurer  as  the  lawful  successor  in
interest to such United States branch.
(b)  Contemporaneously  with  the consummation of the domestication of
the United States branch, notwithstanding the provisions of sections one
thousand three hundred fifteen and one thousand three hundred  seventeen
of  this  chapter,  the  superintendent  shall transfer to the acquiring
insurer's account the securities deposited by such United States  branch
in   compliance   with   the   provisions   of  this  chapter,  and  the
superintendent shall consent that the trustee  of  the  trusteed  assets
deposited by such United States branch in compliance with the provisions
of  this  chapter shall withdraw from the trust and transfer and deliver
to the acquiring insurer all assets held by such trustee. However, if  a
United  States  branch  is  domesticated  into  a  foreign  insurer, the
superintendent,  unless  otherwise  satisfied  that  the  interests   of
policyholders  of  in  force  business  and  of creditors on outstanding
claims are protected, may defer consent to the withdrawal of so much  of
the trusteed assets as in his judgment is reasonably required to protect
such  interests as of the date of domestication; and he shall consent to
their withdrawal from time to time as such interests expire.
2023 New York Laws › ISC - Insurance › Article 73 - Conversion to Different Type of Insurer › 7303 - Conversion of Retirement Systems Into Mutual Life Insurance Companies.

§  7303.  Conversion  of retirement systems into mutual life insurance
  companies. Any retirement system licensed pursuant to article  forty-six
  of  this  chapter  may  be  converted into and licensed as a mutual life
  insurance company, to do the kinds of business specified  in  paragraphs
  one, two and three of subsection (a) of section one thousand one hundred
  thirteen  of  this chapter, provided that at the time of such conversion
  it has a surplus of at least three million dollars and provided  further
  that  its  plan  of  conversion has been approved by the superintendent.
  Such plan shall be submitted to the superintendent in writing and  shall
  set  forth  in  full  the  terms  and  conditions  thereof. The board of
  trustees of the retirement  system  shall,  after  adopting  such  plan,
  submit  it  to  the members of such retirement system, as defined by its
  constitution, by-laws or declaration of trust, at any regular or special
  meeting of such members, by giving a full, true and correct copy of such
  plan with notice of such meeting. Such notice shall be given as provided
  in  the  constitution  or  by-laws  or  declaration  of  trust  of  such
  retirement  system  for  the  convocation  of  such  regular  or special
  meeting. The affirmative votes of  two-thirds  of  the  members  of  the
  retirement  system  eligible  to  vote who vote in person or by proxy at
  such regular or special meeting shall be necessary for the  approval  of
  the plan. The superintendent may grant such approval if, after a hearing
  upon  the  fairness  of  the plan after written notice of the hearing is
  given to each member  of  the  retirement  system  for  distribution  to
  participants in its employ and publication in at least two newspapers of
  general  circulation,  at  which  hearing such members and participating
  employees will have a right to appear, the superintendent finds that the
  proposed conversion conforms to the requirements of law and is  fair  to
  the members and participating employees of such retirement system.
2023 New York Laws › ISC - Insurance › Article 73 - Conversion to Different Type of Insurer › 7304 - Conversion of Fraternal Benefit Societies Into Mutual Life Insurance Companies.

§  7304.  Conversion  of  fraternal benefit societies into mutual life
  insurance companies. Any domestic fraternal benefit society, as  defined
  in  subsection  (a)  of  section  four thousand five hundred one of this
  chapter, may be converted into and licensed as a mutual  life  insurance
  company, to furnish the kinds of benefits authorized by such section, by
  compliance  with  all  the  requirements  of  section  four thousand two
  hundred eight of this chapter  if  such  plan  of  conversion  has  been
  approved  by  the  superintendent.  Such  plan shall be submitted to the
  superintendent in writing and shall set forth  in  full  the  terms  and
  conditions  thereof.  The  board  of  directors  or other executive body
  charged with responsibility for  management  of  the  society's  affairs
  shall,  after adopting the plan, submit it to the supreme governing body
  of such society at any regular or special meeting thereof, by  giving  a
  full,  true  and  correct copy of such plan with notice of such meeting.
  Such notice shall be given as provided in the laws of  the  society  for
  the  convocation  of  such  supreme governing body in regular or special
  session, as the case may be. The affirmative votes of two-thirds of  all
  members  of  such  supreme  governing  body  shall  be necessary for the
  approval of such plan. The superintendent may give his  approval  if  he
  finds  that  the proposed conversion conforms to the requirements of law
  and is not prejudicial to the certificate holders of the society.
2023 New York Laws › ISC - Insurance › Article 73 - Conversion to Different Type of Insurer › 7315 - Reorganization of Domestic Life Insurance Companies.

§   7315.   Reorganization   of  domestic  life  insurance  companies.
  Notwithstanding any other provision of this chapter, a  domestic  mutual
  life  insurance  company  which  has  a surplus of less than one million
  dollars as shown on its last filed annual statement may reorganize  into
  a  domestic  stock  life  insurance company in accordance with a plan of
  reorganization found by the superintendent to be fair and equitable.
2023 New York Laws › ISC - Insurance › Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers › 7401 - Application of Article; Definitions.

§  7401.  Application  of article; definitions. (a) This article shall
apply to all corporations, associations, societies, orders,  firms,  and
individuals to which this chapter is applicable, or which are subject to
examination  or  supervision by the superintendent under this chapter or
under any other law of this state, or which are doing or  attempting  to
do or representing that they are doing the business of insurance in this
state,  or  which  are  in process of organization for the purpose of or
intending to do such business therein, anything in this chapter  or  any
other law of this state to the contrary notwithstanding.
(b) In this article:
(1) "insurer"  includes  all  corporations,  associations,  societies,
orders, firms, and individuals specified in subsection (a) hereof;
(2) "assets" includes all deposits and funds of  a  special  or  trust
nature.
2023 New York Laws › ISC - Insurance › Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers › 7404 - Grounds for Liquidation.

§  7404.  Grounds  for liquidation. The superintendent may apply under
  this article for an order directing the superintendent to liquidate  the
  business  of  a  domestic  insurer, or of the United States branch of an
  alien insurer having trusteed assets in this  state,  upon  any  of  the
  grounds  specified  in  subsections  (a)  through  (o)  of section seven
  thousand four hundred two of this article, whether or not there has been
  a prior order directing the superintendent to rehabilitate such insurer.
2023 New York Laws › ISC - Insurance › Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers › 7406 - Grounds for Conservation of Assets of Foreign or Alien Insurer.

§  7406.  Grounds  for  conservation  of  assets  of  foreign or alien
insurer. (a) The superintendent may apply  under  this  article  for  an
order  directing  the  superintendent  to conserve the assets within the
state of a foreign insurer upon:
(1) any of the grounds specified in subsection (a) through  (g),  (j),
(k)  or  (o) of section seven thousand four hundred two of this article,
or
(2) upon the ground that such insurer has consented to such  an  order
through a majority of its directors, shareholders or members, or has had
its  property sequestrated in its domiciliary country or state or in any
other country or state.
(b) The superintendent may apply  under  this  article  for  an  order
directing  him  to  conserve  the  assets  within this state of an alien
insurer, except one which has its trusteed assets in this state, on  any
of the grounds specified in subsection (a), (b), (d) through (g), (j) or
(k)  of section seven thousand four hundred two of this article, or upon
the ground that it has failed or refused  to  comply,  within  the  time
designated  by  the superintendent, with an order of the superintendent,
pursuant to law, to rectify an impairment of its  trusteed  surplus,  or
that  it  has  consented  to  such  an  order  through a majority of its
directors, shareholders or members, or has had its property sequestrated
in its domiciliary country or elsewhere.
2023 New York Laws › ISC - Insurance › Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers › 7407 - Order of Conservation or Ancillary Liquidation of a Foreign or Alien Insurer.

§ 7407. Order of conservation or ancillary liquidation of a foreign or
alien insurer. (a) An order to conserve the assets of a foreign or alien
insurer shall direct the superintendent and his successors in office, as
conservator,   forthwith  to  take  possession  of,  and  conserve,  the
insurer's property within this state, subject  to  the  court's  further
direction.
(b)  Where  the  superintendent  has  been  appointed  pursuant to the
provisions of section seven thousand four hundred six of this article as
conservator of the assets  within  the  state  of  a  foreign  or  alien
insurer,  for which a domiciliary receiver is subsequently appointed for
such insurer in its domiciliary state which is also a reciprocal  state,
as defined in section seven thousand four hundred eight of this article,
the  superintendent,  upon  request  of the domiciliary receiver, shall,
notwithstanding subsection (a) of section seven  thousand  four  hundred
ten  of  this  article,  apply  to  the court in which such conservation
proceeding was commenced for an order appointing the  superintendent  as
ancillary receiver for such foreign or alien insurer.
(c)  Whenever  a  domiciliary receiver is appointed for any insurer in
its domiciliary state which is also a reciprocal state,  as  defined  in
section   seven  thousand  four  hundred  eight  of  this  article,  the
superintendent,  upon  request  of  the  domiciliary  receiver,   shall,
notwithstanding  subsection  (a)  of section seven thousand four hundred
ten of this article, apply to a court of competent jurisdiction  for  an
order  appointing  the  superintendent  as  ancillary  receiver  of such
insurer.
(d) Notwithstanding subsection (a)  of  section  seven  thousand  four
hundred  ten  of  this  article, the court may on the application of the
superintendent pursuant to subsection (b) or (c) of this section appoint
the superintendent as the ancillary receiver in this state,  subject  to
the  provisions  of  sections  seven thousand four hundred eight through
seven thousand four hundred fifteen of  this  article.  Subject  to  the
provisions of such sections, the rights and duties of the superintendent
with  reference  to  such  insurer  and  such assets shall include those
heretofore exercised by and imposed upon ancillary receivers of  foreign
corporations in this state.
2023 New York Laws › ISC - Insurance › Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers › 7409 - Conduct of Delinquency Proceedings Against Insurers Domiciled in This State.

§  7409. Conduct of delinquency proceedings against insurers domiciled
in this state. (a) Whenever under the laws of this state a  receiver  is
to  be  appointed in delinquency proceedings for an insurer domiciled in
this state, the court shall appoint the superintendent as such  receiver
and direct the superintendent forthwith to take possession of the assets
of the insurer and to administer the same under the orders of the court.
(b)  As  domiciliary receiver the superintendent and his successors in
office shall be vested by  operation  of  law  with  the  title  to  all
property,  contracts, and rights of action, and all books and records of
the insurer wherever located, as of the  date  of  entry  of  the  order
directing  him  to  liquidate  a  domestic  insurer or the United States
branch of an alien insurer domiciled in this state, and  he  shall  have
the  right to recover the same and reduce the same to possession; except
that ancillary receivers in reciprocal states shall have, as  to  assets
located  in  their  respective states, the rights and powers hereinafter
prescribed for ancillary receivers appointed in this state as to  assets
located  in  this  state. The filing or recording of the order directing
possession to be taken, or a certified copy thereof, in the office where
instruments affecting title to property are  required  to  be  filed  or
recorded  shall  impart  the same notice as would be imparted by a deed,
bill of sale, or other evidence of title duly  filed  or  recorded.  The
superintendent  as  domiciliary  receiver  shall  be responsible for the
proper administration of  all  assets  coming  into  his  possession  or
control. The court may at any time require bond from him or his deputies
if deemed desirable for the protection of the assets.
(c)  Upon  taking possession of the assets of a delinquent insurer the
domiciliary receiver shall, subject  to  the  direction  of  the  court,
immediately  proceed  to  conduct the business of the insurer or to take
such steps as are authorized by the laws of this state for  the  purpose
of  liquidating, rehabilitating, reorganizing, or conserving the affairs
of the insurer.  In  connection  with  delinquency  proceedings  he  may
appoint special deputy superintendents, and employ such counsel, clerks,
and  assistants  as  he  deems  necessary.  Their  compensation  and all
expenses of taking possession of  the  insurer  and  of  conducting  the
delinquency  proceedings  shall be fixed by the receiver, subject to the
approval of the court, and shall be paid out of the funds or  assets  of
the  insurer.  Within the limits of the duties imposed upon them special
deputies shall possess all the powers given to, and, in the exercise  of
those  powers, shall be subject to all duties imposed upon, the receiver
with respect to delinquency proceedings.
2023 New York Laws › ISC - Insurance › Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers › 7410 - Conduct of Delinquency Proceedings Against Insurers Not Domiciled in This State.

§  7410.  Conduct  of  delinquency  proceedings  against  insurers not
domiciled in this state. (a) Whenever under the laws of  this  state  an
ancillary  receiver is to be appointed in delinquency proceedings for an
insurer not domiciled  in  this  state,  the  court  shall  appoint  the
superintendent  as  ancillary  receiver. The superintendent shall file a
petition  requesting  the  appointment  if  he  finds  that  there   are
sufficient  assets  of such insurer located in this state to justify the
appointment of an ancillary receiver, or if ten or more persons resident
in this state having claims against such insurer file  a  petition  with
the   superintendent   requesting  the  appointment  of  such  ancillary
receiver.
(b) The domiciliary receiver for the purpose of liquidating an insurer
domiciled in a reciprocal state, shall be vested  by  operation  of  law
with  the title to all of the property, contracts, and rights of action,
and all books and records of the insurer  located  in  this  state,  and
shall have the immediate right to recover balances due from local agents
and  obtain  possession of any books and records of the insurer found in
this state.  He shall also be entitled to recover the  other  assets  of
the insurer located in this state except that upon the appointment of an
ancillary  receiver  in  this state, the ancillary receiver shall during
the ancillary receivership proceedings have the sole  right  to  recover
such other assets. The ancillary receiver shall, as soon as practicable,
liquidate  from their respective securities those special deposit claims
and secured claims  which  are  proved  and  allowed  in  the  ancillary
proceedings  in  this state, and shall pay the necessary expenses of the
proceedings. All remaining assets he  shall  promptly  transfer  to  the
domiciliary  receiver. Subject to the foregoing provisions the ancillary
receiver and his deputies shall have the same powers and be  subject  to
the  same duties with respect to the administration of such assets, as a
receiver of an insurer domiciled in this state.
(c) The domiciliary receiver of an insurer domiciled in  a  reciprocal
state  may  sue  in  this state to recover any assets of such insurer to
which he may be entitled under the laws of this state.
2023 New York Laws › ISC - Insurance › Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers › 7411 - Filing and Proving of Claims of Non-Residents Against Delinquent Insurers Domiciled in This State.

§  7411.  Filing  and  proving  of  claims  of  non-residents  against
delinquent insurers domiciled  in  this  state.  (a)  In  a  delinquency
proceeding  begun  in  this  state  against an insurer domiciled in this
state, claimants residing in reciprocal states may  file  claims  either
with  the  ancillary  receivers,  if any, in their respective states, or
with the domiciliary receiver. All such  claims  must  be  filed  on  or
before  the  last date fixed for the filing of claims in the domiciliary
delinquency proceedings.
(b) (1) Controverted claims of claimants residing in reciprocal states
may either be proved in this state as provided by law, or, if  ancillary
proceedings have been commenced in such reciprocal states, may be proved
in those proceedings.
(2)  If  a claimant elects to prove his claim in ancillary proceedings
and if notice of the claim and opportunity to appear  and  be  heard  is
afforded  the  domiciliary receiver of this state as provided in section
seven thousand four hundred twelve  of  this  article  with  respect  to
ancillary  proceedings  in this state, the final allowance of such claim
by the courts in the ancillary state shall be accepted in this state  as
conclusive  as  to  its  amount, and as to its priority, if any, against
special deposits or other security located within the ancillary state.
2023 New York Laws › ISC - Insurance › Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers › 7412 - Filing and Proving of Claims of Residents Against Delinquent Insurers Domiciled in Reciprocal States.

§  7412.  Filing and proving of claims of residents against delinquent
insurers domiciled in reciprocal states. (a) In a delinquency proceeding
in a reciprocal state  against  an  insurer  domiciled  in  that  state,
claimants  residing  in  this  state  may  file  claims  either with the
ancillary receiver, if  any,  appointed  in  this  state,  or  with  the
domiciliary  receiver.  All  such  claims must be filed on or before the
last date fixed for the filing of claims in the domiciliary proceeding.
(b) (1) Controverted claims belonging to claimants  residing  in  this
state  may  be proved either in the domiciliary state as provided by the
law of that state, or in ancillary proceedings, if any, in this state.
(2) If the claimant elects to prove his claim in this state, he  shall
file it with the ancillary receiver in the manner provided by the law of
this  state for the proving of claims against insurers domiciled in this
state, and he shall give notice  in  writing  to  the  receiver  in  the
domiciliary  state  either  by registered mail or by personal service at
least forty days prior to the date set for  hearing.  The  notice  shall
contain  a  concise  statement  of the amount of the claim, the facts on
which it  is  based,  and  the  priorities  asserted,  if  any.  If  the
domiciliary  receiver,  within  thirty  days  after  the  giving of such
notice, shall give notice in writing to the ancillary  receiver  and  to
the  claimant,  either  by  registered  mail or personal service, of his
intention to contest such claim, he shall be entitled to appear or to be
represented in any proceeding in this state involving  the  adjudication
of the claim.
(3) The final allowance of the claim by the courts of this state shall
be  accepted  as conclusive as to its amount, and shall also be accepted
as conclusive as to its priority, if any, against  special  deposits  or
other security located within this state.