reglab/statecodes huggingface dataset:
2023 New York Laws › ISC - Insurance › Article 77 - The Life and Health Insurance Company Guaranty Corporation of New York Act › 7710 - Plan of Operation.

§ 7710. Plan of operation. (a) (1) The corporation shall submit to the
superintendent  a plan of operation and any amendments thereto necessary
or suitable to assure the fair, reasonable and equitable  administration
of  the  corporation.  The  plan of operation and any amendments thereto
shall become effective upon approval in writing by the superintendent.
(2) If the corporation fails to submit a suitable  plan  of  operation
within  one  hundred  eighty  days  following the effective date of this
article or if at any time thereafter the  corporation  fails  to  submit
suitable  amendments to the plan, the superintendent shall, after notice
and hearing, adopt and promulgate such reasonable rules as are necessary
or advisable to effectuate the provisions of this  article.  Such  rules
shall  continue  in  force  until  modified  by  the  superintendent  or
superseded by a plan submitted by the corporation and  approved  by  the
superintendent.
(b) All member insurers shall comply with the plan of operation.
(c)  The  plan  of  operation  shall  constitute  the  bylaws  of  the
corporation and shall, in addition to requirements enumerated  elsewhere
in this article:
(1) Establish procedures for handling the assets of the corporation.
(2)  Establish  the  amount  and  method of reimbursing members of the
board of directors under section seven thousand seven hundred  seven  of
this article.
(3)  Establish  regular  places and times for meetings of the board of
directors.
(4) Establish procedures for records  to  be  kept  of  all  financial
transactions of the corporation, its agents and the board of directors.
(5)  Establish  the  procedures  whereby  selections  for the board of
directors will be made and submitted to the superintendent.
(6) Establish any additional procedures for assessments under  section
seven thousand seven hundred nine of this article.
(7)  Contain  such  additional  provisions  as  the  superintendent or
corporation may deem necessary or proper for the execution of the powers
and duties of the corporation.
(d) The plan of operation may provide  that  any  or  all  powers  and
duties  of  the  corporation, except those under sections seven thousand
seven hundred eight and  seven  thousand  seven  hundred  nine  of  this
article,   are   delegated   to  a  corporation,  association  or  other
organization which performs or will perform functions similar  to  those
of  the  corporation,  or  its equivalent, in two or more states. Such a
corporation, association or organization shall  be  reimbursed  for  any
payments  made  on  behalf  of the corporation and shall be paid for its
performance of any function of the corporation.  A delegation under this
subsection shall take effect only with the approval of both the board of
directors and the superintendent, and may be made only to a corporation,
association or organization which extends protection  not  substantially
less favorable and effective than that provided by this article.
2023 New York Laws › ISC - Insurance › Article 77 - The Life and Health Insurance Company Guaranty Corporation of New York Act › 7714 - Examination of the Corporation; Annual Report.

§ 7714. Examination of the corporation; annual report. The corporation
  shall  be  subject  to examination and regulation by the superintendent.
  The corporation shall submit to the superintendent, not later  than  May
  first  of  each year, a financial report for the preceding calendar year
  in a form approved by the superintendent and a report of its  activities
  during the preceding calendar year.
2023 New York Laws › ISC - Insurance › Article 77 - The Life and Health Insurance Company Guaranty Corporation of New York Act › 7715 - Tax Exemptions.

§  7715.  Tax exemptions. The corporation shall be exempt from payment
  of all  fees  and  all  taxes  levied  by  this  state  or  any  of  its
  subdivisions, except taxes levied on real property.
2023 New York Laws › ISC - Insurance › Article 77 - The Life and Health Insurance Company Guaranty Corporation of New York Act › 7716 - Immunity and Indemnification.

§  7716.  Immunity and indemnification. No director, officer, agent or
  other representative of the corporation shall be individually liable  to
  any  person, firm or corporation, including the corporation, for any act
  or omission to act, or for any liability incurred or assumed, on  behalf
  of  the  corporation or by virtue hereof. Any such liability so incurred
  or assumed shall be indemnified by the corporation. The expense of  such
  indemnification  shall  be  assessed against member insurers in a manner
  consistent with the method of assessment prescribed in paragraph two  of
  subsection  (c)  of  section  seven  thousand seven hundred nine of this
  article; no member company shall be subject to any liability except  for
  assessment as herein provided.
2023 New York Laws › ISC - Insurance › Article 77 - The Life and Health Insurance Company Guaranty Corporation of New York Act › 7717 - Stay of Proceedings; Reopening Default Judgments.

§   7717.  Stay  of  proceedings;  reopening  default  judgments.  All
  proceedings in which the impaired or insolvent insurer is a party in any
  court in this state shall be stayed sixty days from the date an order of
  liquidation, rehabilitation, or conservation is final to  permit  proper
  legal  action by the corporation on any matters germane to its powers or
  duties. As to judgment under any decision,  order,  verdict  or  finding
  based  on  default  the  corporation may apply to have such judgment set
  aside by the same court that made such judgment and, if such application
  is granted in the court's discretion, the corporation shall be permitted
  to defend against such suit  on  the  merits.  The  provisions  of  this
  section shall be in addition to any other provision provided by law.
2023 New York Laws › ISC - Insurance › Article 77 - The Life and Health Insurance Company Guaranty Corporation of New York Act › 7718 - Prohibited Advertisement of the Corporation in Sale of Insurance.

§  7718.  Prohibited  advertisement  of  the  corporation  in  sale of
  insurance. No person, including an insurer, agent  or  affiliate  of  an
  insurer  and  no  broker  shall make, publish, disseminate, circulate or
  place before the public, or cause directly or indirectly,  to  be  made,
  published,  disseminated, circulated or placed before the public, in any
  newspaper, magazine or other publication, or in the form  of  a  notice,
  circular,  pamphlet,  letter  or  poster,  or  over any radio station or
  television station, or in any other way, any advertisement, announcement
  or statement which uses the existence of the corporation for the purpose
  of sales, solicitation or inducement to purchase any form  of  insurance
  covered  by this article, provided, however, that this section shall not
  apply to the corporation or any other entity  which  does  not  sell  or
  solicit  insurance, or to prohibit the furnishing of written information
  in a form prepared by the corporation and approved by the superintendent
  by a member insurer directly to a policyholder in response to a  written
  request therefor.
2023 New York Laws › ISC - Insurance › Article 77 - The Life and Health Insurance Company Guaranty Corporation of New York Act › 7720 - Penalties.

§ 7720. Penalties. (a) If any member insurer fails to make any payment
required  by this article, or if the superintendent has cause to believe
that any other statement filed is false or inaccurate in any particular,
or that any payment made is incorrect, the  superintendent  may  examine
all  the  books and records of the member insurer to ascertain the facts
and determine the correct amount to be paid. Based on such finding,  the
corporation  may  proceed  in  any  court  of  competent jurisdiction to
recover for the benefit of the fund any sums shown to be due  upon  such
examination and determination.
(b) Any member insurer that fails to make any such required statement,
or  to  make  any  payment  to  the  fund when due, shall forfeit to the
corporation for deposit in the fund a penalty of  five  percent  of  the
amount  determined  to  be  due plus one percent of such amount for each
month of delay, or fraction thereof, after the expiration of  the  first
month  of  such  delay.  If  satisfied that the delay was excusable, the
corporation may remit all or any part of the penalty.
(c) The superintendent, in the superintendent's discretion, may revoke
the certificate of authority to do business in this state of any foreign
member insurer that fails to comply with this  article  or  to  pay  any
penalty imposed hereunder.
2023 New York Laws › ISC - Insurance › Article 78 - Life Settlements › 7806 - Life Settlement Contract Forms.

§   7806.  Life  settlement  contract  forms.  (a)  No  licensed  life
settlement provider shall enter into a life settlement contract  subject
to  this  chapter  unless the life settlement contract form, application
form, and any other form as may be prescribed by  regulation,  has  been
filed  with  and  approved by the superintendent. The superintendent may
disapprove any such form if the superintendent finds  the  form  or  any
provisions  contained therein to be unreasonable, contrary to law or the
interests of the people  of  this  state,  or  otherwise  misleading  or
unfair.
(b)  Whenever,  by  the provisions of this chapter, the superintendent
has approved any life settlement contract form, application form, or any
other form, the superintendent may, after notice and  hearing  given  to
the  life  settlement  provider  that  submitted  the form for approval,
withdraw an approval previously given if:
(1) the use of the form is contrary to the requirements applicable  to
the form at the time of such withdrawal, or
(2) it contains provisions that are unjust, unfair or inequitable.
Any  withdrawal  of  approval  shall be effective at the expiration of
such period, at  least  ninety  days  after  the  giving  of  notice  of
withdrawal or as the superintendent shall in such notice prescribe.
2023 New York Laws › ISC - Insurance › Article 78 - Life Settlements › 7807 - Reporting Requirements.

§  7807. Reporting requirements. (a)(1) Every licensed life settlement
provider shall file in the office of the superintendent, annually on  or
before  the  first  day of March, a statement, to be known as its annual
statement, verified by the  oath  of  at  least  two  of  its  principal
officers,  showing  its  condition  at the end of the preceding calendar
year. The statement shall be in such form and shall contain  such  other
matters  as the superintendent shall prescribe. In addition to any other
requirements, the annual  statement  shall  specify  the  total  number,
aggregate  face  amount and life settlement proceeds of policies settled
during  the  immediately  preceding  calendar  year,  together  with   a
breakdown of the information by policy issue year. The information shall
not  include  individual transaction data regarding the business of life
settlements or information if there is a reasonable basis to believe the
information could be used to identify the owner or the insured.
(2) Every life settlement provider that willfully  fails  to  file  an
annual  statement  as  required  in  this section, or willfully fails to
reply within thirty days to a written inquiry by the  superintendent  in
connection  therewith, shall, in addition to other penalties provided by
this chapter, be subject, upon due notice and opportunity to  be  heard,
to a penalty not to exceed five hundred dollars per day of delay, not to
exceed fifty thousand dollars in the aggregate, for each such failure.
2023 New York Laws › ISC - Insurance › Article 78 - Life Settlements › 7808 - Examinations and Investigations.

§ 7808. Examinations or investigations. The superintendent may make an
  examination  or  investigation  into  the affairs of any life settlement
  provider,  life  settlement  broker,   life   settlement   intermediary,
  applicant for licensure as a life settlement provider or life settlement
  broker,  or applicant for registration as a life settlement intermediary
  as prescribed under article three of this chapter.
2023 New York Laws › ISC - Insurance › Article 78 - Life Settlements › 7809 - Advertising.

§  7809.  Advertising. (a) A life settlement provider, life settlement
intermediary or life settlement broker licensed pursuant to this article
may conduct or participate in  advertisements  within  this  state.  The
advertisements  shall  comply with all advertising and marketing laws or
rules and regulations as may be promulgated by the superintendent.
(b) Advertisements shall be accurate, truthful and not  misleading  in
fact or by implication.
(c)  No  life  settlement provider, life settlement intermediary, life
settlement broker, or any person acting on behalf thereof shall:
(1) directly or indirectly, market, advertise,  solicit  or  otherwise
promote  the purchase of a policy for the primary purpose of, or with an
emphasis on, settling the policy; or
(2) use the words "free", "no cost" or words of similar import in  the
marketing,   advertising,  soliciting  or  otherwise  promoting  of  the
purchase of a policy.
(d) The failure to follow the provisions of this section  shall  be  a
defined violation under article twenty-four of this chapter.
2023 New York Laws › ISC - Insurance › Article 78 - Life Settlements › 7812 - Life Insurance Applications.

§  7812. Life insurance applications. (a) Without limiting the ability
of an insurer to assess the insurability of a policy  applicant  and  to
determine  whether  or not to issue the policy, and in addition to other
questions an insurer may lawfully pose to a  life  insurance  applicant,
insurers  may  inquire  in  the  application  for  insurance whether the
proposed owner intends to pay premiums with the assistance of  financing
from  a  lender  that  will  use the policy as collateral to support the
financing.
(b) The insurer may include the following notice to the applicant  and
the  insured,  or  other notice acceptable to the superintendent, on the
application or as an amendment  thereto:  "If  you  enter  into  a  loan
arrangement  where  the  policy  is  used  as collateral, and the policy
changes ownership at some point in the future  in  satisfaction  of  the
loan, then the following may be true:
(1)  a  change of ownership may lead to a person unknown to you owning
an interest in the insured's life;
(2) a change of ownership may limit your ability to purchase insurance
in the future on the insured's life because there is a limit to how much
coverage insurers will issue on one life;
(3) if ownership of the life insurance policy changes, and you wish to
obtain more insurance coverage on the insured's life in the future,  the
insured's  higher  issue  age,  a  change in health status, and/or other
factors may reduce the ability to obtain coverage and/or may  result  in
significantly higher premiums; and
(4)  you  should  consult  a  professional  advisor, since a change in
ownership in satisfaction of the loan may result in tax consequences  to
the owner."
2023 New York Laws › ISC - Insurance › Article 78 - Life Settlements › 7815 - Stranger-Originated Life Insurance.

§  7815.  Stranger-originated  life  insurance.  (a)  In this chapter,
"stranger-originated  life  insurance"  means  any  act,   practice   or
arrangement,  at  or prior to policy issuance, to initiate or facilitate
the issuance of a policy for the intended benefit of a  person  who,  at
the time of policy origination, has no insurable interest in the life of
the insured under the laws of this state, including:
(1)  the  purchase of life insurance with resources or guarantees from
or through a person that, at the time of policy  initiation,  could  not
lawfully initiate the policy;
(2) an arrangement or other agreement to transfer the ownership of the
policy or the policy benefits to another person; or
(3)  a  trust  or  similar  arrangement  that  is  used,  directly  or
indirectly, for the purpose of purchasing one or more policies  for  the
intended  benefit  of  another  person  in  a  manner  that violates the
insurable interest laws of this state.
(b) Stranger-originated life insurance  arrangements  do  not  include
lawful  life  settlement contracts as permitted by this article or those
practices set forth in paragraph three  of  subsection  (k)  of  section
seven  thousand  eight  hundred  two of this article, provided that such
contracts or practices are not for the  purpose  of  evading  regulation
under this article.
(c) No person shall directly or indirectly engage in any act, practice
or arrangement that constitutes stranger-originated life insurance.
(d)  The  failure  to  follow  the provision of subsection (c) of this
section shall be a defined violation under article twenty-four  of  this
chapter.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 New York Laws › ISC - Insurance › Article 80 - Mutual Holding Company › 8013 - Notice of Proposed Reorganization.

§  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 pendency of
the proposed reorganization and of the effect thereof to all persons  to
whom  the  reorganizing insurer delivers policies or contracts which are
issued after the adoption date and before the plan takes  effect  or  is
withdrawn,  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. Except as otherwise provided in
this section, such persons shall have the  right,  unless  the  laws  of
their  domiciliary  state provide otherwise, to rescind such policies or
contracts, and to be refunded any amounts paid with respect thereto,  by
written  notice  to  such  insurer or its agent given within ten days of
their receipt of the aforesaid notice given by such insurer.
(b) Neither the receipt of such policy or contract nor  the  right  to
receive  such  notice shall entitle such persons to vote on the proposed
plan of reorganization pursuant to section eight thousand eight of  this
article  or  vest  such  persons  with  any other rights or entitlements
except as provided for in this article.
(c) Where, prior  to  the  issuance  of  a  policy  or  contract,  the
reorganizing  insurer provides the prospective policyholders with notice
of the pendency  of  the  proposed  reorganization  and  of  the  effect
thereof,  which  notice  has  been  approved  for  such  purpose  by the
superintendent, then, unless the laws of the policyholder's  domiciliary
state otherwise require, such policyholders shall not have the foregoing
rights of rescission and refund.
2023 New York Laws › ISC - Insurance › Article 80 - Mutual Holding Company › 8014 - Failure to Give Notice.

§  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 to policyholders, its
  failure in any case to  give  such  notice  to  any  person  or  persons
  entitled  thereto  shall  not  impair  the  validity  of the actions and
  proceedings taken under this article  or  entitle  such  person  to  any
  injunctive  or  other  equitable  relief  with respect thereto, but this
  section shall not impair any claim for damages such  person  or  persons
  would otherwise have due to such failure.
2023 New York Laws › ISC - Insurance › Article 80 - Mutual Holding Company › 8016 - Prohibited Transactions by Officers, Directors and Employees.

§  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  compensation,  for  in  any
  manner  aiding,  promoting  or assisting in the reorganization except as
  set forth in the plan approved by the superintendent.
2023 New York Laws › ISC - Insurance › Article 80 - Mutual Holding Company › 8020 - Transfers of Subsidiaries.

§  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 owned or controlled by the
  mutual holding company, provided the reorganizing or reorganized insurer
  obtains the prior approval of the superintendent. Any such transfer  may
  be  made  without  consideration as a dividend or for consideration that
  may include obligations of the mutual holding company or obligations  or
  preferred  shares  of a person owned or controlled by the mutual holding
  company. The superintendent shall approve each such proposed transfer if
  the superintendent finds it is fair and equitable.  For  a  reorganizing
  insurer,  the plan may provide for such transfer, in which case approval
  of the plan shall constitute approval by the superintendent pursuant  to
  this  section. The provisions of sections one thousand five hundred five
  and four thousand two hundred seven of this chapter shall not  apply  to
  any transfer of subsidiaries effected pursuant to this section but shall
  otherwise  apply  to  the  reorganized  insurer  and  its  affiliates in
  accordance with their terms.  The  provision  of  subparagraph  (ii)  of
  paragraph  two  of  subsection  (a) of section one thousand four hundred
  five of this chapter limiting the aggregate  amount  of  investments  in
  preferred  shares  of  American  institutions  shall  not  apply  to  an
  investment by a reorganizing or reorganized insurer  in  such  preferred
  shares  received  by it in consideration for a transfer pursuant to this
  section. For  a  reorganized  insurer,  the  other  provisions  of  this
  article, including, without limitation, the requirement of filing a plan
  of  reorganization,  shall  not  apply  to  the transfer of subsidiaries
  pursuant to this section.
2023 New York Laws › ISC - Insurance › Article 91 - Taxes and Fees › 9101 - Definitions.

§ 9101. Definitions. In this article:
(a) "Insurer"   includes   every   corporation,   firm,   association,
individual or aggregation of individuals, by whatever name known,  doing
an  insurance business in this state; and every such insurer shall be an
"insurance corporation" within the meaning  of  the  tax  laws  of  this
state.
(b) "Premium"  includes  all  amounts  received  as  consideration for
insurance contracts or reinsurance contracts,  other  than  for  annuity
contracts,  and  includes  premium  deposits,  assessments, policy fees,
membership fees, and every other compensation for such contract.
2023 New York Laws › ISC - Insurance › Article 91 - Taxes and Fees › 9102 - Allocation of Premiums.

§  9102.  Allocation  of premiums. In determining the amount of direct
  premiums taxable in this state, all such premiums written, procured,  or
  received  in  this  state  shall  be deemed written on property or risks
  located  or  resident  in  this  state  except  such  premiums  properly
  allocated and reported as taxable premiums of any other state or states.