N.Y. ISC Law § 7303

§ 7303. Conversion of retirement systems into mutual life insurance\ncompanies. Any retirement system licensed pursuant to article forty-six\nof this chapter may be converted into and licensed as a mutual life\ninsurance company, to do the kinds of business specified in paragraphs\none, two and three of subsection (a) of section one thousand one hundred\nthirteen of this chapter, provided that at the time of such conversion\nit has a surplus of at least three million dollars and provided further\nthat its plan of conversion has been approved by the superintendent.\nSuch plan shall be submitted to the superintendent in writing and shall\nset forth in full the terms and conditions thereof. The board of\ntrustees of the retirement system shall, after adopting such plan,\nsubmit it to the members of such retirement system, as defined by its\nconstitution, by-laws or declaration of trust, at any regular or special\nmeeting of such members, by giving a full, true and correct copy of such\nplan with notice of such meeting. Such notice shall be given as provided\nin the constitution or by-laws or declaration of trust of such\nretirement system for the convocation of such regular or special\nmeeting. The affirmative votes of two-thirds of the members of the\nretirement system eligible to vote who vote in person or by proxy at\nsuch regular or special meeting shall be necessary for the approval of\nthe plan. The superintendent may grant such approval if, after a hearing\nupon the fairness of the plan after written notice of the hearing is\ngiven to each member of the retirement system for distribution to\nparticipants in its employ and publication in at least two newspapers of\ngeneral circulation, at which hearing such members and participating\nemployees will have a right to appear, the superintendent finds that the\nproposed conversion conforms to the requirements of law and is fair to\nthe members and participating employees of such retirement system.\n