N.Y. ISC Law § 8004
This is the official text of N.Y. ISC Law § 8004, part of New York’s ISC Law — part of the compiled statutory law of New York, published by the state as "ISC Law." Browse the sections below, each linked to its official government source.
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Adoption of plan; submission of plan to the superintendent
Official statutory text
§ 8004. Adoption of plan; submission of plan to the superintendent.\n(a) A mutual life insurer seeking to reorganize under this article\nshall, by action of three-fourths of its entire board of directors,\nadopt a plan consistent with the provisions of sections eight thousand\ntwo and eight thousand three of this article which is fair and equitable\nto the policyholders. The resolution shall specify the reasons for and\nthe purposes of the proposed reorganization.\n (b) The plan shall be submitted to the superintendent, together with\nthe resolution of the board of directors of the reorganizing insurer,\ncertified by the secretary thereof, adopting the plan pursuant to this\narticle.\n
Status: in_force · Read it on the official government site
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