2006 New York Code - 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.