2015 New York Laws
ISC - Insurance
Article 80 - (Insurance) 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.