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2015 New York Laws
ISC - Insurance
Article 80 - (Insurance) MUTUAL HOLDING COMPANY
8004 - Adoption of plan; submission of plan to the superintendent.

NY Ins L § 8004 (2015) What's This?
  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.

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