2015 New York Laws
ISC - Insurance
Article 80 - (Insurance) MUTUAL HOLDING COMPANY
8010 - Effect of reorganization.

 8010. Effect of reorganization. Upon the effective date of a plan of
  reorganization  in  accordance  with section eight thousand nine of this
  article:
(a) the reorganizing insurer shall immediately become a domestic stock
  life insurer;
(b) the members of the reorganizing  insurer  on  the  effective  date
  shall  immediately  become  members  of  the mutual holding company with
  membership interests  therein,  and  all  membership  interests  in  the
  reorganizing insurer shall be extinguished;
(c)  persons  becoming  policyholders of the reorganized insurer after
  the effective date of the  plan  shall  become  members  of  the  mutual
  holding company immediately upon issuance of the policy or contract;
(d)  one hundred percent of the voting stock issued by the reorganized
  insurer shall be owned, directly or through one or  more  stock  holding
  companies,  by  the  mutual  holding  company, and at no time subsequent
  shall such mutual holding company own less  than  fifty-one  percent  of
  such voting stock; and
(e)  any  other  reorganization  of  the  reorganizing insurer and its
  subsidiaries specified in the plan shall become effective in  accordance
  with  the terms of the plan. Except for the right to vote, the rights of
  all policyholders with respect to  the  reorganized  insurer  thereafter
  shall  be as specified in their policies or contracts, in the charter of
  the reorganized insurer and in the plan of reorganization.