2020 New York Laws
ISC - Insurance
Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers
7119 - Appraisal of Shares of Dissenting Shareholder on Merger or Consolidation of Domestic Company or on Acquisition of Minority Interests in a Subsidiary I

§  7119.  Appraisal  of  shares of dissenting shareholder on merger or
consolidation  of  domestic  company  or  on  acquisition  of   minority
interests  in  a  subsidiary  insurer.  (a)  A shareholder of a domestic
company, by complying with  section  six  hundred  twenty-three  of  the
business corporation law except as otherwise provided in subsections (b)
and  (c)  hereof,  shall  have the right to receive payment for the fair
value of his shares, and such other rights and benefits as are  provided
by such section of the business corporation law, in the following cases:
  (1)  a  shareholder entitled to vote who does not assent to the taking
of any action specified in section seven thousand  one  hundred  two  of
this article; or
  (2)  a shareholder whose shares are acquired pursuant to section seven
thousand one hundred eighteen of this article.
  (b) A shareholder who elects to dissent from an  acquisition  proposed
under section seven thousand one hundred eighteen of this article shall,
in  lieu  of  the procedures set forth in paragraphs (a), (b) and (c) of
section six hundred twenty-three of the business corporation law, file a
written notice of his election to dissent with the parent within  twenty
days after the delivery to him of either a copy of the plan or a summary
thereof pursuant to subsection (e) of section seven thousand one hundred
eighteen of this article.
  (c)  For  purposes  of  this  section,  the  provisions of section six
hundred  twenty-three  of  the  business  corporation  law,  other  than
paragraphs (i) and (m) thereof, are applicable except that:
  (1)  the references to "this chapter" in paragraph (a) of such section
of the business corporation law are deemed to refer to this article;
  (2) in the case of shares acquired pursuant to section seven  thousand
one  hundred  eighteen of this article, the references to "shareholders'
authorization date" in paragraph (g) of such  section  of  the  business
corporation  law are deemed to refer to the date of delivery of the plan
or a summary thereof as provided in  subsection  (e)  of  section  seven
thousand one hundred eighteen of this article; and
  (3)  upon  payment of the value of the shares of a shareholder who has
dissented from a merger or consolidation, as provided in  paragraph  (g)
or (h) of such section of the business corporation law, the shares shall
be cancelled.