8020 – Transfers of Subsidiaries.
§ 8020. Transfers of subsidiaries. A reorganizing or reorganized insurer may transfer any one or more of its subsidiaries to the mutual holding company or to one or more persons owned or controlled by the mutual holding company, provided the reorganizing or reorganized insurer obtains the prior approval of the superintendent. Any such transfer may […]
8021 – Limitations on Accumulation of Surplus of Mutual Holding Companies.
§ 8021. Limitations on accumulation of surplus of mutual holding companies. (a) A mutual holding company may maintain (1) a non-insurance surplus not exceeding the aggregate capital and surplus of its insurance subsidiaries and (2) aggregate capital and surplus of its insurance subsidiaries not exceeding the surplus limit of its insurance subsidiaries, unless otherwise approved […]
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 […]
8011 – Corporate Existance.
§ 8011. Corporate existence. (a) The reorganized insurer shall be a continuation of the reorganizing insurer, and the reorganization shall in no way annul, modify or change any of such insurer’s existing suits, rights, contracts or liabilities except as provided in the approved plan of reorganization. All rights, franchises and interests of the reorganizing insurer […]
8012 – Directors and Officers.
§ 8012. Directors and officers. Except as otherwise provided in the plan of reorganization and subject to subsection (d) of section eight thousand seventeen of this article, the directors and officers of the reorganizing insurer shall serve as directors and officers of the reorganized insurer, any stock holding company and the mutual holding company until […]
8013 – Notice of Proposed Reorganization.
§ 8013. Notice of proposed reorganization. (a) In addition to the notices given pursuant to section eight thousand eight of this article, the reorganizing insurer shall give written notice of the pendency of the proposed reorganization and of the effect thereof to all persons to whom the reorganizing insurer delivers policies or contracts which are […]
8014 – Failure to Give Notice.
§ 8014. Failure to give notice. If the reorganizing insurer complies substantially and in good faith with the requirements of this article with respect to the giving of any required notice to policyholders, its failure in any case to give such notice to any person or persons entitled thereto shall not impair the validity of […]
8015 – Limitations of Actions; Security.
§ 8015. Limitations of actions; security. (a) Notwithstanding any other provision of law to the contrary and except as otherwise provided in subsection (c) or (d) of this section, actions concerning or arising out of any plan of reorganization, proposed plan of reorganization, plan amendment or proposed plan amendment under this article or any acts […]
8016 – Prohibited Transactions by Officers, Directors and Employees.
§ 8016. Prohibited transactions by officers, directors and employees. No director, officer, agent or employee of the reorganizing insurer shall receive any fee, commission or other valuable consideration whatsoever, other than regular salary and compensation, for in any manner aiding, promoting or assisting in the reorganization except as set forth in the plan approved by […]
8017 – Requirements Applicable to a Mutual Holding Company.
§ 8017. Requirements applicable to a mutual holding company. (a) The following provisions of this article are applicable to a mutual holding company: (1) the following provisions of article twelve of this chapter shall apply to a mutual holding company as though it were a domestic mutual insurer: section one thousand two hundred one of […]