7301 – Prohibited Conversion.
§ 7301. Prohibited conversion. No insurer organized or licensed under this chapter shall convert to a different type of insurer except as provided in this article.
7302 – Conversion of Stock Life Insurance Companies Into Mutual Companies.
§ 7302. Conversion of stock life insurance companies into mutual companies. (a) A domestic stock life insurance company may become a mutual life insurance company, whether or not its policyholders have become entitled to vote for directors pursuant to section four thousand two hundred twelve of this chapter or the former insurance law, and to […]
7303 – Conversion of Retirement Systems Into Mutual Life Insurance Companies.
§ 7303. Conversion of retirement systems into mutual life insurance companies. Any retirement system licensed pursuant to article forty-six of this chapter may be converted into and licensed as a mutual life insurance company, to do the kinds of business specified in paragraphs one, two and three of subsection (a) of section one thousand one […]
7304 – Conversion of Fraternal Benefit Societies Into Mutual Life Insurance Companies.
§ 7304. Conversion of fraternal benefit societies into mutual life insurance companies. Any domestic fraternal benefit society, as defined in subsection (a) of section four thousand five hundred one of this chapter, may be converted into and licensed as a mutual life insurance company, to furnish the kinds of benefits authorized by such section, by […]
7305 – Conversion of Assessment Corporations Into Advance Premium Corporations.
§ 7305. Conversion of assessment corporations into advance premium corporations. Any assessment corporation, as defined in section six thousand six hundred two of this chapter, licensed under section six thousand six hundred three of this chapter to do the business of fire insurance may be converted into and licensed as an advance premium corporation, as […]
7306 – Conversion of Advance Premium Corporations or Assessment Corporations Into Mutual Property/casualty Insurance Companies.
§ 7306. Conversion of advance premium corporations or assessment corporations into mutual property/casualty insurance companies. Any advance premium corporation or assessment corporation, as defined in section six thousand six hundred two of this chapter, which has in force contracts of insurance of the kinds which domestic mutual property/casualty insurance companies, as defined in subsection (a) […]
7306-A – Reconversion of Domestic Mutual Property/casualty Insurance Company Into Advance Premium Corporation or Assessment Corporation.
§ 7306-a. Reconversion of domestic mutual property/casualty insurance company into advance premium corporation or assessment corporation. Any domestic mutual property/casualty insurance company, organized under article twelve of this chapter and licensed under article forty-one of this chapter which was previously organized as an advance premium corporation or assessment corporation and which has in force contracts […]
7307 – Conversion of Domestic Mutual Property/casualty Insurance Companies or Advance Premium Corporations Into Domestic Stock Property/casualty Insurance Companies; Insurers Not in Rehabilitation.
§ 7307. Conversion of domestic mutual property/casualty insurance companies or advance premium corporations into domestic stock property/casualty insurance companies; insurers not in rehabilitation. (a) In this article: (1) “Affiliate” of a mutual insurer means any person who controls, is controlled by or is under common control with, the mutual insurer being converted. A corporation is […]
7308 – Conversion of Domestic Reciprocal Insurers Into Stock Property/casualty Insurance Companies.
§ 7308. Conversion of domestic reciprocal insurers into stock property/casualty insurance companies. (a) Any domestic reciprocal insurer doing business under the provisions of this article may, by the affirmative vote of its subscribers holding two-thirds of its operating reserve accumulations at the date of the meeting at which the proposal to convert is voted upon, […]
7309 – Conversion of Domestic Reciprocal Insurers Into Mutual Property/casualty Insurance Companies.
§ 7309. Conversion of domestic reciprocal insurers into mutual property/casualty insurance companies. Any domestic reciprocal insurer doing business under the provisions of this article which has in force contracts of insurance, of the kinds which domestic mutual property/casualty insurance companies may be authorized to make, covering not less than three hundred separate risks and on […]
7310 – Reorganization of Domestic Guarantee Capital Life Insurance Companies Into Domestic Stock Life Insurance Companies.
§ 7310. Reorganization of domestic guarantee capital life insurance companies into domestic stock life insurance companies. (a) As used in this section, the following terms shall have the following meanings: (1) “Guarantee capital insurer” means a domestic life insurer with a guarantee capital represented by shares. (2) “Shareholder” means a record holder of shares of […]
7311 – Conversion of Domestic Mutual Property/casualty Insurance Companies or Advance Premium Corporations Into Domestic Stock Property/casualty Insurance Companies; Insurers in Rehabilitation.
§ 7311. Conversion of domestic mutual property/casualty insurance companies or advance premium corporations into domestic stock property/casualty insurance companies; insurers in rehabilitation. (a) A domestic mutual insurer organized under article twelve of this chapter and licensed pursuant to article forty-one of this chapter and operating pursuant to an order of rehabilitation, or a domestic advance […]
7312 – Reorganization of a Domestic Mutual Life Insurer Into a Domestic Stock Life Insurer.
§ 7312. Reorganization of a domestic mutual life insurer into a domestic stock life insurer. (a) Definitions. As used in this section, the following terms shall have the following meanings: (1) “Mutual life insurer” means a domestic mutual life insurer. (2) “Policyholder” means a person, as determined by the records of a mutual life insurer, […]
7313 – Reorganization of Domestic Mutual Accident and Health Insurance Companies.
§ 7313. Reorganization of domestic mutual accident and health insurance companies. (a) In this section: (1) “Affiliate” of a mutual insurer means any person who controls, is controlled by or is under common control with, the mutual insurer being converted. A corporation is an affiliate of another corporation, regardless of ownership, if substantially the same […]
7315 – Reorganization of Domestic Life Insurance Companies.
§ 7315. Reorganization of domestic life insurance companies. Notwithstanding any other provision of this chapter, a domestic mutual life insurance company which has a surplus of less than one million dollars as shown on its last filed annual statement may reorganize into a domestic stock life insurance company in accordance with a plan of reorganization […]
7316 – Conversion of Savings Banks Life Insurance Into a Mutual Life Insurance Company.
§ 7316. Conversion of savings banks life insurance into a mutual life insurance company. (a) (1) Upon compliance with the requirements of this section, the life insurance business conducted by all savings and insurance banks as defined in article six-A of the banking law may be converted into and transferred to a corporation formed as […]
7317 – Conversion of Certain Article 43 Corporations.
§ 7317. Conversion of certain article 43 corporations. (a) (1) An article forty-three corporation which was the subject of an initial opinion and decision issued by the superintendent on or before December thirty-first, nineteen hundred ninety-nine, as the same may be amended or one or more article forty-three corporations whose main offices on January first, […]