§ 1216 — Notice of indemnification of directors and officers of insurance corporations

§ 1216. Notice of indemnification of directors and officers of\ninsurance corporations. No payment of indemnification, advancement or\nallowance under sections seven hundred twenty-one to seven hundred\ntwenty-seven inclusive of the business corporation law shall be made\nunless a notice has been filed with the superintendent not less than\nthirty days prior to such payment, specifying the payees, the amounts,\nthe manner in which such payment is authorized and the nature and\nstatus, at the time of such notice, of the litigation or threatened\nlitigation. If any action with respect to indemnification of directors\nor officers of any domestic insurer shall be taken by amendment of the\nby-laws, such action shall be in accordance with the approval\nrequirements in sections one thousand two hundred nine and one thousand\ntwo hundred ten of this article. If any action shall be taken by\nresolution of directors, or by agreement or otherwise, a notice shall be\nfiled with the superintendent not less than thirty days thereafter\nspecifying the action taken.\n