§ 4212 — Stock life insurance companies; voting power of policyholders

§ 4212. Stock life insurance companies; voting power of policyholders.\n(a) (1) Any domestic stock life insurance company may, by amendment to\nits charter, confer upon its policyholders, or upon such of its\npolicyholders as shall have a specified amount of insurance on their\nlives, the right to vote for all or any less number of directors of such\ncompany in a manner not inconsistent with this chapter.\n (2) Such amendment shall take effect upon approval by the\nsuperintendent. The superintendent may give such approval if he finds\nthat the proposed change is in conformity with the requirements of law\nand that the representation of policyholders therein conferred is\nequitable and reasonable.\n (3) If the right to vote for all of the directors of such company is\nconferred upon such policyholders, then the election of directors shall\nthereafter be governed by the provisions of subsection (e) of section\nfour thousand two hundred ten of this article.\n (b) This section shall not apply to any such company which has\nconferred voting power upon policyholders pursuant to any previous law\neffective before January first, nineteen hundred forty, but the voting\nrights of such policyholders shall continue to be governed by such\nprevious law.\n