§ 7107 — Expedited approval; mutual property/casualty insurance companies

New York § 7107

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 71: Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers

Text

§ 7107. Expedited approval; mutual property/casualty insurance\ncompanies. If in the judgment of the superintendent the interests of the\npolicyholders require it, a domestic mutual property/casualty insurance\ncompany may, after obtaining the tentative approval of the\nsuperintendent and subject to his final approval, enter into an\nagreement of merger or consolidation with an authorized assuming mutual\nproperty/casualty insurance company, upon the adoption of such agreement\nby the boards of directors of such companies at special meetings called\nfor the purpose upon at least ten days notice. Upon the execution of\nsuch agreement, notice thereof, in a form approved by the\nsuperintendent, shall immediately be mailed to the policyholders of both\ncompanies. If within thirty days after such notice five percent or more\nof the policyholders of either company, determined as of the date of\nmailing such notice, shall file with the superintendent their objections\nto such agreement, the superintendent shall call a hearing thereon upon\nsuch notice as the superintendent shall deem advisable. If upon such\nhearing the superintendent shall find that the terms of such agreement\nare not fair and reasonable to the policyholders and creditors affected\nthereby, the superintendent may withdraw his tentative approval of such\nagreement which shall thereupon become null and void. If the\nsuperintendent finally approves such agreement, the other provisions of\nthis article, except sections seven thousand one hundred four, seven\nthousand one hundred five and seven thousand one hundred nineteen of\nthis article, shall be applicable to such merger or consolidation.\n