§ 7304 — Conversion of fraternal benefit societies into mutual life insurance companies

New York § 7304

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 73: Conversion to Different Type of Insurer

Text

§ 7304. Conversion of fraternal benefit societies into mutual life\ninsurance companies. Any domestic fraternal benefit society, as defined\nin subsection (a) of section four thousand five hundred one of this\nchapter, may be converted into and licensed as a mutual life insurance\ncompany, to furnish the kinds of benefits authorized by such section, by\ncompliance with all the requirements of section four thousand two\nhundred eight of this chapter if such plan of conversion has been\napproved by the superintendent. Such plan shall be submitted to the\nsuperintendent in writing and shall set forth in full the terms and\nconditions thereof. The board of directors or other executive body\ncharged with responsibility for management of the society's affairs\nshall, after adopting the plan, submit it to the supreme governing body\nof such society at any regular or special meeting thereof, by giving a\nfull, true and correct copy of such plan with notice of such meeting.\nSuch notice shall be given as provided in the laws of the society for\nthe convocation of such supreme governing body in regular or special\nsession, as the case may be. The affirmative votes of two-thirds of all\nmembers of such supreme governing body shall be necessary for the\napproval of such plan. The superintendent may give his approval if he\nfinds that the proposed conversion conforms to the requirements of law\nand is not prejudicial to the certificate holders of the society.\n