New York § 8007 Approval of plan by superintendent; hearing

New York Statutes

§ 8007 — Approval of plan by superintendent; hearing

New York § 8007

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Art. 80Mutual Holding Company

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Bluebook

N.Y. Insurance § 8007 (2026).

Text

  § 8007. Approval of plan by superintendent; hearing. The\nsuperintendent shall order a public hearing on the plan to be held prior\nto the plan being submitted to the policyholders for their approval. The\nreorganizing insurer shall give written notice of the hearing to\npolicyholders whose policies or contracts are in force on the adoption\ndate, sent by mail or electronic transmission to the last known mailing\nor electronic addresses of such policyholders as shown on the records of\nthe reorganizing insurer. Such summary notice shall be subject to the\napproval of the superintendent, shall include the date, time and place\nof the hearing, and shall include both a website address and a toll-free\ntelephone number through which members may obtain, if not included in\nthe summary notice,

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§ 8007. Approval of plan by superintendent; hearing. The\nsuperintendent shall order a public hearing on the plan to be held prior\nto the plan being submitted to the policyholders for their approval. The\nreorganizing insurer shall give written notice of the hearing to\npolicyholders whose policies or contracts are in force on the adoption\ndate, sent by mail or electronic transmission to the last known mailing\nor electronic addresses of such policyholders as shown on the records of\nthe reorganizing insurer. Such summary notice shall be subject to the\napproval of the superintendent, shall include the date, time and place\nof the hearing, and shall include both a website address and a toll-free\ntelephone number through which members may obtain, if not included in\nthe summary notice, a full notice of the hearing and either a true and\ncorrect copy of the plan, or a summary thereof approved by the\nsuperintendent, and such other explanatory information as the\nsuperintendent shall approve or require. The reorganizing insurer shall\nalso post a copy of such notice on its website. Such notice shall be\nsent at least thirty days before the date specified for the hearing. The\nhearing shall be held at a time and location in this state deemed by the\nsuperintendent to be most convenient to the greatest number of persons\naffected by such plan. At such hearing any person may be heard in favor\nof, or against, the terms of the plan. The plan of reorganization shall\nbe made available for public inspection at one office of the department\nin each city in this state where the department maintains an office and\nat the principal office of the reorganizing insurer. The superintendent\nshall approve the plan if the superintendent finds that:\n (a) the plan is fair and equitable to policyholders;\n (b) the plan does not violate this article; and\n (c) after giving effect to the reorganization, the reorganized insurer\nwill have an amount of capital and surplus the superintendent deems to\nbe reasonably necessary for its future solvency.\n