§ 8013 — Notice of proposed reorganization

New York § 8013

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 80: Mutual Holding Company

Text

§ 8013. Notice of proposed reorganization. (a) In addition to the\nnotices given pursuant to section eight thousand eight of this article,\nthe reorganizing insurer shall give written notice of the pendency of\nthe proposed reorganization and of the effect thereof to all persons to\nwhom the reorganizing insurer delivers policies or contracts which are\nissued after the adoption date and before the plan takes effect or is\nwithdrawn, sent by mail or electronic transmission to the last known\nmailing or electronic addresses of such policyholders as shown on the\nrecords of the reorganizing insurer. Except as otherwise provided in\nthis section, such persons shall have the right, unless the laws of\ntheir domiciliary state provide otherwise, to rescind such policies or\ncontracts, and to be refunded any amounts paid with respect thereto, by\nwritten notice to such insurer or its agent given within ten days of\ntheir receipt of the aforesaid notice given by such insurer.\n (b) Neither the receipt of such policy or contract nor the right to\nreceive such notice shall entitle such persons to vote on the proposed\nplan of reorganization pursuant to section eight thousand eight of this\narticle or vest such persons with any other rights or entitlements\nexcept as provided for in this article.\n (c) Where, prior to the issuance of a policy or contract, the\nreorganizing insurer provides the prospective policyholders with notice\nof the pendency of the proposed reorganization and of the effect\nthereof, which notice has been approved for such purpose by the\nsuperintendent, then, unless the laws of the policyholder's domiciliary\nstate otherwise require, such policyholders shall not have the foregoing\nrights of rescission and refund.\n