§ 8009. Filing of plan; effective date of reorganization. (a) When the\nsuperintendent has given his or her approval of the plan of\nreorganization as provided in section eight thousand seven of this\narticle, and certification of approval of the plan by policyholders\nentitled to vote on the plan has been made to the superintendent as\nprovided in section eight thousand eight of this article, a copy of the\nplan of reorganization, with the superintendent's approval endorsed\nthereon, shall be filed in the office of the superintendent. A copy of\nsuch plan certified by the superintendent shall also be filed by the\nreorganizing insurer in the office of the clerk of the county where the\nprincipal office of the reorganizing insurer is located within thirty\ndays after the superintendent's approval.\n (b) The plan of reorganization shall take effect in accordance with\nits terms on the date and at the time when the filing in the office of\nthe superintendent required by this section has been made or on such\nlater date or at such later time, if any, as may have been specified in\nor determined in accordance with the plan or pursuant thereto.\n (c) As of the effective date, the superintendent shall issue an\namended certificate of authority to the reorganized insurer, and, if the\nplan of reorganization specifies that the reorganized insurer proposes\nto continue to issue for delivery in this state participating policies\nor contracts, the superintendent shall, in accordance with subsection\n(f) of section four thousand two hundred thirty-one of this chapter,\nissue a permit authorizing it to do so.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.