§ 8017. Requirements applicable to a mutual holding company. (a) The\nfollowing provisions of this article are applicable to a mutual holding\ncompany:\n (1) the following provisions of article twelve of this chapter shall\napply to a mutual holding company as though it were a domestic mutual\ninsurer: section one thousand two hundred one of this chapter to the\nextent provided in subsection (c) of this section and sections one\nthousand two hundred two, one thousand two hundred six, one thousand two\nhundred eight, one thousand two hundred nine, one thousand two hundred\ntwelve and one thousand two hundred fifteen through one thousand two\nhundred nineteen of this chapter;\n (2) the provisions of the business corporation law that are applicable\nto a domestic mutual life insurer shall apply to a mutual holding\ncompany as though it were a domestic mutual insurer; and\n (3) the provisions of section four thousand two hundred ten of this\nchapter applicable to a domestic mutual life insurer shall be applied to\na mutual holding company as though its members were voting policyholders\nof a mutual life insurer.\n (b) A mutual holding company shall not dissolve, liquidate or wind up\nand dissolve except through proceedings under section eight thousand\nnineteen of this article, article seventy-four of this chapter for the\nliquidation or dissolution of the reorganized insurer or as the\nsuperintendent may otherwise approve. In the event any proceedings are\ninstituted under article seventy-four of this chapter for the complete\nliquidation of reorganized insurer pursuant to this article:\n (1) the mutual holding company formed as part of such reorganization\nshall automatically become a party to such proceedings;\n (2) all of the mutual holding company's assets (including its holdings\nof shares in the reorganized insurer or any stock holding company) shall\nbe deemed assets of the estate of the domestic stock life insurer to the\nextent necessary to satisfy claims of persons who have class one, class\ntwo, class three or class four claims under subsection (a) of section\nseven thousand four hundred thirty-five of this chapter with respect to\nsuch domestic stock life insurer; and\n (3) members of the mutual holding company shall be deemed to hold\nclass eight claims with respect to the mutual holding company under\nsubsection (a) of section seven thousand four hundred thirty-five of\nthis chapter.\n (c) The charter of the mutual holding company shall be filed with the\nsuperintendent and shall contain the matters required to be contained in\nthe charter of a domestic mutual life insurer by section one thousand\ntwo hundred one of this chapter, except that the name of the mutual\nholding company shall contain the word "mutual" and shall not contain\nthe word "insurance," "assurance" or "annuity" and the company's powers\nshall not include doing an insurance business. The charter shall contain\nprovisions stating that:\n (1) it is a mutual holding company organized under this article;\n (2) a purpose shall be to hold, directly or through one or more stock\nholding companies, not less than fifty-one percent of the voting stock\nof a reorganized insurer;\n (3) it shall not be authorized to issue voting stock;\n (4) it shall not be authorized to conduct any business other than that\nof a holding company, except for the acquisition, ownership, management\nand disposition of its assets and all actions reasonably incident\nthereto; and\n (5) it shall have members having the rights specified in this section\nand section eight thousand ten of this article and in its charter and\nby-laws. The charter shall also contain provisions setting forth any\nrights of members of the mutual holding company in the surplus of the\nmutual holding company.\n (d) At least two-thirds of the directors of the mutual holding company\nand of any stock holding company, all of the members of the compensation\ncommittee of the board of directors of t
‹ 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.