N.Y. Insurance Law 8004 – Adoption of plan; submission of plan to the superintendent
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§ 8004. Adoption of plan; submission of plan to the superintendent. (a) A mutual life insurer seeking to reorganize under this article shall, by action of three-fourths of its entire board of directors, adopt a plan consistent with the provisions of sections eight thousand two and eight thousand three of this article which is fair and equitable to the policyholders. The resolution shall specify the reasons for and the purposes of the proposed reorganization.
Terms Used In N.Y. Insurance Law 8004
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Mutual life insurer: means a domestic mutual life insurer. See N.Y. Insurance Law 8001
- plan: means a plan adopted by a mutual life insurer in compliance with this article. See N.Y. Insurance Law 8001
- Reorganizing insurer: means , in the case of a plan of reorganization of a mutual life insurer under this article, the mutual life insurer that is reorganizing pursuant to such plan. See N.Y. Insurance Law 8001
(b) The plan shall be submitted to the superintendent, together with the resolution of the board of directors of the reorganizing insurer, certified by the secretary thereof, adopting the plan pursuant to this article.