N.Y. Insurance Law 8009 – Filing of plan; effective date of reorganization
§ 8009. Filing of plan; effective date of reorganization. (a) When the superintendent has given his or her approval of the plan of reorganization as provided in section eight thousand seven of this article, and certification of approval of the plan by policyholders entitled to vote on the plan has been made to the superintendent as provided in section eight thousand eight of this article, a copy of the plan of reorganization, with the superintendent's approval endorsed thereon, shall be filed in the office of the superintendent. A copy of such plan certified by the superintendent shall also be filed by the reorganizing insurer in the office of the clerk of the county where the principal office of the reorganizing insurer is located within thirty days after the superintendent's approval.
Terms Used In N.Y. Insurance Law 8009
- Effective date: means , in the case of the reorganization of a mutual life insurer, the date upon which the reorganization of the mutual life insurer shall be effective in accordance with section eight thousand nine of this article as a result of reorganization proceedings pursuant to this article. 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
- Reorganized insurer: means the stock life insurer into which a mutual life insurer has been reorganized in accordance with the provisions of 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 of reorganization shall take effect in accordance with its terms on the date and at the time when the filing in the office of the superintendent required by this section has been made or on such later date or at such later time, if any, as may have been specified in or determined in accordance with the plan or pursuant thereto.
(c) As of the effective date, the superintendent shall issue an amended certificate of authority to the reorganized insurer, and, if the plan of reorganization specifies that the reorganized insurer proposes to continue to issue for delivery in this state participating policies or contracts, the superintendent shall, in accordance with subsection (f) of section four thousand two hundred thirty-one of this chapter, issue a permit authorizing it to do so.