N.Y. Insurance Law 8012 – Directors and officers
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§ 8012. Directors and officers. Except as otherwise provided in the plan of reorganization and subject to subsection (d) of section eight thousand seventeen of this article, the directors and officers of the reorganizing insurer shall serve as directors and officers of the reorganized insurer, any stock holding company and the mutual holding company until new directors and officers have been duly elected and qualified pursuant to the charter or certificate of incorporation and the by-laws of the respective companies.
Terms Used In N.Y. Insurance Law 8012
- Mutual holding company: means a corporation organized under section eight thousand seventeen of 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
- Stock holding company: means a corporation incorporated under the laws of any jurisdiction in the United States, at least fifty-one percent of the voting stock of which is owned, directly or through another stock holding company, by a mutual holding company and which holds, directly or indirectly, voting stock in at least one reorganized insurer. See N.Y. Insurance Law 8001