New York Laws
Article 42 - Life Insurance Companies and Accident and Health Insurance Companies and Legal Services Insurance Companies
4212 - Stock Life Insurance Companies; Voting Power of Policyholders.

(2) Such amendment shall take effect upon approval by the
superintendent. The superintendent may give such approval if he finds
that the proposed change is in conformity with the requirements of law
and that the representation of policyholders therein conferred is
equitable and reasonable.
(3) If the right to vote for all of the directors of such company is
conferred upon such policyholders, then the election of directors shall
thereafter be governed by the provisions of subsection (e) of section
four thousand two hundred ten of this article.
(b) This section shall not apply to any such company which has
conferred voting power upon policyholders pursuant to any previous law
effective before January first, nineteen hundred forty, but the voting
rights of such policyholders shall continue to be governed by such
previous law.

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