(a) the plan is fair and equitable to policyholders;
(b) the plan does not violate this article; and
(c) after giving effect to the reorganization, the reorganized insurer
will have an amount of capital and surplus the superintendent deems to
be reasonably necessary for its future solvency.
Structure New York Laws
Article 80 - Mutual Holding Company
8004 - Adoption of Plan; Submission of Plan to the Superintendent.
8005 - Amendment or Withdrawal of Plan.
8007 - Approval of Plan by Superintendent; Hearing.
8008 - Approval of Plan by Policyholders.
8009 - Filing a Plan; Effective Date of Reorganization.
8010 - Effect of Reorganization.
8012 - Directors and Officers.
8013 - Notice of Proposed Reorganization.
8014 - Failure to Give Notice.
8015 - Limitations of Actions; Security.
8016 - Prohibited Transactions by Officers, Directors and Employees.
8017 - Requirements Applicable to a Mutual Holding Company.
8018 - Other Requirements Applicable to a Stock Holding Company and a Mutual Holding Company.
8019 - Conversion of Mutual Holding Company.
8020 - Transfers of Subsidiaries.
8021 - Limitations on Accumulation of Surplus of Mutual Holding Companies.