N.Y. Insurance Law Section 1205
Existing corporations


Any insurance corporation incorporated under the provisions of any law of this state and doing business as an authorized insurer at the effective date of this chapter shall be subject to the provisions of this chapter relating to such a corporation, except that:

(a)

It shall be entitled to exercise all powers conferred by virtue of its charter as in effect on the effective date of this chapter, during the term thereof, unless specifically prohibited by or pursuant to law.

(b)

Subject to article 74 (Rehabilitation, Liquidation, Conservation and Dissolution of Insurers)article seventy-four of this chapter, its duration shall be perpetual.

(c)

If it has a guarantee capital represented by shares, it may amend any of the provisions of its charter.

Source: Section 1205 — Existing corporations, https://www.­nysenate.­gov/legislation/laws/ISC/1205 (updated Sep. 22, 2014; accessed Jun. 15, 2024).

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 1205’s source at nysenate​.gov

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