N.Y. Insurance Law Section 7303
Conversion of retirement systems into mutual life insurance companies

Any retirement system licensed pursuant to article 46 (Retirement Systems)article forty-six of this chapter may be converted into and licensed as a mutual life insurance company, to do the kinds of business specified in paragraphs one, two and three of subsection (a) of § 1113 (Kinds of insurance authorized)section one thousand one hundred thirteen of this chapter, provided that at the time of such conversion it has a surplus of at least three million dollars and provided further that its plan of conversion has been approved by the superintendent. Such plan shall be submitted to the superintendent in writing and shall set forth in full the terms and conditions thereof. The board of trustees of the retirement system shall, after adopting such plan, submit it to the members of such retirement system, as defined by its constitution, by-laws or declaration of trust, at any regular or special meeting of such members, by giving a full, true and correct copy of such plan with notice of such meeting. Such notice shall be given as provided in the constitution or by-laws or declaration of trust of such retirement system for the convocation of such regular or special meeting. The affirmative votes of two-thirds of the members of the retirement system eligible to vote who vote in person or by proxy at such regular or special meeting shall be necessary for the approval of the plan. The superintendent may grant such approval if, after a hearing upon the fairness of the plan after written notice of the hearing is given to each member of the retirement system for distribution to participants in its employ and publication in at least two newspapers of general circulation, at which hearing such members and participating employees will have a right to appear, the superintendent finds that the proposed conversion conforms to the requirements of law and is fair to the members and participating employees of such retirement system.

Source: Section 7303 — Conversion of retirement systems into mutual life insurance companies, https://www.­nysenate.­gov/legislation/laws/ISC/7303 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

7301
Prohibited conversion 7302
Conversion of stock life insurance companies into mutual companies 7303
Conversion of retirement systems into mutual life insurance companies 7304
Conversion of fraternal benefit societies into mutual life insurance companies 7305
Conversion of assessment corporations into advance premium corporations 7306
Conversion of advance premium corporations or assessment corporations into mutual property/casualty insurance companies 7306‑A
Reconversion of domestic mutual property/casualty insurance company into advance premium corporation or assessment corporation 7307
Conversion of domestic mutual property/casualty insurance companies or advance premium corporations into domestic stock property/casualty... 7308
Conversion of domestic reciprocal insurers into stock property/casualty insurance companies 7309
Conversion of domestic reciprocal insurers into mutual property/casualty insurance companies 7310
Reorganization of domestic guarantee capital life insurance companies into domestic stock life insurance companies 7311
Conversion of domestic mutual property/casualty insurance companies or advance premium corporations into domestic stock property/casualty... 7312
Reorganization of a domestic mutual life insurer into a domestic stock life insurer 7313
Reorganization of domestic mutual accident and health insurance companies 7315
Reorganization of domestic life insurance companies 7316
Conversion of savings banks life insurance into a mutual life insurance company 7317
Conversion of certain article 43 corporations
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 7303’s source at nysenate​.gov

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