N.Y. Insurance Law Section 7304
Conversion of fraternal benefit societies into mutual life insurance companies

Any domestic fraternal benefit society, as defined in subsection (a) of § 4501 (Definitions)section four thousand five hundred one of this chapter, may be converted into and licensed as a mutual life insurance company, to furnish the kinds of benefits authorized by such section, by compliance with all the requirements of § 4208 (Financial and additional requirements for the organization of mutual life, accident and health, and legal services insurance companies)section four thousand two hundred eight of this chapter if such 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 directors or other executive body charged with responsibility for management of the society’s affairs shall, after adopting the plan, submit it to the supreme governing body of such society at any regular or special meeting thereof, 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 laws of the society for the convocation of such supreme governing body in regular or special session, as the case may be. The affirmative votes of two-thirds of all members of such supreme governing body shall be necessary for the approval of such plan. The superintendent may give his approval if he finds that the proposed conversion conforms to the requirements of law and is not prejudicial to the certificate holders of the society.

Source: Section 7304 — Conversion of fraternal benefit societies into mutual life insurance companies, https://www.­nysenate.­gov/legislation/laws/ISC/7304 (updated Sep. 22, 2014; accessed Dec. 21, 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:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 7304’s source at nysenate​.gov

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