N.Y. Insurance Law Section 7315
Reorganization of domestic life insurance companies

Notwithstanding any other provision of this chapter, a domestic mutual life insurance company which has a surplus of less than one million dollars as shown on its last filed annual statement may reorganize into a domestic stock life insurance company in accordance with a plan of reorganization found by the superintendent to be fair and equitable.

Source: Section 7315 — Reorganization of domestic life insurance companies, https://www.­nysenate.­gov/legislation/laws/ISC/7315 (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

§ 7315’s source at nysenate​.gov

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