N.Y.
Insurance Law Section 8009
Filing of plan
- effective date of reorganization
(a)
When the superintendent has given his or her approval of the plan of reorganization as provided in § 8007 (Approval of plan by superintendent)section eight thousand seven of this article, and certification of approval of the plan by policyholders entitled to vote on the plan has been made to the superintendent as provided in § 8008 (Approval of plan by policyholders)section eight thousand eight of this article, a copy of the plan of reorganization, with the superintendent’s approval endorsed thereon, shall be filed in the office of the superintendent. A copy of such plan certified by the superintendent shall also be filed by the reorganizing insurer in the office of the clerk of the county where the principal office of the reorganizing insurer is located within thirty days after the superintendent’s approval.(b)
The plan of reorganization shall take effect in accordance with its terms on the date and at the time when the filing in the office of the superintendent required by this section has been made or on such later date or at such later time, if any, as may have been specified in or determined in accordance with the plan or pursuant thereto.(c)
As of the effective date, the superintendent shall issue an amended certificate of authority to the reorganized insurer, and, if the plan of reorganization specifies that the reorganized insurer proposes to continue to issue for delivery in this state participating policies or contracts, the superintendent shall, in accordance with subsection (f) of § 4231 (Policyholder’s participation in surplus of life insurance companies)section four thousand two hundred thirty-one of this chapter, issue a permit authorizing it to do so.
Source:
Section 8009 — Filing of plan; effective date of reorganization, https://www.nysenate.gov/legislation/laws/ISC/8009 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
