Insurance Law 8004 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 8003 Dividend practices up ARTICLE 80 Mutual Holding Company next SECTION 8005 Amendment or withdrawal of plan Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 8004 Adoption of plan; submission of plan to the superintendent Insurance (ISC) CHAPTER 28, ARTICLE 80 § 8004. Adoption of plan; submission of plan to the superintendent. (a) A mutual life insurer seeking to reorganize under this article shall, by action of three-fourths of its entire board of directors, adopt a plan consistent with the provisions of sections eight thousand two and eight thousand three of this article which is fair and equitable to the policyholders. The resolution shall specify the reasons for and the purposes of the proposed reorganization. (b) The plan shall be submitted to the superintendent, together with the resolution of the board of directors of the reorganizing insurer, certified by the secretary thereof, adopting the plan pursuant to this article.