Insurance Law 8005 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 8004 Adoption of plan; submission of plan to the superintendent up ARTICLE 80 Mutual Holding Company next SECTION 8006 Consultants Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 8005 Amendment or withdrawal of plan Insurance (ISC) CHAPTER 28, ARTICLE 80 § 8005. Amendment or withdrawal of plan. At any time before the plan of reorganization becomes effective as provided in section eight thousand nine of this article, the reorganizing insurer may, by resolution of a three-fourths majority of its entire board of directors, amend the plan of reorganization or withdraw the plan of reorganization. In the case of a plan amendment, all references in this article to the plan of reorganization shall be deemed to refer to the plan as amended, but no amendment shall be deemed to change the adoption date of the plan of reorganization. A further public hearing is not necessary unless the superintendent determines that amendments submitted after the original hearing required under section eight thousand seven of this article will substantially alter the plan. In the event that the superintendent determines that the amendment substantially alters the plan, the plan as amended must be submitted for reconsideration by the policyholders entitled to vote on the plan as provided in section eight thousand eight of this article.