Assembly Bill A8164

2023-2024 Legislative Session

Relates to the formation of mutual holding companies by certain domestic mutual property/casualty insurers and the reorganization in connection therewith of a domestic mutual property/casualty insurer

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Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A8164 (ACTIVE) - Details

See Senate Version of this Bill:
S3538
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add Art 81 §§8101 - 8120, Ins L
Versions Introduced in 2021-2022 Legislative Session:
S9021

2023-A8164 (ACTIVE) - Summary

Provides for the formation of mutual holding companies by certain domestic mutual property/casualty insurers and the reorganization in connection therewith of a domestic mutual property/casualty insurer into a domestic stock property/casualty insurer.

2023-A8164 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8164
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             October 18, 2023
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Insurance
 
 AN ACT to amend the insurance law, in relation to the formation of mutu-
   al  holding  companies  by  certain  domestic mutual property/casualty
   insurers and the reorganization in connection therewith of a  domestic
   mutual    property/casualty    insurer    into    a   domestic   stock
   property/casualty insurer
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The insurance law is amended by adding a new article 81 to
 read as follows:
                                ARTICLE 81
             MUTUAL HOLDING COMPANY; PROPERTY/CASUALTY INSURER
 SECTION 8101. DEFINITIONS.
         8102. REORGANIZATION OF MUTUAL PROPERTY/CASUALTY INSURER THROUGH
                 FORMATION OF A MUTUAL HOLDING COMPANY; CONTENTS OF PLAN.
         8103. DIVIDEND PRACTICES.
         8104. ADOPTION OF PLAN; SUBMISSION OF PLAN  TO  THE  SUPERINTEN-
                 DENT.
         8105. AMENDMENT OR WITHDRAWAL OF PLAN.
         8106. CONSULTANTS.
         8107. APPROVAL OF PLAN BY SUPERINTENDENT; HEARING.
         8108. APPROVAL OF PLAN BY ELIGIBLE MEMBERS.
         8109. FILING OF PLAN; EFFECTIVE DATE OF REORGANIZATION.
         8110. EFFECT OF REORGANIZATION.
         8111. CORPORATE EXISTENCE.
         8112. DIRECTORS AND OFFICERS.
         8113. NOTICE OF PROPOSED REORGANIZATION.
         8114. FAILURE TO GIVE NOTICE.
         8115. LIMITATIONS OF ACTIONS; SECURITY.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07348-01-3
 A. 8164                             2
              

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