§ 1216. Notice of indemnification of directors and officers of
insurance corporations. No payment of indemnification, advancement or
allowance under sections seven hundred twenty-one to seven hundred
twenty-seven inclusive of the business corporation law shall be made
unless a notice has been filed with the superintendent not less than
thirty days prior to such payment, specifying the payees, the amounts,
the manner in which such payment is authorized and the nature and
status, at the time of such notice, of the litigation or threatened
litigation. If any action with respect to indemnification of directors
or officers of any domestic insurer shall be taken by amendment of the
by-laws, such action shall be in accordance with the approval
requirements in sections one thousand two hundred nine and one thousand
two hundred ten of this article. If any action shall be taken by
resolution of directors, or by agreement or otherwise, a notice shall be
filed with the superintendent not less than thirty days thereafter
specifying the action taken.