N.Y. Insurance Law § 1205: Existing corporations

§ 1205. Existing corporations. Any insurance corporation incorporated

under the provisions of any law of this state and doing business as an

authorized insurer at the effective date of this chapter shall be

subject to the provisions of this chapter relating to such a

corporation, except that:

(a) It shall be entitled to exercise all powers conferred by virtue of

its charter as in effect on the effective date of this chapter, during

the term thereof, unless specifically prohibited by or pursuant to law.

(b) Subject to article seventy-four of this chapter, its duration

shall be perpetual.

(c) If it has a guarantee capital represented by shares, it may amend

any of the provisions of its charter.