N.Y. Insurance Law § 1216: Notice of indemnification of directors and officers of insurance corporations

§ 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.