N.Y. Insurance Law § 4212: Stock life insurance companies; voting power of policyholders

§ 4212. Stock life insurance companies; voting power of policyholders.

(a) (1) Any domestic stock life insurance company may, by amendment to

its charter, confer upon its policyholders, or upon such of its

policyholders as shall have a specified amount of insurance on their

lives, the right to vote for all or any less number of directors of such

company in a manner not inconsistent with this chapter.

(2) Such amendment shall take effect upon approval by the

superintendent. The superintendent may give such approval if he finds

that the proposed change is in conformity with the requirements of law

and that the representation of policyholders therein conferred is

equitable and reasonable.

(3) If the right to vote for all of the directors of such company is

conferred upon such policyholders, then the election of directors shall

thereafter be governed by the provisions of subsection (e) of section

four thousand two hundred ten of this article.

(b) This section shall not apply to any such company which has

conferred voting power upon policyholders pursuant to any previous law

effective before January first, nineteen hundred forty, but the voting

rights of such policyholders shall continue to be governed by such

previous law.