N.Y. Insurance Law § 4605: Reinsurance

§ 4605. Reinsurance. (a) All or any part of the pension benefits of a

system may be reinsured in an insurance company authorized to insure

such risks in this state, as may be provided for in the by-laws or

declaration of trust of the retirement system.

(b) The reinsurance contract may be terminated by agreement between

the reinsurer and the ceding retirement system or a successor and the

assets supporting such agreement may be transferred to such system or

its successor in one sum or over a period of years in accordance with

terms and conditions approved by the superintendent. In such event, the

funds transferred in one sum or the present value of sums to be

transferred over a period of years shall become an admitted asset of

such system or its successor.