N.Y. Insurance Law § 7107: Expedited approval; mutual property/casualty insurance companies

§ 7107. Expedited approval; mutual property/casualty insurance

companies. If in the judgment of the superintendent the interests of the

policyholders require it, a domestic mutual property/casualty insurance

company may, after obtaining the tentative approval of the

superintendent and subject to his final approval, enter into an

agreement of merger or consolidation with an authorized assuming mutual

property/casualty insurance company, upon the adoption of such agreement

by the boards of directors of such companies at special meetings called

for the purpose upon at least ten days notice. Upon the execution of

such agreement, notice thereof, in a form approved by the

superintendent, shall immediately be mailed to the policyholders of both

companies. If within thirty days after such notice five percent or more

of the policyholders of either company, determined as of the date of

mailing such notice, shall file with the superintendent their objections

to such agreement, the superintendent shall call a hearing thereon upon

such notice as the superintendent shall deem advisable. If upon such

hearing the superintendent shall find that the terms of such agreement

are not fair and reasonable to the policyholders and creditors affected

thereby, the superintendent may withdraw his tentative approval of such

agreement which shall thereupon become null and void. If the

superintendent finally approves such agreement, the other provisions of

this article, except sections seven thousand one hundred four, seven

thousand one hundred five and seven thousand one hundred nineteen of

this article, shall be applicable to such merger or consolidation.