N.Y. Insurance Law § 7304: Conversion of fraternal benefit societies into mutual life insurance companies

§ 7304. Conversion of fraternal benefit societies into mutual life

insurance companies. Any domestic fraternal benefit society, as defined

in subsection (a) of section four thousand five hundred one of this

chapter, may be converted into and licensed as a mutual life insurance

company, to furnish the kinds of benefits authorized by such section, by

compliance with all the requirements of section four thousand two

hundred eight of this chapter if such plan of conversion has been

approved by the superintendent. Such plan shall be submitted to the

superintendent in writing and shall set forth in full the terms and

conditions thereof. The board of directors or other executive body

charged with responsibility for management of the society's affairs

shall, after adopting the plan, submit it to the supreme governing body

of such society at any regular or special meeting thereof, by giving a

full, true and correct copy of such plan with notice of such meeting.

Such notice shall be given as provided in the laws of the society for

the convocation of such supreme governing body in regular or special

session, as the case may be. The affirmative votes of two-thirds of all

members of such supreme governing body shall be necessary for the

approval of such plan. The superintendent may give his approval if he

finds that the proposed conversion conforms to the requirements of law

and is not prejudicial to the certificate holders of the society.