N.Y. Insurance Law § 7315: Reorganization of domestic life insurance companies

§ 7315. Reorganization of domestic life insurance companies.

Notwithstanding any other provision of this chapter, a domestic mutual

life insurance company which has a surplus of less than one million

dollars as shown on its last filed annual statement may reorganize into

a domestic stock life insurance company in accordance with a plan of

reorganization found by the superintendent to be fair and equitable.