N.Y. Insurance Law § 8007: Approval of plan by superintendent; hearing

§ 8007. Approval of plan by superintendent; hearing. The

superintendent shall order a public hearing on the plan to be held prior

to the plan being submitted to the policyholders for their approval. The

reorganizing insurer shall give written notice of the hearing to

policyholders whose policies or contracts are in force on the adoption

date, sent by mail or electronic transmission to the last known mailing

or electronic addresses of such policyholders as shown on the records of

the reorganizing insurer. Such summary notice shall be subject to the

approval of the superintendent, shall include the date, time and place

of the hearing, and shall include both a website address and a toll-free

telephone number through which members may obtain, if not included in

the summary notice, a full notice of the hearing and either a true and

correct copy of the plan, or a summary thereof approved by the

superintendent, and such other explanatory information as the

superintendent shall approve or require. The reorganizing insurer shall

also post a copy of such notice on its website. Such notice shall be

sent at least thirty days before the date specified for the hearing. The

hearing shall be held at a time and location in this state deemed by the

superintendent to be most convenient to the greatest number of persons

affected by such plan. At such hearing any person may be heard in favor

of, or against, the terms of the plan. The plan of reorganization shall

be made available for public inspection at one office of the department

in each city in this state where the department maintains an office and

at the principal office of the reorganizing insurer. The superintendent

shall approve the plan if the superintendent finds that:

(a) the plan is fair and equitable to policyholders;

(b) the plan does not violate this article; and

(c) after giving effect to the reorganization, the reorganized insurer

will have an amount of capital and surplus the superintendent deems to

be reasonably necessary for its future solvency.