N.Y. Insurance Law § 8013: Notice of proposed reorganization

§ 8013. Notice of proposed reorganization. (a) In addition to the

notices given pursuant to section eight thousand eight of this article,

the reorganizing insurer shall give written notice of the pendency of

the proposed reorganization and of the effect thereof to all persons to

whom the reorganizing insurer delivers policies or contracts which are

issued after the adoption date and before the plan takes effect or is

withdrawn, sent by mail or electronic transmission to the last known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. Except as otherwise provided in

this section, such persons shall have the right, unless the laws of

their domiciliary state provide otherwise, to rescind such policies or

contracts, and to be refunded any amounts paid with respect thereto, by

written notice to such insurer or its agent given within ten days of

their receipt of the aforesaid notice given by such insurer.

(b) Neither the receipt of such policy or contract nor the right to

receive such notice shall entitle such persons to vote on the proposed

plan of reorganization pursuant to section eight thousand eight of this

article or vest such persons with any other rights or entitlements

except as provided for in this article.

(c) Where, prior to the issuance of a policy or contract, the

reorganizing insurer provides the prospective policyholders with notice

of the pendency of the proposed reorganization and of the effect

thereof, which notice has been approved for such purpose by the

superintendent, then, unless the laws of the policyholder's domiciliary

state otherwise require, such policyholders shall not have the foregoing

rights of rescission and refund.