§ 8001 Definitions
§ 8002 Reorganization of mutual life insurer through formation of a mutual holding company; contents of plan
§ 8003 Dividend practices
§ 8004 Adoption of plan; submission of plan to the superintendent
§ 8005 Amendment or withdrawal of plan
§ 8006 Consultants
§ 8007 Approval of plan by superintendent; hearing
§ 8008 Approval of plan by policyholders
§ 8009 Filing of plan; effective date of reorganization
§ 8010 Effect of reorganization
§ 8011 Corporate existence
§ 8012 Directors and officers
§ 8013 Notice of proposed reorganization
§ 8014 Failure to give notice
§ 8015 Limitations of actions; security
§ 8016 Prohibited transactions by officers, directors and employees
§ 8017 Requirements applicable to a mutual holding company
§ 8018 Other requirements applicable to a stock holding company and a mutual holding company
§ 8019 Conversion of mutual holding company
§ 8020 Transfers of subsidiaries
§ 8021 Limitations on accumulation of surplus of mutual holding companies

Terms Used In New York Laws > Insurance > Article 80 - Mutual Holding Company

  • Adoption date: means the date the board of directors of the mutual life insurer adopts the plan of reorganization. See N.Y. Insurance Law 8001
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Effective date: means , in the case of the reorganization of a mutual life insurer, the date upon which the reorganization of the mutual life insurer shall be effective in accordance with section eight thousand nine of this article as a result of reorganization proceedings pursuant to this article. See N.Y. Insurance Law 8001
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Fraud: Intentional deception resulting in injury to another.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • member: means a member of such mutual holding company as provided in subsection (c) of section eight thousand seventeen of this article. See N.Y. Insurance Law 8001
  • Membership interests: means , with reference to an institution that is a mutual life insurer or a mutual holding company, the rights as members arising under the charter of such institution or this chapter or otherwise by law including the rights to vote and to participate in any distribution of the surplus of such institution, whether or not incident to a liquidation thereof. See N.Y. Insurance Law 8001
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mutual holding company: means a corporation organized under section eight thousand seventeen of this article. See N.Y. Insurance Law 8001
  • Mutual life insurer: means a domestic mutual life insurer. See N.Y. Insurance Law 8001
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Offer: includes every offer to buy or acquire, solicitation of an offer to sell, tender offer for, or request or invitation for tenders of a security or interest in a security for value. See N.Y. Insurance Law 8001
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means an individual, partnership, firm, association, corporation, joint-stock company, limited liability company, limited liability partnership, trust, government or governmental agency, state or political subdivision thereof, public or private corporation, board, association, estate, trustee or fiduciary, any similar entity or any combination of the foregoing acting in concert. See N.Y. Insurance Law 8001
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • plan: means a plan adopted by a mutual life insurer in compliance with this article. See N.Y. Insurance Law 8001
  • Policyholder: means a person, as determined by the records of the reorganizing insurer or reorganized insurer, who is deemed to be the "policyholder" of a policy or annuity contract which is of a type described in paragraph one, two or three of subsection (a) of section one thousand one hundred thirteen of this chapter for purposes of paragraph three of subsection (a) of section four thousand two hundred ten of this chapter. See N.Y. Insurance Law 8001
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Public offering: means a stock offering required to be registered pursuant to the Securities Act of 1933, United States Code, Title 15, Section 77e. See N.Y. Insurance Law 8001
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Reorganized insurer: means the stock life insurer into which a mutual life insurer has been reorganized in accordance with the provisions of this article. See N.Y. Insurance Law 8001
  • Reorganizing insurer: means , in the case of a plan of reorganization of a mutual life insurer under this article, the mutual life insurer that is reorganizing pursuant to such plan. See N.Y. Insurance Law 8001
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Stock holding company: means a corporation incorporated under the laws of any jurisdiction in the United States, at least fifty-one percent of the voting stock of which is owned, directly or through another stock holding company, by a mutual holding company and which holds, directly or indirectly, voting stock in at least one reorganized insurer. See N.Y. Insurance Law 8001
  • Trustee: A person or institution holding and administering property in trust.
  • Voting security: includes voting securities as defined in paragraph forty-five of subsection (a) of section one hundred seven of this chapter, any reorganization certificate or subscription (including subscription rights issued pursuant to a plan of reorganization), or any security convertible (with or without consideration) into any such security, or carrying any warrant or right to subscribe for or purchase any such security, or any such warrant or right. See N.Y. Insurance Law 8001
  • Voting stock: means capital stock that constitutes voting securities as defined in paragraph forty-five of subsection (a) of section one hundred seven of this chapter. See N.Y. Insurance Law 8001