N.Y. Ins. Law § 4605

§ 4605. Reinsurance. (a) All or any part of the pension benefits of a\nsystem may be reinsured in an insurance company authorized to insure\nsuch risks in this state, as may be provided for in the by-laws or\ndeclaration of trust of the retirement system.\n (b) The reinsurance contract may be terminated by agreement between\nthe reinsurer and the ceding retirement system or a successor and the\nassets supporting such agreement may be transferred to such system or\nits successor in one sum or over a period of years in accordance with\nterms and conditions approved by the superintendent. In such event, the\nfunds transferred in one sum or the present value of sums to be\ntransferred over a period of years shall become an admitted asset of\nsuch system or its successor.\n