N.Y. Ins. Law § 7315

§ 7315. Reorganization of domestic life insurance companies.\nNotwithstanding any other provision of this chapter, a domestic mutual\nlife insurance company which has a surplus of less than one million\ndollars as shown on its last filed annual statement may reorganize into\na domestic stock life insurance company in accordance with a plan of\nreorganization found by the superintendent to be fair and equitable.\n