N.Y. Ins. Law § 8004

§ 8004. Adoption of plan; submission of plan to the superintendent.\n(a) A mutual life insurer seeking to reorganize under this article\nshall, by action of three-fourths of its entire board of directors,\nadopt a plan consistent with the provisions of sections eight thousand\ntwo and eight thousand three of this article which is fair and equitable\nto the policyholders. The resolution shall specify the reasons for and\nthe purposes of the proposed reorganization.\n (b) The plan shall be submitted to the superintendent, together with\nthe resolution of the board of directors of the reorganizing insurer,\ncertified by the secretary thereof, adopting the plan pursuant to this\narticle.\n