§ 7315. Reorganization of domestic life insurance companies. Notwithstanding any other provision of this chapter, a domestic mutual life insurance company which has a surplus of less than one million dollars as shown on its last filed annual statement may reorganize into a domestic stock life insurance company in accordance with a plan of reorganization found by the superintendent to be fair and equitable.
Reorganization of domestic life insurance companies
N.Y. Insurance Law § 7315, under Conversion to Different Type of Insurer.
N.Y. Insurance Law § 7315