New York A 3710: Relates to the formation of mutual holding companies by certain domestic mutual property/casualty insurers and the reorganization in connection therewith of a domestic mutual property/casualty insurer

Bill Text

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A03710 Summary:

BILL NOA03710 

&nbsp

SAME ASSAME AS S05305

&nbsp

SPONSORWeprin

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add Art 81 §§8101 - 8120, Ins L

&nbsp

Provides for the formation of mutual holding companies by certain domestic mutual property/casualty insurers and the reorganization in connection therewith of a domestic mutual property/casualty insurer into a domestic stock property/casualty insurer.

Go to top A03710 Actions:

BILL NOA03710 

&nbsp

01/30/2025referred to insurance

05/28/2025reported referred to rules

01/07/2026referred to insurance

03/18/2026reported referred to codes

Go to topA03710 Committee&nbspVotes:

Committee:INSURANCE Chair:Weprin 
DATE:05/28/2025AYE/NAY:24/0 Action: Favorable refer to committee Codes WeprinAyeBlankenbushAye

CookAyeHawleyAye

LavineExcusedPalmesanoAye

SteckAyeGandolfoAye

DilanAyeJensenAye

HunterAyeBlumencranzAye

JacobsonAyeBendettAye

MeeksAye

ForrestAye

AndersonAye

CruzAye

BoresAye

LunsfordAye

BergerAye

EichensteinAye

KayAye

YegerAye

WiederAye

Committee:INSURANCE Chair:Weprin 
DATE:03/18/2026AYE/NAY:22/0 Action: Favorable refer to committee Codes WeprinAyeBlankenbushAye

CookExcusedHawleyExcused

LavineAyeGandolfoAye

SteckAyeJensenAye

DilanAbsentBlumencranzAye

HunterAyeBendettAye

MeeksAyeChludzinskiAye

ForrestAye

AndersonAye

CruzAye

BoresAye

LunsfordAye

BergerAye

EichensteinAye

KayAye

YegerAye

WiederAye

LeeAye

Go to topA03710 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA03710 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3710

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 30, 2025
 ___________

 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
 on Insurance

 AN ACT to amend the insurance law, in relation to the formation of mutu-
 al holding companies by certain domestic mutual property/casualty
 insurers and the reorganization in connection therewith of a domestic
 mutual property/casualty insurer into a domestic stock
 property/casualty insurer

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The insurance law is amended by adding a new article 81 to
 2 read as follows:
 3 ARTICLE 81
 4 MUTUAL HOLDING COMPANY; PROPERTY/CASUALTY INSURER
 5 Section 8101. Definitions.
 6 8102. Reorganization of mutual property/casualty insurer through
 7 formation of a mutual holding company; contents of plan.
 8 8103. Dividend practices.
 9 8104. Adoption of plan; submission of plan to the superinten-
 10 dent.
 11 8105. Amendment or withdrawal of plan.
 12 8106. Consultants.
 13 8107. Approval of plan by superintendent; hearing.
 14 8108. Approval of plan by eligible members.
 15 8109. Filing of plan; effective date of reorganization.
 16 8110. Effect of reorganization.
 17 8111. Corporate existence.
 18 8112. Directors and officers.
 19 8113. Notice of proposed reorganization.
 20 8114. Failure to give notice.
 21 8115. Limitations of actions; security.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07789-01-5

 A. 3710 2

 1 8116. Prohibited transactions by officers, directors and employ-
 2 ees.
 3 8117. Requirements applicable to a mutual holding company.
 4 8118. Other requirements applicable to an intermediate stock
 5 holding company and a mutual holding company.
 6 8119. Conversion of mutual holding company.
 7 8120. Transfers of subsidiaries.
 8 § 8101. Definitions. As used in this article, the following terms
 9 shall have the following meanings:
 10 (a) "Adoption date" means the date the board of directors of the mutu-
 11 al property/casualty insurer adopts the plan of reorganization.
 12 (b) "Beneficial ownership" with respect to any security, means the
 13 sole or shared power to vote or direct the voting of, such security
 14 and/or the sole or shared power to dispose or direct the disposition of
 15 such security.
 16 (c) "Effective date" means, in the case of the reorganization of a
 17 mutual property/casualty insurer, the date upon which the reorganization
 18 of the mutual property/casualty insurer shall be effective in accordance
 19 with section eight thousand one hundred nine of this article as a re