State Codes and Statutes

Statutes > New-york > Isc > Article-1 > 108

§ 108. Applicability of business corporation law to insurers.  (a) The  business  corporation  law  applies  to  every corporation heretofore or  hereafter formed under:    (1) this chapter, except corporations subject to section one  thousand  one  hundred  ten  or  article  forty-three,  forty-five,  forty-six  or  sixty-seven of this chapter, or a captive insurance  company  formed  in  accordance with the not-for-profit corporation law, or    (2)  any  other  statute  of  this  state,  or  any  other law, if the  corporation's purposes include a purpose for which a corporation may  be  formed under this chapter.    (b)  (1)  If  any  provision of the business corporation law conflicts  with any provision of this chapter, the provision of this chapter  shall  prevail,  and  the conflicting provision of the business corporation law  shall not apply.    (2) If any provision of this chapter relates to a matter  embraced  in  the  business  corporation  law  but  is not in conflict therewith, both  provisions shall apply.    (c) The following provisions of the business corporation law shall not  apply to a domestic  stock  insurer  or  an  authorized  stock  insurer:  section  one  hundred  six,  subsection  (a) of section two hundred one,  sections five hundred ten, five hundred eleven, five hundred  seventeen,  five  hundred  eighteen,  seven  hundred  nineteen,  nine hundred eight,  articles three, ten and twelve.    (d) The following provisions of the business corporation law shall not  apply to  a  domestic  incorporated  mutual  insurer  or  an  authorized  incorporated  mutual insurer: section one hundred six, subsection (a) of  section two hundred one, sections seven hundred nine, and seven  hundred  nineteen,   articles  three,  five,  six  (except  section  six  hundred  nineteen), nine, ten and twelve.    (e) The following provisions  of  the  business  corporation  law,  in  addition  to those referred to in subsections (c) and (d) hereof, do not  apply to an  incorporated  foreign  insurer  or  an  incorporated  alien  insurer:  sections  thirteen hundred one, thirteen hundred two, sections  thirteen hundred four through thirteen hundred six  inclusive,  sections  thirteen  hundred  eight  through  thirteen  hundred  eleven  inclusive,  sections thirteen hundred fifteen, thirteen hundred sixteen and thirteen  hundred eighteen.    (f) A provision of the business corporation law which is  referred  to  in  section  thirteen  hundred  seventeen  or  thirteen hundred nineteen  thereof is not applicable to  an  incorporated  foreign  insurer  or  an  incorporated alien insurer if such provision of the business corporation  law  is  made  inapplicable to such insurer under subsection (b), (c) or  (d) hereof.    (g) In applying  the  business  corporation  law  to  any  corporation  pursuant  to  this  section,  unless the context otherwise requires, the  following terms in such law have the following respective meanings:    (1) "Secretary of state" means "superintendent of insurance".    (2) "Department of state" means "insurance department".    (3) "Corporation" and  "domestic  corporation"  mean  an  incorporated  "domestic  insurer"  as  defined  in  section  one hundred seven of this  article.    (4) "Foreign corporation" means both an incorporated "foreign insurer"  and an incorporated "alien insurer", as defined in section  one  hundred  seven of this article.    (5) "Stated capital" means "capital" as defined in section one hundred  seven of this article.(h)  A member of a domestic mutual insurer shall have the rights given  to a "shareholder" in section  six  hundred  nineteen  of  the  business  corporation law.

State Codes and Statutes

Statutes > New-york > Isc > Article-1 > 108

§ 108. Applicability of business corporation law to insurers.  (a) The  business  corporation  law  applies  to  every corporation heretofore or  hereafter formed under:    (1) this chapter, except corporations subject to section one  thousand  one  hundred  ten  or  article  forty-three,  forty-five,  forty-six  or  sixty-seven of this chapter, or a captive insurance  company  formed  in  accordance with the not-for-profit corporation law, or    (2)  any  other  statute  of  this  state,  or  any  other law, if the  corporation's purposes include a purpose for which a corporation may  be  formed under this chapter.    (b)  (1)  If  any  provision of the business corporation law conflicts  with any provision of this chapter, the provision of this chapter  shall  prevail,  and  the conflicting provision of the business corporation law  shall not apply.    (2) If any provision of this chapter relates to a matter  embraced  in  the  business  corporation  law  but  is not in conflict therewith, both  provisions shall apply.    (c) The following provisions of the business corporation law shall not  apply to a domestic  stock  insurer  or  an  authorized  stock  insurer:  section  one  hundred  six,  subsection  (a) of section two hundred one,  sections five hundred ten, five hundred eleven, five hundred  seventeen,  five  hundred  eighteen,  seven  hundred  nineteen,  nine hundred eight,  articles three, ten and twelve.    (d) The following provisions of the business corporation law shall not  apply to  a  domestic  incorporated  mutual  insurer  or  an  authorized  incorporated  mutual insurer: section one hundred six, subsection (a) of  section two hundred one, sections seven hundred nine, and seven  hundred  nineteen,   articles  three,  five,  six  (except  section  six  hundred  nineteen), nine, ten and twelve.    (e) The following provisions  of  the  business  corporation  law,  in  addition  to those referred to in subsections (c) and (d) hereof, do not  apply to an  incorporated  foreign  insurer  or  an  incorporated  alien  insurer:  sections  thirteen hundred one, thirteen hundred two, sections  thirteen hundred four through thirteen hundred six  inclusive,  sections  thirteen  hundred  eight  through  thirteen  hundred  eleven  inclusive,  sections thirteen hundred fifteen, thirteen hundred sixteen and thirteen  hundred eighteen.    (f) A provision of the business corporation law which is  referred  to  in  section  thirteen  hundred  seventeen  or  thirteen hundred nineteen  thereof is not applicable to  an  incorporated  foreign  insurer  or  an  incorporated alien insurer if such provision of the business corporation  law  is  made  inapplicable to such insurer under subsection (b), (c) or  (d) hereof.    (g) In applying  the  business  corporation  law  to  any  corporation  pursuant  to  this  section,  unless the context otherwise requires, the  following terms in such law have the following respective meanings:    (1) "Secretary of state" means "superintendent of insurance".    (2) "Department of state" means "insurance department".    (3) "Corporation" and  "domestic  corporation"  mean  an  incorporated  "domestic  insurer"  as  defined  in  section  one hundred seven of this  article.    (4) "Foreign corporation" means both an incorporated "foreign insurer"  and an incorporated "alien insurer", as defined in section  one  hundred  seven of this article.    (5) "Stated capital" means "capital" as defined in section one hundred  seven of this article.(h)  A member of a domestic mutual insurer shall have the rights given  to a "shareholder" in section  six  hundred  nineteen  of  the  business  corporation law.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Isc > Article-1 > 108

§ 108. Applicability of business corporation law to insurers.  (a) The  business  corporation  law  applies  to  every corporation heretofore or  hereafter formed under:    (1) this chapter, except corporations subject to section one  thousand  one  hundred  ten  or  article  forty-three,  forty-five,  forty-six  or  sixty-seven of this chapter, or a captive insurance  company  formed  in  accordance with the not-for-profit corporation law, or    (2)  any  other  statute  of  this  state,  or  any  other law, if the  corporation's purposes include a purpose for which a corporation may  be  formed under this chapter.    (b)  (1)  If  any  provision of the business corporation law conflicts  with any provision of this chapter, the provision of this chapter  shall  prevail,  and  the conflicting provision of the business corporation law  shall not apply.    (2) If any provision of this chapter relates to a matter  embraced  in  the  business  corporation  law  but  is not in conflict therewith, both  provisions shall apply.    (c) The following provisions of the business corporation law shall not  apply to a domestic  stock  insurer  or  an  authorized  stock  insurer:  section  one  hundred  six,  subsection  (a) of section two hundred one,  sections five hundred ten, five hundred eleven, five hundred  seventeen,  five  hundred  eighteen,  seven  hundred  nineteen,  nine hundred eight,  articles three, ten and twelve.    (d) The following provisions of the business corporation law shall not  apply to  a  domestic  incorporated  mutual  insurer  or  an  authorized  incorporated  mutual insurer: section one hundred six, subsection (a) of  section two hundred one, sections seven hundred nine, and seven  hundred  nineteen,   articles  three,  five,  six  (except  section  six  hundred  nineteen), nine, ten and twelve.    (e) The following provisions  of  the  business  corporation  law,  in  addition  to those referred to in subsections (c) and (d) hereof, do not  apply to an  incorporated  foreign  insurer  or  an  incorporated  alien  insurer:  sections  thirteen hundred one, thirteen hundred two, sections  thirteen hundred four through thirteen hundred six  inclusive,  sections  thirteen  hundred  eight  through  thirteen  hundred  eleven  inclusive,  sections thirteen hundred fifteen, thirteen hundred sixteen and thirteen  hundred eighteen.    (f) A provision of the business corporation law which is  referred  to  in  section  thirteen  hundred  seventeen  or  thirteen hundred nineteen  thereof is not applicable to  an  incorporated  foreign  insurer  or  an  incorporated alien insurer if such provision of the business corporation  law  is  made  inapplicable to such insurer under subsection (b), (c) or  (d) hereof.    (g) In applying  the  business  corporation  law  to  any  corporation  pursuant  to  this  section,  unless the context otherwise requires, the  following terms in such law have the following respective meanings:    (1) "Secretary of state" means "superintendent of insurance".    (2) "Department of state" means "insurance department".    (3) "Corporation" and  "domestic  corporation"  mean  an  incorporated  "domestic  insurer"  as  defined  in  section  one hundred seven of this  article.    (4) "Foreign corporation" means both an incorporated "foreign insurer"  and an incorporated "alien insurer", as defined in section  one  hundred  seven of this article.    (5) "Stated capital" means "capital" as defined in section one hundred  seven of this article.(h)  A member of a domestic mutual insurer shall have the rights given  to a "shareholder" in section  six  hundred  nineteen  of  the  business  corporation law.