§ 8008. Approval of plan by policyholders. (a) A proposal to approve
the plan of reorganization shall be submitted to policyholders for
approval. The policyholders entitled to notice of and to vote upon the
proposal shall be the holders of policies or contracts which are in
force on the adoption date. The reorganizing insurer shall give written
notice stating the date, time and place for voting on such proposal to
policyholders entitled to notice of and to vote on the proposal in
accordance with this section, sent by mail or electronic transmission to
the last known mailing or electronic addresses of such policyholders as
shown on the records of the reorganizing insurer. Such notice shall be
sent at least thirty days before the date of the proposed vote to
approve the plan of reorganization. Such notice may be combined with the
summary notice of the hearing required by section eight thousand seven
of this article. Such notice shall be subject to the approval of the
superintendent and shall include both a website address and a toll-free
telephone number through which members may obtain either a true and
correct copy of the plan, or a summary thereof approved by the
superintendent, and such other explanatory information as the
superintendent shall approve or require.

(b) Each policyholder entitled to vote on the proposal shall be
entitled to cast one vote, unless otherwise provided in the charter or
by-laws of the reorganizing insurer, on the proposal, either in person
or by mail or by proxy, irrespective of the number or amount of the
policies or contracts he or she holds. Each proxy shall be revocable at
any time, except to the extent that, at the time of attempted
revocation, the power conferred thereby has already been properly
exercised. All votes shall be by written ballot cast in person or by
mail or by electronic means by policyholders entitled to vote or by
proxy agents duly appointed by policyholders entitled to vote. The
voting on the proposal shall be held at the home office of the
reorganizing insurer. The polls shall be opened at ten o'clock in the
forenoon and remain open until four o'clock in the afternoon of the day
fixed for such voting, at which time they shall be closed.

(c) The proposal to approve the plan of reorganization shall be
adopted by the affirmative vote of at least two-thirds of all votes cast
by policyholders entitled to vote.

(d) The superintendent shall have power to prescribe rules governing
the procedures for conduct of the voting on the proposal.

(e) The provisions of section four thousand two hundred ten of this
chapter shall not apply to the action by policyholders pursuant to this
section.

(f) Upon the conclusion of the vote, the reorganizing insurer shall
submit to the superintendent:

(1) a certified copy of the plan of reorganization, subscribed by the
chairman of the board, the president or any vice president and attested
by the secretary or an assistant secretary of the reorganizing insurer;

(2) a certificate, subscribed by the chairman of the board, the
president or any vice president and attested by the secretary or
assistant secretary of the reorganizing insurer, or subscribed by the
person or persons, if any, designated by the superintendent to supervise
the giving of notice of the date for action on the proposal, to the
effect that such notice was given in accordance with this section to all
policyholders entitled to such notice; and

(3) a certificate subscribed by an officer of the reorganizing insurer
of the results of the vote, as evidenced by valid ballots received
before the polls were closed.

Each such certificate shall be affirmed as true under the penalties of
perjury by the person or persons subscribing the same and, in the case
of a certificate signed by officers of the reorganizing insurer, shall
be affirmed under the corporate seal of the reorganizing insurer.