§ 8015. Limitations of actions; security. (a) Notwithstanding any
other provision of law to the contrary and except as otherwise provided
in subsection (c) or (d) of this section, actions concerning or arising
out of any plan of reorganization, proposed plan of reorganization, plan
amendment or proposed plan amendment under this article or any acts
taken or proposed to be taken under this article must be commenced
within eighteen months after the plan of reorganization or plan
amendment is filed pursuant to subsection (a) of section eight thousand
nine of this article or the charter is filed pursuant to subsection (c)
of section eight thousand seventeen of this article, as the case may be,
in the office of the superintendent or one year from the effective date
of the plan of reorganization, whichever is later, or if the plan of
reorganization or plan amendment is withdrawn, within one year from the
date the board of directors approves a resolution to withdraw the plan.
Where an action concerns or arises out of a plan amendment or proposed
plan amendment made under section eight thousand five of this article,
the applicable time period is measured from the filing, effective date
or approval of withdrawal of the plan amendment, as the case may be.
Where the action arises out of either a transfer of subsidiaries
pursuant to section eight thousand twenty of this article or a sale of
securities of the reorganized insurer or any stock holding company
pursuant to section eight thousand eighteen of this article, which
transfer or sale is not contemplated by the plan, then the applicable
time period shall be measured from the effective date of such transfer
or sale, as the case may be. Where the action arises out of the terms or
proposed terms for the establishment of the closed block or such
alternative provision pursuant to subsection (b) of section eight
thousand three of this article, then the applicable time period shall be
measured from the implementation date as defined in subsection (e) of
section eight thousand three of this article. Where the action concerns
or arises out of a plan of reorganization adopted pursuant to section
eight thousand nineteen of this article, then the applicable time period
shall be measured from the effective date of the plan of reorganization.

(b) In any action referred to in subsection (a) of this section, the
plaintiff or plaintiffs shall be required, upon a motion of the mutual
holding company, reorganizing insurer or reorganized insurer or any
stock holding company which establishes to the satisfaction of the
court, that a substantial likelihood exists that such action is brought
without merit and with an intention to delay or harass, to give adequate
security for the damages and reasonable expenses, including attorneys'
fees, which may be incurred as a result of, or in connection with, such
action by such company and by any other defendants in such action or for
which such company may become liable, to which security the mutual
holding company, reorganizing insurer or reorganized insurer or any
stock holding company shall have recourse in such amount as the court
determines upon the termination of such action. The amount of security
may from time to time be increased or decreased in the discretion of the
court upon a showing that the security provided has or may become
inadequate or excessive.

(c) Notwithstanding any other provision of law to the contrary, any
action seeking a stay, restraining order, injunction or similar remedy
to prevent or delay the closing of any transaction pursuant to this
article or of any transaction described in the plan of reorganization
must be commenced within one hundred twenty days after, as applicable:
(1) the approval of a plan of reorganization by the superintendent
pursuant to section eight thousand seven or eight thousand nineteen of
this article, as the case may be; or (2) the approval of the
superintendent pursuant to section eight thousand twenty of this
article.

(d) Any action or proceeding against the superintendent or any other
governmental body or officer in connection with any act taken or order,
regulation or rule issued pursuant to this article must be commenced
within one hundred twenty days from the date of such act or signing of
such order, regulation or rule.

(e) Any person aggrieved by any act taken or order, regulation or rule
issued pursuant to this article may petition for judicial review in the
manner provided by article seventy-eight of the civil practice law and
rules, pursuant to the limitations period prescribed in subsection (d)
of this section. The petition shall be brought in the judicial
department embracing the county wherein the act was taken or the order,
regulation or rule was issued. All such proceedings shall be heard and
determined as expeditiously as possible and with lawful precedence over
other matters. Acts taken or orders, regulations or rules issued
pursuant to this article shall not be stayed or enjoined except upon
application after notice to the superintendent and to the attorney
general and upon a showing that the petitioner has a substantial
likelihood of success and will suffer irreparable harm if the stay or
injunction is not granted.