§ 8020. Transfers of subsidiaries. A reorganizing or reorganized
insurer may transfer any one or more of its subsidiaries to the mutual
holding company or to one or more persons owned or controlled by the
mutual holding company, provided the reorganizing or reorganized insurer
obtains the prior approval of the superintendent. Any such transfer may
be made without consideration as a dividend or for consideration that
may include obligations of the mutual holding company or obligations or
preferred shares of a person owned or controlled by the mutual holding
company. The superintendent shall approve each such proposed transfer if
the superintendent finds it is fair and equitable. For a reorganizing
insurer, the plan may provide for such transfer, in which case approval
of the plan shall constitute approval by the superintendent pursuant to
this section. The provisions of sections one thousand five hundred five
and four thousand two hundred seven of this chapter shall not apply to
any transfer of subsidiaries effected pursuant to this section but shall
otherwise apply to the reorganized insurer and its affiliates in
accordance with their terms. The provision of subparagraph (ii) of
paragraph two of subsection (a) of section one thousand four hundred
five of this chapter limiting the aggregate amount of investments in
preferred shares of American institutions shall not apply to an
investment by a reorganizing or reorganized insurer in such preferred
shares received by it in consideration for a transfer pursuant to this
section. For a reorganized insurer, the other provisions of this
article, including, without limitation, the requirement of filing a plan
of reorganization, shall not apply to the transfer of subsidiaries
pursuant to this section.