Acquirer Co plans to purchase 12% of the voting common stock of a New York-domiciled P&C insurer in a single open-market transaction. It already owns no other shares. Under NY Insurance Law Article 15, which filing must Acquirer Co make with DFS before closing, and on what theory?

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EstatePass Inc. · Accepted Answer

A Form A acquisition-of-control statement under § 1506, because acquiring 10% or more triggers the rebuttable presumption of control under § 1501, and prior DFS approval after a public hearing is required — Article 15's control framework uses a 10% bright line. Section 1501(a)(2) creates a rebuttable presumption that owning, controlling, or holding 10% or more of voting securities constitutes control. Section 1506 forbids any person from acquiring voting securities that would result in control of a NY-domiciled insurer without prior Superintendent approval. The acquirer files a Form A statement that includes background, financial statements, the source of funds, the plan for the insurer, and biographical affidavits for principals. The Superintendent must hold a public hearing (§ 1506(f)) and rule within 60 days, applying statutory standards (competence, financial condition, fairness, lack of anti-competitive effect, no jeopardy to policyholders).

Acquirer Co plans to purchase 12% of the voting common stock of a New York-domiciled P&C insurer in a single open-market transaction. It already owns no other shares. Under NY Insurance Law Article 15, which filing must Acquirer Co make with DFS before closing, and on what theory?

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