Section 1216. Notice of indemnification of directors and officers of insurance corporations

No payment of  indemnification,  advancement  or  allowance  under  sections  seven  hundred  twenty-one  to seven hundred
  twenty-seven inclusive of the business corporation  law  shall  be  made
  unless  a  notice  has  been filed with the superintendent not less than
  thirty days prior to such payment, specifying the payees,  the  amounts,
  the  manner  in  which  such  payment  is  authorized and the nature and
  status, at the time of such notice,  of  the  litigation  or  threatened
  litigation.  If  any action with respect to indemnification of directors
  or officers of any domestic insurer shall be taken by amendment  of  the
  by-laws,   such   action  shall  be  in  accordance  with  the  approval
  requirements in sections one thousand two hundred nine and one  thousand
  two  hundred  ten  of  this  article.  If  any  action shall be taken by
  resolution of directors, or by agreement or otherwise, a notice shall be
  filed with the superintendent  not  less  than  thirty  days  thereafter
  specifying the action taken.