2012 New York Consolidated Laws
ISC - Insurance
Article 72 - (7201 - 7205) DOMESTICATION OF THE UNITED STATES BRANCH OF AN ALIEN INSURER
7205 - Consummation of domestication agreement; transfer of deposits; withdrawal of trusteed assets.

 
    § 7205. Consummation of domestication agreement; transfer of deposits;
  withdrawal  of  trusteed  assets.  (a)  (1)  Upon  the  filing  with the
  superintendent of a certified copy of the  instrument  of  transfer  and
  assumption,  the  domestication  of  the  United  States branch shall be
  effective.
    (2) Thereupon all rights, franchises  and  interests  of  such  United
  States  branch  in  and to every species of property, real, personal and
  mixed, and  things  in  action  thereunto  belonging,  shall  be  deemed
  transferred  to  and  vested  in  the  acquiring insurer and it shall be
  deemed to have assumed all liabilities of such United States branch.
    (3) Simultaneously all deposits of the United States  branch  held  by
  superintendents,  state  officers  or  other  state  regulatory agencies
  pursuant to state laws shall be deemed held as  security  for  the  full
  performance  by  the  acquiring  insurer  of  its  assumption  as direct
  liabilities of all the liabilities to policyholders and creditors within
  the United States of such United States branch, and such desposits shall
  be deemed admitted assets of the acquiring insurer and reported as  such
  in  its  annual  financial  statements  and other reports required to be
  filed by it in this state.
    (4) Upon the ultimate release by any such state officer or  agency  of
  any  such  deposits, the securities and cash released shall be delivered
  and paid over to such acquiring  insurer  as  the  lawful  successor  in
  interest to such United States branch.
    (b)  Contemporaneously  with  the consummation of the domestication of
  the United States branch, notwithstanding the provisions of sections one
  thousand three hundred fifteen and one thousand three hundred  seventeen
  of  this  chapter,  the  superintendent  shall transfer to the acquiring
  insurer's account the securities deposited by such United States  branch
  in   compliance   with   the   provisions   of  this  chapter,  and  the
  superintendent shall consent that the trustee  of  the  trusteed  assets
  deposited by such United States branch in compliance with the provisions
  of  this  chapter shall withdraw from the trust and transfer and deliver
  to the acquiring insurer all assets held by such trustee. However, if  a
  United  States  branch  is  domesticated  into  a  foreign  insurer, the
  superintendent,  unless  otherwise  satisfied  that  the  interests   of
  policyholders  of  in  force  business  and  of creditors on outstanding
  claims are protected, may defer consent to the withdrawal of so much  of
  the trusteed assets as in his judgment is reasonably required to protect
  such  interests as of the date of domestication; and he shall consent to
  their withdrawal from time to time as such interests expire.