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the New York Consolidated Laws
2012 New York Consolidated Laws
ISC - Insurance
Article 71 - (7101 - 7121) MERGER, CONSOLIDATION, REDOMESTICATION, ACQUISITION OF ASSETS AND ACQUISITION OF CERTAIN SHARES OF INSURERS
7113 - Transfer of deposits to surviving or consolidated company.
Universal Citation:
NY Ins L ยง 7113 (2012)
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on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
§ 7113. Transfer of deposits to surviving or consolidated company. If
any constituent company in a merger or consolidation under the
provisions of this article shall have on deposit with the superintendent
securities held for the benefit and protection of all of its
policyholders or policyholders and creditors within the United States,
the superintendent is authorized, upon the completion of such merger or
consolidation, to transfer residuary interest in such deposit of such
constituent company to the surviving or consolidated company, and to
release such deposit or any part thereof if no longer required of such
surviving or consolidated company under the provisions of this chapter.
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