2020 New York Laws
ISC - Insurance
Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers
7105 - Approval by Superintendent.

§  7105.  Approval  by  superintendent.  (a)  Upon  the adoption of an
agreement  of  merger  or  consolidation,  or  an  agreement   for   the
acquisition  of  assets, the proposed agreement shall be executed by the
president and attested by the secretary, or  officers  corresponding  to
either  of  them, under the corporate seal of each of the constituent or
contracting companies. A certified copy of such agreement, together with
a certificate of its adoption as provided for herein, subscribed by such
officers and affirmed by them as true under the penalties of perjury and
under the seal of their respective companies, shall be submitted to  the
superintendent  for  his  approval.   The superintendent shall thereupon
consider such agreement, and if satisfied that  it  complies  with  this
article,  is  fair  and equitable, does not tend to substantially lessen
competition in any line of  insurance  or  tend  to  create  a  monopoly
therein,  and  is  not  inconsistent  with  law,  he  shall approve such
agreement. If the superintendent shall refuse to approve such agreement,
notification of such refusal,  assigning  the  reasons  therefor,  shall
within  thirty days from the date of submission to him of such agreement
be given in writing by the superintendent to each of the constituent  or
contracting  companies.  No  agreement  shall  take  effect  unless  the
approval of the superintendent has been obtained.
  (b) In the event any domestic life insurance company  submits  to  the
superintendent  for his approval an agreement of merger or consolidation
pursuant to this section, the superintendent may extend  the  five  year
interval  for  examination  prescribed  by section three hundred nine of
this chapter for an additional one year interval.