§ 7102 — Merger, consolidation and acquisition of assets; when permitted

New York § 7102

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 71: Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers

Text

§ 7102. Merger, consolidation and acquisition of assets; when\npermitted. (a) Upon complying with this article and subject to section\nseven thousand one hundred nine of this article, any domestic company is\nhereby authorized and empowered to:\n (1) consolidate, merge with or acquire the assets of any other\ndomestic company, and\n (2) consolidate or merge with any foreign company which is authorized\nto do an insurance business in this state or acquire the assets of any\nforeign company if such merger, consolidation or acquisition of assets\nis authorized by the laws of the state in which such foreign company is\norganized.\n (b) A stock company may merge or consolidate with another stock\ncompany or a reciprocal insurer, but shall not merge or consolidate with\na mutual company; provided, however, a domestic mutual life insurance\ncompany may merge with a wholly-owned subsidiary stock life insurance\ncompany of the said domestic mutual life insurance company in\ncircumstances in which the said domestic mutual life insurance company\nshall be the surviving company. A reciprocal insurer may merge with a\nstock company.\n (c) A proposed consolidation shall not be approved unless the\nconsolidated company has the capital, surplus, or surplus to\npolicyholders which a similar company would be required to maintain if\ninitially licensed to write the same kinds of insurance on the date of\nthe consolidation.\n