§ 7105 — Approval by superintendent

New York § 7105

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

Text

§ 7105. Approval by superintendent. (a) Upon the adoption of an\nagreement of merger or consolidation, or an agreement for the\nacquisition of assets, the proposed agreement shall be executed by the\npresident and attested by the secretary, or officers corresponding to\neither of them, under the corporate seal of each of the constituent or\ncontracting companies. A certified copy of such agreement, together with\na certificate of its adoption as provided for herein, subscribed by such\nofficers and affirmed by them as true under the penalties of perjury and\nunder the seal of their respective companies, shall be submitted to the\nsuperintendent for his approval. The superintendent shall thereupon\nconsider such agreement, and if satisfied that it complies with this\narticle, is fair and equitable, does not tend to substantially lessen\ncompetition in any line of insurance or tend to create a monopoly\ntherein, and is not inconsistent with law, he shall approve such\nagreement. If the superintendent shall refuse to approve such agreement,\nnotification of such refusal, assigning the reasons therefor, shall\nwithin thirty days from the date of submission to him of such agreement\nbe given in writing by the superintendent to each of the constituent or\ncontracting companies. No agreement shall take effect unless the\napproval of the superintendent has been obtained.\n (b) In the event any domestic life insurance company submits to the\nsuperintendent for his approval an agreement of merger or consolidation\npursuant to this section, the superintendent may extend the five year\ninterval for examination prescribed by section three hundred nine of\nthis chapter for an additional one year interval.\n