§ 7110 — Fees; certification; prohibitions; penalty

New York § 7110

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

Text

§ 7110. Fees; certification; prohibitions; penalty. (a) Whenever an\nagreement of consolidation or merger or for the acquisition of assets,\nor a plan for acquisition of minority interests in a subsidiary insurer\nas provided in section seven thousand one hundred eighteen of this\narticle, shall be filed with the superintendent, there shall also be\nfiled with him a certificate executed by the president and attested by\nthe secretary, or by officers corresponding to either of them, under the\ncorporate seal of each of the constituent or contracting companies, or\nof the parent corporation and subsidiary insurer, and subscribed by such\nofficers and affirmed by them as true under the penalties of perjury,\nsetting forth all fees, commissions or other compensations or valuable\nconsiderations paid or to be paid, directly or indirectly, to any\nperson, firm or corporation, for in any manner securing, aiding,\npromoting or assisting in any such consolidation, merger or acquisition\nof assets or minority interests.\n (b) No director, officer or member of any such company or of any\nparent corporation or subsidiary insurer, except as fully expressed in\nthe agreement of consolidation or merger or for the acquisition of\nassets or in the plan for acquisition of minority interests in a\nsubsidiary insurer, shall receive any fee, commission, other\ncompensation or valuable consideration, directly or indirectly, for in\nany manner aiding, promoting or assisting in such consolidation, merger,\nor acquisition of assets or minority interests.\n (c) Any person violating the provisions of subsection (a) hereof or\nknowingly making any false certificate or statement pursuant thereto,\nshall be guilty of a felony.\n