New York § 7113 Transfer of deposits to surviving or consolidated company

New York Statutes

§ 7113 — Transfer of deposits to surviving or consolidated company

New York § 7113

Law ISCInsurance

Art. 71Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers

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Bluebook

N.Y. Insurance § 7113 (2026).

Text

  § 7113. Transfer of deposits to surviving or consolidated company. If\nany constituent company in a merger or consolidation under the\nprovisions of this article shall have on deposit with the superintendent\nsecurities held for the benefit and protection of all of its\npolicyholders or policyholders and creditors within the United States,\nthe superintendent is authorized, upon the completion of such merger or\nconsolidation, to transfer residuary interest in such deposit of such\nconstituent company to the surviving or consolidated company, and to\nrelease such deposit or any part thereof if no longer required of such\nsurviving or consolidated company under the provisions of this chapter.\n

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§ 7113. Transfer of deposits to surviving or consolidated company. If\nany constituent company in a merger or consolidation under the\nprovisions of this article shall have on deposit with the superintendent\nsecurities held for the benefit and protection of all of its\npolicyholders or policyholders and creditors within the United States,\nthe superintendent is authorized, upon the completion of such merger or\nconsolidation, to transfer residuary interest in such deposit of such\nconstituent company to the surviving or consolidated company, and to\nrelease such deposit or any part thereof if no longer required of such\nsurviving or consolidated company under the provisions of this chapter.\n