§ 7121 — Effects upon guaranty corporations of certain events

§ 7121. Effects upon guaranty corporations of certain events. (a) No\ndomestic life insurance company which became a domestic insurer in\naccordance with section seven thousand one hundred twenty of this\narticle shall, except as provided in paragraph two of subsection (c) of\nthis section, at any time be deemed to be a member company of The Life\nInsurance Guaranty Corporation provided for in article seventy-five of\nthis chapter.\n (b) No benefits for any person shall arise or be increased or\ndecreased under article seventy-five or article seventy-seven of this\nchapter as a result of the redomestication of a foreign life insurer\npursuant to section seven thousand one hundred twenty of this article.\n (c)(1) No merger or consolidation between a domestic life insurance\ncompany which is a member company of The Life Insurance Guaranty\nCorporation and a domestic life insurance company which is not a member\ncompany of The Life Insurance Guaranty Corporation shall result in any\nincrease or decrease of the protection provided under article\nseventy-five of this chapter to the policies or contracts of the member\ncompany. No policy or contract issued by a non-member company prior to\nsuch merger or consolidation shall receive the protection provided under\narticle seventy-five of this chapter as a result of such merger or\nconsolidation.\n (2) If the surviving or consolidated company of any such merger or\nconsolidation is not a member company of The Life Insurance Guaranty\nCorporation, the surviving or consolidated company shall be deemed to be\na member company of The Life Insurance Guaranty Corporation and shall be\nsubject to any assessment levied against member companies pursuant to\nsection seven thousand five hundred four of this chapter in proportion\nto the surviving or consolidated company's total admitted assets as\nshown in its annual statement for the year next preceding the date of\nsuch assessment; provided, however, in the event that an assessment is\nlevied against the surviving or consolidated company the year such\nmerger or consolidation is consummated, the surviving or consolidated\ncompany shall be assessed in proportion to the admitted assets of its\nconstituent member company as shown in such member company's annual\nstatement for the year next preceding the date of such assessment.\n