§ 7202 — Domestication of the United States branch of an alien insurer permitted

§ 7202. Domestication of the United States branch of an alien insurer\npermitted. (a) (1) Upon compliance with the provisions of this article\nany licensed alien insurer having its United States branch entered\nthrough this state and owning beneficially, directly or indirectly, all\noutstanding shares of a domestic insurer or of a foreign insurer\nqualified and licensed in this state to write all the kinds of insurance\nfor which the United States branch is qualified and licensed may\ndomesticate its United States branch by agreeing in writing with such\ndomestic or foreign insurer to the acquisition of the business and\nassets, and the assumption of all liabilities, of the United States\nbranch, by the domestic or foreign insurer for no consideration except\nsuch assumption.\n (2) The agreement may, however, provide for additional consideration\npayable by the issuance of shares by the acquiring insurer.\n (3) The domestication shall be subject to prior written approval by\nthe superintendent if the acquiring insurer is domestic, or by the\ninsurance supervisory official of the state of incorporation if it is\nforeign.\n (4) The domestication shall be subject to final approval by the\nsuperintendent and if the acquiring insurer is foreign by the\nsupervisory official of such state.\n (b) Any shares of the acquiring insurer or voting trust certificates\ntherefor held among the trusteed assets of the United States branch or\nheld in a trust created by the alien insurer of which the alien insurer\nis a beneficiary shall be deemed to be shares held beneficially, but\nindirectly, by such alien insurer.\n (c) Any acquisition of assets and assumption of liabilities pursuant\nto subsection (a) hereof shall be effected by filing with the\nsuperintendent an instrument of transfer and assumption, executed by the\nalien insurer and the acquiring insurer, in form satisfactory to the\nsuperintendent as to a domestic insurer or to both the superintendent\nand the insurance supervisory official of the state of incorporation as\nto a foreign insurer.\n (d) The acquiring insurer may be licensed to engage in the insurance\nbusiness in this state either before entering into such domestication\nagreement or, if the superintendent approves, effective with\nconsummation of the agreement in accordance with the provisions of\nsection seven thousand two hundred five of this article.\n (e) This article shall not be construed to (i) authorize any insurance\ncompany to do any kind of insurance business not authorized by its\ncharter or (ii) authorize any foreign or alien insurance company to do\nany kind of insurance business in this state not authorized by its\nlicense or certificate of authority to do business in this state.\n