§ 7204 — Approval by superintendent

New York § 7204

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 72: Domestication of the United States Branch of an Alien Insurer

Text

§ 7204. Approval by superintendent. (a) An executed counterpart of the\ndomestication agreement, together with certified copies of the corporate\nproceedings of the acquiring insurer and the alien insurer approving,\nadopting and authorizing the execution of such domestication agreement,\nand, in the case of a foreign insurer, the written approval of the\ninsurance supervisory official of the state in which the wholly owned\nforeign insurer is incorporated, shall be submitted to the\nsuperintendent for his approval.\n (b) If satisfied that the agreement is in accordance with the\nprovisions of this article and that the interests of policyholders and\ncreditors of the United States branch are not materially adversely\naffected the superintendent may approve such domestication agreement and\nauthorize its consummation in compliance with the provisions of section\nseven thousand two hundred five of this article.\n