§ 7205 — Consummation of domestication agreement; transfer of deposits; withdrawal of trusteed assets

§ 7205. Consummation of domestication agreement; transfer of deposits;\nwithdrawal of trusteed assets. (a) (1) Upon the filing with the\nsuperintendent of a certified copy of the instrument of transfer and\nassumption, the domestication of the United States branch shall be\neffective.\n (2) Thereupon all rights, franchises and interests of such United\nStates branch in and to every species of property, real, personal and\nmixed, and things in action thereunto belonging, shall be deemed\ntransferred to and vested in the acquiring insurer and it shall be\ndeemed to have assumed all liabilities of such United States branch.\n (3) Simultaneously all deposits of the United States branch held by\nsuperintendents, state officers or other state regulatory agencies\npursuant to state laws shall be deemed held as security for the full\nperformance by the acquiring insurer of its assumption as direct\nliabilities of all the liabilities to policyholders and creditors within\nthe United States of such United States branch, and such desposits shall\nbe deemed admitted assets of the acquiring insurer and reported as such\nin its annual financial statements and other reports required to be\nfiled by it in this state.\n (4) Upon the ultimate release by any such state officer or agency of\nany such deposits, the securities and cash released shall be delivered\nand paid over to such acquiring insurer as the lawful successor in\ninterest to such United States branch.\n (b) Contemporaneously with the consummation of the domestication of\nthe United States branch, notwithstanding the provisions of sections one\nthousand three hundred fifteen and one thousand three hundred seventeen\nof this chapter, the superintendent shall transfer to the acquiring\ninsurer's account the securities deposited by such United States branch\nin compliance with the provisions of this chapter, and the\nsuperintendent shall consent that the trustee of the trusteed assets\ndeposited by such United States branch in compliance with the provisions\nof this chapter shall withdraw from the trust and transfer and deliver\nto the acquiring insurer all assets held by such trustee. However, if a\nUnited States branch is domesticated into a foreign insurer, the\nsuperintendent, unless otherwise satisfied that the interests of\npolicyholders of in force business and of creditors on outstanding\nclaims are protected, may defer consent to the withdrawal of so much of\nthe trusteed assets as in his judgment is reasonably required to protect\nsuch interests as of the date of domestication; and he shall consent to\ntheir withdrawal from time to time as such interests expire.\n