State Codes and Statutes

Statutes > New-york > Isc > Article-71 > 7102

§   7102.  Merger,  consolidation  and  acquisition  of  assets;  when  permitted. (a) Upon complying with this article and subject  to  section  seven thousand one hundred nine of this article, any domestic company is  hereby authorized and empowered to:    (1)  consolidate,  merge  with  or  acquire  the  assets  of any other  domestic company, and    (2) consolidate or merge with any foreign company which is  authorized  to  do  an insurance business in this state or acquire the assets of any  foreign company if such merger, consolidation or acquisition  of  assets  is  authorized by the laws of the state in which such foreign company is  organized.    (b) A stock company  may  merge  or  consolidate  with  another  stock  company or a reciprocal insurer, but shall not merge or consolidate with  a  mutual  company;  provided, however, a domestic mutual life insurance  company may merge with a wholly-owned subsidiary  stock  life  insurance  company   of   the  said  domestic  mutual  life  insurance  company  in  circumstances in which the said domestic mutual life  insurance  company  shall  be  the  surviving company. A reciprocal insurer may merge with a  stock company.    (c)  A  proposed  consolidation  shall  not  be  approved  unless  the  consolidated   company   has   the   capital,  surplus,  or  surplus  to  policyholders which a similar company would be required to  maintain  if  initially  licensed  to write the same kinds of insurance on the date of  the consolidation.

State Codes and Statutes

Statutes > New-york > Isc > Article-71 > 7102

§   7102.  Merger,  consolidation  and  acquisition  of  assets;  when  permitted. (a) Upon complying with this article and subject  to  section  seven thousand one hundred nine of this article, any domestic company is  hereby authorized and empowered to:    (1)  consolidate,  merge  with  or  acquire  the  assets  of any other  domestic company, and    (2) consolidate or merge with any foreign company which is  authorized  to  do  an insurance business in this state or acquire the assets of any  foreign company if such merger, consolidation or acquisition  of  assets  is  authorized by the laws of the state in which such foreign company is  organized.    (b) A stock company  may  merge  or  consolidate  with  another  stock  company or a reciprocal insurer, but shall not merge or consolidate with  a  mutual  company;  provided, however, a domestic mutual life insurance  company may merge with a wholly-owned subsidiary  stock  life  insurance  company   of   the  said  domestic  mutual  life  insurance  company  in  circumstances in which the said domestic mutual life  insurance  company  shall  be  the  surviving company. A reciprocal insurer may merge with a  stock company.    (c)  A  proposed  consolidation  shall  not  be  approved  unless  the  consolidated   company   has   the   capital,  surplus,  or  surplus  to  policyholders which a similar company would be required to  maintain  if  initially  licensed  to write the same kinds of insurance on the date of  the consolidation.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Isc > Article-71 > 7102

§   7102.  Merger,  consolidation  and  acquisition  of  assets;  when  permitted. (a) Upon complying with this article and subject  to  section  seven thousand one hundred nine of this article, any domestic company is  hereby authorized and empowered to:    (1)  consolidate,  merge  with  or  acquire  the  assets  of any other  domestic company, and    (2) consolidate or merge with any foreign company which is  authorized  to  do  an insurance business in this state or acquire the assets of any  foreign company if such merger, consolidation or acquisition  of  assets  is  authorized by the laws of the state in which such foreign company is  organized.    (b) A stock company  may  merge  or  consolidate  with  another  stock  company or a reciprocal insurer, but shall not merge or consolidate with  a  mutual  company;  provided, however, a domestic mutual life insurance  company may merge with a wholly-owned subsidiary  stock  life  insurance  company   of   the  said  domestic  mutual  life  insurance  company  in  circumstances in which the said domestic mutual life  insurance  company  shall  be  the  surviving company. A reciprocal insurer may merge with a  stock company.    (c)  A  proposed  consolidation  shall  not  be  approved  unless  the  consolidated   company   has   the   capital,  surplus,  or  surplus  to  policyholders which a similar company would be required to  maintain  if  initially  licensed  to write the same kinds of insurance on the date of  the consolidation.