New York Insurance Law Article 71 - MERGER, CONSOLIDATION, REDOMESTICATION, ACQUISITION OF ASSETS AND ACQUISITION OF CERTAIN SHARES OF INSURERS

• 7101 - Definitions.
  In this article: (a) "Merger" means the merger of two or more companies in a single company which is one of the constituent companies. (b)...
• 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...
• 7103 - Content of Merger or Consolidation Agreement, and of Charter of Surviving or Consolidated Company.
  (a) Any agreement for merger or consolidation shall contain the proposed charter of the surviving or consolidated company and such other particulars as may be...
• 7104 - Company Approval of Merger or Consolidation Agreement.
  (a) When any domestic company shall propose to enter into an agreement of merger or consolidation, the board of directors, trustees or other governing body...
• 7105 - Approval by Superintendent.
  (a) Upon the adoption of an agreement of merger or consolidation, or an agreement for the acquisition of assets, the proposed agreement shall be executed...
• 7106 - Merger or Consolidation Between Domestic and Foreign Companies; Certificate of Approval.
  (a) In case of a merger or consolidation between a domestic and a foreign company, the agreement of merger or consolidation shall be executed by...
• 7107 - Expedited Approval; Mutual Property/casualty Insurance Companies.
  If in the judgment of the superintendent the interests of the policyholders require it, a domestic mutual property/casualty insurance company may, after obtaining the tentative...
• 7108 - Filing of Agreement of Merger or Consolidation.
  A duplicate or certified copy of the agreement of merger or consolidation with the approval of the superintendent endorsed thereon shall be filed in the...
• 7109 - Limitation on Enlargement of Powers.
  This article shall not enlarge the charter powers of any company except in conformity with the provisions of the proposed charter of the surviving or...
• 7110 - Fees; Certification; Prohibitions; Penalty.
  (a) Whenever an agreement of consolidation or merger or for the acquisition of assets, or a plan for acquisition of minority interests in a subsidiary...
• 7111 - Proof of Proceedings of Meeting and Action of Company.
  A certified copy of the proceedings of any meeting made by the secretary thereof or of the action of any company made by the secretary...
• 7112 - Vesting of Property in Surviving or Consolidated Company; Assumption of Liabilities.
  Upon the merger or consolidation of any companies in the manner herein provided, all the rights, franchises and interests of the constituent companies, in and...
• 7113 - Transfer of Deposits to Surviving or Consolidated Company.
  If any constituent company in a merger or consolidation under the provisions of this article shall have on deposit with the superintendent securities held for...
• 7114 - Pending Actions.
  No action or proceeding, pending at the time of the merger or consolidation to which either of the constituent companies may be a party, shall...
• 7115 - Shareholders' Liability.
  The shareholders of a stock company merging or consolidating shall continue subject to all the liabilities, claims and demands existing against them as such at...
• 7116 - Liability of Members of Assessment Company to Continue.
  In case of a merger or consolidation of assessment companies the liability of members thereof to assessments shall continue and be transferred to the surviving...
• 7117 - Return of Shares of Constituent Company.
  A surviving or consolidated company may require the return of the original certificates of stock held by each shareholder in each constituent company, and issue...
• 7118 - Plan for Acquisition of Minority Interests in a Subsidiary Insurer.
  (a) Definitions. In this section: (1) "Parent" means a corporation directly or indirectly owning at least ninety-five percent of the aggregate issued and outstanding shares...
• 7119 - Appraisal of Shares of Dissenting Shareholder on Merger or Consolidation of Domestic Company or on Acquisition of Minority Interests in a Subsidiary I
  7119. Appraisal of shares of dissenting shareholder on merger or consolidation of domestic company or on acquisition of minority interests in a subsidiary insurer. (a)...
• 7120 - Redomestication of Foreign Insurance Companies.
  (a) Definitions. In this section: (1) "Redomestication" means the transfer to this state of the corporate domicile of an authorized foreign company, as provided for...
• 7121 - Effects Upon Guaranty Corporations of Certain Events.
  (a) No domestic life insurance company which became a domestic insurer in accordance with section seven thousand one hundred twenty of this article shall, except...

Last modified: February 3, 2019