N.Y. Insurance Law § 6625: Merger; consolidation

§ 6625. Merger; consolidation. (a) Two or more advance premium

corporations may, in accordance with applicable provisions of article

seventy-one of this chapter, merge or consolidate.

(b) Two or more assessment corporations licensed to do business either

wholly or substantially in a common territory may, in accordance with

applicable provisions of article seventy-one of this chapter, merge or

consolidate.

(c) (1) If, after investigation and examination, the superintendent

finds that the proceedings for merger or consolidation, as the case may

be, have been regularly taken in conformity with law and that the

continuing or resulting corporation meets the requirements of this

chapter, he may issue a license to such corporation to do business under

this chapter.

(2) Every such continuing or new corporation shall assume and succeed

to all the obligations and liabilities of the merging corporations and

shall be liable to pay and discharge all such debts and liabilities in

the same manner as if they had been incurred or contracted by it.