N.Y. Insurance Law § 7102: Merger, consolidation and acquisition of assets; when permitted

§ 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.