N.Y. Insurance Law § 7105: Approval by superintendent

§ 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 by the

president and attested by the secretary, or officers corresponding to

either of them, under the corporate seal of each of the constituent or

contracting companies. A certified copy of such agreement, together with

a certificate of its adoption as provided for herein, subscribed by such

officers and affirmed by them as true under the penalties of perjury and

under the seal of their respective companies, shall be submitted to the

superintendent for his approval. The superintendent shall thereupon

consider such agreement, and if satisfied that it complies with this

article, is fair and equitable, does not tend to substantially lessen

competition in any line of insurance or tend to create a monopoly

therein, and is not inconsistent with law, he shall approve such

agreement. If the superintendent shall refuse to approve such agreement,

notification of such refusal, assigning the reasons therefor, shall

within thirty days from the date of submission to him of such agreement

be given in writing by the superintendent to each of the constituent or

contracting companies. No agreement shall take effect unless the

approval of the superintendent has been obtained.

(b) In the event any domestic life insurance company submits to the

superintendent for his approval an agreement of merger or consolidation

pursuant to this section, the superintendent may extend the five year

interval for examination prescribed by section three hundred nine of

this chapter for an additional one year interval.