N.Y. Insurance Law § 7110: Fees; certification; prohibitions; penalty

§ 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 insurer

as provided in section seven thousand one hundred eighteen of this

article, shall be filed with the superintendent, there shall also be

filed with him a certificate executed by the president and attested by

the secretary, or by officers corresponding to either of them, under the

corporate seal of each of the constituent or contracting companies, or

of the parent corporation and subsidiary insurer, and subscribed by such

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

setting forth all fees, commissions or other compensations or valuable

considerations paid or to be paid, directly or indirectly, to any

person, firm or corporation, for in any manner securing, aiding,

promoting or assisting in any such consolidation, merger or acquisition

of assets or minority interests.

(b) No director, officer or member of any such company or of any

parent corporation or subsidiary insurer, except as fully expressed in

the agreement of consolidation or merger or for the acquisition of

assets or in the plan for acquisition of minority interests in a

subsidiary insurer, shall receive any fee, commission, other

compensation or valuable consideration, directly or indirectly, for in

any manner aiding, promoting or assisting in such consolidation, merger,

or acquisition of assets or minority interests.

(c) Any person violating the provisions of subsection (a) hereof or

knowingly making any false certificate or statement pursuant thereto,

shall be guilty of a felony.