New York · Through 2026-09-11

N.Y. Insurance Law § 7121: Effects upon guaranty corporations of certain events

§ 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 as provided in paragraph two of subsection (c) of
this section, at any time be deemed to be a member company of The Life
Insurance Guaranty Corporation provided for in article seventy-five of
this chapter.
  (b) No benefits for any person shall arise or be increased or
decreased under article seventy-five or article seventy-seven of this
chapter as a result of the redomestication of a foreign life insurer
pursuant to section seven thousand one hundred twenty of this article.
  (c)(1) No merger or consolidation between a domestic life insurance
company which is a member company of The Life Insurance Guaranty
Corporation and a domestic life insurance company which is not a member
company of The Life Insurance Guaranty Corporation shall result in any
increase or decrease of the protection provided under article
seventy-five of this chapter to the policies or contracts of the member
company. No policy or contract issued by a non-member company prior to
such merger or consolidation shall receive the protection provided under
article seventy-five of this chapter as a result of such merger or
consolidation.
  (2) If the surviving or consolidated company of any such merger or
consolidation is not a member company of The Life Insurance Guaranty
Corporation, the surviving or consolidated company shall be deemed to be
a member company of The Life Insurance Guaranty Corporation and shall be
subject to any assessment levied against member companies pursuant to
section seven thousand five hundred four of this chapter in proportion
to the surviving or consolidated company's total admitted assets as
shown in its annual statement for the year next preceding the date of
such assessment; provided, however, in the event that an assessment is
levied against the surviving or consolidated company the year such
merger or consolidation is consummated, the surviving or consolidated
company shall be assessed in proportion to the admitted assets of its
constituent member company as shown in such member company's annual
statement for the year next preceding the date of such assessment.

Where this section sits in the code

Insurance Law
Article 71. Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers

§ 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 as provided in paragraph two of subsection (c) of

this section, at any time be deemed to be a member company of The Life

Insurance Guaranty Corporation provided for in article seventy-five of

this chapter.

(b) No benefits for any person shall arise or be increased or

decreased under article seventy-five or article seventy-seven of this

chapter as a result of the redomestication of a foreign life insurer

pursuant to section seven thousand one hundred twenty of this article.

(c)(1) No merger or consolidation between a domestic life insurance

company which is a member company of The Life Insurance Guaranty

Corporation and a domestic life insurance company which is not a member

company of The Life Insurance Guaranty Corporation shall result in any

increase or decrease of the protection provided under article

seventy-five of this chapter to the policies or contracts of the member

company. No policy or contract issued by a non-member company prior to

such merger or consolidation shall receive the protection provided under

article seventy-five of this chapter as a result of such merger or

consolidation.

(2) If the surviving or consolidated company of any such merger or

consolidation is not a member company of The Life Insurance Guaranty

Corporation, the surviving or consolidated company shall be deemed to be

a member company of The Life Insurance Guaranty Corporation and shall be

subject to any assessment levied against member companies pursuant to

section seven thousand five hundred four of this chapter in proportion

to the surviving or consolidated company's total admitted assets as

shown in its annual statement for the year next preceding the date of

such assessment; provided, however, in the event that an assessment is

levied against the surviving or consolidated company the year such

merger or consolidation is consummated, the surviving or consolidated

company shall be assessed in proportion to the admitted assets of its

constituent member company as shown in such member company's annual

statement for the year next preceding the date of such assessment.

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