§ 7201. Definitions. In this article: (a) “Domestication” means the reorganization pursuant to the provisions of this article of the United States branch of an alien insurer whereby a domestic or foreign insurer succeeds to all business and assets and assumes all liabilities of such branch. (b) “United States branch” means the business unit through […]
§ 7202. Domestication of the United States branch of an alien insurer permitted. (a) (1) Upon compliance with the provisions of this article any licensed alien insurer having its United States branch entered through this state and owning beneficially, directly or indirectly, all outstanding shares of a domestic insurer or of a foreign insurer qualified […]
§ 7203. Authorization and execution of domestication agreement. (a) Such domestication agreement shall be authorized, adopted, approved, signed and acknowledged by the alien insurer pursuant to the laws of the country where organized. (b) Such agreement shall also be approved, adopted and authorized by the acquiring insurer’s board of directors and executed by its president […]
§ 7204. Approval by superintendent. (a) An executed counterpart of the domestication agreement, together with certified copies of the corporate proceedings of the acquiring insurer and the alien insurer approving, adopting and authorizing the execution of such domestication agreement, and, in the case of a foreign insurer, the written approval of the insurance supervisory official […]
§ 7205. Consummation of domestication agreement; transfer of deposits; withdrawal of trusteed assets. (a) (1) Upon the filing with the superintendent of a certified copy of the instrument of transfer and assumption, the domestication of the United States branch shall be effective. (2) Thereupon all rights, franchises and interests of such United States branch in […]
