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  • SECTION 7112
    Vesting of property in surviving or consolidated company; assumption of liabilities
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  • ARTICLE 71
    Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers
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  • SECTION 7114
    Pending actions
    • This entry was published on 2014-09-22
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    SECTION 7113

    Transfer of deposits to surviving or consolidated company

    Insurance (ISC) CHAPTER 28, ARTICLE 71

    § 7113. Transfer of deposits to surviving or consolidated company. If
    any constituent company in a merger or consolidation under the
    provisions of this article shall have on deposit with the superintendent
    securities held for the benefit and protection of all of its
    policyholders or policyholders and creditors within the United States,
    the superintendent is authorized, upon the completion of such merger or
    consolidation, to transfer residuary interest in such deposit of such
    constituent company to the surviving or consolidated company, and to
    release such deposit or any part thereof if no longer required of such
    surviving or consolidated company under the provisions of this chapter.