Legislation
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.
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.