§ 7105. Approval by superintendent. (a) Upon the adoption of an
agreement of merger or consolidation, or an agreement for the
acquisition of assets, the proposed agreement shall be executed by the
president and attested by the secretary, or officers corresponding to
either of them, under the corporate seal of each of the constituent or
contracting companies. A certified copy of such agreement, together with
a certificate of its adoption as provided for herein, subscribed by such
officers and affirmed by them as true under the penalties of perjury and
under the seal of their respective companies, shall be submitted to the
superintendent for his approval. The superintendent shall thereupon
consider such agreement, and if satisfied that it complies with this
article, is fair and equitable, does not tend to substantially lessen
competition in any line of insurance or tend to create a monopoly
therein, and is not inconsistent with law, he shall approve such
agreement. If the superintendent shall refuse to approve such agreement,
notification of such refusal, assigning the reasons therefor, shall
within thirty days from the date of submission to him of such agreement
be given in writing by the superintendent to each of the constituent or
contracting companies. No agreement shall take effect unless the
approval of the superintendent has been obtained.

(b) In the event any domestic life insurance company submits to the
superintendent for his approval an agreement of merger or consolidation
pursuant to this section, the superintendent may extend the five year
interval for examination prescribed by section three hundred nine of
this chapter for an additional one year interval.