§ 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 and to every species of property, real, personal and
mixed, and things in action thereunto belonging, shall be deemed
transferred to and vested in the acquiring insurer and it shall be
deemed to have assumed all liabilities of such United States branch.

(3) Simultaneously all deposits of the United States branch held by
superintendents, state officers or other state regulatory agencies
pursuant to state laws shall be deemed held as security for the full
performance by the acquiring insurer of its assumption as direct
liabilities of all the liabilities to policyholders and creditors within
the United States of such United States branch, and such desposits shall
be deemed admitted assets of the acquiring insurer and reported as such
in its annual financial statements and other reports required to be
filed by it in this state.

(4) Upon the ultimate release by any such state officer or agency of
any such deposits, the securities and cash released shall be delivered
and paid over to such acquiring insurer as the lawful successor in
interest to such United States branch.

(b) Contemporaneously with the consummation of the domestication of
the United States branch, notwithstanding the provisions of sections one
thousand three hundred fifteen and one thousand three hundred seventeen
of this chapter, the superintendent shall transfer to the acquiring
insurer's account the securities deposited by such United States branch
in compliance with the provisions of this chapter, and the
superintendent shall consent that the trustee of the trusteed assets
deposited by such United States branch in compliance with the provisions
of this chapter shall withdraw from the trust and transfer and deliver
to the acquiring insurer all assets held by such trustee. However, if a
United States branch is domesticated into a foreign insurer, the
superintendent, unless otherwise satisfied that the interests of
policyholders of in force business and of creditors on outstanding
claims are protected, may defer consent to the withdrawal of so much of
the trusteed assets as in his judgment is reasonably required to protect
such interests as of the date of domestication; and he shall consent to
their withdrawal from time to time as such interests expire.