Section 161D: Approval of domestication agreement by commissioner
127 words·~1 min read·
/ma/part-i/title-xxii/chapter-175/161d·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 161D. An executed counterpart of the domestication agreement, together with certified copies of the corporate proceedings of the domestic insurer and the alien insurer, approving, adopting and authorizing the execution of said domestication agreement, shall be submitted to the commissioner for his approval. The commissioner shall thereupon consider said agreement and if he is satisfied that the same is in accordance with the provisions of sections one hundred and sixty-one B to one hundred and sixty-one E, inclusive, and if he finds that the interest of policyholders and creditors of the United States branch of the alien insurer are not materially adversely affected, he may approve such domestication agreement and authorize the consummation thereof in compliance with the provisions of section one hundred and sixty-one E.