New York Consolidated Laws, Insurance Law - ISC § 7102. Merger, consolidation and acquisition of assets;  when permitted

(a) Upon complying with this article and subject to section seven thousand one hundred nine of this article, any domestic company is hereby authorized and empowered to:

(b) A stock company may merge or consolidate with another stock company or a reciprocal insurer, but shall not merge or consolidate with a mutual company;  provided, however, a domestic mutual life insurance company may merge with a wholly-owned subsidiary stock life insurance company of the said domestic mutual life insurance company in circumstances in which the said domestic mutual life insurance company shall be the surviving company.  A reciprocal insurer may merge with a stock company.

(c) A proposed consolidation shall not be approved unless the consolidated company has the capital, surplus, or surplus to policyholders which a similar company would be required to maintain if initially licensed to write the same kinds of insurance on the date of the consolidation.