Pennsylvania Statutes Title 40 P.S. Insurance § 495.5. Consummation of domestication agreement; transfer of deposits

Upon the filing with the Insurance Commissioner of a certified copy of the instrument of transfer and assumption pursuant to which the domestic insurer succeeds to the business and assets of the United States branch of an alien insurer and assumes all its liabilities as provided by this act and upon compliance with all the requirements of the laws and of the insurance supervisory official of the regulatory state regulating the terms and conditions of the domestication and the steps to be taken and the acts to be performed for the adoption, approval and execution of the domestication, the domestication of the United States branch shall be deemed effective; and thereupon all the rights, franchises and interests of said United States branch in and to every species of property, real and personal and mixed, and things in action thereunto belonging shall be deemed as transferred and vested in said domestic insurer, without any other deed or transfer and simultaneously therewith said domestic insurer shall be deemed to have assumed all of the obligations and liabilities of said United States branch and shall be held liable to pay and discharge all its debts and liabilities in the same manner as if they had been incurred and contracted by the domestic insurer. No action or proceeding pending at the time of domestication, in which either the United States branch or the domestic insurer may be a party, shall abate or discontinue by reason of the domestication but the same may be prosecuted to final judgment in the same manner as if the domestication had not taken place or the domestic company may be substituted in place of the United States branch by order of the court in which the action or proceeding is pending. All deposits of the United States branch held by the Insurance Commissioner or other regulatory agency in this Commonwealth shall be deemed held as security that said domestic insurer will fully perform its obligations including its assumption under the domestication agreement to all policyholders and creditors within the United States of the United States branch and of the domestic insurer and such deposits including all deposits of the United States branch and all of its assets held in trust pursuant to the laws of any other state or territory or jurisdiction of the United States shall be deemed to be assets of the domestic insurer and shall be reported as such in the annual statements and other reports which said domestic insurer may be required to file in this Commonwealth and upon the ultimate release by the Insurance Commissioner or other agency of this or any other state, territory or jurisdiction of the United States of any such deposits, the securities and cash constituting such released deposit shall be delivered and paid over to said domestic insurer as the lawful successor in interest to said United States branch.