Section 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:
    (1)  consolidate,  merge  with  or  acquire  the  assets  of any other
  domestic company, and
    (2) consolidate or merge with any foreign company which is  authorized
  to  do  an insurance business in this state or acquire the assets of any
  foreign company if such merger, consolidation or acquisition  of  assets
  is  authorized by the laws of the state in which such foreign company is
  organized.
    (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.