Section 7105. Approval by superintendent

(a)  Upon  the adoption of an
  agreement  of  merger  or  consolidation,  or  an  agreement   for   the
  acquisition  of  assets, the proposed agreement shall be executed by the
  president and attested by the secretary, or  officers  corresponding  to
  either  of  them, under the corporate seal of each of the constituent or
  contracting companies. A certified copy of such agreement, together with
  a certificate of its adoption as provided for herein, subscribed by such
  officers and affirmed by them as true under the penalties of perjury and
  under the seal of their respective companies, shall be submitted to  the
  superintendent  for  his  approval.   The superintendent shall thereupon
  consider such agreement, and if satisfied that  it  complies  with  this
  article,  is  fair  and equitable, does not tend to substantially lessen
  competition in any line of  insurance  or  tend  to  create  a  monopoly
  therein,  and  is  not  inconsistent  with  law,  he  shall approve such
  agreement. If the superintendent shall refuse to approve such agreement,
  notification of such refusal,  assigning  the  reasons  therefor,  shall
  within  thirty days from the date of submission to him of such agreement
  be given in writing by the superintendent to each of the constituent  or
  contracting  companies.  No  agreement  shall  take  effect  unless  the
  approval of the superintendent has been obtained.
    (b) In the event any domestic life insurance company  submits  to  the
  superintendent  for his approval an agreement of merger or consolidation
  pursuant to this section, the superintendent may extend  the  five  year
  interval  for  examination  prescribed  by section three hundred nine of
  this chapter for an additional one year interval.