Section 7121. Effects upon guaranty corporations of certain events

(a) No
  domestic life insurance company  which  became  a  domestic  insurer  in
  accordance  with  section  seven  thousand  one  hundred  twenty of this
  article shall, except as provided in paragraph two of subsection (c)  of
  this  section,  at any time be deemed to be a member company of The Life
  Insurance Guaranty Corporation provided for in article  seventy-five  of
  this chapter.
    (b)  No  benefits  for  any  person  shall  arise  or  be increased or
  decreased under article seventy-five or article  seventy-seven  of  this
  chapter  as  a  result  of the redomestication of a foreign life insurer
  pursuant to section seven thousand one hundred twenty of this article.
    (c)(1) No merger or consolidation between a  domestic  life  insurance
  company  which  is  a  member  company  of  The  Life Insurance Guaranty
  Corporation and a domestic life insurance company which is not a  member
  company  of  The Life Insurance Guaranty Corporation shall result in any
  increase  or  decrease  of  the  protection   provided   under   article
  seventy-five  of this chapter to the policies or contracts of the member
  company. No policy or contract issued by a non-member company  prior  to
  such merger or consolidation shall receive the protection provided under
  article  seventy-five  of  this  chapter  as  a result of such merger or
  consolidation.
    (2) If the surviving or consolidated company of  any  such  merger  or
  consolidation  is  not  a  member company of The Life Insurance Guaranty
  Corporation, the surviving or consolidated company shall be deemed to be
  a member company of The Life Insurance Guaranty Corporation and shall be
  subject to any assessment levied against member  companies  pursuant  to
  section  seven  thousand five hundred four of this chapter in proportion
  to the surviving or consolidated  company's  total  admitted  assets  as
  shown  in  its  annual statement for the year next preceding the date of
  such assessment; provided, however, in the event that an  assessment  is
  levied  against  the  surviving  or  consolidated  company the year such
  merger or consolidation is consummated, the  surviving  or  consolidated
  company  shall  be  assessed in proportion to the admitted assets of its
  constituent member company as shown  in  such  member  company's  annual
  statement for the year next preceding the date of such assessment.