70(1)Where a licensed insurer, hereinafter called the continuing insurer, has by purchase or otherwise acquired the assets and assumed the liabilities within New Brunswick of another licensed insurer, hereinafter called the discontinuing insurer, or reinsured all the contracts of a discontinuing insurer outstanding within New Brunswick, the Lieutenant-Governor in Council may, upon the application of the continuing insurer and upon the report of the Superintendent, direct the transfer to the continuing insurer of the deposit held by the Minister under this Act in the name of the discontinuing insurer.