An executed counterpart of the domestication agreement, together with certified copies of the corporate proceedings of the domestic insurer and the alien insurer approving, adopting and authorizing the execution of said domestication agreement shall be submitted to the Insurance Commissioner for his approval. The Insurance Commissioner shall thereupon consider said agreement and if satisfied the same is in accordance with the provisions of this act and if he shall find that the interest of policyholders and creditors in the Commonwealth of Pennsylvania of the United States branch of the alien insurer and of the domestic insurer are not materially adversely affected he shall approve such domestication agreement and certify such approval in writing to the insurance supervisory official of the regulatory state.