§ 31-1704 — Effects of redomestication.

District of Columbia § 31-1704

• Jurisdiction: District of Columbia
• Title 31: Insurance and Securities.
• Ch. 17: Redomestication.

Text

(a) The certificate of authority, agent appointments and licenses, rates, and other items which the Commissioner allows, in his or her discretion, which are in existence at the time any insurer licensed to transact the business of insurance in the District transfers its corporate domicile to the District or any other state by merger, consolidation, or any other lawful method shall continue in full force and effect upon the transfer if the insurer remains duly qualified to transact the business of insurance in the District. All outstanding policies of any transferring insurer shall remain in full force and effect and need not be endorsed as to the new name of the company or its new location unless so ordered by the Commissioner.

(b) Every transferring insurer shall file new policy forms with the Commissioner on or before the effective date of the transfer, but may use existing policy forms with appropriate endorsements if allowed by, and under such conditions as approved by, the Commissioner.

(c) Every such transferring insurer shall notify the Commissioner of the details of the proposed transfer and shall file promptly any resulting amendments to corporate documents filed or required to be filed with the Commissioner.

Legislative History

May 24, 1996, D.C. Law 11-127, § 5, 43 DCR 1559; Mar. 24, 1998, D.C. Law 12-81, § 44(c), 45 DCR 745