§ 22:550.27 — Redomestication

Louisiana § 22:550.27

• Jurisdiction: Louisiana
• Title 22: Insurance

Text

§550.27. Redomestication
A. Any foreign or alien insurer that qualifies for licensure as a captive insurance
company in this state may redomesticate to this state by complying with all of the
requirements of R.S. 22:550.5(B). A redomesticating captive insurance company shall
ensure that its articles of incorporation, amendments, charter, and other organizational
documents comply with R.S. 22:550.5(B) and any other applicable state law, and shall
provide a certificate of compliance issued by the commissioner and a filing fee of ten dollars
for each request. An insurer becoming a domestic captive insurance company through the
redomestication process pursuant to this Section shall pay to the commissioner the fees as
would otherwise be payable by a captive insurance company in accordance with R.S. 22:821
for organizing and becoming licensed or transacting business in this state. The commissioner
may issue a conditional certificate of authority prior to the effective date of the
redomestication in order to facilitate the transaction and provide notice of approval of the
transaction to the outgoing jurisdiction.
B. Upon the approval of and compliance with conditions as may be imposed by the
commissioner, any domestic captive insurance company may transfer its domicile, in
accordance with the laws thereof, to any other state or jurisdiction and upon such a transfer,
shall cease to be a domestic captive insurance company, and its corporate or other legal
existence in this state shall cease upon the filing of articles of incorporation with the
commissioner, or upon a later date if a delayed effective date is specified in the articles of
incorporation, accompanied by a certificate of approval of redomestication issued by the
commissioner or analogous officer of the jurisdiction to which the captive insurance
company is redomesticating, and upon payment of a filing fee to the commissioner. The
redomesticating entity shall include, at a minimum, all of the following in its articles of
incorporation:
(1) The name, organizational form, date of formation, and jurisdiction of formation
of the redomesticating entity.
(2) The jurisdiction to which the redomesticating entity will be transferring its
domicile and its name following the redomestication date.
(3) The registered office and agent of the redomesticating entity following the
redomestication date.
(4) A statement that the redomestication has been approved by the appropriate vote
of the shareholders or other owners of the redomesticating entity.
C. Upon redomestication in accordance with this Section, the foreign or alien insurer
shall become a domestic captive insurance company organized under the laws of this state
with all rights, privileges, immunities, and powers to continue its business and transact
business in this state, and is subject to all applicable laws, duties, and liabilities of a domestic
captive insurance company in this state. The redomesticated captive insurance company
possesses all rights that were obtained prior to the redomestication to the extent permitted
by the laws of this state and is responsible and liable for all liabilities and obligations that
were obtained prior to the redomestication. The certificate of authority, agents, appointments
and licenses, rates, and other items that the commissioner allows, in his discretion, that are
in existence at the time any insurer transfers its corporate domicile to this or any other state
or jurisdiction by redomestication pursuant to this Section, shall continue in full force and
effect upon the transfer. All outstanding policies of any transferring insurer shall remain in
full force and effect.

Legislative History

Acts 2025, No. 313, §2.