§ 24-A §6716 — Redomestication; approval as a domestic captive insurer

1.
Procedure.
A foreign or alien captive insurance company may become a domestic captive insurance company by:
2.
Licensure.
Upon payment to the superintendent of the issuance fee set forth in section 601, subsection 1, the domestic captive insurance company is entitled to the necessary or appropriate certificates and licenses to do business in this State and is subject to the authority and jurisdiction of this State. A captive insurance company redomesticating into this State need not merge, consolidate, transfer assets or otherwise engage in any other reorganization other than as specified in this section.
3.
Rights and privileges; liabilities.
Upon redomestication in accordance with this section, the foreign or alien captive insurance company becomes a domestic captive insurance company organized under the laws of this State and has all the rights, privileges, immunities and powers and is subject to all applicable laws, duties and liabilities of a domestic captive insurance company of the same type. The domestic captive insurance company possesses all rights that it had prior to the redomestication to the extent permitted by the laws of this State and is responsible and liable for all the liabilities and obligations that it was subject to prior to the redomestication. All outstanding policies of the captive insurance company remain in full force and effect.

Legislative History

PL 1997, c. 435, §1 (NEW). RR 2001, c. 2, §B46 (COR). RR 2001, c. 2, §B58 (AFF).