§ 7120 — Redomestication of foreign insurance companies

§ 7120. Redomestication of foreign insurance companies. (a)\nDefinitions. In this section:\n (1) "Redomestication" means the transfer to this state of the\ncorporate domicile of an authorized foreign company, as provided for in\nthis section.\n (2) "Transferring company" means any authorized foreign company\nseeking redomestication.\n (b) A transferring company shall:\n (1) file with the superintendent a certificate in such form as\nprescribed by the superintendent signed by the insurance supervisory\nofficial of the state where such transferring company is domiciled\napproving the proposed redomestication and confirming that upon\nredomestication the transferring company shall no longer be subject as a\ndomestic company to the requirements of its current state of domicile;\n (2) comply with the applicable requirements of this chapter regarding\nthe organization and licensing of a domestic company of the same type;\n (3) demonstrate to the satisfaction of the superintendent that upon\nredomestication, the transferring company will be in compliance with the\nrequirements of this chapter and any regulations promulgated thereunder\napplicable to a domestic company of the same type;\n (4) submit to the superintendent all documents and filings necessary\nto comply with paragraphs two and three of this subsection; and\n (5) submit new policy forms to the superintendent for use after\nredomestication, if so ordered by the superintendent, or use existing\npolicy forms with appropriate endorsements if allowed by, and under such\nconditions as approved by, the superintendent.\n (c) After the transferring company has complied with the provisions of\nthis section, the superintendent may, in accordance with section one\nthousand one hundred two of this chapter issue a new license to the\ntransferring company to reflect the change in its state of corporate\ndomicile. The duration of its license shall be governed by section one\nthousand one hundred three of this chapter. Upon issuance of such new\nlicense the redomestication shall become effective and the transferring\ncompany shall be a domestic company.\n (d) Simultaneous with the redomestication taking effect:\n (1) all materials and documents that were submitted to the\nsuperintendent by the transferring company pursuant to the requirements\nof this section shall be filed in the office of the superintendent; and\n (2) the superintendent shall, in accordance with section one thousand\ntwo hundred one or other applicable provisions of this chapter issue to\nthe company a certified copy of its new declaration and charter and a\ncertificate of incorporation. The new charter of the company may provide\nfor the continuation of the corporate existence of the transferring\ncompany and in such case the original date of incorporation of the\ntransferring company shall be the date of incorporation of the new\ndomestic company.\n (e) All outstanding insurance policies and contracts shall remain in\nfull force and effect with no change and need not be endorsed as to the\nnew name of the company, if any, or its new location unless ordered by\nthe superintendent.\n (f) All agents' appointments and licenses, rates, and other items that\nthe superintendent allows, existing at the time of redomestication,\nshall continue in full force and effect in accordance with applicable\nprovisions of this chapter.\n