§ 26-41-103 — Effects of redomestication

Wyoming § 26-41-103

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 41: REDOMESTICATION MODEL ACT

Text

(a) The certificate of authority, agent appointments and
licenses, rates, and other items which the commissioner of
insurance allows, in his discretion, which are in existence at
the time any insurer licensed to transact the business of
insurance in this state transfers its corporate domicile to this
or any other state by merger, consolidation, continuance,
transfer 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 this state.
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. 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
conditions approved by, the commissioner.
(b) The procedures for filing and approval of articles of
domestication by the corporate directors shall be the same as
those set forth in W.S. 26-24-104 concerning the filing and
approval of articles of incorporation for proposed domestic
insurers.
(c) The articles of domestication of any insurer
transferring its domicile into this state shall be deemed the
articles of incorporation of the insurer. The domestication of
an insurer into this state shall have the same effect upon the
insurer as in the case of a corporation continuing in Wyoming
pursuant to W.S. 17-16-1810.