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previous nextEffective 28 Aug 1991

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.908.  Nonresident insurer may become domestic insurer, procedure — director may promulgate rules. — 1.  Any insurer which is organized under the laws of any other state and is admitted to do business in this state for the purpose of writing insurance may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a domestic insurer of the same type and by designating its principal place of business at a place in this state.  Such domestic insurer shall be entitled to like certificates and licenses to transact business in this state, and shall be subject to the authority and jurisdiction of this state.

  2.  Any domestic insurer may, upon the approval of the director of the department of commerce and insurance, transfer its domicile to any other state in which it is admitted to transact the business of insurance, and upon such a transfer shall cease to be a domestic insurer, and shall be admitted to transact the business of insurance in this state if qualified as a foreign insurer.  The director shall approve any such proposed transfer unless he shall determine such transfer is not in the interest of the policyholders of this state.

  3.  The certificate of authority, agent appointments and licenses, rates, and other items which the director 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 or any other lawful method shall continue in full force and effect upon such transfer if such 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 director.  Every transferring insurer shall file new policy forms with the director 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 director; however, every such transferring insurer shall notify the director 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 director.

  4.  The director may promulgate rules and regulations to carry out the provisions of this section.

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(L. 1991 H.B. 385, et al. § 24)

*Word "and" appears in original rolls.


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