Insurance Law 7120 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7119 Appraisal of shares of dissenting shareholder on merger or consolidation of domestic company or on acquisition of minority interests in a... up ARTICLE 71 Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers next SECTION 7121 Effects upon guaranty corporations of certain events Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7120 Redomestication of foreign insurance companies Insurance (ISC) CHAPTER 28, ARTICLE 71 § 7120. Redomestication of foreign insurance companies. (a) Definitions. In this section: (1) "Redomestication" means the transfer to this state of the corporate domicile of an authorized foreign company, as provided for in this section. (2) "Transferring company" means any authorized foreign company seeking redomestication. (b) A transferring company shall: (1) file with the superintendent a certificate in such form as prescribed by the superintendent signed by the insurance supervisory official of the state where such transferring company is domiciled approving the proposed redomestication and confirming that upon redomestication the transferring company shall no longer be subject as a domestic company to the requirements of its current state of domicile; (2) comply with the applicable requirements of this chapter regarding the organization and licensing of a domestic company of the same type; (3) demonstrate to the satisfaction of the superintendent that upon redomestication, the transferring company will be in compliance with the requirements of this chapter and any regulations promulgated thereunder applicable to a domestic company of the same type; (4) submit to the superintendent all documents and filings necessary to comply with paragraphs two and three of this subsection; and (5) submit new policy forms to the superintendent for use after redomestication, if so ordered by the superintendent, or use existing policy forms with appropriate endorsements if allowed by, and under such conditions as approved by, the superintendent. (c) After the transferring company has complied with the provisions of this section, the superintendent may, in accordance with section one thousand one hundred two of this chapter issue a new license to the transferring company to reflect the change in its state of corporate domicile. The duration of its license shall be governed by section one thousand one hundred three of this chapter. Upon issuance of such new license the redomestication shall become effective and the transferring company shall be a domestic company. (d) Simultaneous with the redomestication taking effect: (1) all materials and documents that were submitted to the superintendent by the transferring company pursuant to the requirements of this section shall be filed in the office of the superintendent; and (2) the superintendent shall, in accordance with section one thousand two hundred one or other applicable provisions of this chapter issue to the company a certified copy of its new declaration and charter and a certificate of incorporation. The new charter of the company may provide for the continuation of the corporate existence of the transferring company and in such case the original date of incorporation of the transferring company shall be the date of incorporation of the new domestic company. (e) All outstanding insurance policies and contracts shall remain in full force and effect with no change and need not be endorsed as to the new name of the company, if any, or its new location unless ordered by the superintendent. (f) All agents' appointments and licenses, rates, and other items that the superintendent allows, existing at the time of redomestication, shall continue in full force and effect in accordance with applicable provisions of this chapter.