State Codes and Statutes

Statutes > North-carolina > Chapter_58 > GS_58-7-70

§ 58‑7‑70. Effects of redomestication.

The license, agentappointments and licenses, rates, and other items that the Commissionerauthorizes or grants, in his discretion, that are in existence at the time anyinsurer licensed by the Commissioner transfers its corporate domicile to thisor any other state by merger, consolidation, or any other lawful method, shallcontinue in full force and effect upon the transfer if the insurer remains dulylicensed by the Commissioner. All outstanding policies of any transferringinsurer shall remain in full force and effect and need not be endorsed as toany new name of the insurer or its new location unless so ordered by theCommissioner. Every transferring insurer shall file new policy forms with theCommissioner on or before the effective date of the transfer, but may useexisting policy forms with appropriate endorsements if allowed by, and undersuch conditions as approved by, the Commissioner: Provided, however, every suchtransferring insurer shall (i) notify the Commissioner of the details of theproposed transfer and (ii) promptly file any resulting amendments to corporatedocuments filed or required to be filed with the Commissioner. (1987, c. 752, s. 10; 1999‑132,s. 9.1; 2000‑140, s. 11; 2001‑223, s. 4.2.)

State Codes and Statutes

Statutes > North-carolina > Chapter_58 > GS_58-7-70

§ 58‑7‑70. Effects of redomestication.

The license, agentappointments and licenses, rates, and other items that the Commissionerauthorizes or grants, in his discretion, that are in existence at the time anyinsurer licensed by the Commissioner transfers its corporate domicile to thisor any other state by merger, consolidation, or any other lawful method, shallcontinue in full force and effect upon the transfer if the insurer remains dulylicensed by the Commissioner. All outstanding policies of any transferringinsurer shall remain in full force and effect and need not be endorsed as toany new name of the insurer or its new location unless so ordered by theCommissioner. Every transferring insurer shall file new policy forms with theCommissioner on or before the effective date of the transfer, but may useexisting policy forms with appropriate endorsements if allowed by, and undersuch conditions as approved by, the Commissioner: Provided, however, every suchtransferring insurer shall (i) notify the Commissioner of the details of theproposed transfer and (ii) promptly file any resulting amendments to corporatedocuments filed or required to be filed with the Commissioner. (1987, c. 752, s. 10; 1999‑132,s. 9.1; 2000‑140, s. 11; 2001‑223, s. 4.2.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_58 > GS_58-7-70

§ 58‑7‑70. Effects of redomestication.

The license, agentappointments and licenses, rates, and other items that the Commissionerauthorizes or grants, in his discretion, that are in existence at the time anyinsurer licensed by the Commissioner transfers its corporate domicile to thisor any other state by merger, consolidation, or any other lawful method, shallcontinue in full force and effect upon the transfer if the insurer remains dulylicensed by the Commissioner. All outstanding policies of any transferringinsurer shall remain in full force and effect and need not be endorsed as toany new name of the insurer or its new location unless so ordered by theCommissioner. Every transferring insurer shall file new policy forms with theCommissioner on or before the effective date of the transfer, but may useexisting policy forms with appropriate endorsements if allowed by, and undersuch conditions as approved by, the Commissioner: Provided, however, every suchtransferring insurer shall (i) notify the Commissioner of the details of theproposed transfer and (ii) promptly file any resulting amendments to corporatedocuments filed or required to be filed with the Commissioner. (1987, c. 752, s. 10; 1999‑132,s. 9.1; 2000‑140, s. 11; 2001‑223, s. 4.2.)