§431:3-212.5  Redomestication of authorizedinsurers.  (a)  The certificate of authority, producer appointments andlicenses, rates, and other items allowed by the commissioner, which are inexistence at the time an insurer authorized to transact insurance business inthis State transfers its corporate domicile to this or any other state bymerger, consolidation, or any other lawful method shall continue in full forceand effect upon such transfer if the insurer remains qualified to transactinsurance business in this State.  For purposes of this section, an insurertransferring its corporate domicile to this State remains qualified to transactinsurance business in this State if it meets the organization and licensingrequirements applicable to the same type of domestic insurer.  All outstandingpolicies of a transferring insurer shall remain in full force and effect andneed not be endorsed as to the new name of the company or its new locationunless so ordered by the commissioner.

(b)  Each transferring insurer shall file newpolicy forms on or before the effective date of the transfer if such forms arerequired to be approved by the commissioner.  The insurer may use existingpolicy forms with appropriate endorsements if permitted by, and under such conditionsas approved by, the commissioner.  Every such transferring insurer shall notifythe commissioner of the details of the proposed transfer and shall filepromptly any resulting amendments to corporate documents filed or required tobe filed with the commissioner.

(c)  The commissioner may apply this section toany domestication occurring in another state by an authorized United Statesbranch of an alien insurer. [L 1991, c 181, §1; am L 2002, c 155, §8; am L2004, c 122, §9]

 

Cross References

 

  Redomestication--captive insurers, see §§431:19-102.3 and431:19-102.4.