§431:3-212.5  Redomestication of authorized
insurers.  (a)  The certificate of authority, producer appointments and
licenses, rates, and other items allowed by the commissioner, which are in
existence at the time an insurer authorized to transact insurance business 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 the insurer remains qualified to transact
insurance business in this State.  For purposes of this section, an insurer
transferring its corporate domicile to this State remains qualified to transact
insurance business in this State if it meets the organization and licensing
requirements applicable to the same type of domestic insurer.  All outstanding
policies of a 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.



(b)  Each transferring insurer shall file new
policy forms on or before the effective date of the transfer if such forms are
required to be approved by the commissioner.  The insurer may use existing
policy forms with appropriate endorsements if permitted by, and under such conditions
as approved by, the commissioner.  Every such transferring insurer shall notify
the commissioner 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 commissioner.



(c)  The commissioner may apply this section to
any domestication occurring in another state by an authorized United States
branch of an alien insurer. [L 1991, c 181, §1; am L 2002, c 155, §8; am L
2004, c 122, §9]



 



Cross References



 



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