Transfer of insurer’s domicile: Duties of insurer; effect on policies.
1. The Commissioner may require a domestic insurer which converts to a foreign insurer or a foreign insurer which converts to a domestic insurer to:
(a) Obtain new licenses for its agents;
(b) Make new appointments of agents; or
(c) Apply for any other new license, certificate or authorization.
Ê Any license, appointment or authorization which the Commissioner does not require an insurer to renew continues in effect after the conversion.
2. All policies of an insurer remain in effect when it transfers its domicile into or out of this state. The Commissioner may require that the insurer endorse the policies with its new name or location.
3. Every insurer which transfers its domicile into or out of this state shall notify the Commissioner at least 30 days before the transfer. Such an insurer shall file new forms for its policies and any other documents required by the Commissioner with the Commissioner on or before the effective date of the transfer. The insurer may use existing forms if approved by and under the conditions imposed by the Commissioner.
Last modified: February 27, 2006