§ 38.2-1019. Change of status from foreign to domestic insurer
A. Any foreign insurer licensed to transact the business of insurance in this Commonwealth may become a domestic insurer upon (i) complying with the requirements for formation of a domestic insurer under Article 1 (§ 38.2-1000 et seq.) of this chapter at the date of redomestication, and (ii) promptly filing any necessary amendments to its articles of incorporation, charters, bylaws and other corporate documents. When those requirements have been met, the Commission may issue a license dated as of the date of redomestication in accordance with the provisions of Article 5 (§ 38.2-1024 et seq.) of this chapter to permit the company to transact the business of insurance in the Commonwealth as a domestic insurer. Such insurer shall be recognized under the laws of this Commonwealth as an insurer initially licensed in another jurisdiction, as of the date it was first licensed as an insurer in its original domiciliary state.
B. An insurer that changes its status from foreign to domestic in accordance with subsection A of this section has all the rights, titles and interests in the assets of the original corporation, as well as all of its liabilities and obligations.
(1983, c. 441, § 38.1-949; 1986, c. 562; 2000, c. 169.)Sections: Previous 38.2-1013 38.2-1014 38.2-1015 38.2-1016 38.2-1016.1 38.2-1017 38.2-1018 38.2-1019 38.2-1020 38.2-1021 38.2-1022 38.2-1023 38.2-1024 38.2-1025 38.2-1026 Next
Last modified: April 16, 2009