Sec. 38a-58a. Transfer of domicile: By foreign insurance company to this state; by domestic insurance company to another state. Procedures.
Sec. 38a-58a. Transfer of domicile: By foreign insurance company to this
state; by domestic insurance company to another state. Procedures. (a) Any insurer
which is organized under the laws of any other state and is admitted to do business in
this state for the purpose of writing insurance may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a
domestic insurer of the same type and by designating its principal place of business at
a location in this state. The domestic insurer shall be entitled to like certificates and
licenses to transact business in this state and shall be subject to the authority and jurisdiction of this state. The articles of incorporation of the domestic insurer may be amended
to provide that the corporation is a continuation of the corporate existence of the original
foreign corporation through adoption of this state as its corporate domicile and that the
original date of incorporation in its original domiciliary state is the date of incorporation
of the domestic insurer.
(b) Any domestic insurer may, upon the approval of the Insurance Commissioner,
transfer its domicile to any other state in which it is admitted to transact the business of
insurance, and upon such a transfer shall cease to be a domestic insurer, and shall be
admitted to this state, if qualified, as a foreign insurer. The Insurance Commissioner
may approve the proposed transfer if he determines that the transfer is in the interest of
the policyholders of this state or in the public interest.
(c) The certificate of authority, agents' appointments and licenses, rates and other
criteria within the discretion of the Insurance Commissioner which are in existence at
the time any insurer licensed to transact the business of insurance in this state transfers
its corporate domicile to this state or any other state by merger, consolidation or any
other lawful method shall continue in full force and effect upon the transfer if the insurer
remains duly qualified to transact the business of insurance in this state. All outstanding
policies of any transferring insurer shall be given full force and effect and need not be
endorsed as to the new name of the company or its new location unless ordered by the
Insurance Commissioner. Each transferring insurer shall file new policy forms with the
Insurance Commissioner on or before the effective date of the transfer, but may use
existing policy forms with appropriate endorsements if allowed by, and under such
conditions as approved by, the Insurance Commissioner. Each transferring insurer shall
notify the Insurance 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 Insurance Department. Each such insurer, upon the transfer of its domicile to
this state, shall file with the Secretary of the State a true copy of its original articles of
incorporation, duly certified by the proper official of the state and a certificate in such
form as prescribed by the Secretary of the State and approved by the Insurance Commissioner.
(P.A. 91-232, S. 1, 2.)