38.2-1021 - Change of domicile of foreign insurer to another foreign state.
§ 38.2-1021. Change of domicile of foreign insurer to another foreign state.
Any foreign insurer licensed to transact the business of insurance in thisCommonwealth, upon proper notice to the Commission, may change its domicileto another foreign state without interruption in licensing and withoutreapplying as a foreign insurer if:
1. For a foreign stock insurer, the change in domicile does not result in areduction in its capital and surplus to policyholders below the capital andsurplus requirements for licensure specified in § 38.2-1028;
2. For a foreign mutual insurer, the change in domicile does not result in areduction in its surplus below the surplus requirements for licensurespecified in § 38.2-1029;
3. There is no substantial change in the lines of insurance to be written bythe insurer;
4. There is no substantial change in the nature of the insurer or its methodof operations and there is no deterioration in its financial condition; and
5. The change in domicile has been approved by the supervising regulatoryofficials of both the former and new state of domicile.
(1983, c. 441, § 38.1-951; 1986, c. 562.)