20-231. Transfer of domicile

A. Any insurer organized under the laws of any other state and admitted to do business in this state for the purpose of writing insurance may, upon complying with all requirements of law relative to the organization of a domestic insurer and by designating its principal place of business at a place in this state, become a domestic insurer. Such a domestic insurer is entitled to a certificate of authority to transact insurance in this state and is subject to the authority and jurisdiction of this state.

B. Any domestic insurer may, upon the approval of the director, transfer its domicile to any other state in which it is admitted to transact insurance. Upon such a transfer the insurer ceases to be a domestic insurer. If otherwise qualified, the director shall admit such insurer to do business in this state as a foreign insurer. The director shall approve any proposed transfer unless he determines the transfer is not in the interest of the policyholders of the insurer in this state.

C. The certificate of authority, appointment of statutory agent and licenses, policy forms, rates, authorizations and other filings and approvals in existence at the time a foreign insurer, admitted to transact insurance in this state, transfers its corporate domicile to this or any other state by merger or otherwise continue in effect upon the transfer of corporate domicile. However, each transferring company shall notify the director of the proposed transfer and shall promptly file any resulting amendments to corporate documents filed or required to be filed with the director.