375.908. Nonresident insurer may become domestic insurer, procedure--director may promulgate rules.
Nonresident insurer may become domestic insurer, procedure--directormay promulgate rules.
375.908. 1. Any insurer which is organized under the laws of any otherstate and is admitted to do business in this state for the purpose of writinginsurance may become a domestic insurer by complying with all of therequirements of law relative to the organization and licensing of a domesticinsurer of the same type and by designating its principal place of business ata place in this state. Such domestic insurer shall be entitled to likecertificates and licenses to transact business in this state, and shall besubject to the authority and jurisdiction of this state.
2. Any domestic insurer may, upon the approval of the director of thedepartment of insurance, financial institutions and professional registration,transfer its domicile to any other state in which it is admitted to transactthe business of insurance, and upon such a transfer shall cease to be adomestic insurer, and shall be admitted to transact the business of insurancein this state if qualified as a foreign insurer. The director shall approveany such proposed transfer unless he shall determine such transfer is not inthe interest of the policyholders of this state.
3. The certificate of authority, agent appointments and licenses, rates,and other items which the director allows, in his discretion, which are inexistence at the time any insurer licensed to transact the business ofinsurance in this state transfers its corporate domicile to this or any otherstate by merger, consolidation or any other lawful method shall continue infull force and effect upon such transfer if such insurer remains dulyqualified to transact the business of insurance in this state. Alloutstanding policies of any transferring insurer shall remain in full forceand effect and need not be endorsed as to the new name of the company or itsnew location unless so ordered by the director. Every transferring insurershall file new policy forms with the director on or before the effective dateof the transfer, but may use existing policy forms with appropriateendorsements if allowed by, and under such conditions as approved by, thedirector; however, every such transferring insurer shall notify the directorof the details of the proposed transfer, and shall file promptly, any*resulting amendments to corporate documents filed or required to be filed withthe director.
4. The director may promulgate rules and regulations to carry out theprovisions of this section.
(L. 1991 H.B. 385, et al. § 24)*Word "and" appears in original rolls.