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§7120
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§7120 . Redomestication of foreign life insurance companies.
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§7120(a)
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(a) Definitions. In (this §) :
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§7120(a)(1)
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(1) "Redomestication" means the transfer to this state of the corporate domicile of an authorized foreign life insurance company as provided for in (this §) .
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§7120(a)(2)
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(2) "Transferring insurer" means any authorized foreign life insurance company seeking redomestication.
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§7120(b)
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(b) A transferring insurer shall:
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§7120(b)(1)
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(1) file with the superintendent a certificate in such form as prescribed by the superintendent signed by the insurance supervisory official of the state where such transferring insurer is domiciled approving the proposed redomestication and confirming that upon redomestication the transferring insurer shall no longer be subject as a domestic insurer to the requirements of its current state of domicile;
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§7120(b)(2)
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(2) comply with the applicable requirements of this chapter regarding the organization and licensing of a domestic stock or mutual life insurance company;
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§7120(b)(3)
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(3) demonstrate to the satisfaction of the superintendent that upon redomestication, the transferring insurer will be in compliance with the requirements of this chapter and any regulations promulgated thereunder applicable to a domestic stock or mutual life insurance company as the case may be;
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§7120(b)(4)
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(4) submit to the superintendent all documents and filings necessary to comply with paragraphs (this sub§)(2) and (this sub§)(3) ; and
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§7120(b)(5)
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(5) submit new policy forms to the superintendent for use after redomestication, if so ordered by the superintendent, or use existing policy forms with appropriate endorsements if allowed by, and under such conditions as approved by, the superintendent.
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§7120(c)
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(c) After the transferring insurer has complied with the provisions of (this §) ,the superintendent may, in accordance with §1102 of this chapter issue a new license to the transferring insurer to reflect the change in its state of corporate domicile. The duration of its license shall be governed by §1103 of this chapter. Upon issuance of such new license the redomestication shall become effective and the transferring insurer shall be a domestic insurer.
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§7120(d)
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(d) Simultaneous with the redomestication taking effect:
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§7120(d)(1)
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(1) all materials and documents that were submitted to the superintendent by the transferring insurer pursuant to the requirements of (this §) shall be filed in the office of the superintendent; and
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§7120(d)(2)
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(2) the superintendent shall, in accordance with §1201 of this chapter issue to the insurer a certified copy of its new declaration and charter and certificate of incorporation. The new charter of the insurer may provide for the continuation of the corporate existence of the transferring insurer and in such case the original date of incorporation of the transferring insurer shall be the date of incorporation of the new domestic insurer.
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§7120(e)
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(e) All outstanding insurance policies and contracts shall remain in full force and effect with no change and need not be endorsed as to the new name of the company, if any, or its new location unless ordered by the superintendent.
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§7120(f)
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(f) All agents' appointments and licenses, rates, and other which the superintendent allows, existing at the time of redomestication, shall continue in full force and effect in accordance with applicable provisions of this chapter. Source Data downloaded: 2009-04-09 15: 48: 34; Processed: 2009-05-08 15: 36: 31
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