Section 27-31B-27 Redomestication of Captive Insurance Companies.
AI-assisted research summary: Foreign or alien captive insurance companies may redomesticate as domestic captive insurance companies if they meet chapter requirements and get the commissioner’s approval.
(a) Notwithstanding any other method authorized by law, a foreign or alien captive insurance company may become a domestic captive insurance company by complying with all of the requirements of this chapter relative to the organization and licensing of a domestic captive insurance company of the same type with the approval of the commissioner. A company redomesticating to this state pursuant to this section may be organized under any lawful corporate form permitted by this chapter. (b) A redomestication pursuant to this section shall be authorized for captive insurance companies domiciled in foreign or alien jurisdictions that authorize the redomestication of captive insurance companies where, as a result of the actions taken by the company pursuant to this section to redomesticate to this state, shall no longer be a domestic legal entity of foreign or alien jurisdiction. A company seeking to redomesticate under this section must also provide evidence in a form satisfactory to the commissioner that the applicable regulatory authority of its domicile consents to the redomestication. (c) Upon the completion of a redomestication under this section, the captive insurance company shall be subject to the laws of this state and shall be considered domiciled in this state. The captive insurance company shall be deemed to have a formation date corresponding to its original formation date in the foreign or alien domicile. (d) For the purposes of examination, any examination conducted by the foreign or alien domicile that is substantially similar in scope to an examination that would have been done in this state had the company been domiciled in this state shall be recognized for the purposes of determining an examination period pursuant to Section 27-31B-10(a). (e) This section shall not be the exclusive means of redomesticating an insurance company to this state and shall not restrict the ability of an insurance company to undergo a merger, consolidation, transfer of assets and liabilities, or utilize any other means permitted by law to effect the transfer of operations of a foreign or alien insurance company to this state.