AI-assisted research summary: This section lets certain foreign or alien captive insurers redomesticate into the state if they meet the listed requirements, pay required fees, and file required documents.
§550.27. Redomestication A. Any foreign or alien insurer that qualifies for licensure as a captive insurance company in this state may redomesticate to this state by complying with all of the requirements of R.S. 22:550.5(B). A redomesticating captive insurance company shall ensure that its articles of incorporation, amendments, charter, and other organizational documents comply with R.S. 22:550.5(B) and any other applicable state law, and shall provide a certificate of compliance issued by the commissioner and a filing fee of ten dollars for each request. An insurer becoming a domestic captive insurance company through the redomestication process pursuant to this Section shall pay to the commissioner the fees as would otherwise be payable by a captive insurance company in accordance with R.S. 22:821 for organizing and becoming licensed or transacting business in this state. The commissioner may issue a conditional certificate of authority prior to the effective date of the redomestication in order to facilitate the transaction and provide notice of approval of the transaction to the outgoing jurisdiction. B. Upon the approval of and compliance with conditions as may be imposed by the commissioner, any domestic captive insurance company may transfer its domicile, in accordance with the laws thereof, to any other state or jurisdiction and upon such a transfer, shall cease to be a domestic captive insurance company, and its corporate or other legal existence in this state shall cease upon the filing of articles of incorporation with the commissioner, or upon a later date if a delayed effective date is specified in the articles of incorporation, accompanied by a certificate of approval of redomestication issued by the commissioner or analogous officer of the jurisdiction to which the captive insurance company is redomesticating, and upon payment of a filing fee to the commissioner. The redomesticating entity shall include, at a minimum, all of the following in its articles of incorporation: (1) The name, organizational form, date of formation, and jurisdiction of formation of the redomesticating entity. (2) The jurisdiction to which the redomesticating entity will be transferring its domicile and its name following the redomestication date. (3) The registered office and agent of the redomesticating entity following the redomestication date. (4) A statement that the redomestication has been approved by the appropriate vote of the shareholders or other owners of the redomesticating entity. C. Upon redomestication in accordance with this Section, the foreign or alien insurer shall become a domestic captive insurance company organized under the laws of this state with all rights, privileges, immunities, and powers to continue its business and transact business in this state, and is subject to all applicable laws, duties, and liabilities of a domestic captive insurance company in this state. The redomesticated captive insurance company possesses all rights that were obtained prior to the redomestication to the extent permitted by the laws of this state and is responsible and liable for all liabilities and obligations that were obtained prior to the redomestication. The certificate of authority, agents, appointments and licenses, rates, and other items that the commissioner allows, in his discretion, that are in existence at the time any insurer transfers its corporate domicile to this or any other state or jurisdiction by redomestication pursuant to this Section, shall continue in full force and effect upon the transfer. All outstanding policies of any transferring insurer shall remain in full force and effect. Acts 2025, No. 313, §2.