§ 7120. Redomestication of foreign insurance companies. (a)
Definitions. In this section:

(1) "Redomestication" means the transfer to this state of the
corporate domicile of an authorized foreign company, as provided for in
this section.

(2) "Transferring company" means any authorized foreign company
seeking redomestication.

(b) A transferring company shall:

(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 company is domiciled
approving the proposed redomestication and confirming that upon
redomestication the transferring company shall no longer be subject as a
domestic company to the requirements of its current state of domicile;

(2) comply with the applicable requirements of this chapter regarding
the organization and licensing of a domestic company of the same type;

(3) demonstrate to the satisfaction of the superintendent that upon
redomestication, the transferring company will be in compliance with the
requirements of this chapter and any regulations promulgated thereunder
applicable to a domestic company of the same type;

(4) submit to the superintendent all documents and filings necessary
to comply with paragraphs two and three of this subsection; and

(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.

(c) After the transferring company has complied with the provisions of
this section, the superintendent may, in accordance with section one
thousand one hundred two of this chapter issue a new license to the
transferring company to reflect the change in its state of corporate
domicile. The duration of its license shall be governed by section one
thousand one hundred three of this chapter. Upon issuance of such new
license the redomestication shall become effective and the transferring
company shall be a domestic company.

(d) Simultaneous with the redomestication taking effect:

(1) all materials and documents that were submitted to the
superintendent by the transferring company pursuant to the requirements
of this section shall be filed in the office of the superintendent; and

(2) the superintendent shall, in accordance with section one thousand
two hundred one or other applicable provisions of this chapter issue to
the company a certified copy of its new declaration and charter and a
certificate of incorporation. The new charter of the company may provide
for the continuation of the corporate existence of the transferring
company and in such case the original date of incorporation of the
transferring company shall be the date of incorporation of the new
domestic company.

(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.

(f) All agents' appointments and licenses, rates, and other items that
the superintendent allows, existing at the time of redomestication,
shall continue in full force and effect in accordance with applicable
provisions of this chapter.