2005 Idaho Code - 41-342 — REDOMESTICATION AS A DOMESTIC INSURER -- CONVERSION TO FOREIGN INSURER

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 3
                          AUTHORIZATION OF INSURERS
                           AND GENERAL REQUIREMENTS
    41-342.  REDOMESTICATION AS A DOMESTIC INSURER -- CONVERSION TO FOREIGN
INSURER. (1) Any insurer which is organized under the laws of any other state
and is admitted to do business in this state for the purpose of writing
insurance may become a domestic insurer by complying with all of the
requirements of law relative to the organization and licensing of a domestic
insurer of the same type and by designating its principal place of business at
a place in Idaho. Such a domestic insurer shall be entitled to a certificate
of redomestication and a certificate of authority to transact business in this
state, and shall have the same rights and obligations as other domestic
insurers of this state.
    (2)  Any domestic insurer may, upon the approval of the director, transfer
its domicile to any other state in which it is admitted to transact the
business of insurance. Upon such a transfer, the insurer shall cease to be a
domestic insurer. If the insurer is otherwise qualified, the director shall
admit the insurer to this state as a foreign insurer. The director shall
approve any such proposed transfer unless he determines that such a transfer
is not in the interest of the policyholders of the insurer in this state.
After the director has approved the transfer, the director shall provide
written notice to the secretary of state that the insurer has transferred its
domicile to another state, stating the effective date of the transfer and the
state to which the insurer has transferred its domicile. Upon receipt of the
written notice from the director and the payment of the fee required in
section 30-1-122, Idaho Code, the secretary of state shall file the notice
and, on the effective date of the transfer, terminate the existence of the
insurance company as a domestic corporation.
    (3)  The certificate of authority, appointment of statutory agent and
licenses, policy forms, rates, authorizations and other filings and approvals
in existence at the time an insurer admitted to transact insurance in this
state transfers its corporate domicile to this or any other state, continue in
effect upon the transfer of corporate domicile. All rates and outstanding
policies of any transferring insurer shall remain in full force and effect
and policies need not be endorsed as to the new domicile unless so ordered by
the director. Every transferring insurer shall either file new policy forms
for use in this state with the director on or before the effective date of the
transfer, or use existing policy forms in this state with appropriate
endorsements as allowed by, and under such conditions as may be approved by
the director. Every transferring insurer shall notify the director of the
proposed transfer, and shall promptly file any resulting amendments to its
corporate documents required to be filed with the director.