§ 58-7-60. Approval as a domestic insurer. - North Carolina Statutes

§58‑7‑60.  Approval as a domestic insurer.

Any insurer that is organizedunder the laws of any other state and is licensed to transact the business ofinsurance in this State may become a domestic insurer by (i) complying withlaws and regulations regarding the organization and licensing of a domesticinsurer of the same type; (ii) designating its principal place of business at aplace in this State; and (iii) obtaining the approval of the Commissioner. Such domestic insurer shall be entitled to like certificates of authority totransact business in this State and shall be subject to the authority andjurisdiction of this State.  Articles of Incorporation of such domestic insurermay be amended to provide that the corporation is a continuation of the corporateexistence of the original foreign corporation through adoption of this State asits corporate domicile and that the original date of incorporation in itsoriginal domicilliary state is the date of incorporation of such domesticinsurer.  (1987, c. 752, s. 10.)