§ 27-2.2-1 - Domestication of foreign insurer. - Rhode Island Statutes

SECTION 27-2.2-1

   § 27-2.2-1  Domestication of foreigninsurer. – Any foreign insurer may become a domestic insurer by complying with all of therequirements of law relative to the organization and licensing of a domesticinsurer of the same type, and by filing with the insurance commissioner itsarticles of association, charter, or other organizational document, togetherwith appropriate amendments to them adopted in accordance with the laws of thisstate bringing the articles of association, charter, or other organizationaldocument into compliance with the laws of this state. The foreign insurer shallbe entitled to the necessary or appropriate certificates and licenses tocontinue its business and to transact business in this state, and shall besubject to the authority and jurisdiction of this state. In connection with anydomestication, the commissioner may waive any and all requirements for publichearings. No insurer domesticating into this state need merge, consolidate,transfer assets, or engage in any other reorganization, other than as specifiedin this section.