§ 27-2.2-2 - Effects of domestication. - Rhode Island Statutes

SECTION 27-2.2-2

   § 27-2.2-2  Effects of domestication.– Upon domestication in accordance with § 27-2.2-1, the foreign insurershall become a domestic insurer organized under the laws of this state and haveall the rights, privileges, immunities, and powers, and be subject to allapplicable laws, duties, and liabilities, of domestic insurers of the sametype. The domestic insurer shall then and after this possess all rights thatobtained prior to the domestication to the extent permitted by the laws of thisstate, and be responsible and liable for all the liabilities and obligationsthat obtained prior to the domestication. The certificate of authority,insurance producers, appointments and licenses, rates, and other items that theinsurance commissioner allows, in his or her discretion, which are in existenceat the time any insurer licensed to transact the business of insurance in thisstate transfers its corporate domicile to this or any other state orjurisdiction by domestication, shall continue in full force and effect afterthe transfer if the insurer remains duly qualified to transact the business ofinsurance in this state. All transferring insurers qualified in this stateshall notify the commissioner of the transfer of domicile and shall provide thecommissioner any information and documentation that the commissioner mayrequest. All outstanding policies of any transferring insurer shall remain infull force and effect.