31A-5-216 - Change of domicile. - Utah Statutes

31A-5-216. Change of domicile.
(1) A foreign insurance corporation may become a Utah insurance corporation if itsubmits an application which evidences that the corporation complies with all of therequirements imposed on domestic Utah corporations. The commissioner may, by order after ahearing, relax the requirements of this chapter applicable to corporations in the process oforganization that, because of the developed status of the insurer, he finds unnecessary to protectpolicyholders and the public. The commissioner shall simultaneously issue a certificate oforganization under Subsection 31A-5-204(3) and a certificate of authority under Subsection31A-5-212(2) when the conditions for both have been satisfied.
(2) Upon approval by the commissioner, a domestic insurer may transfer its domicile toany other state in which it is admitted. The commissioner shall approve the transfer of domicileunless he finds that the transfer will prejudice the interests of policyholders, creditors, or thepublic in Utah. The commissioner may require a special deposit, reinsurance, or other protectivemeasures as an alternative to rejecting the insurer's application to move. After or simultaneouswith the removal of the corporation, it may seek entry into this state as a foreign corporationunder Chapter 14.
(3) The transfer of domicile of an insurance corporation under either Subsection (1) orSubsection (2) does not affect the obligations of the corporation under its existing insurancecontracts or any other existing contracts.

Enacted by Chapter 242, 1985 General Session