§ 3439 - Effects of redomestication - Vermont Statutes

§ 3439. Effects of redomestication

Upon redomestication in accordance with section 3437 of this title, the foreign or alien insurer shall become a domestic insurer organized under the laws of this state and have all the rights, privileges, immunities and powers, and be subject to all applicable laws, duties and liabilities, of domestic insurers of the same type. Such domestic insurer shall thereupon and thereafter possess all rights that obtained prior to the redomestication to the extent permitted by the laws of this state, and thenceforth be responsible and liable for all the liabilities and obligations that obtained prior to the redomestication. The certificate of authority, agents, appointments and licenses, rates, and other items that the commissioner of insurance allows, in his or her discretion, which are in existence at the time any insurer licensed to transact the business of insurance in this state transfers its corporate domicile to this or any other state or jurisdiction by redomestication, shall continue in full force and effect upon such transfer if such insurer remains duly qualified to transact the business of insurance in this state. All transferring insurers qualified in this state shall notify the commissioner of the transfer of domicile and shall provide the commissioner such information and documentation as the commissioner may request. All outstanding policies of any transferring insurer shall remain in full force and effect. (Added 1991, No. 41, § 3.)