38.2-1019 - Change of status from foreign to domestic insurer. - Virginia Statutes

§ 38.2-1019. Change of status from foreign to domestic insurer.

A. Any foreign insurer licensed to transact the business of insurance in thisCommonwealth may become a domestic insurer upon (i) complying with therequirements for formation of a domestic insurer under Article 1 (§ 38.2-1000et seq.) of this chapter at the date of redomestication, and (ii) promptlyfiling any necessary amendments to its articles of incorporation, charters,bylaws and other corporate documents. When those requirements have been met,the Commission may issue a license dated as of the date of redomestication inaccordance with the provisions of Article 5 (§ 38.2-1024 et seq.) of thischapter to permit the company to transact the business of insurance in theCommonwealth as a domestic insurer. Such insurer shall be recognized underthe laws of this Commonwealth as an insurer initially licensed in anotherjurisdiction, as of the date it was first licensed as an insurer in itsoriginal domiciliary state.

B. An insurer that changes its status from foreign to domestic in accordancewith subsection A of this section has all the rights, titles and interests inthe assets of the original corporation, as well as all of its liabilities andobligations.

(1983, c. 441, § 38.1-949; 1986, c. 562; 2000, c. 169.)