38.2-1020 - Transfer of domicile from Virginia to another state. - Virginia Statutes

§ 38.2-1020. Transfer of domicile from Virginia to another state.

Any domestic insurer, upon the approval of the Commission, may transfer itsdomicile from this Commonwealth to any other state in which it is licensed totransact the business of insurance. The Commission may approve the proposedtransfer of domicile if it determines that the transfer is in the bestinterests of the insurer's policyholders and this Commonwealth. If theCommission does not approve the transfer, it shall give the insurer writtennotice of the refusal and the reasons for it within thirty days after thedate the request for transfer was made. If the request for transfer isgranted and the insurer is otherwise qualified, it may transact the businessof insurance in this Commonwealth as a foreign insurer without interruptionin licensing.

(1983, c. 441, § 38.1-950; 1986, c. 562.)