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 9  AN ACT concerning the changing of the domicile of foreign insurance
10    companies.
11
12  Be it enacted by the Legislature of the State of Kansas:
13    Section 1.  (a) An insurer organized under the laws of any other state
14  and admitted to do business in this state for the purpose of writing in-
15  surance may become a domestic insurer by complying with all of the
16  requirements of law relative to the organization and licensing of a do-
17  mestic insurer of the same type and by designating the insurer's principal
18  place of business at a place in this state. The domestic insurer will be
19  entitled to like certificates and licenses to transact business in this state,
20  and shall be subject to the authority and jurisdiction of this state.
21    (b)  A domestic insurer, upon the approval of the commissioner of
22  insurance, may transfer the insurer's domicile to any other state in which
23  it is admitted to transact the business of insurance, and upon such a
24  transfer shall cease to be a domestic insurer, and shall be admitted to this
25  state if qualified as a foreign insurer. The commissioner of insurance shall
26  approve the proposed transfer unless the commissioner determines the
27  transfer is not in the interest of the policyholders of this state.
28    (c)  The certificate of authority, agents' appointments and licenses,
29  rates and other items which the commissioner allows, in the commissi-
30  oner's discretion, that are in existence at the time an insurer licensed to
31  transact the business of insurance in this state transfers the insurer's cor-
32  porate domicile to this or any other state by merger, consolidation or any
33  other lawful method shall continue in full force and effect upon transfer
34  if the insurer remains duly qualified to transact the business of insurance
35  in this state. All outstanding policies of a transferring insurer shall remain
36  in full force and effect and need not be endorsed as to the new name of
37  the company or the company's new location unless so ordered by the
38  commissioner. A transferring insurer shall file new policy forms with the
39  commissioner on or before the effective date of the transfer, but may use
40  existing policy forms with appropriate endorsements if allowed by, and
41  under such conditions as approved by, the commissioner. However, every
42  transferring insurer shall notify the commissioner of the details of the
43  proposed transfer and shall file promptly any resulting amendments to
HB 2329
                                     

 1  corporate documents filed or required to be filed with the commissioner.
 2    (d)  The commissioner may promulgate rules and regulations to carry
 3  out the purposes of this act.
 4    Sec. 2.  This act shall take effect and be in force from and after its
 5  publication in the Kansas register.