HB 2329--
Session of 1997
By Committee on Appropriations

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.