Ch. 25             1997 Session Laws of Kansas             77

Chapter 25

HOUSE BILL No. 2329*

An Act concerning the changing of the domicile of foreign insurance companies.

Be it enacted by the Legislature of the State of Kansas:

Section 1. (a) An insurer organized under the laws of any other state
and admitted to do business in this state for the purpose of writing in-
surance may become a domestic insurer by complying with all of the
requirements of law relative to the organization and licensing of a do-
mestic insurer of the same type and by designating the insurer's principal
place of business at a place in this state. The domestic insurer will be
entitled to like certificates and licenses to transact business in this state,
and shall be subject to the authority and jurisdiction of this state.

(b) A domestic insurer, upon the approval of the commissioner of
insurance, may transfer the insurer's domicile to any other state in which
it is admitted to transact the business of insurance, and upon such a
transfer shall cease to be a domestic insurer, and shall be admitted to this
state if qualified as a foreign insurer. The commissioner of insurance shall
approve the proposed transfer unless the commissioner determines the
transfer is not in the interest of the policyholders of this state.

(c) The certificate of authority, agents' appointments and licenses,
rates and other items which the commissioner allows, in the commis-
sioner's discretion, that are in existence at the time an insurer licensed to
transact the business of insurance in this state transfers the insurer's cor-
porate domicile to this or any other state by merger, consolidation or any
other lawful method shall continue in full force and effect upon transfer
if the insurer remains duly qualified to transact the business of insurance
in this state. All outstanding policies of a transferring insurer shall remain
in full force and effect and need not be endorsed as to the new name of
the company or the company's new location unless so ordered by the
commissioner. A transferring insurer shall file new policy forms with the
commissioner on or before the effective date of the transfer, but may use
existing policy forms with appropriate endorsements if allowed by, and
under such conditions as approved by, the commissioner. However, every
transferring insurer shall notify the commissioner of the details of the
proposed transfer and shall file promptly any resulting amendments to
corporate documents filed or required to be filed with the commissioner.

(d) The commissioner may promulgate rules and regulations to carry
out the purposes of this act.

Sec. 2. This act shall take effect and be in force from and after its
publication in the Kansas register.

Approved March 31, 1997.

Published in the Kansas Register: April 24, 1997.