§ 58-7-60. Approval as a domestic insurer.

168 words·~1 min read·/nc/chapter-58/58-7-60

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any insurer that is organized under the laws of any other state and is licensed to transact the business of insurance in this State may become a domestic insurer by

(i)complying with laws and regulations regarding the organization and licensing of a domestic insurer of the same type;

(ii)designating its principal place of business at a place in this State; and

(iii)obtaining the approval of the Commissioner. Such domestic insurer shall be entitled to like certificates of authority to transact business in this State and shall be subject to the authority and jurisdiction of this State. Articles of Incorporation of such domestic insurer may be amended to provide that the corporation is a continuation of the corporate existence of the original foreign corporation through adoption of this State as its corporate domicile and that the original date of incorporation in its original domicilliary state is the date of incorporation of such domestic insurer. (1987, c. 752, s. 10.)