611.223 Transfer of an insurer’s place of domicile.
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611.223 Transfer of an insurer’s place of domicile.
(1)Foreign insurer becomes a domestic insurer.
(a)A foreign insurer which desires to become a domestic insurer may submit to the commissioner an application for a certificate of incorporation and a certificate of authority. The application shall comply with par.
(b)and shall include or have attached any other relevant documents or information that the commissioner reasonably requires. Upon review of the application, the commissioner may issue a certificate of incorporation and certificate of authority if the commissioner determines that all of the following are satisfied:
1. The applicant is in compliance with the provisions of chs. 600 to 655 that apply to domestic insurers.
2. The directors and officers of the applicant are trustworthy and competent and collectively have the competence and experience to engage in the particular insurance business proposed.
3. The proposed business is consistent with the interests of insureds and the public.
(b)The commissioner shall by rule specify the required contents and form of an application submitted under par.
(a). In determining the required contents, the commissioner shall consider the information and documents which will permit the commissioner to determine whether the requirements of par.
(a)1. to 3. are satisfied.
(c)The commissioner may by order relax one or more of the requirements of this subsection for a foreign insurer which desires to become a domestic insurer if, after a hearing conducted in accordance with ch. 227 , the commissioner determines that the requirements are unnecessary to protect policyholders and the public because of the developed status of the foreign insurer.