Sec. 1. (a) Any foreign insurance company which is admitted to transact business in Indiana may, upon complying with the requirements for formation of a domestic company under IC 27-1-6, become a domestic insurer. When those requirements have been met, the commissioner may issue a certificate of authority, under IC 27-1-3-20, to permit the company to transact business in the state as a domestic company.
(b) A company which changes its status from foreign to domestic under subsection (a) has all the rights, titles, and interests in the assets of the original corporation, as well as all of its liabilities and obligations. The company shall be recognized as a company formed under the laws of this state as of the date of its incorporation in its original domiciliary state.
As added by Acts 1980, P.L.170, SEC.1.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 6.5. Redomestication of Insurers
27-1-6.5-1. Foreign Insurers; Qualification as Domestic Insurer; Requirements
27-1-6.5-2. Domestic Insurers; Transfer of Domicile to Another State; Approval
27-1-6.5-4. Transfer of Domicile to Another State; Requisites
27-1-6.5-5. Transfer of Domicile to This or Another State; Effectiveness of Certificate of Authority