Sec. 983.051. REDOMESTICATION: FOREIGN TO DOMESTIC. (a) An insurer or health maintenance organization that is organized under the laws of another state and authorized to write insurance or provide a health care plan in this state may redomesticate to this state if:
(1) the entity amends or restates its articles of incorporation to comply with each requirement of this code relating to the organization and authorization of a domestic entity of the same type; and
(2) the commissioner approves the redomestication.
(b) An insurer or health maintenance organization that redomesticates under this section is:
(1) considered to be domiciled in this state; and
(2) entitled to a certificate of authority to engage in the business of insurance or the business of a health maintenance organization in this state as a domestic insurer or health maintenance organization, as applicable, without interruption of its authority to engage in business in this state.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas
Chapter 983 - Redomestication of Insurers and Health Maintenance Organizations
Subchapter B. Redomestication Process
Section 983.051. Redomestication: Foreign to Domestic
Section 983.052. Redomestication: Domestic to Foreign
Section 983.053. Redomestication: Foreign to Foreign
Section 983.054. Notice and Filing Required
Section 983.055. Forms of Insurance Policy or Evidence of Coverage
Section 983.056. Outstanding Insurance Policy or Evidence of Coverage: Change of Name