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§ 3-126. Changes in domicile of insurers

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 3. Kinds of Insurers
Subtitle 1. Stock Insurers and Mutual Insurers (Refs & Annos)
MD Code, Insurance, § 3-126
§ 3-126. Changes in domicile of insurers
Currentness
Foreign insurers becoming domestic insurers
(a)(1) A foreign insurer authorized to engage in the insurance business in the State may become a domestic insurer by:
(i) complying with all requirements of the law relating to the formation and organization of a domestic insurer; and
(ii) designating its principal place of business in the State.
(2) On becoming a domestic insurer, the insurer:
(i) is entitled to the certificates and licenses to transact insurance business in this State that are issued to domestic insurers;
(ii) shall be recognized in all respects as an insurer formed under the laws of this State as of the date of authorization as an insurer in its original domiciliary state; and
(iii) is subject to the authority and jurisdiction of the State.
Transfer of domicile by merger, consolidation, or other lawful methods
(b)(1) When a foreign insurer authorized to engage in the insurance business in this State transfers its corporate domicile to this State or another state by merger, consolidation, or other lawful method, the certificate of authority, appointments of agents, rates, and other issues that are subject to the Commissioner's approval and that are in existence at the time of the transfer remain in effect after the transfer if the insurer at all times remains qualified to engage in the insurance business in this State.
(2) All outstanding policies of a transferring insurer remain in effect and need not be endorsed with the new name of the insurer or the new domiciliary and location of the insurer unless the Commissioner so orders.
(3) A transferring insurer:
(i) may file new policy forms with the Commissioner on or before the effective date of the transfer; or
(ii) if allowed by and under conditions approved by the Commissioner, may use any existing policy form previously filed with the Commissioner with appropriate endorsements.
(4) A foreign insurer that transfers its domicile to another state shall:
(i) notify the Commissioner of the details of the proposed transfer; and
(ii) file promptly with the Commissioner any resulting amendments to corporate documents and other items on file with the Commissioner.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 249A.
MD Code, Insurance, § 3-126, MD INSURANCE § 3-126
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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