(a) Any insurer which is organized under the laws of any other state and is admitted
to do business in this Commonwealth for the purpose of writing insurance may become
a domestic insurer by complying with all of the requirements of law relative to the
organization and licensing of a domestic insurer of the same type and by designating
its principal place of business at a place in this Commonwealth. Said domestic insurer will be entitled to a like certificate of authority to transact
business in this Commonwealth, and shall be subject to the authority and jurisdiction
of this Commonwealth.
(b) Any domestic insurer may, upon the approval of the Insurance Commissioner transfer
its domicile to any other state in which it is admitted to transact the business of
insurance, and upon such a transfer shall cease to be a domestic insurer, and shall
be admitted to this Commonwealth if qualified as a foreign insurer. The Insurance Commissioner shall approve any such proposed transfer unless he shall
determine such transfer is not in the interest of all the policyholders.
(c) The certificate of authority, agents appointments and licenses, rates and other
items which the Insurance Commissioner allows, in his discretion, which are in existence
at the time any insurer licensed to transact the business of insurance in this Commonwealth
transfers its corporate domicile to this or any other state by merger, consolidation
or any other lawful method shall continue in full force and effect upon such transfer
if such insurer remains duly qualified to transact the business of insurance in this
Commonwealth. All outstanding policies of any transferring insurer shall remain in full force
and effect and need not be endorsed as to the new name of the company or its new location
unless so ordered by the Insurance Commissioner. Every transferring insurer shall file new policy forms with the Insurance Commissioner
on or before the effective date of the transfer, but may use existing policy forms
with appropriate endorsements if allowed by, and under such conditions as approved
by the Insurance Commissioner. However, every such transferring insurer shall notify the Insurance Commissioner
of the details of the proposed transfer, and shall file promptly, any resulting amendments
to corporate documents filed or required to be filed with the Insurance Commissioner.
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