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Texas Insurance Code - INS § 983.052. Redomestication: Domestic to Foreign

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) An insurer or health maintenance organization that is organized under the laws of this state and authorized to write insurance or provide a health care plan in another state may redomesticate to that other state if the commissioner and the supervising regulatory official of the proposed state of domicile approve the redomestication.

(b) On the effective date of redomestication, the entity:

(1) ceases to be a domestic insurer or health maintenance organization, as applicable; and

(2) is a qualified foreign insurer or health maintenance organization, as applicable, in this state without interruption of its authority to engage in the business of insurance or the business of a health maintenance organization in this state.

(c) The commissioner may approve a proposed redomestication under this section unless the commissioner determines that:

(1) the proposed redomestication would not be in the interest of this state's policyholders or enrollees; or

(2) the entity cannot qualify for a certificate of authority in this state as a foreign insurer or health maintenance organization, as applicable.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 983.052. Redomestication: Domestic to Foreign - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-983-052/

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