Any foreign insurer licensed to transact the business of insurance in this Commonwealth, upon proper notice to the Commission, may change its domicile to another foreign state without interruption in licensing and without reapplying as a foreign insurer if:
1. For a foreign stock insurer, the change in domicile does not result in a reduction in its capital and surplus to policyholders below the capital and surplus requirements for licensure specified in § 38.2-1028;
2. For a foreign mutual insurer, the change in domicile does not result in a reduction in its surplus below the surplus requirements for licensure specified in § 38.2-1029;
3. There is no substantial change in the lines of insurance to be written by the insurer;
4. There is no substantial change in the nature of the insurer or its method of operations and there is no deterioration in its financial condition; and
5. The change in domicile has been approved by the supervising regulatory officials of both the former and new state of domicile.