                                 CODE OF VIRGINIA

CHANGE OF STATUS FROM FOREIGN TO DOMESTIC INSURER (§ 38.2-1019)

A. Any foreign insurer licensed to transact the business of insurance in this
Commonwealth may become a domestic insurer upon (i) complying with the
requirements for formation of a domestic insurer under Article 1 (&#xA7;
38.2-1000 et seq.) of this chapter at the date of redomestication, and (ii)
promptly filing any necessary amendments to its articles of incorporation,
charters, bylaws and other corporate documents. When those requirements have
been met, the Commission may issue a license dated as of the date of
redomestication in accordance with the provisions of Article 5 (&#xA7; 38.2-1024
et seq.) of this chapter to permit the company to transact the business of
insurance in the Commonwealth as a domestic insurer. Such insurer shall be
recognized under the laws of this Commonwealth as an insurer initially licensed
in another jurisdiction, as of the date it was first licensed as an insurer in
its original domiciliary state.

B. An insurer that changes its status from foreign to domestic in accordance
with subsection A of this section has all the rights, titles and interests in
the assets of the original corporation, as well as all of its liabilities and
obligations.

HISTORY: 1983, c. 441, § 38.1-949; 1986, c. 562; 2000, c. 169.