§431:19-102.3  Redomestication; approval as

a domestic captive insurer.  (a)  Any foreign or alien captive insurance

company may become a domestic captive insurance company by meeting the

following requirements:

     (1)  Complying with all of the requirements relating

to the organization and licensing of a domestic captive insurance company of

the same type, and any requirements that the commissioner may adopt by rule;

     (2)  Amending and restating its organizational

documents in compliance with the laws of this State, and submitting the amended

and restated organizational documents for the commissioner's review; and

     (3)  Petitioning the commissioner to issue a

certificate of general good, which sets forth the commissioner's finding that

the redomestication and maintenance of the company will promote the general

good of the State.  In arriving at the finding, the commissioner shall consider

the factors set forth in section 431:19-106(b).  The petition shall include a

nonrefundable application fee.

     (b)  Upon issuance of the certificate of

general good by the commissioner pursuant to subsection (a)(3), the foreign or

alien captive insurance company shall file the following with the department of

commerce and consumer affairs:

     (1)  Articles of redomestication, which shall include:

         (A)  Name of the company;

         (B)  Date and location of incorporation or

organization;

         (C)  Street address of the principal office in

this State;

         (D)  Names and titles of the:

              (i)  Officers and directors of the company; or

             (ii)  Members of the governing body;

         (E)  A statement that the company is moving its

domicile to this State;

         (F)  A statement that redomestication will

occur upon filing the articles of redomestication and that the company shall be

subject to the laws of this State; and

         (G)  A statement that copies of the articles of

incorporation or other organizational document and any amendments certified by

the proper officer of the jurisdiction under the laws of which the company is

incorporated or organized are attached; provided that if any of these documents

are in a foreign language, a translation under oath of the translator shall

accompany these documents;

     (2)  Certificate of general good issued pursuant to

subsection (a)(3);

     (3)  Certificate of good standing or comparable documentation

certified by the proper officer of the jurisdiction under which the foreign or

alien captive insurance company is incorporated or organized; provided that:

         (A)  The certificate or documentation shall be

dated not earlier than thirty days prior to the date of the certificate of

general good; and

         (B)  If the certificate of good standing or

documentation is in a foreign language, a translation under oath of the

translator shall accompany the certificate or documentation; and

     (4)  The company's organizational documents, which

shall be amended and restated in compliance with the laws of this State.

     (c)  Upon payment of the license fee and annual

renewal fees, the domestic captive insurance company shall be entitled to the

necessary or appropriate certificates and licenses to do business in this State

and shall be subject to the authority and jurisdiction of this State.  No

captive insurance company redomesticating into this State need merge,

consolidate, transfer assets, or otherwise engage in any other reorganization,

other than as specified in this section.

     (d)  Upon redomestication in accordance with

this section, the foreign or alien captive insurance company shall become a

domestic captive insurance company organized under the laws of this State and

shall have all the rights, privileges, immunities, and powers and be subject to

all applicable laws, duties, and liabilities of a domestic captive insurance

company of the same type.  The domestic captive insurance company shall possess

all rights that it had prior to the redomestication to the extent permitted by

the laws of this State and shall be responsible and liable for all the

liabilities and obligations that it was subject to prior to the

redomestication.  All outstanding policies of the captive insurance company

shall remain in full force and effect. [L 1993, c 205, pt of §1; am L 1994, c

128, §7; am L 2007, c 232, §4; am L 2012, c 253, §8; am L 2013, c 190, §4]