{"data":{"id":"us-ky/krs-304.24-500","jurisdiction":"us-ky","citation":"KRS 304.24-500","heading":"Approval of foreign insurer as domestic insurer -- Transfer of domicile","body":"of domestic insurer to another state -- Continuance of certificate of authority\nupon transfer of corporate domicile after merger or consolidation.\n(1) The purpose of this section is to:\n(a) Provide a means whereby any insurer organized under the laws of any other\nstate may become a domestic insurer;\n(b) Provide a means for any domestic insurer to transfer its domicile to another\nstate; and\n(c) Provide a means for the continuatio n of a certificate of authority and other\napprovals pertaining to any foreign insurer which transfers its corporate\ndomicile to another state by merger, consolidation, or any other lawful\nmethod.\n(2) Any insurer which is organized under the laws of any oth er state and is admitted to\ndo business in this state for the purpose of writing insurance may, upon approval of\nthe commissioner, become a domestic insurer by complying with all of the\nrequirements of this chapter relating to the organization and authoriz ation of a\ndomestic insurer of the same type and by designating its principal place of business\nat a place in this state. The domestic insurer shall be entitled to like certificates of\nauthority to transact business in this state, and shall be subject to t he authority and\njurisdiction of this state.\n(3) Any domestic insurer may, upon approval of the commissioner, transfer its domicile\nto any other state in which it is admitted to transact the business of insurance. Upon\nthe transfer, the insurer shall cease to be a domestic insurer, and shall be authorized\nto transact insurance business in this state if qualified as a foreign insurer. The\ncommissioner shall approve the proposed transfer unless the commissioner shall\ndetermine the transfer is not in the interest of the policyholders of this state.\n(4) The certificate of authority, agents' appointments and licenses, rates, and other items\nwhich the commissioner allows, in the commissioner's discretion, which are in\nexistence at the time any insurer authorized t o transact the business of insurance in\nthis state transfers its corporate domicile to this or any other state by merger,\nconsolidation, or merger pursuant to KRS 271B.11 -070, or any other lawful\nmethod, shall continue in full force and effect upon the tra nsfer if the insurer\nremains duly qualified to transact the business of insurance in this state. All\noutstanding policies of any transferring insurer shall remain in full force and effect\nand need not be endorsed as to the new name of the insurer or its ne w location\nunless so ordered by the commissioner. Every transferring insurer shall file new\npolicy forms with the commissioner on or before the effective date of the transfer\nbut may use existing policy forms with appropriate endorsements if allowed by, and\nunder such conditions as approved by, the commissioner. However, every\ntransferring insurer shall notify the commissioner in writing of the details of the\nproposed transfer and shall file promptly appropriate amendments to corporate\ndocuments required to be filed with the commissioner.\n(5) (a) Any insurer transferring its domicile in accordance with subsections (2) or (3)\nof this section shall file an application for redomestication and transfer of\ndomicile with the commissioner. This transfer of domicile  must be approved\nby order of the commissioner. If the commissioner does not approve the\ntransfer of domicile, the applicant insurer may request a hearing in accordance\nwith KRS 304.2-310(2)(b).\n(b) An applicant filing to become a domestic insurer in accor dance with\nsubsection (2) of this section shall include a notice of transfer of domicile to\nthe Secretary of State and the articles, amended articles, or restated articles of\nincorporation in compliance with KRS 271B.2-020.\n(c) An application filed by a do mestic insurer to transfer its domicile to another\nstate in accordance with subsection (3) of this section shall include a copy of\nthe order approving the redomestication issued by the new state of domicile.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29578","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"b3df7cbc6c7da984b57a4e5c277376d0e70fd8fdfed55e15bda385b77258c8ce","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-440","next":"us-ky/krs-304.24-600"},"notice":"GroundRules: Original legal text. Not legal advice."}