515.78 Foreign companies may become domestic. 1. An insurer which is organized under the laws of any state and has created or will create jobs in this state or which is an affiliate or subsidiary of a domestic insurer, and is admittedto do business in this state for the purpose of writing insurance authorized by this chaptermay become a domestic insurer by complying with section 490.905 or 491.33 and with all ofthe requirements of law relative to the organization and licensing of a domestic insurer ofthe same type and by designating its principal place of business in this state may become adomestic corporation and be entitled to like certificates of its corporate existence and licenseto transact business in this state, and be subject in all respects to the authority and jurisdictionthereof. 2. The certificates of authority, agent’s appointments and licenses, rates, and other items which are in existence at the time any insurer transfers its corporate domicile to this state,pursuant to this section, shall continue in full force and effect upon such transfer. Forpurposes of existing authorizations and all other corporate purposes, the insurer is deemedthe same entity as it was prior this section, shall continue in full force and effect upon such transfer. Forpurposes of existing authorizations and all other corporate purposes, the insurer is deemedthe same entity as it was prior to the transfer of its domicile. All outstanding policies of anytransferring insurer shall remain in full force and effect and need not be endorsed as to anynew name of the company or its new location unless so ordered by the commissioner ofinsurance. [81 Acts, ch 161, §2]C83, §515.9989 Acts, ch 288, §193; 2007 Acts, ch 152, §25CS2007, §515.782011 Acts, ch 66, §2; 2021 Acts, ch 165, §227, 230 Sat Dec 23 00:47:09 2023 Iowa Code 2024, Section 515.78 (23, 0)
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