HARRY HUGHES, Governor                                      2857

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 28, 1985.

CHAPTER 596

(House Bill 185)

AN ACT concerning

Insurance - Redomestication of Insurers

FOR the purpose of establishing certain procedures whereby
certain insurers organized under the laws of other states
may become domestic insurers of this State; continuing the
effectiveness of a certificate of authority and certain
other approvals given to a foreign insurer authorized to
engage in the insurance business in this State when the
insurer transfers to this State or another state under
certain circumstances and conditions; providing for certain
notice and the filing of certain documents with the
Insurance Commissioner; and generally relating to the
redomestication of foreign insurers.

BY adding to

Article 48A - Insurance Code

Section 249A

Annotated Code of Maryland

(1979 Replacement Volume and 1984 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

                    Article 48A - Insurance Code

249A.

(A) ANY FOREIGN INSURER AUTHORIZED TO ENGAGE IN THE
BUSINESS OF INSURANCE IN THIS STATE MAY BECOME A DOMESTIC INSURER
OF THIS STATE BY COMPLYING WITH ALL OF THE REQUIREMENTS OF THE
LAW RELATING TO THE FORMATION AND ORGANIZATION OF A DOMESTIC
INSURER AND BY DESIGNATING ITS PRINCIPAL PLACE OF BUSINESS AT A
PLACE IN THIS STATE. UPON BECOMING A DOMESTIC INSURER, SUCH
INSURER SHALL BE ENTITLED TO CERTIFICATES AND LICENSES TO
TRANSACT BUSINESS IN THIS STATE ISSUED TO DOMESTIC INSURERS, AND
SHALL BE GIVEN RECOGNITION IN ALL RESPECTS AS AN INSURER FORMED
UNDER THE LAWS OF THIS STATE AS OF THE DATE OF AUTHORIZATION AS
AN INSURER IN ITS ORIGINAL DOMICILIARY STATE, DISTRICT,
TERRITORY, COMMONWEALTH, OR POSSESSION OF THE UNITED STATES OF