Moving a captive insurance company to another state

(a) Any domestic captive insurance company, upon approval by the commissioner, may transfer its domicile to any other jurisdiction in accordance with the laws of that jurisdiction. (b) Before transferring its domicile to any other jurisdiction and before the notice of change in domicile is transmitted to the department of commerce and consumer affairs, the domestic captive insurance company shall submit a written request to the commissioner to redomesticate to another jurisdiction and a transfer fee of $300. (c) Upon approval of the written request to redomesticate pursuant to subsection (b), the commissioner shall issue a certificate of transfer. The domestic captive insurance company shall submit the certificate of transfer, a notice of change of domicile, and the filing fee to the department of commerce and consumer affairs. The notice of change in domicile shall set forth the following: (1) Name of the company; (2) Dates that notice of the company's intent to transfer domicile from this State was published pursuant to the publication requirements of section 1-28.5; (3) Date of the transfer of its domicile; and (4) Jurisdiction to which its domicile will be transferred. (d) Upon meeting the requirements of subsection (c) and upon the issuance of a certificate of discontinuance by the department of commerce and consumer affairs, the captive insurance company shall cease to be domiciled in this State, and its corporate or other legal existence in this State shall cease. The captive insurance company shall pay a certificate fee at the time that the certificate of discontinuance is issued in accordance with chapter 414.