Sec. 3. Any foreign insurance company admitted to transact business in this state may, upon proper notice to the commissioner, change its domicile by merger, consolidation, or otherwise to another foreign state without interruption of its licensing and without reapplying as a foreign insurer if:
(1) the change in domicile does not result in a reduction in the company's assets or surplus below the requirements for admission as a foreign insurer under IC 27-1-17-5;
(2) there is no substantial change in the lines of insurance to be written by the company; and
(3) the change in domicile has been approved by the supervising regulatory officials of both the former and new state of domicile.
As added by Acts 1980, P.L.170, SEC.1.