Any domestic insurer may, upon the approval of and compliance with such conditions as may be imposed by the Commissioner, transfer its domicile, in accordance with the laws thereof, to any other state or jurisdiction, and upon such a transfer shall cease to be a domestic insurer, and its corporate or other legal existence in this State shall cease upon the filing of proof of such redomestication with the Secretary of State and upon payment to the Secretary of State of a filing fee in the amount of $100.00. Such insurer shall be admitted to this State if qualified as a foreign or alien insurer, upon compliance with the qualification requirements for foreign or alien insurers to the extent not waived by the Commissioner. (Added 1991, No. 41, § 2.)