What must domestic insurers do if they wish to move their home office out of Rhode Island?

When domestic insurers decide to move their home office out of Rhode Island, they must comply with the applicable laws governing foreign entities. This involves adhering to the regulations that govern the operation of businesses that are based in other states but conduct business in Rhode Island. Essentially, moving a home office means that the insurer becomes a foreign entity in its new location, thus requiring it to follow the laws specific to that jurisdiction while still upholding local regulations in Rhode Island, especially if it intends to continue conducting business in the state.

The requirements for foreign entities typically include obtaining a certificate of authority to operate, meeting licensing requirements, and fulfilling any other obligations imposed by the new state. This ensures that the insurer operates within legal bounds and protects the interests of policyholders.