(1) An authorized foreign insurer may become a domestic insurer:
(a) By complying with all of the requirements of law relating to the organization and authorization of a domestic insurer of the same type;
(b) By filing articles of incorporation that are amended to comply with all of the requirements of law relating to the organization and authorization of a domestic insurer of the same type; and
(c) By designating its principal place of business at a place in this state.
(2) If the Director of the Department of Consumer and Business Services determines that an authorized foreign insurer has complied with the requirements of subsection (1) of this section, the insurer is entitled to a certificate of authority to transact insurance in this state and shall be subject as a domestic insurer to the authority and jurisdiction of this state.