ORGANIZATION AND GENERAL POWERS OF INSURERS
Scope of chapter.
"Stock" insurer defined.
"Mutual" insurer defined.
Applicability of corporation laws.
Incorporation of stock and mutual insurers.
Incorporators--Number and qualifications.
Domestication of foreign company--Requirements and procedure.
Articles of incorporation--Execution and acknowledgment--Contents.
Articles of incorporation delivered to director with filing fees--Examination
and approval by attorney general, return to director.
Distribution of copies of approved articles.
Disapproval of articles by attorney general--Statement of reasons--Returned
Amendment of articles of incorporation--Submission and filing.
Bond required of mutual insurer before soliciting applications for insurance--Filing by incorporators--Amount, conditions.
Deposit by incorporators of mutual insurer in lieu of bond--Amount.
Duration of bond or deposit by mutual insurer.
Commencement of solicitation by mutual insurer.
Temporary insurance producer's licenses for solicitation of applications for
mutual insurance--Issuance by director.
Applications for mutual insurance--Signature by applicant, coverage.
Applications for mutual insurance--Contents.
Trust deposit of premiums or fees collected by mutual insurer on qualifying
Transaction of business without certificate of authority as misdemeanor.
Insurance applications and surplus required for original certificate of authority
to domestic mutual insurer.
Expendable surplus funds required of domestic mutual insurer.
Determination by director as to weight to be given to insurance plans.
Cessation of corporate powers upon failure of mutual insurer to secure
certificate of authority--Return of trust deposit.
Issuance of certificate of authority to domestic mutual insurer--Funds in trust
deposit become funds of insurer--Delivery of policies--Effective date of
Authorization of domestic mutual insurer to transact additional kinds of
Membership of policyholders in domestic mutual insurer--Reinsurance
Eligibility to membership in domestic, foreign, or alien mutual insurer.
Contingent liability of members of mutual insurer--Exception.
Contingent liability of member of mutual insurer not terminated by
termination of policy.
Unrealized contingent liability of members of mutual not an asset of insurer.
Levy of assessment by mutual insurer for contingent liability.
Amount of assessment by mutual insurer.
Computation of assessment levied by mutual insurer.
Offsets not allowed against assessment by mutual insurer.
Lien of mutual insurer for levy of assessment for contingent liability.
Extinguishment of contingent liability--Issuance of nonassessable policies--Revocation of authority.
Extinguishment of contingent liability must apply to all members and policies.
Bylaws of domestic mutual insurer--Adoption, modification, and revocation.
Meetings of members of domestic mutual insurer--Time, notice, quorum, and
Voting rights of members of domestic mutual insurer.
Directors of domestic mutual insurer--Number, qualifications, election, terms
of office, and powers.
Officers of domestic mutual insurer--Number, designation, election, and terms
of office--Powers and duties.
Funds of domestic mutual insurer--Deposit, custody, disbursement, and
Management of domestic mutual insurer.
Certified copy of bylaws and amendments of domestic mutual insurer filed
with director--Disapproval by director, grounds.
Bylaws of domestic stock insurer--Adoption, modification, and revocation.
Bylaws of domestic stock insurer subject to approval of director.
Equity securities of domestic stock insurer--Rules and regulations as to
solicitation of proxies, consents, and authorities--Adoption and promulgation.
Annual meetings of stockholders or members--Election of directors--Reports
of officers of insurer as to affairs--Transaction of other business--Notice of
Special meetings of stockholders or members--Calling by board of directors--Notice.
Special meetings of stockholders or members called by secretary on request
of directors, stockholders, or members--Failure of secretary to issue call.
Stockholder or member compelling board of directors to call annual meeting.
Place for holding meetings of stockholders or members--Waiver.
Meetings of stockholders or members--Organization for transaction of
business, quorum required.
Amendment of articles of incorporation at meeting of stockholders or
members--Notice of meeting.
Reduction of capital of stock insurer--Disapproval by director, grounds.
Directors of domestic insurer--Number--Management of affairs of insurer.
Election of directors of domestic insurer--Qualifications.
Directors of domestic insurer--Terms of office.
Pecuniary interest of officer, director, committee member, or employee of
domestic insurer in transactions with insurer prohibited--Misdemeanor.
Guarantee by insurer of any financial obligation of its officers, directors,
stockholders, or members prohibited.
Policy holding not a prohibited pecuniary interest.
Stock ownership not a prohibited pecuniary interest.
Other permitted pecuniary interest of director, officer, or employee of insurer.
Compensation of officers and employees of domestic insurer.
Pensions to officers and directors of domestic insurers.
"Equity security" defined.
Statement of ownership of insurance company filed with director--Change of
ownership, time for statement.
Short sales by insider as misdemeanor--Delivery of securities sold, when
Profits from insider security transactions accruing to company.
Suit to recover insider profits accruing to company.
Exemption from insider trading restrictions.
Registered and closely held securities exempt from insider trading restrictions.
Brokers and market specialists exempt from insider trading restrictions.
Arbitrage transactions exempt from insider trading restrictions.
Rules and regulations on insider trading.
Nonliability for insider trading acts in good faith in conformity with rule or
Management of domestic insurers during national emergency--Continuity,
means for facilitating.
Bylaws to cover management during national emergency.
Quorum of directors during national emergency--Filling vacancies in board.
Vice-presidents acting as directors during national emergency--Insufficient
number of vice-presidents, appointment of directors by insurance director.
Succession to office during national emergency.
Principal place of business during national emergency.
Domestic insurers--Management and exclusive agency contracts, filing with
and approval by director--Violation as misdemeanor.
Domestic insurer--Management and exclusive agency contracts, disapproval
by director, grounds.
Domestic insurer--Management and exclusive agency contracts, time for
disapproval by director--Disapproval in writing, statement of grounds.
to 58-5-92. Repealed.
Location of home office and principal place of business of domestic insurers--Records maintained.
Assets of domestic insurer to be maintained in state--Exceptions.
Director's consent required for removal of records or assets from state--Unauthorized removal or concealment as felony.
Delinquency proceedings by director for removal or attempted removal of
records or assets of domestic insurer.
Branch offices established by domestic insurer--Transmission of funds outside
state--Deposits under custodial arrangements.
Prior maintenance by domestic insurer of branch or regional place of business
or home office outside state not invalidated.
"Reciprocating state" defined.
Solicitation by domestic insurer in reciprocating state in which it has no
Advertising through publications and broadcasts originating outside
reciprocating state not prohibited.
Insurance in reciprocating state under contracts issued in state in which
licensed not prohibited--Policies issued as an unauthorized insurer permitted
under laws of reciprocating state not prohibited.
Suspension or revocation of certificate of authority for violation by domestic
Participating policies--Issuance authorized by articles of domestic insurer--Nondiscrimination between policyholders.
Continued issuance of participating policies without authorization in articles.
Dividends on participating policies not contingent on renewal premiums.
Participating policyholder as member.
Borrowed surplus of domestic stock or mutual insurer--Agreement to repay,
Approval of loan and agreement by director--Disapproval of proposed loan or
Legal liabilities of insurer on borrowed funds--Disclosure in financial
Repayment of loan by domestic insurer.
Provisions as to borrowed surplus inapplicable to loans in ordinary course of
business or secured by pledge or mortgage.
Illegal dividends--Revocation or suspension of certificate of authority.
Impairment of capital or surplus of domestic stock or mutual insurer--Determination of amount of deficiency by director--Notice to insurer.
Curing impairment of capital or surplus.
Assessment of stockholders to cure impairment of capital or surplus--Enforcement.
Levy of assessment by mutual insurer to cure deficiency.
Officers and directors permitting new business during impairment of capital
or surplus--Liability for losses.
Failure to cure deficiency, insurer deemed insolvent--Delinquency
Bulk reinsurance by domestic stock insurer--Agreement, filing with and
approval by director.
Approval by director of bulk reinsurance agreement--Disapproval.
Compensation for promoting bulk reinsurance prohibited.
Bulk reinsurance by mutual insurer--Agreement, filing with and approval by
Members of domestic mutual insurer voting on bulk insurance, requirement
by director--Calling of meeting, notice--Limited rights of members of life
insurer to vote.
Bulk reinsurance by domestic mutual insurer in stock insurer--Payments to
Approval by director of bulk reinsurance by mutual insurer--Disapproval--Notice.
Compensation for promoting bulk reinsurance by mutual insurer.
Merger or consolidation of stock insurers.
Stock acquisition plan deemed merger--Approval required.
Compensation for promoting merger or consolidation of stock insurers.
Filing and hearing on consolidation or merger plan--Grounds for disapproval.
Participation by other states in hearing on merger or consolidation.
Disapproval of merger or consolidation--Notice to insurer.
Merger or consolidation of mutual insurers--Procedure.
Members of mutual insurer voting on merger or consolidation--Procedure--Limited right of members of life insurer.
Provisions applicable to mutual mergers and consolidations.
Conversion of mutual to stock insurer restricted.
Compensation of officer, insurance producer, or employee of converting
mutual insurer prohibited.
Liquidation of domestic mutual insurer--Distribution of remaining assets to
Distributive share of each member on liquidation of mutual insurer--Classification of policies.
Disclosure of certain material transactions required--Filing a report.
Confidentiality of disclosure report.
Exception from disclosure requirement--"Material acquisition" defined.
Types of asset acquisitions subject to chapter.
Types of asset dispositions subject to chapter.
Information required in report of material acquisition or disposition of assets.
Determining whether to report acquisitions on a nonconsolidated or
Materiality of nonrenewals, cancellations or revisions.
Reporting material nonrenewal, cancellation or revision.
Required information in reporting material nonrenewal, cancellation, or
Determining whether to report material nonrenewals, cancellations, or
revisions on a nonconsolidated or consolidated basis.
"Qualified education loan insurer" defined.
Qualified education loan insurer subject to Title 58--Exceptions.
Investment of funds by qualified education loan insurer--Limitations--Permitted rating categories.
Investment of funds in securities.
Subsidiary investment to be counted as admitted asset.
Applicability of federal Bankruptcy Code.
Additional exemptions or exemption authority.