§ 23-63-1401. Short title

This subchapter may be cited as the “Disclosure of Material Transactions Act”.

§ 23-63-1402. Report

(a) Every insurer domiciled in this state shall file a report with the Insurance Commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless the acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements have been submitted to the commissioner […]

§ 23-63-1403. Acquisitions and dispositions of assets

(a) Materiality. No acquisitions or dispositions of assets need be reported pursuant to § 23-63-1402 if the acquisitions or dispositions are not material. For purposes of this subchapter, a material acquisition or the aggregate of any series of related acquisitions during any thirty-day period, or disposition, or the aggregate of any series of related dispositions […]

§ 23-63-1404. Nonrenewals, cancellations or revisions of ceded reinsurance agreements

(a) Materiality and Scope. (1) No nonrenewals, cancellations, or revisions of ceded reinsurance agreements need be reported pursuant to § 23-63-1402 if the nonrenewals, cancellations, or revisions are not material. For purposes of this subchapter, a material nonrenewal, cancellation, or revision is one that affects: (A) As respects property and casualty business, including accident and […]

§ 23-63-1405. Rules

The Insurance Commissioner may adopt reasonable rules for the implementation and administration of the provisions of this subchapter.

§ 23-63-1406. Penalties and liabilities

(a) If the Insurance Commissioner finds after a hearing conducted in accordance with § 23-61-301 et seq. that any insurer or person has violated any provision of this subchapter, the commissioner may order: (1) For each separate violation, a penalty in an amount of one thousand dollars ($1,000) or, if the commissioner has found willful […]