§ 23-69-205. Prevention of unfair use of information by owners, directors, or officers
(a) For the purpose of preventing the unfair use of information which may have been obtained by a beneficial owner of more than ten percent (10%) of any class of any equity security, director, or officer by reason of his or her relationship to the company, any profit realized by him or her from any […]
§ 23-69-206. Restrictions on sale of equity securities
(a) It shall be unlawful for any beneficial owner of more than ten percent (10%) of any class of any equity security, director, or officer, directly or indirectly, to sell any equity security of the company if the person selling the security or his or her principal: (1) Does not own the security sold; or […]
§ 23-69-207. Equity securities held in an investment account
(a) The provisions of § 23-69-205 shall not apply to any purchase and sale, or sale and purchase, and the provisions of § 23-69-206 shall not apply to any sale, of an equity security of a domestic stock insurance company not then or theretofore held by him or her in an investment account, by a […]
§ 23-69-208. Rules
(a) The Insurance Commissioner shall have the power to make such rules as may be necessary for the execution of the functions vested in him or her by this subchapter and for such purpose may classify domestic stock insurance companies, securities, and other persons or matters within his or her jurisdiction. (b) No provision of […]
§ 23-69-149. Assumption reinsurance — Stock insurers
(a) (1) A domestic stock insurer may reinsure all or substantially all of its insurance in force or a major class thereof with another insurer by an agreement of assumption reinsurance. (2) However, an agreement shall not become effective unless filed with the Insurance Commissioner and approved by him or her in writing. (3) With […]
§ 23-69-301. Title
This subchapter shall be known and may be cited as the “Mutual Insurance Holding Company Act”.
§ 23-69-150. Assumption reinsurance — Mutual insurers
(a) A domestic mutual insurer may reinsure all or substantially all of its insurance in force, or a major class thereof, with another insurer, stock or mutual, by an agreement of assumption reinsurance after compliance with this section. The agreement shall not become effective unless filed with the Insurance Commissioner and approved by him or […]
§ 23-69-302. Purpose
(a) (1) The General Assembly finds and declares that it is in the public interest that a domestic mutual insurer be permitted to reorganize in a manner that preserves attributes of its mutuality while facilitating capital-raising abilities and corporate affiliations on terms and conditions that are fair and equitable to the mutual insurer’s policyholders. (2) […]
§ 23-69-151. Voluntary dissolution — Procedure
(a) (1) If while a domestic stock or mutual insurer is fully solvent and it is deemed by its board of directors to be in the best interests of the insurer and its stockholders or members that the insurer should be dissolved, the board of directors may adopt a resolution to that effect and call […]
§ 23-69-303. Definitions
For purposes of this subchapter, unless the context requires otherwise: (1) “Commissioner” means the Insurance Commissioner; (2) “Intermediate stock holding company” means a holding company of which at least a majority of the voting securities are owned by a mutual insurance holding company and which directly owns all the voting securities of a reorganized stock […]