§ 23-69-153. Dissolution — Continuation for suits and settling business
(a) All domestic stock and mutual insurance corporations, whether they expire by their own limitation or are otherwise dissolved, shall nevertheless be continued for the term of three (3) years from the expiration or dissolution as bodies corporate for the purpose of prosecuting and defending suits by or against them and of enabling them gradually […]
§ 23-69-154. Voluntary dissolution — Distribution of assets to stockholders
(a) The trustees in dissolution of a domestic stock insurer under § 23-69-151, after payment of all special and general liens upon the funds of the corporation to the extent of their lawful priority, shall pay the other debts due from the corporation. (b) After allowing for such expenses of distribution as may be reasonable, […]
§ 23-69-155. Liquidation — Mutual member’s share of assets
(a) Upon any liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration shall be distributed to existing persons who were its members at any time within thirty-six (36) months next preceding the date the liquidation was […]
§ 23-69-156. Nonactive corporate charter — Nullification
(a) As used in this section, a corporation shall be deemed to have engaged in the business of insurance as a domestic insurer if any of its officers, directors, agents, or employees has engaged in: (1) The writing of insurance; (2) The reinsurance of risks; (3) The handling of claims; or (4) Any acts necessary […]
§ 23-69-201. Definition
As used in this subchapter, unless the context otherwise requires, “equity security” means: (1) Any stock or similar security; (2) Any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; (3) Any such warrant or right; or (4) Any other […]
§ 23-69-202. Application of §§ 23-69-204 — 23-69-206 to registered equity securities
The provisions of §§ 23-69-204 — 23-69-206 shall not apply to equity securities of a domestic stock insurance company if: (1) The securities shall be registered, or shall be required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934, as amended; or (2) The domestic stock insurance company shall not […]
§ 23-69-203. Application of §§ 23-69-204 — 23-69-206 to foreign or domestic arbitrage transactions
The provisions of §§ 23-69-204 — 23-69-206 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules as the Insurance Commissioner may adopt in order to carry out the purposes of this subchapter.
§ 23-69-204. Statement of owners of equity securities, directors, and officers
Every person who is directly or indirectly the beneficial owner of more than ten percent (10%) of any class of any equity security of a domestic stock insurance company, or who is a director or officer of a domestic stock insurance company, shall file in the office of the Insurance Commissioner within ten (10) days […]
§ 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 […]
§ 23-69-130. Dividends to mutual policyholders
(a) The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that part of its surplus funds which represents net realized savings and net realized earnings in excess of the surplus required by law to be maintained. (b) A dividend otherwise […]