§ 23-69-152. Dissolution — Directors to act as trustees
(a) Upon the dissolution of a domestic stock or mutual insurance corporation under the provisions of § 23-69-151, or upon the expiration of the period of its corporate existence, limited by its articles of incorporation, the directors of the corporation shall be trustees thereof with full power to settle the affairs, collect the outstanding debts, […]
§ 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 […]
§ 23-69-149. 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 […]
§ 23-69-150. 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 […]
§ 23-69-151. 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 […]
§ 23-69-136. Situs of personal property for taxation
For the purpose of state, county, and municipal taxation, the situs of all personal property belonging to a domestic insurer and located in this state shall be at the home office of the insurer.
§ 23-69-137. Management and exclusive agency contracts
(a) (1) No domestic insurer shall make any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors or to have the controlling or preemptive right to produce substantially all insurance business for the insurer unless the contract is […]