§ 23-69-138. Impairment of capital or assets
(a) (1) (A) If a stock or mutual insurer becomes impaired or insolvent, the Insurance Commissioner may: (i) Determine the amount of the deficiency; and (ii) Serve notice upon the insurer to make good the deficiency within thirty (30) days after service of the notice. (B) After a hearing, the commissioner may suspend the insurer […]
§ 23-69-139. Assessment of stockholders or members
(a) Any insurer receiving the Insurance Commissioner’s notice mentioned in § 23-69-138(a): (1) (A) If a stock insurer, by resolution of its board of directors and subject to any limitations upon assessment contained in its articles of incorporation, may assess its stockholders for amounts necessary to cure the deficiency and provide the insurer with a […]
§ 23-69-140. Mutualization of stock insurers
(a) A stock insurer other than a title insurer may become a mutual insurer under such plan and procedure as may be approved by the Insurance Commissioner after a hearing thereon. (b) The commissioner shall not approve any plan, procedure, or mutualization unless: (1) It is equitable to stockholders and policyholders; (2) It is subject […]
§ 23-69-141. Converting mutual insurer to stock insurer
(a) A mutual insurer may become a stock insurer under such plan and procedure as may be approved by the Insurance Commissioner after a hearing thereon. (b) The commissioner shall not approve any plan or procedure unless: (1) It is equitable to the insurer’s members; (2) It is subject to approval by vote of not […]
§ 23-69-142. Mergers and consolidations and acquisition by exchange of stock
(a) (1) A domestic stock insurer may merge or consolidate with one (1) or more domestic or foreign stock insurers authorized to transact insurance in this state by complying with the other applicable provisions of this chapter and subject to subsections (a) and (b) of this section. (2) Further, any domestic stock insurance company may […]
§ 23-69-143. Mergers and consolidations — Mutual insurers
(a) A domestic mutual insurer may merge or consolidate with another mutual or stock insurer under the applicable procedures prescribed by § 23-69-144, except as provided in this section. (b) The plan and agreement for merger or consolidation shall be submitted to and approved by at least two-thirds (2/3) of the members of each mutual […]
§ 23-69-144. Agreement or adoption of plan for merger, consolidation, or plan of exchange of shares
(a) The directors, or a majority of them, of the corporations as desire to merge or consolidate or adopt a plan of exchange of shares pursuant to § 23-69-142 or § 23-69-143 shall enter into an agreement or adopt a plan signed by them and under the corporate seals of the respective corporations prescribing the […]
§ 23-69-129. Dividends to stockholders
(a) A domestic stock insurer shall not pay any dividend to stockholders except out of that part of its available surplus funds which is derived from net profits on its business. (b) A stock dividend may be paid out of any available surplus funds in excess of the aggregate amount of surplus loaned to the […]
§ 23-69-145. Effect of merger or consolidation
(a) When the agreement of merger or consolidation as filed with the Insurance Commissioner as required under § 23-69-144 becomes effective, the separate existence of the constituent corporations shall cease, and they shall become a single corporation in accordance with the agreement, possessing all rights, privileges, powers, franchises, and immunities of a public as well […]
§ 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 […]