(a) Unless otherwise provided in the articles of incorporation or an amendment thereof, every stockholder of record of a domestic stock insurer shall be entitled, at each meeting of stockholders thereof and upon each proposal presented at the meeting, to one (1) vote for each share of stock standing in his or her name on […]
(a) Every proxy of a stockholder of an insurer shall be revocable at will, and this provision cannot be waived. (b) The revocation of a proxy shall not be effective until notice thereof has been given to the secretary of the insurer. (c) The Insurance Commissioner shall have the authority to: (1) Regulate the solicitation […]
(a) No person shall buy or sell a vote or proxy, relative to any meeting of stockholders or members of an insurer, or engage in any corrupt or dishonest practice in or relative to the conduct of any meeting. (b) Violation of this section shall be punishable as provided in § 23-60-108.
(a) (1) Each member of a domestic mutual insurer other than a life insurer shall, except as otherwise hereinafter provided with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability shall be expressed in the policy and be in such […]
(a) (1) While possessing surplus funds in amount not less than the paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, a domestic mutual insurer may, upon receipt of the Insurance Commissioner’s order so authorizing, extinguish the contingent liability of its members as to all its policies in force and […]
(a) A domestic stock or domestic mutual insurer may issue any or all of its policies with or without participation in profits, savings, or unabsorbed portions of premiums, may classify policies issued on a participating and nonparticipating basis, and may determine the right to participate and the extent of participation of any class or classes […]
(a) Shares of stock of a domestic stock insurer shall be issued for a consideration having a value in the judgment of the insurer’s board of directors of not less than the par value of the stock so issued. (b) In the absence of fraud, or willful over-valuation or under-valuation in the transaction, the judgment […]
The provisions of chapter 8 of the Uniform Commercial Code, § 4-8-101 et seq., to the extent applicable, shall apply as to stock of a domestic stock insurer.
(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 […]
(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 […]
(a) Any director of a domestic stock or mutual insurer who votes for or concurs in the declaration or payment of a dividend, other than as authorized under § 23-69-129 or § 23-69-130, to stockholders or members shall upon conviction be guilty of a Class A misdemeanor and shall be jointly and severally liable, together […]
(a) (1) (A) A domestic stock or mutual insurer may borrow cash or other admitted assets satisfactory to the Insurance Commissioner to defray the expenses of its organization, provide it with surplus funds, or for any purpose of its business, upon entering a written agreement that the cash or other admitted assets are required to […]
(a) Every holder of shares of stock of a domestic stock insurer not fully paid shall be personally liable to the insurer’s creditors for the insurer’s debts to an amount equal to the amount unpaid on the shares held by him or her. (b) Anything in §§ 23-69-101 — 23-69-103, 23-69-105 — 23-69-141, 23-69-143, and […]
(a) Every domestic insurer shall have and maintain its principal place of business and home office in this state and shall keep therein complete records of its assets, transactions, and affairs in accordance with such methods and systems as are customary or suitable as to the kind or kinds of insurance transacted. (b) Every domestic […]
(a) No insurer shall make any disbursement of one thousand dollars ($1,000) or more unless evidenced by a voucher, bill, or other document correctly describing the consideration for the payment or evidenced by a check, draft, or receipt endorsed or signed by or on behalf of the person receiving the money. (b) If the disbursement […]
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.
(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 […]
(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 […]
(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 […]
(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 […]
