§ 83-23-233. Stay of judicial proceedings upon order of liquidation, rehabilitation, or conservation
All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed one hundred and eighty (180) days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the association on any matters germane to its powers or duties. As […]
§ 83-23-235. Use of association’s name in insurance advertisements or solicitations; association to prepare document describing general purposes and limitations of association
No person, including an insurer, agent or affiliate of an insurer shall make, publish, disseminate, circulate or place before the public, or cause directly or indirectly, to be made, published, disseminated, circulated or placed before the public in any newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter or […]
§ 83-23-237. Applicability of amendments by Chapter 358, Laws of 2014
The amendments made to this article by this act during the 2014 Regular Session of the Legislature shall not apply to any member insurer that, before March 17, 2014, has been placed under an order of liquidation with a finding of insolvency.
§ 83-23-215. Powers of association
If a member insurer is an impaired insurer, the association may, in its discretion, and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer, and that are approved by the commissioner: Guarantee, assume or reinsure, or cause to be guaranteed, assumed or reinsured, any or […]
§ 83-23-217. Assessments against member insurers; classes; refunds; treatment of assessments on financial statements of member insurers; protest of assessment
For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each account, at such time and for such amounts as the board finds necessary. Assessments shall be due not less than thirty (30) days after prior […]
§ 83-23-218. Member insurers permitted to offset assessment against taxes
From and after July 1, 1993, a member insurer may offset against its (premium, franchise or income) tax liability (or liabilities) to this state an assessment described in Section 83-23-217(8) to the extent of twenty percent (20%) of the amount of such assessment, if any, for each year over the next five (5) succeeding years. […]
§ 83-23-219. Plan of operation; approval by commissioner; contents of plan
The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments thereto shall become effective upon the commissioner’s written approval or unless it has not been disapproved within thirty (30) […]
§ 83-23-221. Duties of commissioner; enforcement of assessments against member insurers; appeal
In addition to the duties and powers enumerated elsewhere in this article, the commissioner shall: Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer; and When an impairment is declared and the amount of the impairment is […]
§ 83-23-223. Detection and prevention of insurer insolvencies or impairments
To aid in the detection and prevention of insurer insolvencies or impairments: It shall be the duty of the commissioner; To notify the commissioners of all the other states, territories of the United States and the District of Columbia within thirty (30) days following the action taken or the date the action occurs, when the […]
§ 83-23-225. Liability of insolvent or impaired insurer for assessments
This article shall not be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. Records shall be kept of all meetings of the board of directors to discuss the activities of the association in carrying out its powers and duties […]