§ 83-59-1. Short title
This chapter may be cited as the “Business Transacted with Producer Controlled Insurer Act.”
§ 83-59-11. Enforcement; noncompliance; penalties
If the commissioner believes that the controlling producer or any other person has not materially complied with this chapter, or any regulation or order promulgated hereunder, after notice and opportunity to be heard, the commissioner may order the controlling producer to cease placing business with the controlled insurer; and If it was found that because […]
§ 83-59-3. Definitions
As used in this chapter: “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners (NAIC). “Commissioner” means the Commissioner of Insurance. “Control” or “controlled” has the meaning ascribed […]
§ 83-59-5. Applicability to licensed insurers; effect of, and upon, other laws governing insurance holding companies
This chapter shall apply to licensed insurers as defined in Section 83-59-3, either domiciled in this state or domiciled in a state that is not an accredited state having in effect a substantially similar law. All laws governing insurance holding companies to the extent they are not superseded by this chapter shall continue to apply […]
§ 83-59-7. When applicable; minimum requirements for contracts between controlled insurer and controlling producer; audits and reports
The provisions of this section shall apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling producer is equal to or greater than five percent (5%) of the admitted assets of the controlled insurer, as reported in the controlled insurers’ quarterly statement […]
§ 83-59-9. Notification to insured of control relationship
The producer, before the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controller insurer; except that, if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain in his records a signed commitment from […]