Every state stock fire insurance company organized and incorporated under the laws of this state and operating under this chapter, before commencing business, must file or deposit with the commissioner of commerce and insurance the following: A properly certified copy of its charter; Satisfactory evidence that it possesses and maintains capital in the amount of […]
False swearing to the statement required by § 56-23-101 shall be deemed perjury, and those who commit it shall be punished as in other cases of perjury. The company in whose interest the false statement is made shall be denied the right to do business for twelve (12) months thereafter, and if a certificate of […]
For the purpose of determining the financial condition of a ceding insurer, only if the reinsurance is effected by the ceding insurer in any assuming insurer authorized to do such business in this state, or in any other state of the United States or the District of Columbia, the ceding insurer shall, in addition to […]
For the purpose of determining the financial condition of any assuming insurer, the insurer shall be charged with an amount in its unearned premium liability equal to the amount of the deductions specified in § 56-23-103, and in its valuation reserve liability with an amount at least equal to the amount that it would be […]
Chapter 5 of this title shall apply to every stock fire insurance company operating under this chapter.
Every company subject to this chapter shall make an annual report to the commissioner, by March 1 of each year as of December 31 of the preceding year, on blank forms prepared and furnished by the commissioner for that purpose, setting forth the transactions of the company during the previous year, showing its condition at […]
Any state stock fire insurance company organized under the laws of this state is empowered to contract with any insurance company authorized to do business in this state to reinsure the whole or any part of any risk it has outstanding by reason of the issuance of its policy of insurance.
No company doing business under this chapter shall reinsure any of its business in any unauthorized company, except upon the written approval of the commissioner. The company shall pay the tax prescribed by chapter 4, part 2 of this title on all business it reinsures in companies not having their domicile in this state.
Every such company shall be required to obtain from the commissioner a certificate of authority for each of its agents who solicit or write insurance in this state, the fee for which shall be two dollars ($2.00).
The commissioner is authorized to promulgate rules and regulations not in conflict with this chapter for the purpose of implementing this chapter, and the regulations so promulgated shall have the force and effect of law.
Sections 56-3-103, 56-3-104 and 56-3-302 — 56-3-307 are applicable to any company organized and doing business under this chapter.
