§ 20-1081 – Domestic life and disability reinsurer
20-1081. Domestic life and disability reinsurer This article applies only to domestic life and disability reinsurers.
§ 20-1082 – Definitions
20-1082. Definitions In this article, unless the context otherwise requires: 1. " Affiliated" has the same meaning prescribed in section 20-481. 2. " Credit life and disability reinsurer" means a domestic life and disability reinsurer that reinsures only credit life insurance or credit disability insurance that is issued according to chapter 6, article 10 of […]
§ 20-1083 – Law applicable to domestic life and disability reinsurers
20-1083. Law applicable to domestic life and disability reinsurers A. All other provisions of this title that are not inconsistent with the provisions of this article apply to domestic life and disability reinsurers. B. Notwithstanding section 20-223, an unaffiliated credit life and disability reinsurer shall submit an annual statement in a form acceptable to the […]
§ 20-1084 – Articles of incorporation
20-1084. Articles of incorporation A. Five or more individuals aged eighteen years or more may incorporate a domestic life and disability reinsurer. Not less than two-thirds of the incorporators shall be citizens of the United States residing in this state. B. In addition to the requirements of title 10, chapter 2, article 1, the articles […]
§ 20-1085 – Capital
20-1085. Capital A. To qualify for initial authority to transact business a domestic life and disability reinsurer shall possess and thereafter maintain minimum required capital stock in the amount of $100, 000. B. To qualify for initial authority to transact business, an unaffiliated credit life and disability reinsurer shall possess and thereafter maintain unimpaired capital […]
§ 20-1086 – Surplus
20-1086. Surplus A. A life and disability reinsurer shall have on organization initial surplus in an amount not less than one-half of its minimum required capital stock and shall thereafter maintain one-half of such initial surplus. B. This section does not apply to unaffiliated credit life and disability reinsurers.
§ 20-1087 – Deposits
20-1087. Deposits A. The director shall not issue a certificate of authority to any life and disability reinsurer unless the reinsurer has deposited in trust with the state treasurer through the director’s office cash or securities eligible for the investment of capital funds of domestic insurers under this title in an amount not less than […]
§ 20-1088 – Limit of risk
20-1088. Limit of risk Domestic life and disability reinsurers may be formed, with capital and surplus as specified in sections 20-1085 and 20-1086 to accept any risk as a reinsurer under which the maximum possible benefits payable on the death or on the disability of any one insured shall not exceed five thousand dollars if […]
§ 20-1089 – Certificates of authority
20-1089. Certificates of authority A. Any domestic limited stock insurer formed and existing pursuant to section 20-708 which does not come within the provisions of section 20-708, subsection B, and which holds a valid certificate of authority as such an insurer, shall become a domestic life and disability reinsurer on the effective date of this […]
§ 20-1090 – Reorganization; limitation
20-1090. Reorganization; limitation Any domestic life and disability reinsurer, with appropriate powers in its articles of incorporation and with the necessary capital and surplus, and upon application to the director, may become a domestic life and disability insurer free from the restrictions otherwise imposed by this article. Except as provided in subsection B of section […]
§ 20-1091 – Transfers to this article
20-1091. Transfers to this article Any life and disability insurer may relinquish its authority to write policies direct and, upon application to the director, may become a life and disability reinsurer under the provisions of this article.
§ 20-1092 – Control of assets; definition
20-1092. Control of assets; definition A. The director may require that a domestic life and disability stock reinsurer designate and comply with either or a combination of the following: 1. That pursuant to all written agreements with ceding insurers, assets in an amount up to the net reserves established by such reinsurer be deposited by […]
§ 20-1093 – Reciprocity
20-1093. Reciprocity The amount required to be deposited or placed in a trust or custodial account pursuant to section 20-1092 shall be reduced by any amount deposited or placed in a trust or custodial account pursuant to the laws of another state.
§ 20-1094 – Approval of reinsurance agreements
20-1094. Approval of reinsurance agreements Notwithstanding section 20-732, an unaffiliated credit life and disability reinsurer shall file with the director all reinsurance agreements and amendments to which the reinsurer is a party. The agreement or amendment is not effective until the agreement or amendment is approved by the director. The agreement is deemed approved if […]
§ 20-1094.01 – Reserve requirements
20-1094.01. Reserve requirements A. An unaffiliated credit life and disability reinsurer shall secure liabilities that are assumed under a reinsurance agreement subject to approval pursuant to this article in any of the following: 1. With funds withheld. 2. With funds that are maintained in a trust fund that complies with section 20-3603 and in an […]