20-481. Definitions In this article, unless the context otherwise requires: 1. " Affiliate" or person " affiliated" with a specific person means a person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with the person specified. 2. " Continuing proxies" means proxies that are valid […]
20-481.01. Investment limitations; exemptions A. Any domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries subject to the limitations of this article. Such subsidiaries may conduct any kind of business or businesses and the authority to do so shall not be limited by […]
20-481.02. Tender offers; required statements; disclosures; approval or disapproval by director; definition A. No person other than the issuer shall make a tender for or a request or invitation for tenders of a voting security of a domestic insurer or enter into any agreement to exchange securities or seek to acquire in the open market […]
20-481.03. Contents of statement A. The statement to be filed with the director as provided in section 20-481.02 shall be made under oath or affirmation and shall contain the following: 1. The name and address of each person by whom or on whose behalf the tender offer, merger or other acquisition of control referred to […]
20-481.04. Statement filed by partnership, corporation or other group A. If the person required to file the statement referred to in section 20-481.02 is a partnership, limited partnership, syndicate or other group, the director may require that the information required pursuant to section 20-481.03 shall be given with respect to each partner of such partnership […]
20-481.05. Material change of fact; filing amended statement; time If any material change occurs in the facts set forth in the statement filed with the director and sent to such insurer pursuant to sections 20-481.02 and 20-481.03, an amendment setting forth such change, together with copies of all documents and other material relevant to such […]
20-481.06. Use of other statements If any offer, request, invitation, agreement or acquisition referred to in section 20-481.02 is proposed to be made by means of a registration statement under the securities act of 1933 or in circumstances requiring the disclosure of similar information under the securities exchange act of 1934, or under a state […]
20-481.07. Approval and issues; notice; hearings A. The director shall approve any merger or other acquisition of control described in section 20-481.02 unless the director finds that: 1. The merger or other acquisition of control: (a) Is contrary to law. (b) Is inequitable to the shareholders of any domestic insurer involved. (c) Would substantially reduce […]
20-481.08. Appointment of director as agent for service of process; forwarding of process; consent to jurisdiction Any person who is not a resident, domiciled in this state, or authorized to do business in this state and who files a statement as required by section 20-481.02 shall be deemed to have: 1. Consented to the jurisdiction […]
20-481.09. Registration of insurers; deadline A. Every insurer that is authorized to do business in this state and that is a member of an insurance holding company system shall register with the director, except a foreign insurer subject to registration requirements and standards adopted by statute or regulation in the jurisdiction of its domicile that […]
20-481.10. Form and content of registration statement; disclosure of information; enterprise risk filing A. Every insurer subject to registration shall file a registration statement on a form provided by the director, which shall contain current information concerning: 1. The capital structure, general financial condition, ownership and management of the insurer and the identity of any […]
20-481.11. Exemption for nonmaterial items A. No information need be disclosed on the registration statement filed under section 20-481.10 if such information is not material. B. Unless otherwise prescribed by the director, sales, purchases, exchanges, loans or extensions of credit, or investments, involving one-half of one per cent or less of an insurer’s admitted assets […]
20-481.12. Standards A. Transactions within an insurance holding company system to which an insurer subject to registration is a party are subject to the following standards: 1. The terms are fair and reasonable. 2. Agreements for cost sharing or management services and management must include provisions that are required by rule. 3. Charges or fees […]
20-481.13. Material changes; amended statement; time; reporting of dividends A. Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions on amendment forms provided by the director within fifteen days after the end of each month in which it learns of each […]
20-481.14. Termination of registration The director shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system.
20-481.15. Consolidated registration by affiliates The director may require or allow two or more affiliated insurers subject to registration to file a consolidated registration statement or consolidated reports amending their consolidated registration statement or their individual registration statements.
20-481.16. Alternative registration for an affiliate The director may allow an insurer which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under section 20-481.09 and to file all information and material required.
20-481.17. Exemption by director The provisions of sections 20-481.09 to 20-481.16, inclusive, relating to registration, shall not apply to any insurer, information or transaction if and to the extent that the director by rule, regulation or order shall exempt the insurer, information or transaction.
20-481.18. Disclaimer of affiliation or control; contents; effect on duty to register A. Any person may file with the director a disclaimer of affiliation or control with any authorized insurer or such a disclaimer may be filed by such insurer or any member of an insurance holding company system. B. The disclaimer shall fully disclose […]
20-481.19. Extraordinary dividend or distribution; time; notice; approval by director; definition A. No insurer subject to registration under section 20-481.09 shall pay an extraordinary dividend or make any other extraordinary distribution to its shareholders until thirty days after the director has received notice of the declaration thereof and has not within such period disapproved such […]
