Section 27-2-35 – Order of Supervision – Withdrawal of Order; Duration of Order.
Section 27-2-35 Order of supervision – Withdrawal of order; duration of order. The commissioner shall withdraw the supervision order immediately upon determination that the reasons for the supervision set forth in Section 27-2-33 have been corrected or no longer exist, but in no event shall the supervision order last longer than 180 days without another […]
Section 27-2-36 – Order of Supervision – Effect on Rehabilitation, Liquidation, and Delinquency Proceedings.
Section 27-2-36 Order of supervision – Effect on rehabilitation, liquidation, and delinquency proceedings. The provisions of Chapter 32 of this title concerning rehabilitation and liquidation shall not be stayed during the period of supervision and the commencement of delinquency proceedings under Section 27-32-4, may commence either before, during or after a supervision order or period […]
Section 27-2-21 – Examinations – Affairs, etc., of Insurers and Surplus Line Brokers.
Section 27-2-21 Examinations – Affairs, etc., of insurers and surplus line brokers. (a) For the purpose of determining its financial condition, ability to fulfill its obligations and compliance with the law, the commissioner shall examine the affairs, transactions, accounts, records, and assets of each authorized insurer, and the records of surplus line brokers restricted to […]
Section 27-2-37 – Order of Supervision – Form and Content; Appeal.
Section 27-2-37 Order of supervision – Form and content; appeal. The order of supervision issuing after the hearing shall follow the provisions of Section 27-2-18, and may be appealed in the same manner as orders falling under the provisions of Section 27-2-32. (Acts 1975, No. 217, p. 742, §5; Acts 1977, No. 409, p. 547, […]
Section 27-2-22 – Examinations – Examiners.
Section 27-2-22 Examinations – Examiners. (a) The commissioner may conduct any such examination in person or by examiners regularly employed and commissioned by him in writing for the purpose. No person shall be eligible for designation as an examiner to examine an insurer unless by reason of experience as an accountant, auditor, or examiner of […]
Section 27-2-38 – Order of Supervision – Notice and Hearing as to Issuance.
Section 27-2-38 Order of supervision – Notice and hearing as to issuance. No order of supervision shall be issued by the commissioner until the insurance company has been given notice of the commissioner’s intentions to place the company under supervision, the appropriate reasons for supervision set out in Section 27-2-33 and a hearing held thereon. […]
Section 27-2-23 – Examinations – How Conducted.
Section 27-2-23 Examinations – How conducted. (a) The examination may be conducted by the commissioner or his accredited examiners at the offices wherever located of the person being examined and at such other places as may be required for determination of matters under examination. (b) Every person being examined, its officers, attorneys, employees, agents, and […]
Section 27-2-39 – Creation of Insurance Department Fund; Payment of Fees, Etc.
Section 27-2-39 Creation of Insurance Department Fund; payment of fees, etc. THIS SECTION WAS AMENDED BY ACT 2022-148 IN THE 2022 REGULAR SESSION, EFFECTIVE OCTOBER 1, 2022. TO SEE THE AMENDED VERSION, SEE THE VERSION LABELED PENDING. (a) There is created a fund in the State Treasury designated the “Insurance Department Fund” to be used […]
Section 27-2-24 – Examinations – Report; Confidentiality of Information.
Section 27-2-24 Examinations – Report; confidentiality of information. (a) The commissioner, or his or her examiner, shall make a full and true written report of each examination. The examination report shall contain only information obtained from examination of the books, records, accounts, files, or other documents of, or relative to, the person examined, its agents […]
Section 27-2-50 – Established; Appointment, Term of Office, and Compensation of Chief.
Section 27-2-50 Established; appointment, term of office, and compensation of chief. There is hereby established within the Department of Insurance a Receivership Division to be managed and headed by a chief of said division. The chief of said Receivership Division shall be appointed by the Commissioner of Insurance and shall serve at his pleasure. The […]