§ 10-3-1715. Enforcement by Commissioner
The commissioner may take any action within the commissioner’s authority to enforce compliance with this part 17. Source: L. 2021: Entire part added, (HB 21-1013), ch. 144, p. 855, § 1, effective September 7.
§ 10-3-1716. Merger or Consolidation Effective With Division
To facilitate the merger or consolidation of any resulting insurer with and into another company simultaneously with the effectiveness of a division authorized by this part 17, a dividing insurer, including its officers, directors, and shareholders, may: Adopt and execute a plan of merger or consolidation on behalf of a resulting insurer; Execute and deliver […]
§ 10-3-1703. Plan of Division – Dividing Insurer to Survive Division
If a dividing insurer will survive a division, the plan of division must include, in addition to the requirements described in section 10-3-1702: All proposed amendments to the dividing insurer’s articles of incorporation and bylaws; If the dividing insurer intends to cancel some but not all shares in the dividing insurer, the manner in which […]
§ 10-3-1704. Plan of Division – Dividing Insurer to Not Survive Division
If a dividing insurer will not survive a division, the plan of division must include, in addition to the requirements described in section 10-3-1702, the manner in which the dividing insurer will cancel or convert shares in the dividing insurer into shares, securities, obligations, rights to acquire shares or securities, cash, property, or any combination […]
§ 10-3-1705. Amending Plan of Division
A dividing insurer may amend the dividing insurer’s plan of division in accordance with any procedures set forth in the plan of division or, if procedures are not set forth in the plan of division, in a manner determined by the board of directors of the dividing insurer. A shareholder that is entitled to vote […]
§ 10-3-1706. Abandoning Plan of Division
A dividing insurer may abandon its plan of division only as follows: After the dividing insurer has approved the plan of division without any action by the shareholders and in accordance with any procedures set forth in the plan of division, or if procedures are not set forth in the plan of division, in a […]
§ 10-3-1707. Approval of Plan of Division – Articles of Incorporation and Bylaws
A dividing insurer shall not file a plan of division with the commissioner until the plan of division has been approved in accordance with all provisions of the dividing insurer’s articles of incorporation and bylaws. If the dividing insurer’s articles of incorporation and bylaws do not provide for approval of a plan of division, the […]
§ 10-3-1708. Commissioner Approval of Plan of Division
After a dividing insurer approves a plan of division pursuant to section 10-3-1707, the dividing insurer shall file the plan of division with the commissioner. Within ten business days after filing the plan of division with the commissioner, the dividing insurer shall provide notice of the filing to each reinsurer that is a party to […]
§ 10-3-1709. Confidentiality – Records
All information, documents, materials, and copies of documents and materials submitted to, obtained by, or disclosed to the commissioner in connection with a plan of division or in contemplation of a plan of division, including any information, documents, materials, or copies provided by or on behalf of a domestic stock insurer in advance of its […]
§ 10-3-1710. Certificate of Division
If the commissioner approves a dividing insurer’s plan of division pursuant to section 10-3-1708, an officer or duly authorized representative of the dividing insurer shall sign a certificate of division that sets forth all of the following: The name of the dividing insurer; A statement disclosing whether the dividing insurer survived the division. If the […]