§ 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 […]
§ 10-3-1708. 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 […]
§ 10-3-1711. After Division Is Effective
On the effective date of a division, if the dividing insurer survives, all of the following apply: The dividing insurer continues to exist; The dividing insurer must amend its articles of incorporation if the amendments are provided for in the plan of division; and The dividing insurer must amend its bylaws if the amendments are […]
§ 10-3-1712. Resulting Insurers’ Liability for Allocated Assets and Debts
Except as expressly provided in this section, when a division becomes effective, by operation of law all of the following apply: A resulting insurer is individually liable for the liabilities, including policy liabilities: That the resulting insurer issues, undertakes, or incurs in its own name after the division; and Of the dividing insurer that are […]
§ 10-3-1713. Shareholder Appraisal Rights
If a dividing insurer does not survive a division, a shareholder of the dividing insurer is entitled to appraisal rights and to obtain payment of the fair value of the shareholder’s shares in the same manner and to the extent provided for a corporation as a party to a merger pursuant to section 7-113-102. Source: […]
§ 10-3-1714. Rules
The commissioner may adopt rules to administer this part 17. Source: L. 2021: Entire part added, (HB 21-1013), ch. 144, p. 855, § 1, effective September 7.
§ 10-3-1701. Definitions
As used in this part 17, unless the context otherwise requires: “Asset” means property, whether real, personal, mixed, tangible, or intangible, and any right or interest in the property, including all rights under a contract or other agreement. “Capital” means the capital stock component of a statutory surplus, as defined in the National Association of […]