§ 33-14-24. Procedure for Voluntary Dissolution Generally; Effective Date of Dissolution; Conditions Precedent to Effectuation of Dissolution
If, while a domestic stock or mutual insurer is fully solvent and it is deemed by its board of directors to be in the best interests of the insurer and its stockholders or members that the insurer be dissolved, the board of directors shall adopt a resolution to that effect and call a special meeting […]
§ 33-14-25. Procedure for Surrender of Charter
Any insurance corporation chartered by the Secretary of State may surrender its charter upon the company filing in the office of the Commissioner of Insurance an application in triplicate, signed with its corporate name and under its corporate seal, stating: The name of the company and the location of its principal place of business in […]
§ 33-14-26. Powers and Duties of Directors as Trustees Upon Expiration of Period of Corporate Existence; Filling of Vacancies and Replacement of Directors
Upon the dissolution of a domestic stock or mutual insurer under Code Section 33-14-25, or upon the expiration of the period of its corporate existence in any other manner, except under Chapter 37 of this title, the directors of the corporation shall be trustees of the corporation with the full power to settle the affairs, […]
§ 33-14-27. Continuance of Corporate Existence Subsequent to Dissolution or Expiration
All domestic stock and mutual insurance corporations, whether they expire by their own limitation or are otherwise dissolved, shall nevertheless be continued for a term of three years from such expiration or dissolution, except in any dissolution under Chapter 37 of this title, as bodies corporate for the purpose of prosecuting and defending actions by […]
§ 33-14-5. Filing of Application for Charter; Fee; Certification and Publication of Application; Approval or Disapproval of Charter
The application for charter with any and all exhibits that may be included with the application shall be filed in triplicate in the office of the Commissioner of Insurance and a fee of $100.00 shall be paid to the Commissioner to be paid by him or her into the state treasury. The Commissioner shall not […]
§ 33-14-21. Limitation on Organizational Expenses
The total expenses of organization of any insurer organized under this chapter including commissions for the sale of stock shall not exceed 12 1/2 percent of the amount for which the stock is sold in the case of a stock insurer and 12 1/2 percent of the paid-in surplus in the case of a mutual […]
§ 33-14-6. Grant of Corporate Powers and Privileges; Issuance of Certificate of Incorporation; Recordation of Documents; Appointment of Attorney for Acceptance of Service of Process
All corporate powers and privileges to insurance companies shall be issued and granted by the Secretary of State upon the terms, liabilities, and restrictions of and subject to this title and the laws and Constitution of this state. If from any cause the Secretary of State should be disqualified from issuing and granting said powers, […]
§ 33-14-22. Proceedings for Correction of Deficiency in Assets or Capital of Insurer; Institution of Delinquency Proceedings Upon Failure to Correct Deficiency
If the capital of a domestic stock insurer becomes impaired or the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required of it by this chapter for authority to transact the kinds of insurance being transacted, the Commissioner shall at once determine the amount of the […]
§ 33-14-7. Name of Corporation
No name shall be adopted by a domestic mutual or stock insurance corporation which is so similar to any name already in use by any such existing corporation, company, or association organized or doing business in this state as to be confusing or misleading and the Commissioner shall not approve an application from the applicant […]
§ 33-14-23. Extinguishment of Charters of Corporations Not Actively Engaged in Business; Automatic Extinguishment of Charter Upon Merger or Consolidation
The corporate charter of any other corporation formed under the laws of this state for the purpose of becoming an insurer, and which corporation, during any period of 36 consecutive months after January 1, 1961, is not actively engaged in business as a domestic insurer under a certificate of authority issued to it by the […]