33-3-502. Solicitations in other states
33-3-502. Solicitations in other states. (1) A domestic insurer may not knowingly solicit insurance business in any reciprocating state in which it is not then licensed as an authorized insurer. (2) This section does not prohibit advertising through publication and radio, television, and other broadcasts originating outside the reciprocating state if the insurer is licensed in a […]
33-3-503. Membership in mutuals
33-3-503. Membership in mutuals. (1) Each policyholder of a domestic mutual insurer, other than of a reinsurance contract, is a member of the insurer with all rights and obligations of such membership, and the policy shall so specify. (2) Any person, government or governmental agency, state or political subdivision thereof, public or private corporation, board, association, firm, […]
33-3-601. Voluntary dissolution of domestic insurers — plan of dissolution
33-3-601. Voluntary dissolution of domestic insurers — plan of dissolution. (1) At least 60 days before a domestic stock insurer or a for-profit domestic mutual insurer submits a proposed voluntary dissolution to shareholders or policyholders under 35-14-1402 or voluntarily dissolves under 35-14-1401, the insurer shall file the plan for dissolution with the commissioner. The commissioner may […]
33-3-602. Conversion to involuntary liquidation
33-3-602. Conversion to involuntary liquidation. An insurer may at any time during liquidation under Title 35, chapter 2, part 7, or Title 35, chapter 14, part 14, apply to the commissioner to have the liquidation continued under the commissioner’s supervision. Upon receipt of the application, the commissioner shall apply to the court for liquidation under 33-2-1341. […]
33-3-603. Revocation of voluntary dissolution
33-3-603. Revocation of voluntary dissolution. If an insurer revokes the voluntary dissolution proceedings under 35-2-724 or 35-14-1404, the insurer shall file a copy of the revocation of voluntary dissolution proceedings with the commissioner. History: En. Sec. 4, Ch. 389, L. 1987; amd. Sec. 191, Ch. 368, L. 1991; amd. Sec. 14, Ch. 151, L. 2017; amd. Sec. […]
33-3-604. Distribution of assets of mutual insurer
33-3-604. Distribution of assets of mutual insurer. The maximum amount that a mutual insurer may pay to a policyholder upon dissolution, in addition to the benefits promised in the insurance policy, is the total of the premium payments made by the policyholder with interest at the legal rate compounded annually. Any excess over the amounts must […]
33-3-701. Short title
33-3-701. Short title. This part may be cited as the “Disclosure of Material Transactions Act”. History: En. Sec. 78, Ch. 379, L. 1995.
33-3-702. Report
33-3-702. Report. (1) An insurer domiciled in this state shall file a report with the commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless the acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions have been submitted to the commissioner for review or approval […]
33-3-703. Acquisitions and dispositions of assets
33-3-703. Acquisitions and dispositions of assets. (1) Acquisitions or dispositions of assets that are not material are not required to be reported pursuant to 33-3-702 if the acquisitions or dispositions are not material. For purposes of this part, a material acquisition or the aggregate of any series of related acquisitions during any 30-day period or a […]
33-3-704. Nonrenewals, cancellations, or revisions of ceded reinsurance agreements
33-3-704. Nonrenewals, cancellations, or revisions of ceded reinsurance agreements. (1) A nonrenewal, cancellation, or revision of a ceded reinsurance agreement need not be reported pursuant to 33-3-702 if the nonrenewal, cancellation, or revision is not material. For purposes of this part, a material nonrenewal, cancellation, or revision is one that affects: (a) property and casualty business, including […]