Section 401-B:9 – Rules and Orders.
401-B:9 Rules and Orders. – The commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules and orders as shall be necessary to carry out the provisions of this chapter. To assist in the review of any transaction, or to otherwise determine compliance with this chapter, the commissioner […]
Section 401-B:10 – Injunctions; Prohibitions Against Voting Securities; Sequestration of Voting Securities.
401-B:10 Injunctions; Prohibitions Against Voting Securities; Sequestration of Voting Securities. – I. Injunctions. Whenever it appears to the commissioner that any insurer or any director, officer, employee, or agent thereof has committed or is about to commit a violation of this chapter or of any rule, regulation, or order issued by the commissioner hereunder, […]
Section 401-B:11 – Sanctions.
401-B:11 Sanctions. – I. Any insurer failing, without just cause, to file any registration statement as required in this chapter shall be required, after notice and hearing, to pay a penalty of $2,500 for each day’s delay, to be recovered by the commissioner. The commissioner may reduce the penalty if the insurer demonstrates to […]
Section 401-B:12 – Receivership.
401-B:12 Receivership. – Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, the commissioner may […]
Section 401-B:2 – Subsidiaries of Insurers.
401-B:2 Subsidiaries of Insurers. – I. Authorization. Any domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries. The subsidiaries may conduct any kind of business or businesses and their authority to do so shall not be limited by reasons of the fact […]
Section 401-B:3 – Acquisition of Control of or Merger With Domestic Insurer.
401-B:3 Acquisition of Control of or Merger With Domestic Insurer. – I. Filing Requirements. (a) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or […]
Section 401-B:3-a – Acquisitions Involving Insurers Not Otherwise Covered.
401-B:3-a Acquisitions Involving Insurers Not Otherwise Covered. – I. Definitions. In this section: (a) " Acquisition " means any agreement, arrangement or activity, the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes but is not limited to the acquisition of voting securities, the acquisition […]
Section 401-B:1 – Definitions.
401-B:1 Definitions. – In this chapter: I. An " affiliate " of, or person " affiliated " with, a specific person, is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. II. " Commissioner " means the insurance […]