1311 – Impairment of a Mutual or Reciprocal Insurer.
§ 1311. Impairment of a mutual or reciprocal insurer. (a) In this section “required surplus” includes any guaranty surplus or special contingent surplus or other specifically reserved surplus account of a domestic mutual insurer, a domestic reciprocal insurer or any other domestic insurer without capital stock, required by the provisions of this chapter to be […]
1312 – Trusteed Surplus of Alien Insurers; Impairment.
§ 1312. Trusteed surplus of alien insurers; impairment. (a) (1) In addition to other requirements of this chapter every authorized alien insurer shall, not later than the first day of March in each year, file with the superintendent a statement (herein called a “trusteed surplus statement”), on a form prescribed by him, showing at last […]
1313 – Contents of Advertisements and Other Public Announcements Concerning Financial Condition of Insurers.
§ 1313. Contents of advertisements and other public announcements concerning financial condition of insurers. (a) (1) Except as provided in subsection (g) hereof or permitted by regulation, every advertisement or other public announcement published, issued or distributed in this state by any domestic or foreign insurer, a subsidiary thereof, a holding company or controlled person […]
1314 – Deposits; Custody, Beneficiaries, Exchanges, Inspection and Income.
§ 1314. Deposits; custody, beneficiaries, exchanges, inspection and income. (a) (1) The superintendent shall be the official custodian of all deposits of securities required or authorized by the provisions of this chapter, unless otherwise specifically provided by law. He shall keep the same in a safe place provided by the state or in custody for […]
1315 – Trusteed Assets of Alien Insurers.
§ 1315. Trusteed assets of alien insurers. (a) Whenever a licensed alien insurer is required or permitted by this chapter to deposit assets with a trustee or trustees for the security of its policyholders and creditors in the United States, such assets shall be known as “trusteed assets”. All trusteed assets shall be continuously kept […]
1306 – Miscellaneous Liabilities.
§ 1306. Miscellaneous liabilities. In addition to liabilities and reserves on contracts of insurance issued by it, every insurer shall be charged with the estimated amount of all its other liabilities, including taxes, expenses, other obligations due or accrued at the date of statement, and any special reserves required by the superintendent pursuant to the […]
1307 – Contingent Liability for Borrowings.
§ 1307. Contingent liability for borrowings. (a) Any domestic stock, mutual or co-operative insurance company or reciprocal insurer may, without pledging any of its assets, receive advances or borrow funds to: (1) conduct its business, (2) enable it to comply with any surplus requirement or make good any impairment or deficiency or other requirement of […]
1308 – Reinsurance, When Permitted; Effect on Reserves.
§ 1308. Reinsurance, when permitted; effect on reserves. (a) (1) Any authorized insurer, hereinafter called the “ceding insurer”, may, subject to the limitations of this chapter, reinsure its risks and policy liabilities in any other assuming insurer with the effects herein prescribed. No prohibition or limitation in this chapter shall invalidate any reinsurance agreement as […]
1309 – Insolvency of an Insurer.
§ 1309. Insolvency of an insurer. (a) Whenever the superintendent finds from a financial statement or report on examination that an authorized insurer is unable to pay its outstanding lawful obligations as they mature in the regular course of business, as shown by an excess of required reserves and other liabilities over admitted assets, or […]
1310 – Impairment of a Stock Insurer.
§ 1310. Impairment of a stock insurer. (a) Whenever the superintendent finds from a financial statement, or a report on examination, of any domestic stock insurer that (i) the admitted assets are less than the aggregate amount of its liabilities and outstanding capital stock or (ii) the admitted assets of any such insurer which is […]