§ 27-35-1. Definitions. (a) “Affiliate.” An “affiliate” of, or person “affiliated” with, a specific person, is a person who directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. An “affiliate” does not include a protected cell of a protected cell company organized […]
§ 27-35-1.5. Subsidiaries of insurer. (a) Authorization. A 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 reason of the fact they […]
§ 27-35-10. Receivership. Whenever it appears to the commissioner that any person has committed a violation of this chapter which 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, then the commissioner may proceed […]
§ 27-35-10.5. Recovery. (a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer, (i) from any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of […]
§ 27-35-11. Revocation, suspension, or nonrenewal of insurer’s license. Whenever it appears to the commissioner that any person has committed a violation of this chapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an opportunity to be heard, determine […]
§ 27-35-12. Judicial review — Mandamus. (a) Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the commissioner pursuant to this chapter may appeal the action to the superior court. The court shall conduct its review without a jury and by trial de novo, except that if all […]
§ 27-35-13. Conflict with other laws. All laws and parts of laws of this state inconsistent with this chapter are superseded with respect to matters covered by this chapter. History of Section.P.L. 1971, ch. 273, § 1.
§ 27-35-14. Severability. If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and for this purpose the provisions of this chapter are severable. History […]
§ 27-35-2. Acquisition of control of or merger with domestic insurer. (a) Filing requirements. (1) 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 otherwise, […]
§ 27-35-2.5. Acquisitions involving insurers not otherwise covered. (a) Definitions. The following definitions shall apply for the purposes of this section only: (1) “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 […]
§ 27-35-3. Registration of insurers. (a) Registration. Every insurer authorized to do business in this state and that is a member of an insurance holding company system shall register with the commissioner, except a foreign insurer subject to registration requirements and standards adopted by statute or regulation in the jurisdiction of its domicile that are […]
§ 27-35-4. Standards and management of an insurer within a holding company system. (a) Transactions within an insurance holding company system. (1) Transactions within an insurance holding company system to which an insurer subject to registration is a party shall be subject to the following standards: (i) The terms shall be fair and reasonable; (ii) […]
§ 27-35-5. Examination. (a) Power of commissioner. Subject to the limitation contained in this section and in addition to the powers which the commissioner has under other sections of this title relating to the examination of insurers, the commissioner shall have the power to examine any insurer registered under § 27-35-3 and its affiliates to […]
§ 27-35-5.5. Group supervision. (a) Power of the commissioner. With respect to any insurer registered under § 27-35-3, and in accordance with subsection (c) below, the commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in […]
§ 27-35-6. Confidential treatment. (a) Documents, materials, or other information in the possession or control of the department of business regulation that are obtained by or disclosed to the commissioner or any other person in the course of an examination or investigation made pursuant to § 27-35-5, and all information reported pursuant to §§ 27-35-2(b)(1)(xii), […]
§ 27-35-7. Rules and regulations. The commissioner may, upon notice and opportunity for all interested persons to be heard, issue rules, regulations and orders that are necessary to carry out the provisions of this chapter. History of Section.P.L. 1971, ch. 273, § 1.
§ 27-35-8. Injunctions — Prohibitions against voting securities — Sequestration of voting securities. (a) 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 […]
§ 27-35-9. Sanctions. (a) 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 five hundred dollars ($500) for each day’s delay, to be recovered by the commissioner, and the penalty so recovered shall be paid into […]
