Section 26-31-113 – Examination and Regulation of Association by Commissioner; Annual Financial Report.
26-31-113. Examination and regulation of association by commissioner; annual financial report. The association is subject to the commissioner’s examination and regulation. Not later than March 31 of each year, the board of directors shall submit a financial report for the preceding calendar year in a form the commissioner approves.
Section 26-31-114 – Exemption From Payment of Fees and Taxes.
26-31-114. Exemption from payment of fees and taxes. The association is exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on property.
Section 26-31-115 – Rates and Premiums to Be Sufficient to Recoup Assessments Paid to Association.
26-31-115. Rates and premiums to be sufficient to recoup assessments paid to association. The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup a sum equal to the amounts the member insurer pays to the association less any amounts the association returns to the member insurer. […]
Section 26-31-116 – No Liability for Lawful Action.
26-31-116. No liability for lawful action. There is no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents or employees, the board of directors or the commissioner or his representatives for any lawful action they take in the performance of […]
Section 26-31-117 – Stay of Proceedings Against Insolvent Insurer; Setting Aside Judgment.
26-31-117. Stay of proceedings against insolvent insurer; setting aside judgment. All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this state shall be stayed for sixty (60) days from the date the insolvency is determined to permit proper defense by the association of […]
Section 26-31-109 – Duties and Powers of Commissioner; Judicial Review.
26-31-109. Duties and powers of commissioner; judicial review. (a) The commissioner shall: (i) Notify the association of an insolvent insurer’s existence not later than three (3) days after he receives notice of the insolvency determination; (ii) Upon request of the board of directors, provide the association with a statement of the net direct written premiums […]
Section 26-31-110 – Insured’s Rights and Liabilities; Settlements Binding on Receiver or Liquidator; Priority of Claims; Statements to Be Filed With Receiver or Liquidator.
26-31-110. Insured’s rights and liabilities; settlements binding on receiver or liquidator; priority of claims; statements to be filed with receiver or liquidator. (a) Any person recovering under this chapter assigns his rights under the policy to the association to the extent of his recovery from the association. Any insured or claimant seeking the protection of […]
Section 26-31-111 – Exhaustion of Remedies Under Policy; Claims Recoverable From More Than One Association; Claim Limitation.
26-31-111. Exhaustion of remedies under policy; claims recoverable from more than one association; claim limitation. (a) Any person having a claim against an insurer under an insurance policy other than a policy of an insolvent insurer which is also a covered claim, shall first exhaust his right under the policy. Any amount payable on a […]
Section 26-31-112 – AIDS in Detection and Prevention of Insurer Insolvencies.
26-31-112. Aids in detection and prevention of insurer insolvencies. (a) To aid in the detection and prevention of insurer insolvencies: (i) The board of directors shall: (A) Upon majority vote, notify the commissioner of any information indicating any member insurer may be insolvent or in a financial condition hazardous to the policyholders or the public; […]
Section 26-31-108 – Plan of Operation.
26-31-108. Plan of operation. (a) The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the association’s fair, reasonable and equitable administration. The plan of operation and any amendments thereto are effective upon the commissioner’s written approval. (b) If the association fails to submit a […]