§ 23-63-1101. Title

This subchapter may be cited as the “Business Transacted with Producer Controlled Property and Casualty Insurer Act”.

§ 23-63-1102. Definitions

As used in this subchapter: (1) “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners; (2) “Control” or “controlled” has the meaning set out in § 23-63-503(2); (3) […]

§ 23-63-1103. Date of required compliance

Compliance with this subchapter shall be required on and after January 1, 1994.

§ 23-63-1104. Applicability

(a) This subchapter shall apply to licensed insurers as defined in § 23-63-1102 either domiciled in this state or domiciled in a state that is not an accredited state having in effect a substantially similar law. (b) All provisions of the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., to the extent they are […]

§ 23-63-1105. Minimum standards

(a) (1) The provisions of this section shall apply if, in any calendar year, the aggregate amount of gross premiums on business placed with a controlled insurer by a controlling producer is equal to or greater than five percent (5%) of the admitted assets of the controlled insurer, as reported in the controlled insurer’s quarterly […]

§ 23-63-1106. Disclosure

The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that, if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain in his or her records a […]

§ 23-63-1107. Penalties

(a) (1) If the Insurance Commissioner believes that the controlling producer or any other person has not materially complied with this subchapter, after notice and hearing, the commissioner may order the controlling producer to cease placing business with the controlled insurer. (2) If it is found that because of such material noncompliance the controlled insurer […]