As used in Sections 83-1-151 through 83-1-169, the following items shall have the meanings ascribed herein unless the context indicates otherwise: “Insurer” means and includes every person engaged as indemnitor, surety or contractor in the business of entering into contracts of insurance or of annuities as limited to: Any insurer who is doing an insurer […]
The provisions of Sections 83-1-151 through 83-1-169 shall apply to: All domestic insurers, and Any other insurer doing business in this state whose state of domicile has asked the commissioner to apply the provisions of Sections 83-1-151 through 83-1-169 to such insurer.
An insurer may be subject to administrative supervision by the commissioner if upon examination or at any other time it appears in the commissioner’s discretion that: The insurer’s condition renders the continuance of its business hazardous to the public or to its insureds; The insurer has exceeded its powers granted under its certificate of authority […]
The proceedings, hearings, notices, correspondence, reports, records and other information in the possession of the commissioner or the department relating to the supervision of any insurer are confidential except as provided by this section. The personnel of the department shall have access to these proceedings, hearings, notices, correspondence, reports, records or information as permitted by […]
During the period of supervision, the commissioner or his designated appointee shall serve as the administrative supervisor. The commissioner may provide that the insurer may not do any of the following things during the period of supervision, without the prior approval of the commissioner or his appointed supervisor: Dispose of, convey or encumber any of […]
During the period of supervision the insurer may contest an action taken or proposed to be taken by the supervisor specifying the manner wherein the action being complained of would not result in improving the condition of the insurer. Denial of the insurer’s request upon reconsideration entitles the insurer to appeal to the Chancery Court […]
Nothing contained in Sections 83-1-151 through 83-1-169 shall preclude the commissioner from initiating judicial proceedings to place an insurer in conservation, rehabilitation or liquidation proceedings or other delinquency proceedings, however designated under the laws of this state, regardless of whether the commissioner has previously initiated administrative supervision proceedings under Sections 83-1-151 through 83-1-169 against the […]
The commissioner is empowered to adopt reasonable rules necessary for the implementation of Sections 83-1-151 through 83-1-169.
The commissioner may meet with a supervisor appointed under Sections 83-1-151 through 83-1-169 and with the attorney or other representative of the supervisor, without the presence of any other person, at the time of any proceeding or during the pendency of any proceeding held under authority of Sections 83-1-151 through 83-1-169 to carry out the […]
There shall be no liability on the part of, and no cause of action of any nature shall arise against, the commissioner or the department or its employees or agents for any action taken by them in the performance of their powers and duties under Sections 83-1-151 through 83-1-169.
