20-487. Definitions In this article, unless the context otherwise requires: 1. " Accredited state" means a state in which the insurance department or other regulatory agency has qualified as meeting the minimum financial regulatory standards that are adopted and established by the national association of insurance commissioners. 2. " Control" or " controlled" has the […]
20-487.01. Applicability This article applies to licensed insurers that are domiciled in this state or are domiciled in a state that is not an accredited state but that has a similar law in effect. Unless superseded by this article, chapter 2, article 8 of this title applies to all parties within holding company systems that […]
20-487.02. Minimum standards A. A controlled insurer shall not accept business from a controlling producer and a controlling producer shall not place business with a controlled insurer unless there is a written contract between the controlling producer and the controlled insurer that specifies the responsibilities of each party, that has been approved by the board […]
20-487.03. Disclosure Before the effective date of the policy, the controlling producer 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 records a […]
20-487.04. Penalties A. If the director believes that a controlling producer or other person has not materially complied with this article or any rule adopted under this article, after notice and an opportunity for a hearing, the director may order the controlling producer to cease placing business with the controlled insurer. B. If the director […]
