§ 4202. Capital and surplus requirements of life insurance companies. (a) (1) A stock company may be organized as prescribed in section one thousand two hundred one and subsection (e) of section one thousand one hundred two of this chapter and licensed to do the business of life insurance as specified in paragraph one of […]
§ 4203. Transfer of shares of domestic life insurance company. (a) No shareholder of a domestic life insurance company shall vote his shares until the earlier of (i) ten days after written notice of acquisition thereof has been filed with the superintendent, or (ii) one year after the date of acquisition thereof. (b) This section […]
§ 4204. Financial requirements for the organization of stock accident and health insurance companies and stock legal services insurance companies. (a) (1) A stock company may be organized in the manner prescribed in section one thousand two hundred one and subsection (e) of section one thousand one hundred two of this chapter and licensed to […]
§ 4205. Life, accident and health, and legal services insurance companies; engaging in other business. No life insurance company licensed to do a life insurance business in this state shall do any business other than the kinds of business specified in paragraphs one, two, three, twenty-nine and thirty-one of subsection (a) of section one thousand […]
§ 4206. Deposits by life, accident and health, and legal services insurance companies. Before being licensed to do business, every domestic life insurance company, every domestic accident and health insurance company and every domestic legal services insurance company shall deposit with the superintendent at least one hundred thousand dollars in securities eligible for deposits, except […]
§ 4207. Dividends to shareholders of life, and accident and health insurance companies. (a)(1) For purposes of this subsection, “earned surplus” means an amount equal to an insurer’s positive unassigned funds, excluding eighty-five percent of the change in net unrealized capital gains or losses less capital gains tax, for the immediately preceding calendar year as […]
§ 4208. Financial and additional requirements for the organization of mutual life, accident and health, and legal services insurance companies. (a) (1) A mutual insurance company may be incorporated and licensed exclusively to do one or more of the kinds of insurance business specified in paragraphs one, two, three, twenty-nine and thirty-one of subsection (a) […]
§ 4209. Mutual life insurance companies, mutual accident and health insurance companies; assessments. (a) (1) No domestic mutual life insurance company shall issue any policy of life or accident and health insurance or any annuity contract providing for the payment of any assessment by any policyholder or member in addition to the regular premium or […]
§ 4210. Election of directors of domestic mutual life insurance companies. (a) (1) The directors of every domestic mutual life insurance company shall be elected in the manner and subject to the regulations prescribed in this section. (2) Every such company shall, in accordance with its charter, either elect its entire board of directors biennially, […]
§ 4211. Election of directors of domestic stock life insurance companies. (a) No election of directors of a domestic stock life insurance company shall be valid unless a copy of the notice of election shall have been filed in the office of the superintendent at least ten days before the day of such election in […]
§ 4212. Stock life insurance companies; voting power of policyholders. (a) (1) Any domestic stock life insurance company may, by amendment to its charter, confer upon its policyholders, or upon such of its policyholders as shall have a specified amount of insurance on their lives, the right to vote for all or any less number […]
§ 4213. Industrial life insurance. (a) In this chapter “industrial life insurance” means that form of life insurance, either: (1) under which the premiums are payable weekly, or (2) under which the premiums are payable monthly or oftener, but less often than weekly, if the face amount of insurance provided in any such policy is […]
§ 4214. Industrial accident and industrial health insurance. (a) In this chapter: (1) “Industrial accident insurance” means that form of accident insurance wherein the premium is payable in the manner prescribed in subsection (a) of section four thousand two hundred thirteen of this article, covering such risks as death, dismemberment, loss of eyesight, or loss […]
§ 4215. Contracts with industrial life insurance agents; prohibitions. (a) No life insurance company licensed to do business in this state shall make any contract with any agent, superintendent or other representative employed in this state which provides: (1) That the company shall charge against the past, present or future compensation of the agent, superintendent […]
§ 4216. Group life insurance; premium requirements; notice of conversion; filing of compensation. (a) (1) In this chapter: (A) “Group life insurance” means that form of life insurance covering any one of the groups specified in subsection (b) hereof, which is written under a policy issued to the policyholder as hereinafter defined, and which in […]
§ 4217. Valuation of insurance policies and contracts. (a) (1) The superintendent shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding insurance policies and contracts of every life insurance company doing business in this state, except that, in the case of an alien company, such valuation shall […]
§ 4218. When actual premium is less than net premium; minimum reserve. (a) (1) When the actual premium or consideration charged for life insurance under any life insurance policy, issued by any life insurance company doing business in this state, is less than the modified net premium calculated on the basis of the commissioners reserve […]
§ 4219. Limitation on accumulation of surplus of life insurance companies. (a) (1) Any domestic mutual life insurance company may maintain a surplus, above all of its reserves and liabilities required or specifically permitted by this chapter, not exceeding the greatest of (A) eight hundred fifty thousand dollars, or (B) ten percent of its policy […]
§ 4220. Life insurance and annuities; nonforfeiture benefits under defaulted contracts. (a) (1) This section shall apply only to those policies and contracts issued prior to the operative date specified in section four thousand two hundred twenty-one of this article. (2) Except as otherwise provided in this chapter, in the event of default in payment […]
§ 4221. Standard nonforfeiture law. (a) In the case of policies issued on or after the operative date of this section as defined in subsection (p) hereof, no policy of life insurance, except as stated in subsection (o) hereof, shall be delivered or issued for delivery in this state unless it shall contain in substance […]
