§ 58-13-1 – Title.

58-13-1. Title. This Article shall be known and may be cited as the "Asset Protection Act." (1985, c. 327, s. 1.)

§ 58-13-10 – Scope.

58-13-10. Scope. This Article applies to all domestic insurers and to all kinds of insurance written by those insurers under Articles 1 through 68 of this Chapter. Foreign insurers shall comply in substance with the requirements and limitations of this Article. This Article does not apply to the following: (1) Variable contracts or guaranteed investment […]

§ 58-13-15 – Definitions.

58-13-15. Definitions. As used in this Article: (1) "Assets" means all property, real or personal, tangible or intangible, legal or equitable, owned by an insurer. (2) "Claimants" means any owners, beneficiaries, assignees, certificate holders, or third-party beneficiaries of any insurance benefit or right arising out of and within the coverage of an insurance policy covered […]

§ 58-13-20 – Exception.

58-13-20. Exception. (a) This Article does not apply to those reserve assets of an insurer that are held, deposited, pledged, hypothecated, or otherwise encumbered as provided in this section to secure, offset, protect, or meet those policyholder-related liabilities of the insurer that are established, incurred, or required under the provisions of a reinsurance agreement whereby […]

§ 58-13-25 – Prohibition of hypothecation.

58-13-25. Prohibition of hypothecation. (a) Every insurer subject to this Article shall at all times have and maintain free and unencumbered reserve assets equal to an amount that is the total of its policyholder-related liabilities and its required minimum capital and minimum surplus and shall not pledge, hypothecate, or otherwise encumber those reserve assets. The […]

§ 58-13-5 – Purposes.

58-13-5. Purposes. The purposes of this Article are to require insurers to maintain unencumbered assets in amounts equal to policyholder-related liabilities and minimum required capital and minimum required surplus; to provide preferential claims against insurers’ assets in favor of owners, beneficiaries, assignees, and holders of insurance policies and certificates; and to prevent the pledging, hypothecation, […]