27-27-60
Section 27-27-60 Insider trading of domestic stock insurer equity securities - Rules and regulations.
The commissioner shall have the power to make such rules and regulations as may be necessary
for the execution of the functions vested in him by Sections 27-27-53 through 27-27-59 and
may for such purpose classify domestic stock insurance companies, securities, and other persons
or matters within his jurisdiction. No provision of Sections 27-27-53 through 27-27-55 imposing
any liability shall apply to any act done or omitted in good faith in conformity with any
rule or regulation of the commissioner, notwithstanding that such rule or regulation may,
after such act or omission, be amended or rescinded or determined by judicial or other authority
to be invalid for any reason. (Acts 1971, No. 407, p. 707, §556.)...
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27-27-55
Section 27-27-55 Insider trading of domestic stock insurer equity securities - Unlawful sales.
It shall be unlawful for any such beneficial owner, director, or officer, directly or indirectly,
to sell any equity security of such company if the person selling the security or his principal:
(1) Does not own the security sold; or (2) If owning the security, does not deliver it against
such sale within 20 days thereafter or does not within five days after such sale deposit it
in the mails or other usual channels of transportation; but no person shall be deemed to have
violated this section if he proves that, notwithstanding the exercise of good faith, he was
unable to make such delivery or deposit within such time or that to do so would cause undue
inconvenience or expense. (Acts 1971, No. 407, p. 707, §551.)...
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27-35-1
Section 27-35-1 Conversion into stock or mutual life insurance company - Authority; how effected.
Any fraternal benefit society organized under the laws of this state may convert itself into
a stock life insurance company or a mutual life insurance company, which may be a continuation
of such society under an amended charter, if such society is then incorporated, or a new corporation
formed for such purpose if such society is then unincorporated. In either event, the conversion
of such society into a stock life insurance company or a mutual life insurance company shall
be effected as provided in this chapter. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407,
p. 707, §727.)...
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27-35-5
Section 27-35-5 Conversion into stock or mutual life insurance company - Ratification or amendment
of articles of incorporation - Filing. (a) The articles of incorporation so adopted or as
so amended, as the case may be, shall be filed with the probate judge as required of domestic
insurers under this title; except, that no bond or solicitation permit shall be required.
(b) At the time of filing of articles of incorporation or amended articles of incorporation
with the commissioner, the society shall likewise file a report of the meeting of its supreme
governing or legislative body referred to in Sections 27-35-3 and 27-35-4, certified by the
presiding officer thereof under the corporate seal, if the society has a corporate seal. (Acts
1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §731.)...
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27-35-11
Section 27-35-11 Conversion into stock or mutual life insurance company - Separate record of
premiums; exemption from premium taxes. The insurer, after conversion from a fraternal benefit
society, shall maintain separate records of premiums received by it on account of policies
and certificates originally issued while a fraternal benefit society and continuing in force
without material change as to form or basis of premium. All such premiums shall be exempt
from premium taxes to the same extent, if any, as to which exempted if currently received
by a domestic fraternal benefit society. (Acts 1971, No. 407, p. 707, §737.)...
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27-27-1
Section 27-27-1 Definitions. For the purposes of this chapter, the following terms shall have
the meanings respectively ascribed to them by this section: (1) STOCK INSURER. An incorporated
insurer with capital divided into shares and owned by its stockholders. (2) DOMESTIC MUTUAL
INSURER. An incorporated insurer without capital stock and the governing body of which is
elected as provided in this chapter. (Acts 1971, No. 407, p. 707, §§496, 497.)...
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27-35-7
Section 27-35-7 Conversion into stock or mutual life insurance company - Provisions for certificate
holders to subscribe to stock. If the fraternal benefit society is to be converted into a
stock life insurer, the plan of conversion shall make reasonable provisions under which each
adult certificate holder of the society shall have the preemptive right to subscribe to and
purchase that proportion of the total authorized capital which the amount of his insurance
bears to the society's total insurance in force at a date to be specified in such plan; except,
that if more than 75 percent of the society's adult certificate holders are residents of this
state, such preemptive right may, in the commissioner's discretion, under the plan be limited
to such residents. (Acts 1927, No. 537, p. 624; Acts 1971, No. 407, p. 707, §733.)...
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7-8-103
Section 7-8-103 Rules for determining whether certain obligations and interests are securities
or financial assets. (a) A share or similar equity interest issued by a corporation, business
trust, joint stock company, or similar entity is a security. (b) An "investment company
security" is a security. "Investment company security" means a share or similar
equity interest issued by an entity that is registered as an investment company under the
federal investment company laws, an interest in a unit investment trust that is so registered,
or a face-amount certificate issued by a face-amount certificate company that is so registered.
Investment company security does not include an insurance policy or endowment policy or annuity
contract issued by an insurance company. (c) An interest in a partnership or limited liability
company is not a security unless it is dealt in or traded on securities exchanges or in securities
markets, its terms expressly provide that it is a security governed by...
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27-27-24
Section 27-27-24 Directors of domestic insurers - Removal; vacancies. (a) At a special meeting
of stockholders or members called for that purpose, any director of a stock or mutual insurer
may be removed from office by an affirmative vote of stockholders or members holding in the
aggregate a majority of the voting power of all stockholders or members of an insurer entitled
to vote at an election of directors. If the board of directors, or any member thereof, is
so removed, new directors may be elected at the same meeting. (b) Vacancies in the board of
directors may be filled by the remaining members of the board, and each person so elected
shall be a director until his successor is elected by the stockholders or members at the next
annual meeting of stockholders or members or at any special meeting of stockholders or members
called for that purpose and held prior thereto. (Acts 1971, No. 407, p. 707, §520.)...
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27-27-47
Section 27-27-47 Bulk reinsurance - Domestic stock insurers. (a) A domestic stock insurer may
reinsure all, or substantially all, of its insurance in force or a major class thereof with
another insurer by an agreement of bulk reinsurance, but no such agreement shall become effective
unless filed with the commissioner and approved by him in writing after a hearing thereon.
(b) The commissioner shall approve such agreement within a reasonable time after such filing
unless he finds that it is inequitable to the stockholders of the domestic insurer or would
substantially reduce the protection or service to its policyholders. If the commissioner does
not approve the agreement, he shall so notify the insurer in writing, specifying his reasons
therefor. If the commissioner does not approve or disapprove such agreement and notify the
insurer thereof in writing within 30 days after such filing, it shall conclusively be presumed
that the agreement is approved by the commissioner. (Acts 1971, No....
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