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27-10-3
Section 27-10-3 Actions by unauthorized insurers not allowed; exceptions. (a) No unauthorized
insurer shall institute or file, or cause to be instituted or filed, any action or proceeding
in this state to enforce any right, claim, or demand arising out of any insurance transaction
in this state until such insurer has obtained a certificate of authority to transact such
insurance in this state. (b) This section does not apply as to: (1) Transactions for which
a certificate of authority is not required; (2) Surplus line coverages written under this
chapter; or (3) Coverages exempted from the surplus line law under Section 27-10-34. (Acts
1963, No. 521, p. 1112, §6; Acts 1971, No. 407, p. 707, §193.)...
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27-6-1
Section 27-6-1 Deposits of insurers - Authorized deposits. The following deposits of insurers,
when made through the commissioner, shall be accepted and held and shall be subject to the
provisions of this chapter: (1) Deposits required under this title for authority to transact
insurance in this state; (2) Deposits of domestic insurers when made pursuant to the laws
of other states, provinces, and countries as requirement for authority to transact insurance
in such state, province, or country; (3) Deposits of reserves made by domestic life insurers
under laws heretofore in force; and (4) Deposits in such additional amounts as are permitted
to be made under Section 27-6-11. (Acts 1971, No. 407, p. 707, §97.)...
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27-11-2
Section 27-11-2 Prohibition against transaction of insurance business, etc., in state without
license; exceptions. It shall be unlawful for any insurer to transact the business of insurance
in this state or to enter into a contract for insurance in this state without first obtaining
a license or certificate of authority from the commissioner. This unauthorized insurers law
shall not apply to: (1) Contracts of insurance procured pursuant to the surplus line insurance
law; (2) Transactions in this state involving contracts of insurance lawfully entered into,
written and the policy delivered outside of this state covering subjects of insurance not
resident, located or expressly to be performed in this state at the time of issuance and transactions
subsequent to the making of such contract and the issuance of such policy; (3) Reinsurance
contracts; (4) Transactions in this state involving group or blanket insurance and group annuities
where the master policy or contract was lawfully issued...
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27-27-32
Section 27-27-32 Contingent liability of members of domestic mutual insurers - Levy of assessments.
(a) If at any time the assets of a domestic mutual insurer are less than its liabilities and
the minimum amount of surplus required to be maintained by it under this title for authority
to transact the kinds of insurance being transacted and the deficiency is not cured from other
sources, its directors shall levy an assessment only upon its members who held policies providing
for contingent liability at any time within the 12 months preceding the date notice of such
assessment was mailed to them, and such members shall be liable to the insurer for the amount
so assessed. (b) The assessment shall be for such an amount as is required to cure such deficiency
and to provide a reasonable amount of working funds above such minimum amount of surplus,
but such working funds so provided shall not exceed five percent of the insurer's liabilities
as of the date as of which the amount of such...
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27-3-18
Section 27-3-18 Application for certificate of authority - Issuance or refusal; ownership of
certificate. (a) If upon completion of the application for a certificate of authority the
commissioner finds that the insurer has met the requirements for and is entitled thereto under
this title, he shall issue to the insurer a proper certificate of authority; if he does not
so find, the commissioner shall issue his order refusing such certificate. The commissioner
shall act upon an application for a certificate of authority within a reasonable period after
its completion. (b) The certificate, if issued, shall specify the kind, or kinds, of insurance
the insurer is authorized to transact in this state. At the insurer's request, the commissioner
may issue a certificate of authority limited to particular types of insurance or insurance
coverages within the scope of a kind of insurance as defined in Chapter 5 of this title. (c)
Although issued to the insurer, the certificate of authority is at...
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27-35-8
Section 27-35-8 Conversion into stock or mutual life insurance company - Completion; effect.
(a) When a fraternal benefit society has complied with the provisions of this chapter and
with the laws of this state relating to domestic stock life insurers or domestic mutual life
insurers, as the case may be, and has received from the commissioner a certificate of authority
to transact business in this state, its reorganization and conversion into such stock insurer
or mutual insurer shall be complete. (b) The reorganized and converted corporation shall be
deemed in law to be a continuation of the fraternal benefit society, whether the reorganization
and conversion shall have been accomplished by the formation of a new corporation or by the
amendment of the certificate of incorporation of the former society; and such reorganized
and converted corporation shall succeed to, and become invested with, all and singular, the
rights, privileges, franchises, and all property, real, personal, or...
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27-30-27
Section 27-30-27 Qualification of corporation for original certificate of authority. (a) When
applying for an original certificate of authority, a domestic corporation formed to transact
a mutual aid business on the mutual plan must be otherwise qualified therefor under this title,
must have entered into bona fide agreements for insurance of the kind proposed to be transacted,
with not less than 500 persons and must have received therefrom as initial premiums, fees,
or contributions at rates theretofore filed with, and approved by, the commissioner as being
both adequate and reasonable, not less than $25,000.00 in cash. (b) No such agreements shall
be solicited, however, except pursuant to a solicitation permit granted by the commissioner
as provided in Sections 27-27-4 through 27-27-7. (Acts 1939, No. 374, p. 502; Acts 1971, No.
407, p. 707, §585.)...
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27-35-6
Section 27-35-6 Conversion into stock or mutual life insurance company - Certificates of incorporation
and authority. The society shall have corporate existence as a domestic stock or mutual life
insurer upon issuance of the certificate of incorporation by the commissioner or approval
of the amended articles of incorporation, as the case may be; but it shall not transact business
as an insurer until all its authorized capital stock, if a stock insurer, has been subscribed
and paid in full and it has otherwise qualified for, and received from the commissioner, a
certificate of authority as provided in this title for legal reserve insurers. (Acts 1971,
No. 407, p. 707, §732.)...
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27-12-10
Section 27-12-10 Financial inducements to purchase insurance. (a) No person shall issue or
deliver, or permit its agents, officers, or employees to issue or deliver, agency company
stock or other capital stock, or benefit certificates or shares in any common-law corporation,
or securities, or any special or advisory board contract or other contract of any kind promising
returns and profits as an inducement to insurance. The commissioner shall refuse to issue
a certificate of authority or license to any insurer or other person that is in violation
of this section and shall revoke the certificate of authority or license of any such violating
insurer or person if such authority or license is already outstanding. (b) No person shall
issue or deliver, or permit its agents, officers, or employees to issue or deliver, in this
state, any life insurance policy or contract of annuity in which are used such words as "investment
plan," "expansion plan," "profit-sharing," "charter plan,"
"founders'...
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27-2-21
Section 27-2-21 Examinations - Affairs, etc., of insurers and surplus line brokers. (a) For
the purpose of determining its financial condition, ability to fulfill its obligations and
compliance with the law, the commissioner shall examine the affairs, transactions, accounts,
records, and assets of each authorized insurer, and the records of surplus line brokers restricted
to those matters under Section 27-10-29, including the attorney-in-fact of a reciprocal insurer
insofar as insurer transactions are involved as often as the commissioner deems appropriate
but shall, at a minimum, conduct an examination of every insurer licensed in this state not
less frequently than once every five years. In scheduling and determining the nature, scope,
and frequency of the examinations, the commissioner shall consider such matters as the results
of financial statement analyses and ratios, changes in management or ownership, actuarial
opinions, reports of independent certified public accountants, and...
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