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27-32-1
Section 27-32-1 Definitions. For the purposes of this chapter, the following terms shall
have the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or
INSOLVENCY. The capital of a stock insurer, the net assets of a Lloyd's plan insurer or the
surplus of a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall
be deemed to be insolvent when such insurer is not possessed of assets at least equal to all
liabilities and required reserves, together with its total issued and outstanding capital
stock, if a stock insurer, or the minimum surplus, if a Lloyd's plan, mutual or reciprocal
insurer, required by this title to be maintained for the kind or kinds of insurance it is
then authorized to transact. (2) INSURER. Any person, firm, corporation, association, or aggregation
of persons doing an insurance business and subject to the insurance supervisory authority
of, or to liquidation, rehabilitation, reorganization, or conservation by, the...
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27-6A-2
Section 27-6A-2 Definitions. As used in this chapter, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
ACTUARY. A person who is a member in good standing of the American Academy of Actuaries. (2)
INSURER. A person defined in subdivisions (2) and (3) of Section 27-1-2. (3) MANAGING
GENERAL AGENT. Any person, firm, or association who does both of the following: a. Manages
all or part of the insurance business of an insurer, including the management of a separate
division, department, or underwriting office. b. Acts as a producer for an insurer whether
known as a managing general agent, manager, or other similar term, who, with or without the
authority, either separately or together with affiliates, produces, directly or indirectly,
and underwrites an amount of gross direct written premium equal to or more than five percent
of the policyholder surplus as reported in the last annual statement of the insurer in any
one...
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32-7A-2
Section 32-7A-2 Definitions. (a) For the purposes of this chapter, the following terms
shall have the following meanings respectively ascribed to them in this section, except
in those instances where the context clearly indicates a different meaning: (1) CERTIFICATE
OF INSURANCE. A document issued by an insurer or its authorized representative showing that
a specific vehicle is insured for no less than the minimum limits of liability coverage for
bodily injury or death and for destruction of property under subsection (c) of Section
32-7-6. (2) COMMERCIAL AUTOMOBILE LIABILITY INSURANCE POLICY. An insurance policy that: a.
Is written on either a commercial coverage or other commercially rated personal policy form,
including, but not limited to, a commercial auto, garage, or truckers form, and is not dependent
on the type, number, or ownership of vehicle or entity covered or insured. b. Insures vehicles
that are not identified individually by vehicle identification number on the policy....
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5-7A-62
Section 5-7A-62 Application to convert charter; written plan of conversion; authorizing
resolution; submission to superintendent; fee; tentative approval; vote of stockholders or
members; directors; articles of incorporation and bylaws; statement of superintendent's objections;
amendment; appeal of disapproval; application to FDIC; final approval and permit. Any savings
institution may apply to the superintendent for permission to convert its charter in order
to do business as a state chartered bank in accordance with the following procedures: (1)
The board of directors shall approve a written plan of conversion, the application for conversion
and shall adopt an authorizing resolution, all by a vote of a majority of all the directors.
The plan of conversion shall include a statement of: a. The proposed organization and management
structure of the resulting bank if the application were approved, and the proposed name under
which it would do business as a bank; b. The method and time...
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22-21-363
Section 22-21-363 Application for certificate of authority; contents. (a) The incorporators
shall file with the commissioner an application for a certificate of authority to do business
upon a form to be furnished by the department, which shall include or have attached the following:
(1) The names, and for the preceding 10 years, all addresses and all occupations of all incorporators
and proposed directors and officers; (2) A certified copy of the corporate articles and bylaws
and all amendments thereto, a list of the names, addresses, and occupations of all directors
and principal officers and, if previously incorporated, for the three most recent years, the
corporation annual statements and reports; (3) All agreements relating to the corporation
to which any incorporator or proposed director or officer is a party; (4) A statement of the
amount and sources of the funds available for organization expenses and the proposed arrangements
for reimbursement and compensation of incorporators...
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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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27-2-24
Section 27-2-24 Examinations - Report; confidentiality of information. (a) The commissioner,
or his or her examiner, shall make a full and true written report of each examination. The
examination report shall contain only information obtained from examination of the books,
records, accounts, files, or other documents of, or relative to, the person examined, its
agents or other persons examined, or as ascertained from the testimony of its officers or
agents or other persons examined concerning its affairs, together with conclusions and recommendations
as the examiners find reasonable warranted from the facts. (b) No later than 60 days following
completion of the examination, the examiner in charge shall file with the department a verified
written report of examination under oath. Upon receipt of the verified report, the department
shall transmit the report to the company examined, together with a notice that the company
examined may make a written submission or rebuttal with respect to...
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19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject
additions to the trust property from a settlor or any other person, including, but not being
limited to, the authority to receive, collect, hold, and retain common or preferred stock
or other interests in the trustee or any related party; (2) acquire or sell property, for
cash or on credit, at public or private sale; (3) exchange, partition, or otherwise change
the character of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
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27-15-28.2
Section 27-15-28.2 Standard nonforfeiture law for individual deferred annuities - Annuity
contracts issued after June 30, 2006, or by election under this section until June
30, 2006. (a) This section shall be known as the standard nonforfeiture law for individual
deferred annuities. (b) This section shall not apply to any reinsurance group annuity
purchased under a retirement plan or plan of deferred compensation established or maintained
by an employer (including a partnership or sole proprietorship) or by an employee organization,
or by both, other than a plan providing individual retirement accounts or individual retirement
annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended,
premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred
annuity contract after annuity payments have commenced or reversionary annuity, nor to any
contract which shall be delivered outside this state through an agent or other representative...
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27-15-28.1
Section 27-15-28.1 Standard nonforfeiture law for individual deferred annuities - Annuity
contracts issued by election under this section until June 30, 2006. (a) This section
shall be known as the standard nonforfeiture law for individual deferred annuities. (b) This
section shall not apply to any reinsurance group annuity purchased under a retirement
plan or plan of deferred compensation established or maintained by an employer (including
a partnership or sole proprietorship) or by an employee organization, or by both, other than
a plan providing individual retirement accounts or individual retirement annuities under Section
408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable
annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity
payments have commenced or reversionary annuity, nor to any contract which shall be delivered
outside this state through an agent or other representative of the company issuing...
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