27-5-5
Section 27-5-5 "Property insurance" defined. "Property insurance" is insurance
on real or personal property of every kind and of every interest therein, whether on land,
water, or in the air, against loss or damage from any and every hazard or cause and against
loss consequential upon such loss or damage other than noncontractual legal liability for
any such loss or damage. (Acts 1971, No. 407, p. 707, §90.)...
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41-4-305
Section 41-4-305 Risk manager; appointment; compensation. The division of risk management shall
be headed by and under the supervision, direction and control of an officer who shall be designated
"risk manager." The risk manager shall be appointed and compensated, subject to
the provisions of the state Merit System, by the Director of Finance, with the approval of
the Governor. Salary of said risk manager shall be paid from self-insured programs on a basis
determined by the Finance Director. (Acts 1990, No. 90-672, p. 1300, §5.)...
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45-49A-63.101
Section 45-49A-63.101 Insurance premiums. (a) On or before the first day of March of each year,
each insurance company writing fire insurance on property within the city limits and its police
jurisdiction shall pay to the city an amount equal to four percent of its gross premiums,
including all renewal premiums, less return premiums, collected by the company on such policies
in effect during the preceding year in the city and its police jurisdiction. The city shall
credit one-half of this amount to the fund within 30 days of its receipt by the city. The
remaining one-half shall be retained by the city and credited against the insurance companies'
business license obligations. (b) Each such insurance company, on or before the due date of
such payment, shall file with the city finance director a sworn, written statement showing
the gross amount of premiums, including all renewal premiums, less return premiums, received
on such policies during the preceding year. Any insurance company...
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7-2A-218
Section 7-2A-218 Insurance and proceeds. (1) A lessee obtains an insurable interest when existing
goods are identified to the lease contract even though the goods identified are nonconforming
and the lessee has an option to reject them. (2) If a lessee has an insurable interest only
by reason of the lessor's identification of the goods, the lessor, until the lessor's default
or insolvency or notification to the lessee that identification is final, may substitute other
goods for those identified. (3) Notwithstanding a lessee's insurable interest under subsections
(1) and (2), the lessor retains an insurable interest until an option to buy has been exercised
by the lessee and risk of loss has passed to the lessee. For this purpose the option to buy
shall be deemed to have been exercised by the lessee when the resulting sale is closed, not
when the lessee gives notice to the lessor of the lessee's intention to exercise the option.
(4) Nothing in this section impairs any insurable interest...
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7-2A-220
Section 7-2A-220 Effect of default on risk of loss. (1) Where risk of loss is to pass to the
lessee and the time of passage is not stated: (a) If a tender or delivery of goods so fails
to conform to the lease contract as to give a right of rejection, the risk of their loss remains
with the lessor, or, in the case of a finance lease, the supplier, until cure or acceptance.
(b) If the lessee rightfully revokes acceptance, he or she, to the extent of any deficiency
in his or her effective insurance coverage, may treat the risk of loss as having remained
with the lessor from the beginning. (2) Whether or not risk of loss is to pass to the lessee,
if the lessee as to conforming goods already identified to a lease contract repudiates or
is otherwise in default under the lease contract, the lessor, or, in the case of a finance
lease, the supplier, to the extent of any deficiency in his or her effective insurance coverage
may treat the risk of loss as resting on the lessee for a commercially...
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23-1-65
Section 23-1-65 Disposal of surplus personal property - Availability; list of surplus property.
(a) Surplus personal property shall be made available at such times and places as determined
to be appropriate by the State Department of Transportation for inspection and acquisition
by the agencies determined to be eligible for the acquisition under criteria developed and
published by the State Department of Transportation. (b) The State Department of Transportation
shall periodically publish a list of all surplus personal property held by it at the time
of the publication. (c) The published list shall be made available to all state departments,
boards, bureaus, commissions, institutions, corporations, or agencies. (d) The published list
shall also be made available to all eligible counties, cities, boards of education, civil
defense agencies, and volunteer fire departments. (e) The State Department of Transportation
shall determine the manner in which the list of surplus personal property...
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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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27-14-3
Section 27-14-3 Insurable interest - Personal insurance; preneed contracts. (a) Insurable interest
with reference to personal insurance is an interest based upon a reasonable expectation of
pecuniary advantage through the continued life, health, or bodily safety of another person
and consequent loss by reason of his or her death or disability or a substantial interest
engendered by love and affection in the case of individuals closely related by blood or by
law. (b) An individual has an unlimited insurable interest in his or her own life, health,
and bodily safety and may lawfully take out a policy of insurance on his or her own life,
health, or bodily safety and have the same made payable to whomsoever he or she pleases, regardless
of whether the beneficiary so designated has an insurable interest. (c) A corporation, foreign
or domestic, has an insurable interest in the life or physical or mental ability of any of
its directors, officers, or employees, or the directors, officers, or...
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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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27-20-4
Section 27-20-4 Blanket disability insurance - Eligible groups. Blanket disability insurance
is hereby declared to be that form of disability insurance covering groups of persons as enumerated
in one of the following subdivisions: (1) Under a policy or contract issued to any common
carrier or to any operator, owner, or lessee of a means of transportation, who or which shall
be deemed the policyholder, covering a group of persons who may become passengers defined
by reference to their travel status on such common carrier or such means of transportation;
(2) Under a policy or contract issued to an employer, who shall be deemed the policyholder,
covering any group of employees, dependents, or guests, defined by reference to specified
hazards incident to an activity, or activities, or operations of the policyholder; (3) Under
a policy or contract issued to a college, school, or other institution of learning, a school
district or districts, or school jurisdictional unit or to the head,...
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