27-5B-10
Section 27-5B-10 Reinsurer not licensed, accredited or certified - Additional reinsurance agreement
requirements. (a) If the assuming insurer is not licensed, accredited or certified to transact
insurance or reinsurance in this state, the credit permitted by Sections 27-5B-6 and 27-5B-7
shall not be allowed unless the assuming insurer agrees in the reinsurance agreements: (1)
That in the event of the failure of the assuming insurer to perform its obligations under
the terms of the reinsurance agreement, the assuming insurer, at the request of the ceding
insurer, shall submit to the jurisdiction of any court of competent jurisdiction in any state
of the United States, will comply with all requirements necessary to give the court jurisdiction,
and will abide by the final decision of the court or of any appellate court in the event of
an appeal. (2) To designate the commissioner or a designated attorney as its true and lawful
attorney upon whom may be served any lawful process in any...
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27-5B-8
Section 27-5B-8 Certified reinsurer. (a) Credit shall be allowed when the reinsurance is ceded
to an assuming insurer that is certified by the commissioner as a reinsurer in this state
and secures its obligations in accordance with the requirements of this section. In order
to be eligible for certification, the assuming insurer shall meet all of the following requirements:
(1) The assuming insurer must be domiciled and licensed to transact insurance or reinsurance
in a qualified jurisdiction, as determined by the commissioner pursuant to subsection (c).
(2) The assuming insurer must maintain minimum capital and surplus, or its equivalent, in
an amount to be determined by the commissioner pursuant to regulation. (3) The assuming insurer
must maintain financial strength ratings from two or more rating agencies deemed acceptable
by the commissioner pursuant to regulation. (4) The assuming insurer must agree to submit
to the jurisdiction of this state, appoint the commissioner as its agent...
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27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired insurer,
the association may, in its discretion and subject to any conditions imposed by the association
that do not impair the contractual obligations of the impaired insurer, and that are approved
by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed, or reinsured,
any or all of the covered policies of the impaired insurers. (2) Provide such moneys, pledges,
notes, guarantees, or other means as are proper to effectuate subdivision (1), and assure
payment of the contractual obligations of the impaired insurer pending action under subdivision
(1). (b) If a member insurer is an insolvent insurer, the association shall, in its discretion
and subject to the approval of the commissioner, do either of the following: (1)a. Guarantee,
assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the covered policies
of the insolvent insurer. b. Assure payment of the...
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27-5B-11
Section 27-5B-11 Reinsurer not licensed, accredited, or certified - Additional trust agreement
requirements. If the assuming insurer does not meet the requirements of Section 27-5B-4, 27-5B-5,
or 27-5B-6, the credit permitted by Section 27-5B-7 or 27-5B-8 shall not be allowed unless
the assuming insurer agrees in the trust agreements to the following conditions: (1) Notwithstanding
any other provisions in the trust instrument, if the trust fund is inadequate because it contains
an amount less than the amount required by subsection (c) of Section 27-5B-7, or if the grantor
of the trust has been declared insolvent or placed into receivership, rehabilitation, liquidation,
or similar proceedings under the laws of its state or country of domicile, the trustee shall
comply with an order of the commissioner with regulatory oversight over the trust or with
an order of a court of competent jurisdiction directing the trustee to transfer to the commissioner
with regulatory oversight all of the...
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27-5B-7
Section 27-5B-7 Reinsurer maintaining a trust fund. (a) Credit shall be allowed when the reinsurance
is ceded to an assuming insurer that maintains a trust fund in a qualified U.S. financial
institution, as defined in subsection (b) of Section 27-5B-15, for the payment of the valid
claims of its U.S. ceding insurers, their assigns and successors in interest. To enable the
commissioner to determine the sufficiency of the trust fund, the assuming insurer shall report
annually to the commissioner information substantially the same as that required to be reported
on the NAIC Annual Statement form by licensed insurers. The assuming insurer shall submit
to examination of its books and records by the commissioner and bear the expense of examination.
(b)(1) Credit for reinsurance shall not be granted under this section unless the form of the
trust and any amendments to the trust have been approved by either: a. The commissioner of
the state where the trust is domiciled. b. The commissioner of...
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27-62-6
Section 27-62-6 Notification of cybersecurity event. (a) Each licensee shall notify the commissioner
as promptly as possible, but in no event later than three business days from a determination
that a cybersecurity event involving nonpublic information that is in the possession of a
licensee has occurred when either of the following criteria has been met: (1) This state is
the state of domicile of the licensee, in the case of an insurer, or this state is the home
state of the licensee, in the case of a producer, as those terms are defined in Section 27-7-1,
and the cybersecurity event has a reasonable likelihood of materially harming a consumer residing
in this state or reasonable likelihood of materially harming any material part of the normal
operation of the licensee. (2) The licensee reasonably believes that the nonpublic information
involves 250 or more consumers residing in this state and the cybersecurity event is either
of the following: a. A cybersecurity event impacting the...
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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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27-55-3
Section 27-55-3 Prohibited practices; disclosure of information. (a) No insurer may: (1) Deny,
refuse to issue, renew, or reissue, cancel, or otherwise terminate, restrict, or exclude coverage
on an insurance policy or health benefit plan on the basis of an applicant's or insured's
abuse status, or on the basis of any association, relationship, or assistance to a subject
of abuse. (2) Exclude or limit coverage for a loss, deny benefits, or deny a claim on the
basis of the insured's abuse status, or on the basis of any association, relationship, or
assistance to a subject of abuse, except as otherwise permitted or required by the laws of
this state relating to acts of abuse committed by a life insurance beneficiary. Notwithstanding
anything to the contrary in this section, a liability insurer may include policy provisions
providing that a payment required by this subsection may be denied or, if paid, recovered
by the insurer from the insured, if the claim arose out of an act of abuse by...
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27-5B-3
Section 27-5B-3 Credit allowed a domestic ceding insurer. Credit for reinsurance shall be allowed
a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance
ceded only when the reinsurer meets the requirements of Section 27-5B-4, 27-5B-5, 27-5B-6,
27-5B-7, 27-5B-8, or 27-5B-9. Credit shall be allowed under Sections 27-5B-4, 27-5B-5, or
27-B5-6 only as respects cessions of those kinds or classes of business which the assuming
insurer is licensed or otherwise permitted to write or assume in its state of domicile or,
in the case of a U.S. branch of an alien assuming insurer, in the state through which it is
entered and licensed to transact insurance or reinsurance. Credit shall be allowed under Section
27-5B-6 or 27-5B-7 only if the applicable requirements of Section 27-5B-10 have been satisfied.
(Act 2013-209, p. 463, §1.)...
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27-34-33
Section 27-34-33 Reinsurance. A domestic society may, by a reinsurance agreement, cede any
individual risk or risks, in whole or in part, to an insurer, other than another fraternal
benefit society, having the power to make such reinsurance and authorized to do business in
this state or, if not so authorized, one which is approved by the commissioner; but no such
society may reinsure substantially all of its insurance in force without the written permission
of the commissioner. It may take credit for the reserves on such ceded risks to the extent
reinsured, but no credit shall be allowed as an admitted asset or as a deduction from liability
to a ceding society for reinsurance made, ceded, renewed, or otherwise becoming effective
after January 1, 1972, unless the reinsurance is payable by the assuming insurer on the basis
of the liability of the ceding society under the contract, or contracts, reinsured without
diminution because of the insolvency of the ceding society. (Acts 1923, No....
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