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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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27-5B-5
Section 27-5B-5 Accredited reinsurer. Credit shall be allowed when the reinsurance is ceded
to an assuming insurer that is accredited by the commissioner as a reinsurer in this state.
In order to be eligible for accreditation, a reinsurer must do all of the following: (1) File
with the commissioner evidence of its submission to this state's jurisdiction. (2) Submit
to this state's authority to examine its books and records. (3) Be licensed to transact insurance
or reinsurance in at least one state, or in the case of a U.S. branch of an alien assuming
insurer, be entered through and licensed to transact insurance or reinsurance in at least
one state. (4) File annually with the commissioner a copy of its annual statement filed with
the insurance department of its state of domicile and a copy of its most recent audited financial
statement. (5) Demonstrate to the satisfaction of the commissioner that it has adequate financial
capacity to meet its reinsurance obligations and is otherwise...
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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-14
Section 27-5B-14 Asset or reduction from liability for reinsurance ceded by a domestic insurer
to an assuming insurer not meeting the requirements of Sections 27-5B-3 through 27-5B-13.
An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to
an assuming insurer not meeting the requirements of Section 27-5B-3, 27-5B-4, 27-5B-5, 27-5B-6,
27-5B-7, 27-5B-8, 27-5B-9, 27-5B-10, 27-5B-11, 27-5B-12, or 27-5B-13 shall be allowed in an
amount not exceeding the liabilities carried by the ceding insurer. The reduction shall be
in the amount of funds held by or on behalf of the ceding insurer, including funds held in
trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security
for the payment of obligations thereunder, if the security is held in the United States subject
to withdrawal solely by, and under the exclusive control of, the ceding insurer; or, in the
case of a trust, held in a qualified U.S. financial institution, as...
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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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27-3-16
Section 27-3-16 Lloyd's insurers. Aggregations of individuals as underwriters, whether domestic,
foreign, or alien, assuming insurance risks upon the plan known as "Lloyd's," whereby
each underwriter is liable for the proportionate part assumed by him of the whole amount so
insured by a policy issued by such underwriters, may be authorized to transact any kind, or
kinds, of insurance in this state other than life or title insurances if the insurer is otherwise
in compliance with this title, subject to the following conditions: (1) If a foreign or alien
insurer, it must have successfully been in business as an authorized insurer in the state
or country of domicile for at least 10 years. (2) If a domestic insurer, it must file with
the commissioner evidence, satisfactory to him, that it has been soundly organized and that
its insurance operations will, at all times, be competently conducted by individuals having
the necessary experience in insurance underwriting and management to do so,...
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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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27-5A-3
Section 27-5A-3 Licensure. (a) No person, firm, association, or corporation shall act as a
reinsurance intermediary-broker in this state if the reinsurance intermediary-broker maintains
an office either directly, or as a member or employee of a firm or association, or an officer,
director, or employee of a corporation: (1) In this state, unless the reinsurance intermediary-broker
is a licensed producer in this state. (2) In another state, unless the reinsurance intermediary-broker
is a licensed producer in this state or another state having a law substantially similar to
this law or the reinsurance intermediary-broker is licensed in this state as a nonresident
reinsurance intermediary. (b) No person, firm, association, or corporation shall act as a
reinsurance intermediary-manager: (1) For a reinsurer domiciled in this state, unless the
reinsurance intermediary-manager is a licensed producer in this state. (2) In this state,
if the reinsurance intermediary-manager maintains an office...
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27-29-4
Section 27-29-4 Registration of insurers. (a)(1) Every insurer which is authorized to do business
in this state and which is a member of an insurance holding company system shall register
with the commissioner, except a foreign insurer subject to registration requirements and standards
adopted by statute or regulation in the jurisdiction of its domicile which are substantially
similar to those contained in this section and both of the following: a. Subdivision (1) of
subsection (a) of Section 27-29-5, and subsections (b) and (d) of Section 27-29-5. b. Either
subdivision (2) of subsection (a) of Section 27-29-5 or a provision such as the following:
Each registered insurer shall keep current the information required to be disclosed in its
registration statement by reporting all material changes or additions within 15 days after
the end of the month in which it learns of each change or addition. (2) Any insurer which
is subject to registration under this section shall register within 15...
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27-29B-3
Section 27-29B-3 Disclosure requirement. (a) Not later than June 1 of each calendar year, an
insurer or the insurance group of which the insurer is a member, shall submit to the commissioner
a Corporate Governance Annual Disclosure that contains the information described in Section
27-29B-5. Notwithstanding any request from the commissioner made pursuant to subsection (c),
if the insurer is a member of an insurance group, the insurer shall submit the report required
by this section to the commissioner of the lead state for the insurance group in accordance
with the laws of the lead state as determined by the procedures outlined in the most recent
Financial Analysis Handbook adopted by the NAIC. (b) The CGAD shall include a signature of
the insurer or insurance group's chief executive officer or corporate secretary attesting
to the best of that individual's belief and knowledge that the insurer has implemented the
corporate governance practices and that a copy of the disclosure has been...
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