ORGANIZATION AND GENERAL POWERS OF INSURERS
58-5-1 Scope of chapter.
58-5-2 "Stock" insurer defined.
58-5-3 "Mutual" insurer defined.
58-5-4 Applicability of corporation laws.
58-5-5 Incorporation of stock and mutual insurers.
58-5-6 Incorporators--Number and qualifications.
58-5-6.1 Domestication of foreign company--Requirements and procedure.
58-5-7 Articles of incorporation--Execution and acknowledgment--Contents.
58-5-8 Articles of incorporation delivered to director with filing fees--Examination and approval by attorney general, return to director.
58-5-9 Distribution of copies of approved articles.
58-5-10 Disapproval of articles by attorney general--Statement of reasons--Returned to incorporators.
58-5-11 Amendment of articles of incorporation--Submission and filing.
58-5-12 Bond required of mutual insurer before soliciting applications for insurance--Filing by incorporators--Amount, conditions.
58-5-13 Deposit by incorporators of mutual insurer in lieu of bond--Amount.
58-5-14 Duration of bond or deposit by mutual insurer.
58-5-15 Commencement of solicitation by mutual insurer.
58-5-16 Temporary insurance producer's licenses for solicitation of applications for mutual insurance--Issuance by director.
58-5-17 Applications for mutual insurance--Signature by applicant, coverage.
58-5-18 Applications for mutual insurance--Contents.
58-5-19 Trust deposit of premiums or fees collected by mutual insurer on qualifying applications.
58-5-20 Transaction of business without certificate of authority as misdemeanor.
58-5-21 Insurance applications and surplus required for original certificate of authority to domestic mutual insurer.
58-5-22 Expendable surplus funds required of domestic mutual insurer.
58-5-23 Determination by director as to weight to be given to insurance plans.
58-5-24 Cessation of corporate powers upon failure of mutual insurer to secure certificate of authority--Return of trust deposit.
58-5-25 Issuance of certificate of authority to domestic mutual insurer--Funds in trust deposit become funds of insurer--Delivery of policies--Effective date of policies.
58-5-26 Authorization of domestic mutual insurer to transact additional kinds of insurance.
58-5-27 Membership of policyholders in domestic mutual insurer--Reinsurance contract excepted.
58-5-28 Eligibility to membership in domestic, foreign, or alien mutual insurer.
58-5-29 Contingent liability of members of mutual insurer--Exception.
58-5-30 Contingent liability of member of mutual insurer not terminated by termination of policy.
58-5-31 Unrealized contingent liability of members of mutual not an asset of insurer.
58-5-32 Levy of assessment by mutual insurer for contingent liability.
58-5-33 Amount of assessment by mutual insurer.
58-5-34 Computation of assessment levied by mutual insurer.
Offsets not allowed against assessment by mutual insurer. 58-5-36
Lien of mutual insurer for levy of assessment for contingent liability. 58-5-37
Extinguishment of contingent liability--Issuance of nonassessable policies--Revocation of authority. 58-5-38
Extinguishment of contingent liability must apply to all members and policies. 58-5-39
Bylaws of domestic mutual insurer--Adoption, modification, and revocation. 58-5-40
Meetings of members of domestic mutual insurer--Time, notice, quorum, and conduct. 58-5-41
Voting rights of members of domestic mutual insurer. 58-5-42
Directors of domestic mutual insurer--Number, qualifications, election, terms of office, and powers. 58-5-43
Officers of domestic mutual insurer--Number, designation, election, and terms of office--Powers and duties. 58-5-44
Funds of domestic mutual insurer--Deposit, custody, disbursement, and accounting. 58-5-45
Management of domestic mutual insurer. 58-5-46
Certified copy of bylaws and amendments of domestic mutual insurer filed with director--Disapproval by director, grounds. 58-5-47
Bylaws of domestic stock insurer--Adoption, modification, and revocation. 58-5-48
Bylaws of domestic stock insurer subject to approval of director. 58-5-49
Equity securities of domestic stock insurer--Rules and regulations as to solicitation of proxies, consents, and authorities--Adoption and promulgation. 58-5-50
Annual meetings of stockholders or members--Election of directors--Reports of officers of insurer as to affairs--Transaction of other business--Notice of meeting. 58-5-51
Special meetings of stockholders or members--Calling by board of directors--Notice. 58-5-52
Special meetings of stockholders or members called by secretary on request of directors, stockholders, or members--Failure of secretary to issue call. 58-5-53
Stockholder or member compelling board of directors to call annual meeting. 58-5-54
Place for holding meetings of stockholders or members--Waiver. 58-5-55
Meetings of stockholders or members--Organization for transaction of business, quorum required. 58-5-56
Amendment of articles of incorporation at meeting of stockholders or members--Notice of meeting. 58-5-57
Reduction of capital of stock insurer--Disapproval by director, grounds. 58-5-58
Directors of domestic insurer--Number--Management of affairs of insurer. 58-5-59
Election of directors of domestic insurer--Qualifications. 58-5-60
Directors of domestic insurer--Terms of office. 58-5-61
Pecuniary interest of officer, director, committee member, or employee of domestic insurer in transactions with insurer prohibited--Misdemeanor. 58-5-62
Guarantee by insurer of any financial obligation of its officers, directors, stockholders, or members prohibited. 58-5-63
Policy holding not a prohibited pecuniary interest. 58-5-64
Stock ownership not a prohibited pecuniary interest. 58-5-65
Other permitted pecuniary interest of director, officer, or employee of insurer. 58-5-66
Compensation of officers and employees of domestic insurer. 58-5-67
Pensions to officers and directors of domestic insurers. 58-5-68
"Equity security" defined. 58-5-69
Statement of ownership of insurance company filed with director--Change of ownership, time for statement. 58-5-70
Short sales by insider as misdemeanor--Delivery of securities sold, when required. 58-5-71
Profits from insider security transactions accruing to company. 58-5-72
Suit to recover insider profits accruing to company. 58-5-73
Exemption from insider trading restrictions. 58-5-74
Registered and closely held securities exempt from insider trading restrictions. 58-5-75
Brokers and market specialists exempt from insider trading restrictions. 58-5-76
Arbitrage transactions exempt from insider trading restrictions. 58-5-77
Rules and regulations on insider trading. 58-5-78
Nonliability for insider trading acts in good faith in conformity with rule or regulation. 58-5-79
Management of domestic insurers during national emergency--Continuity, means for facilitating. 58-5-80
Bylaws to cover management during national emergency. 58-5-81
Quorum of directors during national emergency--Filling vacancies in board. 58-5-82
Vice-presidents acting as directors during national emergency--Insufficient number of vice-presidents, appointment of directors by insurance director. 58-5-83
Succession to office during national emergency. 58-5-84
Principal place of business during national emergency. 58-5-85
Domestic insurers--Management and exclusive agency contracts, filing with and approval by director--Violation as misdemeanor. 58-5-86
Domestic insurer--Management and exclusive agency contracts, disapproval by director, grounds. 58-5-87
Domestic insurer--Management and exclusive agency contracts, time for disapproval by director--Disapproval in writing, statement of grounds. 58-5-88
to 58-5-92. Repealed. 58-5-93
Location of home office and principal place of business of domestic insurers--Records maintained. 58-5-94
Assets of domestic insurer to be maintained in state--Exceptions. 58-5-95
Director's consent required for removal of records or assets from state--Unauthorized removal or concealment as felony. 58-5-96
Delinquency proceedings by director for removal or attempted removal of records or assets of domestic insurer. 58-5-97
Branch offices established by domestic insurer--Transmission of funds outside state--Deposits under custodial arrangements. 58-5-98
Prior maintenance by domestic insurer of branch or regional place of business or home office outside state not invalidated. 58-5-99
"Reciprocating state" defined. 58-5-100
Solicitation by domestic insurer in reciprocating state in which it has no license prohibited. 58-5-101
Advertising through publications and broadcasts originating outside reciprocating state not prohibited. 58-5-102
Insurance in reciprocating state under contracts issued in state in which licensed not prohibited--Policies issued as an unauthorized insurer permitted under laws of reciprocating state not prohibited. 58-5-103
Suspension or revocation of certificate of authority for violation by domestic insurer. 58-5-104
Participating policies--Issuance authorized by articles of domestic insurer--Nondiscrimination between policyholders.
Continued issuance of participating policies without authorization in articles. 58-5-106
Dividends on participating policies not contingent on renewal premiums. 58-5-107
Participating policyholder as member. 58-5-108
Borrowed surplus of domestic stock or mutual insurer--Agreement to repay, interest. 58-5-109
Approval of loan and agreement by director--Disapproval of proposed loan or agreement, grounds. 58-5-110
Legal liabilities of insurer on borrowed funds--Disclosure in financial statement. 58-5-111
Repayment of loan by domestic insurer. 58-5-112
Provisions as to borrowed surplus inapplicable to loans in ordinary course of business or secured by pledge or mortgage. 58-5-113
Illegal dividends--Revocation or suspension of certificate of authority. 58-5-114
Impairment of capital or surplus of domestic stock or mutual insurer--Determination of amount of deficiency by director--Notice to insurer. 58-5-115
Curing impairment of capital or surplus. 58-5-116
Assessment of stockholders to cure impairment of capital or surplus--Enforcement. 58-5-117
Levy of assessment by mutual insurer to cure deficiency. 58-5-118
Officers and directors permitting new business during impairment of capital or surplus--Liability for losses. 58-5-119
Failure to cure deficiency, insurer deemed insolvent--Delinquency proceedings. 58-5-120
Bulk reinsurance by domestic stock insurer--Agreement, filing with and approval by director. 58-5-121
Approval by director of bulk reinsurance agreement--Disapproval. 58-5-122
Compensation for promoting bulk reinsurance prohibited. 58-5-123
Bulk reinsurance by mutual insurer--Agreement, filing with and approval by director. 58-5-124
Members of domestic mutual insurer voting on bulk insurance, requirement by director--Calling of meeting, notice--Limited rights of members of life insurer to vote. 58-5-125
Bulk reinsurance by domestic mutual insurer in stock insurer--Payments to members. 58-5-126
Approval by director of bulk reinsurance by mutual insurer--Disapproval--Notice. 58-5-127
Compensation for promoting bulk reinsurance by mutual insurer. 58-5-128
Merger or consolidation of stock insurers. 58-5-129
Stock acquisition plan deemed merger--Approval required. 58-5-130
Compensation for promoting merger or consolidation of stock insurers. 58-5-131
Filing and hearing on consolidation or merger plan--Grounds for disapproval. 58-5-132
Participation by other states in hearing on merger or consolidation. 58-5-133
Disapproval of merger or consolidation--Notice to insurer. 58-5-134
Merger or consolidation of mutual insurers--Procedure. 58-5-135
Members of mutual insurer voting on merger or consolidation--Procedure--Limited right of members of life insurer. 58-5-136
Provisions applicable to mutual mergers and consolidations. 58-5-137
Conversion of mutual to stock insurer restricted. 58-5-138.1
Compensation of officer, insurance producer, or employee of converting mutual insurer prohibited. 58-5-139
Liquidation of domestic mutual insurer--Distribution of remaining assets to members. 58-5-140
Distributive share of each member on liquidation of mutual insurer--Classification of policies. 58-5-141
, 58-5-142. Repealed. 58-5-143
Disclosure of certain material transactions required--Filing a report. 58-5-144
Confidentiality of disclosure report. 58-5-145
Exception from disclosure requirement--"Material acquisition" defined. 58-5-146
Types of asset acquisitions subject to chapter. 58-5-147
Types of asset dispositions subject to chapter. 58-5-148
Information required in report of material acquisition or disposition of assets. 58-5-149
Determining whether to report acquisitions on a nonconsolidated or consolidated basis. 58-5-150
Materiality of nonrenewals, cancellations or revisions. 58-5-151
Reporting material nonrenewal, cancellation or revision. 58-5-152
Required information in reporting material nonrenewal, cancellation, or revision. 58-5-153
Determining whether to report material nonrenewals, cancellations, or revisions on a nonconsolidated or consolidated basis. 58-5-154
"Qualified education loan insurer" defined. 58-5-155
Qualified education loan insurer subject to Title 58--Exceptions. 58-5-156
Investment of funds by qualified education loan insurer--Limitations--Permitted rating categories. 58-5-157
Investment of funds in securities. 58-5-158
Subsidiary investment to be counted as admitted asset. 58-5-159
Applicability of federal Bankruptcy Code. 58-5-160
Additional exemptions or exemption authority.