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CHAPTER 58-5

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.


58-5-35      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.
58-5-105      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      Repealed.
58-5-138      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.


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