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 Repealed by SL 2012, ch 252, §§ 32 to 36.
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 58-5-137. Repealed by SL 1983, ch 371, § 3
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 58-5-141, 58-5-142. Repealed by SL 1994, ch 372, §§ 1, 2
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.
58-5-161 Definitions for §§ 58-5-161 through 58-5-171.
58-5-162 Corporate governance disclosure--Requirements and limitations.
58-5-163 Submission of disclosure--Requirement.
58-5-164 Information provided with disclosure--Appropriate corporate level.
58-5-165 Duplicate information not required--Documentation.
58-5-166 Content and maintenance--Promulgation of Rules.
58-5-167 Disclosure documents and other information--Confidential and privileged--Exempt from public record--Permitted uses.
58-5-168 Disclosure documents and other materials--Testimony prohibited.
58-5-169 Disclosure documents and other materials--Information sharing and receiving.
58-5-170 Disclosure review--Expert assistance.
58-5-171 Disclosure information--Access by National Association of Insurance Commissioners--Requirements.