Chapter 5 - ORGANIZATION AND GENERAL POWERS OF INSURERS

Section 58-5-1 - Scope of chapter
Section 58-5-2 - "Stock" insurer defined
Section 58-5-3 - "Mutual" insurer defined
Section 58-5-4 - Applicability of corporation laws
Section 58-5-5 - Incorporation of stock and mutual insurers
Section 58-5-6 - Incorporators-Number and qualifications
Section 58-5-6.1 - Domestication of foreign company-Requirements and procedure
Section 58-5-7 - Articles of incorporation-Execution and acknowledgment-Contents
Section 58-5-8 - Articles of incorporation delivered to director with filing fees-Examination and approval by attorney general, return to director
Section 58-5-9 - Distribution of copies of approved articles
Section 58-5-10 - Disapproval of articles by attorney general-Statement of reasons-Returned to incorporators
Section 58-5-11 - Amendment of articles of incorporation-Submission and filing
Section 58-5-12 - Bond required of mutual insurer before soliciting applications for insurance-Filing by incorporators-Amount, conditions
Section 58-5-13 - Deposit by incorporators of mutual insurer in lieu of bond-Amount
Section 58-5-14 - Duration of bond or deposit by mutual insurer
Section 58-5-15 - Commencement of solicitation by mutual insurer
Section 58-5-16 - Temporary insurance producer's licenses for solicitation of applications for mutual insurance-Issuance by director
Section 58-5-17 - Applications for mutual insurance-Signature by applicant, coverage
Section 58-5-18 - Applications for mutual insurance-Contents
Section 58-5-19 - Trust deposit of premiums or fees collected by mutual insurer on qualifying applications
Section 58-5-20 - Transaction of business without certificate of authority as misdemeanor
Section 58-5-21 - Insurance applications and surplus required for original certificate of authority to domestic mutual insurer
Section 58-5-22 - Expendable surplus funds required of domestic mutual insurer
Section 58-5-23 - Determination by director as to weight to be given to insurance plans
Section 58-5-24 - Cessation of corporate powers upon failure of mutual insurer to secure certificate of authority-Return of trust deposit
Section 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
Section 58-5-26 - Authorization of domestic mutual insurer to transact additional kinds of insurance
Section 58-5-27 - Membership of policyholders in domestic mutual insurer-Reinsurance contract excepted
Section 58-5-28 - Eligibility to membership in domestic, foreign, or alien mutual insurer
Section 58-5-29 - Contingent liability of members of mutual insurer-Exception
Section 58-5-30 - Contingent liability of member of mutual insurer not terminated by termination of policy
Section 58-5-31 - Unrealized contingent liability of members of mutual not an asset of insurer
Section 58-5-32 - Levy of assessment by mutual insurer for contingent liability
Section 58-5-33 - Amount of assessment by mutual insurer
Section 58-5-34 - Computation of assessment levied by mutual insurer
Section 58-5-35 - Offsets not allowed against assessment by mutual insurer
Section 58-5-36 - Lien of mutual insurer for levy of assessment for contingent liability
Section 58-5-37 - Extinguishment of contingent liability-Issuance of nonassessable policies-Revocation of authority
Section 58-5-38 - Extinguishment of contingent liability must apply to all members and policies
Section 58-5-39 - Bylaws of domestic mutual insurer-Adoption, modification, and revocation
Section 58-5-40 - Meetings of members of domestic mutual insurer-Time, notice, quorum, and conduct
Section 58-5-41 - Voting rights of members of domestic mutual insurer
Section 58-5-42 - Directors of domestic mutual insurer-Number, qualifications, election, terms of office, and powers
Section 58-5-43 - Officers of domestic mutual insurer-Number, designation, election, and terms of office-Powers and duties
Section 58-5-44 - Funds of domestic mutual insurer-Deposit, custody, disbursement, and accounting
Section 58-5-45 - Management of domestic mutual insurer
Section 58-5-46 - Certified copy of bylaws and amendments of domestic mutual insurer filed with director-Disapproval by director, grounds
Section 58-5-47 - Bylaws of domestic stock insurer-Adoption, modification, and revocation
Section 58-5-48 - Bylaws of domestic stock insurer subject to approval of director
Section 58-5-49 - Equity securities of domestic stock insurer-Rules and regulations as to solicitation of proxies, consents, and authorities-Adoption and promulgation
Section 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
Section 58-5-51 - Special meetings of stockholders or members-Calling by board of directors-Notice
Section 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
Section 58-5-53 - Stockholder or member compelling board of directors to call annual meeting
Section 58-5-54 - Place for holding meetings of stockholders or members-Waiver
Section 58-5-55 - Meetings of stockholders or members-Organization for transaction of business, quorum required
Section 58-5-56 - Amendment of articles of incorporation at meeting of stockholders or members-Notice of meeting
Section 58-5-57 - Reduction of capital of stock insurer-Disapproval by director, grounds
Section 58-5-58 - Directors of domestic insurer-Number-Management of affairs of insurer
Section 58-5-59 - Election of directors of domestic insurer-Qualifications
Section 58-5-60 - Directors of domestic insurer-Terms of office
Section 58-5-61 - Pecuniary interest of officer, director, committee member, or employee of domestic insurer in transactions with insurer prohibited-Misdemeanor
Section 58-5-62 - Guarantee by insurer of any financial obligation of its officers, directors, stockholders, or members prohibited
Section 58-5-63 - Policy holding not a prohibited pecuniary interest
Section 58-5-64 - Stock ownership not a prohibited pecuniary interest
Section 58-5-65 - Other permitted pecuniary interest of director, officer, or employee of insurer
Section 58-5-66 - Compensation of officers and employees of domestic insurer
Section 58-5-67 - Pensions to officers and directors of domestic insurers
Section 58-5-68 - "Equity security" defined
Section 58-5-69 - Statement of ownership of insurance company filed with director-Change of ownership, time for statement
Section 58-5-70 - Short sales by insider as misdemeanor-Delivery of securities sold, when required
Section 58-5-71 - Profits from insider security transactions accruing to company
Section 58-5-72 - Suit to recover insider profits accruing to company
Section 58-5-73 - Exemption from insider trading restrictions
Section 58-5-74 - Registered and closely held securities exempt from insider trading restrictions
Section 58-5-75 - Brokers and market specialists exempt from insider trading restrictions
Section 58-5-76 - Arbitrage transactions exempt from insider trading restrictions
Section 58-5-77 - Rules and regulations on insider trading
Section 58-5-78 - Nonliability for insider trading acts in good faith in conformity with rule or regulation
Section 58-5-79 - Management of domestic insurers during national emergency-Continuity, means for facilitating
Section 58-5-80 - Bylaws to cover management during national emergency
Section 58-5-81 - Quorum of directors during national emergency-Filling vacancies in board
Section 58-5-82 - Vice-presidents acting as directors during national emergency-Insufficient number of vice-presidents, appointment of directors by insurance director
Section 58-5-83 - Succession to office during national emergency
Section 58-5-84 - Principal place of business during national emergency
Section 58-5-85 - Domestic insurers-Management and exclusive agency contracts, filing with and approval by director-Violation as misdemeanor
Section 58-5-86 - Domestic insurer-Management and exclusive agency contracts, disapproval by director, grounds
Section 58-5-87 - Domestic insurer-Management and exclusive agency contracts, time for disapproval by director-Disapproval in writing, statement of grounds
Section 58-5-88 to 58-5-92 - [Repealed]
Section 58-5-93 - Location of home office and principal place of business of domestic insurers-Records maintained
Section 58-5-94 - Assets of domestic insurer to be maintained in state-Exceptions
Section 58-5-95 - Director's consent required for removal of records or assets from state-Unauthorized removal or concealment as felony
Section 58-5-96 - Delinquency proceedings by director for removal or attempted removal of records or assets of domestic insurer
Section 58-5-97 - Branch offices established by domestic insurer-Transmission of funds outside state-Deposits under custodial arrangements
Section 58-5-98 - Prior maintenance by domestic insurer of branch or regional place of business or home office outside state not invalidated
Section 58-5-99 - "Reciprocating state" defined
Section 58-5-100 - Solicitation by domestic insurer in reciprocating state in which it has no license prohibited
Section 58-5-101 - Advertising through publications and broadcasts originating outside reciprocating state not prohibited
Section 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
Section 58-5-103 - Suspension or revocation of certificate of authority for violation by domestic insurer
Section 58-5-104 - Participating policies-Issuance authorized by articles of domestic insurer-Nondiscrimination between policyholders
Section 58-5-105 - Continued issuance of participating policies without authorization in articles
Section 58-5-106 - Dividends on participating policies not contingent on renewal premiums
Section 58-5-107 - Participating policyholder as member
Section 58-5-108 - Borrowed surplus of domestic stock or mutual insurer-Agreement to repay, interest
Section 58-5-109 - Approval of loan and agreement by director-Disapproval of proposed loan or agreement, grounds
Section 58-5-110 - Legal liabilities of insurer on borrowed funds-Disclosure in financial statement
Section 58-5-111 - Repayment of loan by domestic insurer
Section 58-5-112 - Provisions as to borrowed surplus inapplicable to loans in ordinary course of business or secured by pledge or mortgage
Section 58-5-113 - Illegal dividends-Revocation or suspension of certificate of authority
Section 58-5-114 - Impairment of capital or surplus of domestic stock or mutual insurer-Determination of amount of deficiency by director-Notice to insurer
Section 58-5-115 - Curing impairment of capital or surplus
Section 58-5-116 - Assessment of stockholders to cure impairment of capital or surplus-Enforcement
Section 58-5-117 - Levy of assessment by mutual insurer to cure deficiency
Section 58-5-118 - Officers and directors permitting new business during impairment of capital or surplus-Liability for losses
Section 58-5-119 - Failure to cure deficiency, insurer deemed insolvent-Delinquency proceedings
Section 58-5-120 - Bulk reinsurance by domestic stock insurer-Agreement, filing with and approval by director
Section 58-5-121 - Approval by director of bulk reinsurance agreement-Disapproval
Section 58-5-122 - Compensation for promoting bulk reinsurance prohibited
Section 58-5-123 - Bulk reinsurance by mutual insurer-Agreement, filing with and approval by director
Section 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
Section 58-5-125 - Bulk reinsurance by domestic mutual insurer in stock insurer-Payments to members
Section 58-5-126 - Approval by director of bulk reinsurance by mutual insurer-Disapproval-Notice
Section 58-5-127 - Compensation for promoting bulk reinsurance by mutual insurer
Section 58-5-128 - Merger or consolidation of stock insurers
Section 58-5-129 - Stock acquisition plan deemed merger-Approval required
Section 58-5-130 - Compensation for promoting merger or consolidation of stock insurers
Section 58-5-131 - Filing and hearing on consolidation or merger plan-Grounds for disapproval
Section 58-5-132 - Participation by other states in hearing on merger or consolidation
Section 58-5-133 - Disapproval of merger or consolidation-Notice to insurer
Section 58-5-134 - Merger or consolidation of mutual insurers-Procedure
Section 58-5-135 - Members of mutual insurer voting on merger or consolidation-Procedure-Limited right of members of life insurer
Section 58-5-136 - Provisions applicable to mutual mergers and consolidations
Section 58-5-137 - [Repealed]
Section 58-5-138 - Conversion of mutual to stock insurer restricted
Section 58-5-138.1 - Compensation of officer, insurance producer, or employee of converting mutual insurer prohibited
Section 58-5-139 - Liquidation of domestic mutual insurer-Distribution of remaining assets to members
Section 58-5-140 - Distributive share of each member on liquidation of mutual insurer-Classification of policies
Section 58-5-141, 58-5-142 - [Repealed]
Section 58-5-143 - Disclosure of certain material transactions required-Filing a report
Section 58-5-144 - Confidentiality of disclosure report
Section 58-5-145 - Exception from disclosure requirement-"Material acquisition" defined
Section 58-5-146 - Types of asset acquisitions subject to chapter
Section 58-5-147 - Types of asset dispositions subject to chapter
Section 58-5-148 - Information required in report of material acquisition or disposition of assets
Section 58-5-149 - Determining whether to report acquisitions on a nonconsolidated or consolidated basis
Section 58-5-150 - Materiality of nonrenewals, cancellations or revisions
Section 58-5-151 - Reporting material nonrenewal, cancellation or revision
Section 58-5-152 - Required information in reporting material nonrenewal, cancellation, or revision
Section 58-5-153 - Determining whether to report material nonrenewals, cancellations, or revisions on a nonconsolidated or consolidated basis
Section 58-5-154 - "Qualified education loan insurer" defined
Section 58-5-155 - Qualified education loan insurer subject to Title 58-Exceptions
Section 58-5-156 - Investment of funds by qualified education loan insurer-Limitations-Permitted rating categories
Section 58-5-157 - Investment of funds in securities
Section 58-5-158 - Subsidiary investment to be counted as admitted asset
Section 58-5-159 - Applicability of federal Bankruptcy Code
Section 58-5-160 - Additional exemptions or exemption authority
Section 58-5-161 - Definitions for sections 58-5-161 through 58-5-171
Section 58-5-162 - Corporate governance disclosure-Requirements and limitations
Section 58-5-163 - Submission of disclosure-Requirement
Section 58-5-164 - Information provided with disclosure-Appropriate corporate level
Section 58-5-165 - Duplicate information not required-Documentation
Section 58-5-166 - Content and maintenance-Promulgation of Rules
Section 58-5-167 - Disclosure documents and other information-Confidential and privileged-Exempt from public record-Permitted uses
Section 58-5-168 - Disclosure documents and other materials-Testimony prohibited
Section 58-5-169 - Disclosure documents and other materials-Information sharing and receiving
Section 58-5-170 - Disclosure review-Expert assistance
Section 58-5-171 - Disclosure information-Access by National Association of Insurance Commissioners-Requirements