Title 29 — Insurance and Insurance Companies
6 chapters · 124 sections in this title.
A.S.C.A. § 29.0301 Required
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(a) No person may transact insurance in American Samoa as an insurer without a certificate of authority issued by the Commissioner and when the certificate is issued that person may not transact any class of insurance which is not specifically authorized by his certificate. (b) T…
A.S.C.A. § 29.0302 Application
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Any person desiring to transact insurance business in American Samoa as an insurer shall file with the Commissioner an application for a certificate stating the class or classes of insurance which it proposes to transact accompanied by the following: (1) a copy of its charter, ar…
A.S.C.A. § 29.0303 Continuance
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Unless revoked by the Commissioner, every certificate shall continue in force subject to the payment of continuance fees on or before 1 April of each year and the filing of an affidavit setting forth that the insurer has continued to comply with all applicable provisions of this …
A.S.C.A. § 29.0304 Issuance or refusal
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(a) The Commissioner shall issue to an insurer a certificate of authority if upon completion of the application for a certificate of authority by the insurer the Commissioner finds, from the application and any other investigation and information he may acquire, that the insurer …
A.S.C.A. § 29.0305 Evidence and ownership
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(a) An insurer’s subsisting certificate of authority is evidence of its authority to transact the class or classes of insurance specified therein, either as direct insurer or as reinsurer or as both. (b) Although issued to the insurer the certificate of authority is at all times …
A.S.C.A. § 29.0306 Continuance, expiration, or reinstatement
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(a) A certificate of authority shall continue in force as long as the insurer is entitled thereto under the insurance law and until suspended or revoked by the Commissioner or terminated at the request of the insurer; subject, however, to continuance of the certificate by the ins…
A.S.C.A. § 29.0307 Suspension or revocation-Mandatory grounds
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(a) The Commissioner shall refuse to continue, or shall suspend or revoke, an insurer’s certificate of authority if: (1) as a foreign insurer, it no longer meets the requirements for the authority, or as a domestic insurer, it has failed to cure an impairment of required capitali…
A.S.C.A. § 29.0308 Suspension or revocation- Discretionary and special grounds
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(a) The Commissioner may refuse to continue or may suspend or revoke an insurer’s certificate of authority if he finds after a hearing that the insurer: (1) has management which is untrustworthy, or so lacking in insurance experience as to make the operation hazardous to the insu…
A.S.C.A. § 29.0309 Suspension, revocation, or refusal-Order-Effect on agent’s authority
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(a) All suspensions or revocations of, or refusals to continue, an insurer’s certificate of authority shall be by the Commissioner’s order. (b) Upon suspending, revoking, or refusing to continue the insurer’s certificate of authority, the Commissioner forthwith shall give notice …
A.S.C.A. § 29.0310 Suspension-Duration-Insurer’s obligations-Reinstatement
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(a) Suspension of an insurer’s certificate of authority shall be for such period as the Commissioner specifies in the order of suspension, but not to exceed 1 year for any 1 suspension order. During the suspension, the Commissioner may rescind or shorten the suspension by his fur…
A.S.C.A. § 29.0320 Fees
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(a) The Commissioner shall require the payment in advance of the following fees: (1) filing of applicant for certificate or authority $100.00 (2) annual continuation fee 50.00 (3) filing of any other certificate, statement, paper or exhibit required by this part 10.00 (4) filing …
A.S.C.A. § 29.0321 Maximum single risk
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The maximum single risk which may be assumed by any insurer, after deduction of any reinsurance taking effect simultaneously with the policy, shall be 10% of the paid-in capital and surplus of the insurer; provided, however, that a corporate insurer may assume any net single risk…
A.S.C.A. § 29.0322 Required reserves
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Every insurer authorized to transact insurance, or transacting insurance, in American Samoa shall at all times maintain, in addition to reserves few all other liabilities, reserves as follows: (1) loss or claim reserves in an amount estimated in the aggregate to provide for the p…
A.S.C.A. § 29.0323 Withdrawal from American Samoa-Procedure
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(a) An insurer who desires to withdraw from American Samoa must first make application to the Commissioner for an order granting permission to withdraw. (b) The application shall be accompanied by an affidavit of its principal officer and general agent that: (1) it desires to wit…
A.S.C.A. § 29.0324 Violation-Penalty
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Any person violating this chapter is guilty of a misdemeanor, and shall upon conviction be subject to a fine of not more than $1,000 if the person convicted is a natural person, a fine of not more than $500, or imprisonment of not more than 6 months, or both. History: 1974, PL 13…