Title 20 — Insurance

Before the effective date of the policy, the controlling producer shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that if the business is placed through a subproducer who is not a controll…

A. If the director believes that a controlling producer or other person has not materially complied with this article or any rule adopted under this article, after notice and an opportunity for a hearing, the director may order the controlling producer to cease placing business w…

In this article, unless the context otherwise requires: 1. "Adjusted RBC report" means a report that has been adjusted by the director in accordance with section 20-488.01. 2. "Authorized control level event" means any of the following events: (a) The filing of an RBC report by t…

A. On or before the later of March 1 or its annual statement filing due date, each domestic insurer shall annually prepare and submit to the director a report of the insurer's RBC levels as of the end of the previous calendar year. The RBC report shall be in a form and shall cont…

A. If a company action level event occurs, the insurer shall prepare and submit to the director an RBC plan. The plan shall: 1. Identify the conditions in the insurer that contribute to the company action level event. 2. Propose corrective actions that the insurer intends to take…

A. If a regulatory action level event occurs, the director shall: 1. Require the insurer to submit an RBC plan or, if applicable, a revised RBC plan. 2. Perform an examination or analysis, as the director deems necessary, of the assets, liabilities and operations of the insurer, …

If an authorized control level event occurs with respect to an insurer, the director shall either: 1. Take those actions that are required under section 20-488.03 regarding an insurer to whom a regulatory action level event has occurred. 2. If the director deems it to be in the b…

A. If a mandatory control level event occurs, the director shall take any actions that are necessary to place the insurer under regulatory control pursuant to chapter 1, article 2 and chapter 3, article 4 of this title. The mandatory control level event shall be deemed to be suff…

A. An insurer has the right to a hearing to challenge any determination or action made or taken by the director on the occurrence of any of the following: 1. The notification by the director to the insurer of an adjusted RBC report. 2. The notification by the director to the insu…

A. With respect to a domestic insurer or foreign insurer, the director shall keep confidential all information that is contained in RBC reports and that is not required to be set forth in a public annual statement schedule and all RBC plans that are filed with the director, inclu…

A. This article is supplemental to any other laws of this state and does not preclude or limit any other powers or duties of the director. B. The director may adopt rules to implement this article. C. The director may exempt from the application of the RBC requirements of this ar…

A. On request of the director, a foreign insurer shall submit an RBC report to the director as of the end of the previous calendar year within the later of: 1. The date that an RBC report would be required to be filed by a domestic insurer. 2. Fifteen days after the foreign insur…

All notices by the director under this article to an insurer that may result in regulatory action are effective on mailing if they are transmitted by certified mail. Notice that is transmitted in any other way is effective on receipt by the insurer.

In addition to any other immunity provided by law, the director, the department or the employees or agents of the department are not liable for any acts when acting in good faith within the scope of their authority under this article.

A. The department shall enforce sections 1033 and 1034 of the violent crime control and law enforcement act of 1994 (P.L. 103-322; 18 United States Code sections 1033 and 1034) relating to crimes by or affecting persons who are engaged in the business of insurance and whose activ…

To the extent allowed by this article, section 20-142, subsection F applies to this article.

In this article, unless the context otherwise requires: 1. "Holocaust victim" means a person who was killed or injured or who lost real or personal property or financial assets as the result of discriminatory laws, policies or actions directed against a discrete group of which th…

A. Notwithstanding any other law, a holocaust victim or the heir, assignee, beneficiary or successor of a holocaust victim who resides in this state and who has a claim arising out of an insurance policy that was purchased or in effect in Europe before 1946 and that was delivered…

A. An insurer that fails to comply with a claim brought pursuant to this article by denying the claim on the grounds that the claim is not timely or by asserting a statute of limitations defense violates this article. B. If the director considers it necessary, the director may in…

In this article, unless the context other requires: 1. "Insurance group" means for the purposes of conducting an ORSA those insurers and affiliates that are included within an insurance holding company system as defined in section 20-481. 2. "Insurer": (a) Means every person enga…

An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material and relevant risks. This requirement is satisfied if the insurance group of which the insurer is a member maintains a risk m…

Subject to section 20-491.04, an insurer or the insurance group of which the insurer is a member shall regularly conduct an ORSA consistent with a process comparable to the ORSA guidance manual. The ORSA shall be conducted annually but also at any time when there are significant …

A. On the director's request, and not more than once each year, an insurer shall submit to the director an ORSA summary report, or any combination of reports that together contain the information described in the ORSA guidance manual, applicable to the insurer or the insurance gr…

A. An insurer is exempt from the requirements of this article if both of the following apply: 1. The insurer has annual direct written and unaffiliated assumed premium including international direct and assumed premium, but excluding premium reinsured with the federal crop insura…

A. Subject to the requirements of subsection B of this section, the ORSA summary report shall be prepared consistent with the ORSA guidance manual. Documentation and supporting information shall be maintained and made available on examination or on the request of the director. B.…

A. Documents, materials or other information, including the ORSA summary report, that is in the director's possession or control and that is obtained by, created by or disclosed to the director or any other person under this article, is recognized by this state as being proprieta…

An insurer who fails to file without just cause the ORSA summary report required by this article after notice and a hearing shall pay a penalty of five hundred dollars for each day's delay in filing, not to exceed one hundred thousand dollars. The director may reduce the penalty …

In this article, unless the context otherwise requires: 1. "Corporate governance annual disclosure" or "CGAD" means a confidential report that is filed by the insurer or insurance group and that is made in accordance with the requirements of this article. 2. "Insurance group" mea…

A. By June 1 of each calendar year, an insurer, or the insurance group of which the insurer is a member, shall submit to the director a corporate governance annual disclosure that contains the information described in section 20-492.03. Notwithstanding any request from the direct…

On notice and an opportunity for all interested persons to be heard, the director may adopt rules and issue orders necessary to carry out this article.

A. The insurer or insurance group has discretion over the responses to the CGAD inquiries, if the CGAD contains the material information necessary to allow the director to gain an understanding of the insurer's or insurance group's corporate governance structure, policies and pra…

A. Documents, materials or other information, including the CGAD, that are in the possession or control of the department and that are obtained by, created by or disclosed to the director or any other person under this article are recognized by this state as being proprietary and…

A. The director may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the director's staff, as may be reasonably necessary to assist the director in reviewing the CGAD and related infor…

If an insurer fails without just cause to timely file the CGAD as required in this article, after notice and a hearing, the director may impose a civil penalty of $20 for each day's delay not to exceed $2,500. The director shall collect the civil penalty and deposit the monies in…