Title 20 — Insurance

An "alien" insurer is one formed under the laws of a country other than the United States.

"Charter" means articles of incorporation, of agreement or of association, or other basic constituent document of a corporation, or subscribers' agreement and power of attorney of a reciprocal insurer.

Initial free surplus of a stock insurer is the minimum amount of investment required for the lines authorized over and above the minimum required capital stock.

A mutual insurer's minimum required basic surplus is defined as the minimum requirement deposited with the state treasurer through the director's office to qualify for the lines of insurance authorized to be written.

A mutual insurer's initial free surplus is defined as the minimum additional assets required of a mutual insurer over and above the minimum required basic surplus for the lines of insurance authorized to be written.

A reciprocal insurer's required basic surplus is defined as the minimum requirement deposited with the state treasurer through the director's office to qualify for the lines of insurance authorized to be written.

A reciprocal insurer's initial free surplus is defined as the minimum additional assets required of a reciprocal insurer over and above the minimum required basic surplus for the lines of insurance authorized to be written.

A "domestic" insurer is one formed under the laws of this state.

A "foreign" insurer is one formed under the laws of another state of the United States.

"State" means any state, commonwealth or territory of the United States, including the District of Columbia, and "United States" includes the states, territories, districts and commonwealths thereof.

A. No person shall act as an insurer and no insurer shall transact insurance in this state except as authorized by a subsisting authority granted to it by the director, except as to such transactions as are expressly otherwise provided for in this title. No such authority shall b…

To qualify for and hold authority to transact insurance in this state an insurer shall be otherwise in compliance with the provisions of this title and with its charter powers, and shall be an incorporated stock insurer, an incorporated mutual insurer, a reciprocal insurer, or a …

In this title, unless the context otherwise requires, "guaranteed investment contract" means any unallocated group contract, investment contract, funding agreement, guaranteed interest contract or other similar instrument by whatever name in which an insurance company agrees to g…

A. An insurer which otherwise qualifies therefor may be authorized to transact any one kind or combination of kinds of insurance as defined in article 2 of this chapter, except that: 1. A life insurer shall not be authorized to transact any other kind of insurance except disabili…

A. Except as provided in subsection B, to qualify for authority to transact any one kind of insurance or combinations of kinds of insurance as shown below, an insurer shall possess and thereafter maintain unimpaired minimum required capital stock, if a stock insurer, or unimpaire…

A. In addition to the minimum required capital stock, if a stock insurer, or minimum required basic surplus, if mutual or reciprocal insurers, as required by sections 20-210 and 20-212 as to all stock insurers and foreign and alien mutual and reciprocal insurers, by sections 20-7…

An insurer otherwise qualified may be authorized to transact combinations of kinds of insurance, other than the life and disability combination shown in section 20-210, while possessing and maintaining thereafter additional minimum required capital stock, if a stock insurer, or a…

The director shall not issue a certificate of authority to any insurer unless it has deposited in trust with the state treasurer through the director's office cash or securities eligible for the investment of capital funds of domestic insurers under this title in an amount not le…

If with respect to an insurer lawfully authorized to transact insurance in this state immediately prior to the effective date of this section, this title requires a greater amount of capital, surplus or deposit than required of such insurer immediately prior to such effective dat…

To apply for an original certificate of authority an insurer shall file with the director its application for a certificate of authority showing its name, location of its home office or principal office in the United States, if an alien insurer, kinds of insurance to be transacte…

A. If on the completion of an application the director finds that the insurer has met the requirements for and is entitled under this title, the director shall issue to the insurer a proper certificate of authority. If the director does not so find, the director shall issue an or…

A. The certificate of authority issued by the director to an insurer is evidence of its authority to transact in this state the kind of insurance specified in the certificate. B. A certificate of authority remains in effect until terminated at the request of the insurer or suspen…

A. No insurer shall be authorized to transact insurance in this state which has or uses a name so similar to that of any insurer already so authorized as to cause uncertainty or confusion. In case of conflict of names between two insurers the director may permit or require the ne…

A. Each domestic insurer shall have and continuously maintain in this state: 1. A known place of business which may be the office of its statutory agent. 2. A statutory agent, which agent may be the director, an individual, who has been a resident of this state for three years, a…

A. A domestic insurer may change its known place of business in this state or its statutory agent in this state, or both, upon filing with the director a statement setting forth: 1. The name of the insurer. 2. The address of its then known place of business. 3. If the address of …

The director shall refuse to renew or shall revoke or suspend an insurer's certificate of authority: 1. If such action is required by any provision of this title, or 2. If the insurer no longer meets the requirements for the authority originally granted, on account of deficiency …

A. The director may after a hearing refuse to renew or may revoke or suspend an insurer's certificate of authority, in addition to other grounds therefor in this title, if the insurer: 1. Violates any provision of this title other than a provision as to which refusal, suspension …

A. The director may consider the following standards, either singly or a combination of two or more, in determining whether the continued operation of any insurer transacting an insurance business in this state may be deemed to be hazardous to its policyholders or creditors or th…

A. Each authorized foreign or alien insurer shall appoint the director as its attorney to receive service of legal process issued against it in this state. The appointment shall be irrevocable, shall bind any successor in interest or to the assets or liabilities of the insurer an…

A. Duplicate copies of legal process against an insurer for whom the director is attorney shall be served upon him. At the time of service the plaintiff shall pay to the director five dollars, taxable as costs in the action. Upon receiving such service the director shall promptly…

A. Each authorized domestic insurer shall annually on or before March 31 and each other authorized insurer shall annually on or before March 1 file with the director, or a repository designated by the director, a true statement of its financial condition, transactions and affairs…

At the time of filing the annual report each insurer providing product liability insurance or excess insurance above self-insured retention for product liability, either as a separate policy or as part of a package, to one or more manufacturers or sellers in this state shall file…

A. On or before March 1 of each year, each authorized domestic insurer, each other insurer and each formerly authorized insurer referred to in section 20-206, subsection B shall file with the director a report in a form prescribed by the director showing total direct premium inco…

A. Coincident with the filing of the tax report as required in section 20-224, each insurer shall pay to the director, for deposit, pursuant to sections 35-146 and 35-147, a tax of .4312 percent of such net premiums received from all insurance carried for or on vehicles as define…

If an overpayment of the taxes imposed by sections 20-224, 20-224.01, 20-837, 20-1010, 20-1060 and 20-1097.07 results from payments made pursuant to the method prescribed in section 20-224, subsection F, the director shall within three months after the due date refund the overpay…

A. For taxable years beginning from and after June 30, 2011, a credit is allowed against the premium tax liability imposed pursuant to section 20-224, 20-837, 20-1010, 20-1060 or 20-1097.07 for net increases in full-time employees residing in this state and hired in qualified emp…

A. From and after December 31, 2006, an annual tax credit is allowed against the premium tax liability incurred by a health care insurer pursuant to section 20-224, 20-837 or 20-1060 for an individual or a small business that has received a certificate from the department of reve…

A. A credit is allowed against the premium tax liability incurred by an insurer pursuant to section 20-224, 20-837, 20-1010, 20-1060 or 20-1097.07 for the amount of voluntary cash contributions made by the insurer during the tax year to a school tuition organization. B. The amoun…

A. A credit is allowed against the premium tax liability incurred by an insurer pursuant to section 20-224, 20-837, 20-1010, 20-1060 or 20-1097.07 for the amount of voluntary cash contributions made by the insurer during the tax year to a school tuition organization. B. The amoun…

A. Any insurer failing to pay the tax prescribed by sections 20-224, 20-224.01, 20-837, 20-1010, 20-1060 and 20-1097.07 is subject to a civil penalty not to exceed the greater of twenty-five dollars or five percent of the amount due plus interest at the rate of one percent per mo…

A. With respect to authorized insurers the premium tax provided by section 20-224 shall be payment in full and in lieu of all other demands for any and all state, county, district, municipal and school taxes, licenses and excises of whatever kind or character, excepting only: 1. …

The purpose of the taxes provided by this title is to assist in defraying the cost of state government and to lessen the tax burden upon tangible property. All taxes collected under this title shall be deposited, pursuant to sections 35-146 and 35-147, in the state general fund a…

Notwithstanding any other statute, no authorized insurer or surplus line insurer is required to file with the corporation commission the annual report required of corporations by section 10-1622 or the certificate of disclosure required of corporations which are exempt from filin…

A. An authorized insurer shall not issue a policy covering a subject of insurance resident, located or to be performed in this state unless the policy declaration page or endorsement identifies the name of the producer licensed for that line of authority in this state. B. Subsect…

A. When by or pursuant to the laws of any other state or foreign country any premium or income or other taxes, or any fees, fines, penalties, licenses, deposit requirements or other material obligations, prohibitions or restrictions are imposed on insurers domiciled in this state…

A. Any insurer organized under the laws of any other state and admitted to do business in this state for the purpose of writing insurance may, upon complying with all requirements of law relative to the organization of a domestic insurer and by designating its principal place of …

An authorized insurer may sponsor the formation of a junior achievement program approved by the director. A student participating in the program is not an insurance producer as defined in section 20-281 and is not subject to licensure under article 3 of this chapter if the studen…

A. At the time of filing its annual statement as required by section 20-223, an insurer shall also disclose to the director, in the form or manner prescribed by the director, information similar to that required of other corporations transacting business in this state pursuant to…

A. On or before March 1 of each year or on or before the earliest date the company is required to file an annual statement with any state if later, each domestic, foreign and alien insurer that is authorized to transact insurance in this state shall file with the national associa…

A. The director may adopt rules which require each insurer licensed to write property or casualty insurance in this state to report its loss and expense experience, investment income, administrative expenses and other data, as he may require, for classes of risks which he may des…