§431:3-215 Withdrawal from State; obligations. (a) No insurer other than a life insurer shall withdraw from this State until its direct liability to its policyholders and obligees under all its insurance contracts then in force in this State has been assumed by another authorized insurer under an agreement approved by the commissioner.
(b) The assuming insurer shall, within a reasonable time, replace the assumed insurance contracts with its own, or by endorsement thereon acknowledge its liability under the assumed contracts.
(c) Six months prior to withdrawing from this State, an insurer shall file an affidavit with the commissioner showing that:
(d) The insurer shall return for cancellation its current certificate of authority and licenses for producers issued by the commissioner.
(e) Six months prior to withdrawing from this State, an insurer shall, in addition to other requirements, publish in this State a notice of withdrawal once each week for the first eight successive weeks, and again in the last four successive weeks in the sixth month in a newspaper of daily circulation; provided that the commissioner shall have the discretion to waive the notice requirement. The notice of withdrawal as published shall have the prior approval of the commissioner. [L 1987, c 347, pt of §2; am L 1993, c 199, §1; am L 2002, c 155, §9; am L 2004, c 122, §10]