Title 83, Insurance

When the capital stock of a company is impaired, such company may, upon a vote of the majority of the stock represented at a meeting called for that purpose, reduce its capital stock and the number of shares thereof to an amount not less than the minimum sum required by law. No p…

No stock company shall make a dividend, either in cash or stock certificates, except from its actual net surplus computed as required by law in its annual statements. Nor shall any company which has ceased to do new business of insurance divide any portion of its assets, except s…

Any management contract between a domestic insurer and another person, as defined in Section 83-6-1(f), shall be filed and subject to review and final approval of the State Insurance Department.

Subject to the exceptions set forth herein, no domestic insurer shall enter into a contract of insurance upon the life or person of a resident of any other state, or covering property or risks located in any other state, unless such insurer is authorized pursuant to the laws of s…

Domestic insurance companies incorporated under the general insurance laws whose charters are subject to limitation of time and who shall, after such limitation expires, continue to do business for ninety (90) days after March 6, 1956, shall be deemed to have accepted an extensio…

If the surplus of any domestic insurance company or association shall be impaired, as provided in Sections 83-19-75 and 83-19-77, and such impairment shall not be reported to the Commissioner of Insurance of this state within ten (10) days after such impairment occurs or results,…

Sections 83-19-75 and 83-19-77 shall not be construed as applicable to fraternal, benevolent, or burial associations, or any other organization not specifically named in the foregoing schedule.

The term “equity security” when used in Sections 83-19-79 through 83-19-97 means any stock or similar security; or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any s…

Every person who is directly or indirectly the beneficial owner of more than ten percent (10%) of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of such company, shall file in the office of the commissioner of insurance …

For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director, or officer by reason of his relationship to such company, any profit realized by him from any purchase and sale, or any sale and purchase, of any equity se…

It shall be unlawful for any such beneficial owner, director, or officer, directly or indirectly, to sell any equity security of such company if the person selling the security or his principal (i) does not own the security sold, or (ii) if owning the security, does not deliver i…

The provisions of Section 83-19-83 shall not apply to any purchase and sale, or sale and purchase, and the provisions of Section 83-19-85 shall not apply to any sale, of an equity security of a domestic stock insurance company not then or theretofore held by him in an investment …

The provisions of Sections 83-19-81 through 83-19-85 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the commissioner of insurance may adopt in order to carry out the purposes of Sections 83-19-79 through…

Corporations created under the provisions of this chapter shall have all the powers and privileges enjoyed by corporations created under the general corporation laws of this state, and may issue shares of stock of different classes, within the limits fixed by law, and may fix the…

It shall be unlawful for any person, in contravention of such rules and regulations as the commissioner of insurance may prescribe as necessary or appropriate in the public interest or for the protection of investors, to solicit or to permit the use of his name to solicit any pro…

Unless proxies, consents, or authorizations in respect of an equity security of a domestic stock insurance company are solicited by or on behalf of the management of such company from the holders of record of such security in accordance with the rules and regulations prescribed u…

The provisions of Sections 83-19-81, 83-19-83, 83-19-85, 83-19-91, and 83-19-93 shall not apply to equity securities of a domestic stock insurance company if (a) such securities shall be registered, or shall be required to be registered, pursuant to Section 12 of the Securities E…

The commissioner of insurance shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in him by Sections 83-19-81 through 83-19-93, and may for such purpose classify domestic stock insurance companies, securities, and …

(a) A domestic stock insurance company (referred to in Sections 83-19-99 through 83-19-123 as the “domestic company”) may effect:(a) A merger or consolidation with one or more domestic stock insurance companies, or with one or more foreign stock insurance companies, if such merge…