Transactions entered into to avoid director's review prohibited

A domestic insurer may not enter into transactions which are part of a plan or series of like transactions with persons within the holding company system if the purpose of those separate transactions is to avoid the statutory amounts in § 58-5A-56 and thus the review. If the director determines that transactions were entered into over any twelve - month period to avoid § 58-5A-56 , the director may exercise his authority under §§ 58-5A-62 to 58-5A-67 , inclusive. Source: SL 1992, ch 341 , § 22.