Title 58 — INSURANCE

Source: SL 1992, ch 358 , § 9.

Terms used in this chapter mean: (1) "Accredited state," any state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the National Association of Insurance Commissioners (NAIC);…

If an order for liquidation or rehabilitation of the controlled insurer has been entered pursuant to chapter 58-29B , and the receiver appointed under that order believes that the controlling broker or any other person has not complied with this chapter, or any regulation or orde…

Nothing contained in this section affects the right of the director to impose any other penalties provided for in this title. Source: SL 1992, ch 358 , § 11.

Nothing contained in this section alters or affects the rights of policyholders, claimants, creditors, or other third parties. Source: SL 1992, ch 358 , § 12.

Controlled insurers and controlling brokers who are not in compliance with §§ 58-44-3 to 58-44-7 , inclusive, on July 1, 1992, shall have sixty days to come into compliance and shall comply with § 58-44-8 beginning with all policies written or renewed on or after September 30, 19…

The director may disapprove the contract in § 58-44-5 pursuant to §§ 58-5-85 and 58-5-86 if it would adversely affect the insurer or would violate any law. Source: SL 1992, ch 358 , § 14.

The director may promulgate rules, pursuant to chapter 1-26 , for accreditation; requirements for insurers, agents, or brokers, whether controlled or not; contracts between the parties; bank accounts; standards of disapproval of the contracts between the parties; reporting requir…

This chapter applies to all persons doing insurance business notwithstanding any provision in this title which exempts them from other insurance laws except any insurer licensed pursuant to chapter 58-35 which does not have more than one million dollars in direct written premiums…

This chapter applies to licensed insurers, either domiciled in this state or domiciled in a state that is not an accredited state. All provisions of chapter 58-5A , to the extent they are not superseded by this chapter, apply to all parties within holding company systems. Source:…

The provisions of this chapter apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling broker is equal to or greater than five percent of the admitted assets of the controlled insurer, as reported…

The provisions of this chapter do not apply if: (1) The controlling broker: (a) Places insurance only with the controlled insurer, or only with the controlled insurer and a member or members of the controlled insurer's holding company system, or the controlled insurer's parent, a…

A controlled insurer may not accept business from a controlling broker and a controlling broker may not place business with a controlled insurer unless there is a written contract between the parties specifying the responsibilities of each party, and the contract has been approve…

Every controlled insurer shall establish an audit committee of the board of directors composed of independent directors. The audit committee shall annually meet with management, the insurer's independent certified public accountants, and an independent casualty actuary or other i…

In addition to any other required loss reserve certification, the controlled insurer shall annually, on April first of each year, file with the director an opinion of an independent casualty actuary or other independent loss reserve specialist acceptable to the director reporting…

The controlling broker, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the controlling broker and the controlled insurer. If the business is placed through a broker who is not a controlling br…

If the director believes that the controlling broker or any other person has not complied with this chapter, or any regulation or order, the director may order the controlling broker to cease placing business with the controlled insurer or any other conduct in violation of this c…