Title 58, INSURANCE

No domestic insurer shall make or participate in any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors, or to have the controlling or preemptive right to produce substantially all ins…

The director shall disapprove any such contract if he finds that it: (1) Subjects the insurer to excessive charges; or (2) Is to extend for an unreasonable length of time; or (3) Does not contain fair and adequate standards of performance; or (4) Contains any provision which the …

The contract shall be deemed approved unless disapproved by the director within twenty days after date of filing, subject to such reasonable extension of time as the director may require by notice given within such twenty days. Any disapproval shall be delivered to the insurer in…

Upon such approval, the director shall retain one copy of such articles and return the original and remaining copy thereof to the incorporators, who shall file the original with the secretary of state. Source: SL 1966, ch 111 , ch 16, § 7 (2).

Every domestic insurer shall have and maintain its principal place of business and home office in this state and shall keep therein complete records of its assets, transactions, and affairs in accordance with such methods and systems as are customary or suitable as to the kinds o…

Every domestic insurer shall have and maintain its assets in this state, except as to: (1) Real property and personal property appurtenant thereto lawfully owned by the insurer and located outside this state; and (2) Such property of the insurer as may be customary, necessary, an…

Removal of all or a material part of the records or assets of a domestic insurer from this state except pursuant to a plan of merger or consolidation approved by the director under this title, or for such reasonable purposes and periods of time as may be approved by the director …

Upon any removal or attempted removal of such records or assets or upon retention of such records or assets or material part thereof outside this state, beyond the period therefor specified in the director's consent under which the records were so removed thereat, or upon conceal…

Sections 58-5-93 to 58-5-96 , inclusive, shall not be deemed to prohibit or prevent an insurer from: (1) Establishing and maintaining branch offices or "regional home offices" in other states where necessary or convenient to the transaction of its business and keeping therein the…

Nothing in §§ 58-5-93 to 58-5-96 , inclusive, shall invalidate continued maintenance by any domestic insurer of branch or regional places of business or home offices established outside this state prior to July 1, 1959, or business practices in connection therewith established pr…

A "reciprocating" state, as used in §§ 58-5-100 to 58-5-103 , inclusive, is one under the laws of which limitations similar to those contained in said sections are imposed upon and enforced against insurers domiciled in that state. Source: SL 1966, ch 111 , ch 16, § 28 (4).