Title 56, Insurance

(a) To apply for a certificate of authority, a person shall file with the commissioner an application on a form adopted by the commissioner, accompanied by a nonrefundable filing fee in the amount referenced in § 56-4-101(a)(1). A person in this state applying for a certificate o…

(a) A certificate of authority granted pursuant to this chapter shall authorize the county mutual insurance company to insure losses or damage to property, including losses of use and occupancy, by fire, lightning, explosion, windstorm, hail, riot, civil commotion, aircraft, vehi…

(a) Every policyholder in good standing shall be entitled to one (1) vote in person or by ballot transmitted by mail, as shall be provided in the bylaws, in any election for directors or upon any other issues properly brought to the policyholders for consideration. (b) (1) No off…

(a) In the event that the commissioner determines the existing surplus to be inadequate, a county mutual insurance company shall seek to accumulate a surplus or emergency fund in an amount that might be deemed necessary by the commissioner. (b) A county mutual insurance company m…

(a) (1) Every county mutual insurance company operating under this chapter shall file an annual statement with the commissioner on or before March 1 of each year that reports the company's financial condition and business on December 31 of the previous year. The annual statement …

All county mutual insurance companies shall be required to carry an aggregate excess of loss reinsurance policy of no less than five percent (5%) of business in force. The amount required for such a policy shall be reduced by the county mutual insurance company's accumulated surp…

(a) If the assets of a county mutual insurance company are insufficient to pay its existing liabilities, including those liabilities incurred but not reported and other obligations, as well as maintain the reserves required under this chapter, the county mutual insurance company …

The acquisition or merger of a county mutual insurance company is subject to the same standards and procedures set forth in § 56-11-103, and any rules promulgated thereunder.

(a) A person shall not sell, solicit or negotiate insurance covering those risks listed under § 56-22-106(a), unless the person is licensed to sell property insurance under chapter 6, part 1 of this title. (b) A person shall not sell, solicit or negotiate insurance covering those…

(a) All county mutual insurance companies shall pay a premium tax in accordance with chapter 4, part 2 of this title. (b) In addition to the premium taxes levied on county mutual insurance companies under subsection (a), any county mutual insurance company writing fire insurance …

(a) The commissioner may investigate or examine the affairs of a county mutual insurance company to the same extent that the commissioner may investigate or examine the affairs of an insurance company doing business in this state. At least once every five (5) years, the commissio…

(a) In addition to all other powers granted under this chapter, the commissioner may issue an order requiring a county mutual insurance company to cease and desist from engaging in any act or practice found to be in violation of this chapter or any other applicable law, rule, reg…

(a) The commissioner may, after notice and a hearing, levy a civil penalty in an amount not to exceed ten thousand dollars ($10,000) against a county mutual insurance company or an entity required to be licensed as a county mutual insurance company, upon a finding that the county…

The commissioner may subject a county mutual insurance company to any proceeding or action authorized pursuant to chapter 9 of this title, under the same terms as insurance companies. For all such purposes, county mutual insurance companies are deemed to meet the definition of in…

A director, an officer, a member, an insurance producer, or an employee of a county mutual insurance company who knowingly or intentionally, directly or indirectly, uses or employs, or allows another person to use or employ, money, funds, securities, or assets of the county mutua…

The commissioner is authorized to promulgate rules and regulations to effectuate the purposes of this chapter. All rules and regulations shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.