ARTICLE 11

INSURANCEHOLDING COMPANY SYSTEM

 

§431:11-101  Scope and purpose.  (a) This article applies to all persons doing an insurance business in this Stateunless specifically exempted under subsection (b).

(b)  The commissioner may exempt:

(1)  Any class of insurers from any provision of thisarticle, when the commissioner deems the exemption consistent with the purposesof this article and in the public interest; or

(2)  Upon request of the person required to supplyinformation or perform an act, that person from any provision of this article,when the commissioner deems the exception consistent with the purposes of thisarticle and in the public interest.

(c)  The purposes of this article include:

(1)  Exercising surveillance over the acquisition of adomestic insurer, to ensure that in the process of making it part of aninsurance holding company system, the interests of policyholders, shareholders,and the public are not harmed;

(2)  Providing the regulatory monitoring of thoseintercorporate relationships and transactions among affiliates within aninsurance holding company system that may affect the solidity of insurers;

(3)  Controlling the payment of dividends that mightaffect the solidity of insurers; and

(4)  Providing, in appropriate cases, recoupment ofdividends paid. [L 1987, c 349, pt of §8]