ARTICLE 11



INSURANCE
HOLDING COMPANY SYSTEM



 



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



(b)  The commissioner may exempt:



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



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



(c)  The purposes of this article include:



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



(2)  Providing the regulatory monitoring of those
intercorporate relationships and transactions among affiliates within an
insurance holding company system that may affect the solidity of insurers;



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



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