§431:3-215  Withdrawal from State;obligations.  (a)  No insurer other than a life insurer shall withdraw fromthis State until its direct liability to its policyholders and obligees underall its insurance contracts then in force in this State has been assumed byanother authorized insurer under an agreement approved by the commissioner.

(b)  The assuming insurer shall, within areasonable time, replace the assumed insurance contracts with its own, or byendorsement thereon acknowledge its liability under the assumed contracts.

(c)  Six months prior to withdrawing from thisState, an insurer shall file an affidavit with the commissioner showing that:

(1)  It desires to withdraw from this State and todiscontinue business in this State; and

(2)  All of its outstanding policies have been eitherreinsured or have expired.  If the outstanding policies are reinsured, thewithdrawing insurer shall also submit the reinsurer's affidavit stating that ithas reinsured all the outstanding policies of the withdrawing insurer uponrisks in this State or upon business originating in this State.  The reinsurershall be an insurer authorized to carry on the business of insurance in thisState.

(d)  The insurer shall return for cancellationits current certificate of authority and licenses for producers issued by thecommissioner.

(e)  Six months prior to withdrawing from thisState, an insurer shall, in addition to other requirements, publish in thisState a notice of withdrawal once each week for the first eight successiveweeks, and again in the last four successive weeks in the sixth month in anewspaper of daily circulation; provided that the commissioner shall have thediscretion to waive the notice requirement.  The notice of withdrawal aspublished shall have the prior approval of the commissioner. [L 1987, c 347, ptof §2; am L 1993, c 199, §1; am L 2002, c 155, §9; am L 2004, c 122, §10]