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



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



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



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



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



(d)  The insurer shall return for cancellation
its current certificate of authority and licenses for producers issued by the
commissioner.



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