44-2122. Subsidiaries of insurers; authorized.

310 words·~1 min read·/ne/chapter-44/44-2122

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In addition to the authority granted in Chapter 44, any domestic insurer, either by itself or in cooperation with one or more persons, may, subject to the limitations set forth in the Insurance Holding Company System Act, organize or acquire one or more subsidiaries engaged in the following kinds of business:

(1)Any kind of insurance business authorized by the jurisdiction in which it is incorporated;

(2)Acting as an insurance broker or as an insurance agent for its parent or for any subsidiaries of its parent which are insurers;

(3)Investing, reinvesting, or trading in securities for its own account or that of its parent, any subsidiary of its parent, or any affiliate or subsidiary;

(4)Management of any investment company subject to or registered pursuant to the Investment Company Act of 1940, as amended, including related sales and services;

(5)Acting as a broker-dealer subject to or registered pursuant to the Securities Exchange Act of 1934, as amended;

(6)Rendering investment advice to governments, government agencies, corporations, or other organizations or groups;

(7)Rendering other services related to the operations of an insurance business, including actuarial, loss prevention, safety engineering, data processing, accounting, claims, appraisal, and collection services;

(8)Ownership and management of assets which the parent could itself own or manage. The aggregate investment by the insurer and its subsidiaries acquired or organized pursuant to this section shall not exceed the limitations applicable to such investments by the insurer;

(9)Acting as administrative agent for a governmental instrumentality which is performing an insurance function;

(10)Financing of insurance premiums, agents, and other forms of consumer financing;

(11)Any other business activity determined by the director to be reasonably ancillary to an insurance business; or

(12)Owning a corporation or corporations engaged or organized to engage exclusively in one or more of the businesses specified in this section.