58-29B-15. Supervision of insurer--Appointment of supervisor--Certain acts by insurer prohibited--Costs.
189 words·~1 min read·
/sd/title-58/chapter-58-29/58-29b-15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the director makes a determination to supervise an insurer subject to an order under § 58-29B-13.1 or 58-29B-14 , he shall notify the insurer. During the period of supervision, the director may appoint a supervisor to supervise such insurer. The order appointing a supervisor shall direct the supervisor to enforce orders issued under this chapter and may also require that the insurer not do any of the following things, during the period of supervision, without the prior approval of the director or the supervisor:
(1)Dispose of, convey, or encumber any of its assets or its business in force;
(2)Withdraw from any of its bank accounts;
(3)Lend any of its funds;
(4)Invest any of its funds;
(5)Transfer any of its property;
(6)Incur any debt, obligation, or liability;
(7)Merge or consolidate with another company;
(8)Enter into any new reinsurance contract or treaty; or
(9)Write any new insurance contract or renew any insurance contract.
All costs and expenses, including attorney fees, associated with administering the supervision order are the responsibility of the insurer and shall be paid from insurer's funds or assets.