31A-27-501. Title -- Construction -- Commissioner's powers.

205 words·~1 min read·/ut/title-31a/chapter-27/31a-27-501

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

(1)This chapter is known as the "Delinquency Administrative Action Provisions."

(2)The proceedings authorized by this part may be applied to:

(a)all insurers and reinsurers:

(i)who are doing, or have done, an insurance business in this state; and

(ii)against whom claims arising from that business may exist;

(b)all insurers who have the appearance of or claim they do an insurance business in this state;

(c)all insurers who have insureds resident in this state; and

(d)all other persons organized or in the process of organizing to do an insurance business as an insurer in this state.

(3)This part shall be liberally construed to protect the interests of insureds, creditors, and the public generally, with minimum interference with the normal prerogatives of owners, through:

(a)early detection of any potentially dangerous condition in an insurer;

(b)prompt application of appropriate regulatory corrective measures; and

(c)regulation of the insurance business by law relating to insolvency of insurers and by substantive rules on the entire insurance business.

(4)This part does not limit the powers granted the commissioner by other provisions of law.

Renumbered and Amended by Chapter 309 , 2007 General Session