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This entry was published on 2021-07-30
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Voluntarily ceasing to maintain license
Insurance (ISC) CHAPTER 28, ARTICLE 11
§ 1105. Voluntarily ceasing to maintain license. When an authorized
insurer proposes to cease to maintain its existing licensing status in
this state, the insurer shall at least forty-five days prior to such
proposed action submit to the superintendent a plan to protect the
interests of the people of this state. Such proposed action shall not
become effective without the approval of such plan by the
superintendent. The plan shall include requirements and procedures for
meeting the insurer's contractual obligations, providing security
protection in the event of a subsequent insolvency, and meeting any
applicable statutory obligations, including its obligations pursuant to
articles fifty-three, fifty-four and fifty-five of this chapter. Such
plan shall be in compliance with a regulation to be promulgated by the
superintendent. A plan may request that the insurer be permitted to
continue or service a life insurance policy or annuity contract from
outside this state by telephone, video call, facsimile, web portal,
electronic transfer of funds, or by any other electronic means as
approved by the superintendent pursuant to subparagraph (C) of paragraph
two of subsection (b) of section one thousand one hundred one of this
article. In order to protect the interests of the people of this state,
the superintendent may require the deposit of securities in this state,
in trust, in the name of the superintendent.