§ 23-62-302 - Sections 23-62-201, 23-62-202, 23-62-204, and 23-62-205 applicable -- Purpose -- Construction.
23-62-302. Sections 23-62-201, 23-62-202, 23-62-204, and 23-62-205 applicable -- Purpose -- Construction.
(a) Reinsurance of insurance risks by domestic and foreign insurance companies is also regulated under the provisions of 23-62-201, 23-62-202, 23-62-204, and 23-62-205.
(b) (1) The purpose of this subchapter is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally. The General Assembly declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations.
(2) In furtherance of the state's interest, the General Assembly provides a mandate that upon the insolvency of an insurer or reinsurer not domiciled in the United States that provides security to fund its obligations within the United States in accordance with this subchapter:
(A) The assets representing the security shall be maintained in the United States, and claims shall be filed with and valued by the state insurance commissioner with regulatory oversight; and
(B) The assets shall be distributed in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies.
(3) The General Assembly further declares that the matters contained in this subchapter are fundamental to the business of insurance in accordance with 15 U.S.C. 1011-1012, as it existed on January 1, 2005.
(c) (1) Nothing in this subchapter is intended to prohibit or discourage reasonable competition or to prohibit or discourage the continued availability of insurance regulated by this subchapter.
(2) The provisions of this subchapter shall be liberally construed.