§ 58-14-1. Purpose of Article.
Article14.
Unauthorized Insurance byDomestic Companies.
§ 58‑14‑1. Purpose of Article.
It is the purpose of thisArticle to effectively control and regulate the activities of domesticinsurance companies so as to prevent them from engaging in and transactinginsurance business in states and jurisdictions in which they are not authorizedto do a business of insurance. The General Assembly recognizes that insofar asdomestic companies of this State engage in transacting insurance business instates and jurisdictions in which they are not authorized to do business thatsuch activity subjects the domestic companies of this State to the penaltiesfor such unlawful activities in other states and jurisdictions, and that suchactivities tend to substantially impair the effectiveness of the domesticcompanies in this State. The General Assembly also recognizes that thepractices of unauthorized insurers could be largely corrected if each statewould effectively regulate the activities of its domestic companies. Theprovisions of this Article are in addition to all other statutory provisionsdesigned to control the activities of domestic companies and nothing hereinshall be construed to amend, modify or repeal the provisions of existing laws. (1967,c. 935, s. 1.)