Bill > S2775

This bill updates various sections of insurance law by repealing outdated provisions and amending others to reflect current practices and legal frameworks. Specifically, it removes several sections related to the forfeiture of charters, receivership proceedings for domestic insurance companies, and penalties for unlawful business practices by foreign insurance companies. It also amends sections concerning reciprocal fees and charges for foreign insurance companies, the penalties for non-compliance, and the revocation or suspension of licenses, shifting the authority for imposing penalties to a general statute (§ 42-14-16) rather than prescribing specific fines in each instance. Additionally, the bill updates provisions related to portable electronics insurance, information reporting for fire losses, reciprocal exchanges, accident and sickness insurance policies, fraternal codes, unfair competition, and the Uniform Insurers Liquidation Act, generally streamlining penalty structures and clarifying procedures. It also introduces new requirements for insurers within holding company systems, particularly concerning financial condition and the protection of insurer assets held by affiliates, and modifies rules regarding dividends and distributions. The bill takes effect upon its passage.

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