(a) To qualify for and hold a certificate of authority, an insurer shall:
Ask an insurance law question, get an answer ASAP! Click here to chat with a lawyer about your rights.
(1) Be one of the following:
(A) A stock, mutual, or reciprocal insurer of the same general type as may be formed as a domestic insurer under article 4;(B) A voluntary unincorporated association formed for the purpose of enabling cooperative action to provide accident and health or sickness insurance, as defined under § 431:1-205, in accordance with this chapter or the laws of any other state that authorizes the issuance of accident and health or sickness insurance of the type authorized under this chapter; or(C) A voluntary association of employers formed in this State or another state that is authorized to issue association health plans under the regulations of the United States Department of Labor;(2) Have capital funds as required by this code based upon the type and domicile of the insurer and the classes of insurance that the insurer is authorized to transact in its domicile;(3) Transact or propose to transact in this State insurances that are among those authorized by its charter, and only such insurance as meets the standards and requirements of this code; and(4) Fully comply with and qualify according to the provisions of this code.(b) In addition to the requirements in subsection (a), to qualify for and hold a certificate of authority, foreign and alien insurers must have continuously, actively, and successfully transacted the business of insurance for at least five years immediately prior thereto; provided that:
(1) In the case of a reorganization (including a merger, corporate acquisition, or formation of a subsidiary) of a capital stock or mutual insurer, the five-year period shall be computed from the date of the organization of the original or parent insurer or insurers if substantially the same management continues; and(2) This subsection shall not apply to a voluntary association of employers authorized to issue association health plans under the regulations of the United States Department of Labor.
