A. Unless otherwise instructed by the Insurance Commissioner, an applicant requesting to be admitted to transact insurance in this state shall follow the instructions outlined in the National Association of Insurance Commissioners (NAIC) Uniform Certificate of Authority Application (UCAA) instructions.
B. The Commissioner shall review and analyze each application with focus on the following:
1. Identification and evaluation of the business and strategic plans of the applicant, including but not limited to pro forma financial projections;
2. Assessment of the quality and expertise of the ultimate controlling person, proposed officers and directors, appointed actuary and appointed accountant, including the use of the NAIC Form A and SAD databases;
3. Adequacy of any proposed reinsurance program;
4. Adequacy of investment policy;
5. Adequacy of short-term and long-term financing arrangements, including, but not limited to:
a.initial financing of proposed operations or transaction, and
b.maintenance of adequate capital and surplus levels;
6. Biographical affidavits;
7. Related party agreements’ compliance with SSAP No. 25; and
8. Any other information the Commissioner deems necessary to review.
Added by Laws 2002, c. 307, § 8, eff. Nov. 1, 2002. Amended by Laws 2011, c. 278, § 2, eff. Nov. 1, 2011.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.