AN ACT RELATING TO INSURANCE -- DOMESTIC INSURANCE COMPANIES

Summary

The bill removes sections 27‑1‑13 through 27‑1‑21, which previously gave the insurance commissioner and courts authority to cancel an insurer's charter, appoint receivers, sell licenses, and stay legal actions against troubled insurers. It impacts all domestic insurance companies, the commissioner, the courts, and policyholders by eliminating the current legal process for dealing with unsafe or insolvent insurers. The change could create a gap in consumer‑protection and regulatory tools.

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