AN ACT RELATING TO INSURANCE -- DOMESTIC INSURANCE COMPANIES

Summary

The bill eliminates sections 27-1-13 through 27-1-21 of the state’s insurance code, which set out procedures for the insurance commissioner to seek court orders, appoint receivers, and manage the assets of troubled insurers. It affects all domestic insurance companies, the insurance commissioner, courts, and policyholders by removing the current legal framework for handling unsafe or insolvent insurers. The change could alter how the state addresses insurer misconduct or insolvency.

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