US Laws, Codes, Statutes & Cases

810.  An admitted insurer, without first obtaining the written
consent of the commissioner, shall not enter into any agreement or
arrangement with any nonadmitted insurer by way of sale, reinsurance,
merger, consolidation, assumption, or in any other manner which
results in the admitted insurer ceasing to service in this state any
group insurance contract or 10 or more individual insurance contracts
entered into in this state or issued for delivery in this state
insuring the life or person of any resident of this state or any
property in this state.
   Service as used in this section includes but is not limited to:
   (a) Adjustment and payment of losses.
   (b) Appropriate amendment of insurance contracts as called for
therein to keep the coverage consistent with current conditions.
   (c) Collection of premiums.
   (d) Issuance of policies, certificates and other documents, in
fulfillment of prior agreements.
   (e) Returning unearned premiums.
   (f) Payment of cash values.
   No admitted insurer shall in whole or in part or in any manner so
cease to so service such insurance business without such written
consent from the commissioner unless it has by valid contract
arranged for an admitted insurer to perform such servicing.
   This section shall not affect or modify any of the provisions of
this code relating to statement credit allowed for reinsurance.
   Violation of this section constitutes a failure to comply with the
laws of this state regarding the governmental control of insurers
within the meaning of Section 701.