31A-5-206 - Sale of securities by authorized insurer.
31A-5-206. Sale of securities by authorized insurer.
A domestic insurer that has already received a certificate of authority may issueadditional securities to obtain further financing, after obtaining a solicitation permit from thecommissioner. The organizational permit requirements in Section 31A-5-204 apply if thecommissioner prescribes its application. The phrase "organization permit" in Section 31A-5-204means "solicitation permit" when being applied to this section. The solicitation permit terminatesone year from the date of its issuance. However, this permit may be extended for not more thanone additional year by the commissioner on terms he considers sufficient to protect thepolicyholders, the shareholders, and the public.
Amended by Chapter 95, 1987 General Session