§ 10-3-1710 — Certificate of division

(1) If the commissioner approves a dividing
insurer's plan of division pursuant to section 10-3-1708, an officer or duly
authorized representative of the dividing insurer shall sign a certificate of division
that sets forth all of the following:

(a) The name of the dividing insurer;

(b) A statement disclosing whether the dividing insurer survived the division.
If the dividing insurer survived the division, the certificate of division must include
any amendments to the dividing insurer's articles of incorporation or bylaws
approved as part of the plan of division.

(c) The name of each resulting insurer that is created by the division;

(d) The date on which the division is effective;

(e) A statement that the division was approved by the commissioner
pursuant to section 10-3-1708;

(f) A statement that the dividing insurer provided reasonable notice to each
reinsurer that is a party to a reinsurance contract allocated in the plan of division, if
any;

(g) The articles of incorporation and bylaws for each resulting insurer
created by the division. The articles of incorporation and bylaws of each resulting
insurer must comply with the applicable requirements of the laws of this state. The
articles of incorporation and bylaws may state the name or address of an
incorporator, may be signed, and may include any provision that is not required in a
restatement of the articles of incorporation or bylaws.

(h) A reasonable description of the capital, surplus, or other assets and
liabilities, including policy liabilities, of the dividing insurer that are to be allocated
to each resulting insurer.

(2) A dividing insurer's certificate of division is effective on the date the
dividing insurer files the certificate with the commissioner. A division is effective on
the date specified in the certificate of division filed in accordance with this section.

Legislative History

Source: L. 2021: Entire part added, (HB 21-1013), ch. 144, p. 851, � 1, effective September 7.