§ 121-13

Definitions.) As used in this Article: (a) "Reciprocal state" means any State or territory of the United States and the laws of which contain procedures substantially similar to those specified in this Article for the enforcement of judgments or orders issued by courts located in other States or territories of the United States, against an insurer incorporated or authorized to do business in that State or territory. (b) "Foreign judgment" means any judgment or order relating to fraudulent claims practices, false and deceptive advertising, unfair methods of transacting business, or payment of taxes, of a court located in a "reciprocal state", including a court of the United States located therein, against any insurer incorporated or authorized to do business in this State. (c) "Qualified party" means a state regulatory agency acting in its capacity to enforce the insurance laws of this State.

Legislative History

(Source: P.A. 79-1362.)