29.0323 Withdrawal from American Samoa-Procedure.

Cite as [A.S.C.A. § 29.0323]

(a) An insurer who desires to withdraw from American Samoa must first make application to the Commissioner for an order granting permission to withdraw.

(b) The application shall be accompanied by an affidavit of its principal officer and general agent that:

(1) it desires to withdraw and to permanently discontinue the transaction of the insurance business in American Samoa;

(2) all its outstanding policies have either expired or have been reinsured, in which case it shall file an affidavit by the reinsuring company stating that it has reinsured certain policies of the withdrawing company and setting forth in detail the policies it has reinsured: and that

(3) all existing claims arising out of insurance transacted in American Samoa have been paid in full.

(c) It shall cause publication of a notice of its intention to withdraw in a newspaper of general circulation in American Samoa once a week for 4 consecutive weeks, and shall cause the newspaper to file affidavit of publication with the Commissioner.

(d) If any person objects to such withdrawal within 1 week from date of last publication, and gives good and sufficient cause thereof, the Commissioner may order that permission for the withdrawal be refused.

(e) If the insurer has complied with the provisions of this section and no objection has been made, or if objection is made, but without good and sufficient cause, the Commissioner shall order permission to withdraw, and the withdrawing insurer shall deliver to the Commissioner for cancellation its certificate of authority and current licenses of its agents and solicitors.

History: 1974, PL 13-58 § 1.

Case Notes:

Withdrawal” from “acting” not withdrawal contemplated by this section. Zacha v. Liberty Mutual Insurance Co., ASR (1978).