Insurance Law 1507 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 1506 Acquisition or retention of control of insurers up ARTICLE 15 Holding Companies next SECTION 1508 Acceptance of reports filed with government agencies Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 1507 Management of controlled insurers Insurance (ISC) CHAPTER 28, ARTICLE 15 § 1507. Management of controlled insurers. (a) Notwithstanding the control of an authorized insurer by any person, the insurer's officers and directors shall not thereby be relieved of any obligation or liability to which they would otherwise be subject by law, and the insurer shall be managed so as to assure its separate operating identity consistent with this chapter. (b) Nothing herein shall preclude an authorized insurer from having or sharing a common management or cooperative or joint use of personnel, property or services with one or more other persons under arrangements meeting the standards of subsection (a) of section one thousand five hundred five of this article.