Commissioner's orders

(1) If the commissioner determines that an insurer's practices do not meet the provisions of this chapter, the commissioner may order, after notification to the insurer of the commissioner's findings, the insurer to make changes necessary to comply with the provisions in this chapter. (2) If the commissioner determines that due to the financial condition, current investment practice, or current investment plan of an insurer, the interests of insureds, creditors, or the general public are or may be endangered, the commissioner may: (a) impose reasonable additional restrictions on the admissibility or valuation of investments; or (b) impose restrictions on the investment practices of an insurer, including prohibition or divestment. (3) If an insurer demonstrates that a law of a country other than the United States requires the insurer to invest in an asset as a condition for doing business in that country, the commissioner may count that asset towards the insurer's compliance with the minimum asset requirement if the commissioner finds that counting the asset does not endanger the interests of the insureds, creditors, or the general public. (4) (a) If an insurer demonstrates the financial security of an insurer and the competence of the insurer's management and advisor in a way that satisfies the commissioner, the commissioner may issue an order, after a hearing, adjusting the limitations of classes of investment described in Section 31A-18-111 for that insurer if the commissioner is satisfied that the interests of the insureds, creditors, and the public are sufficiently protected in other ways. (b) The increase authorized by the commissioner to the amount an insurer may invest in any or all asset classes may not exceed, in value, 10% of the insurer's liabilities.