A. The purpose of Sections 11 through 21 of this act is to subject certain persons and insurers to the jurisdiction of:
1. The Insurance Commissioner, including proceedings before the Commissioner; and
2. The courts of this state in suits by or on behalf of this state and insureds or beneficiaries under insurance contracts.
B. The Legislature declares that it is a subject of concern that many residents of this state hold policies of insurance issued by persons and insurers not authorized to do insurance business in this state, thus presenting to such residents the often insuperable obstacle of asserting their legal rights under such policies in forums foreign to them under laws and rules of practice with which they are not familiar. The Legislature declares that it is also concerned with the protection of residents of this state against acts by persons and insurers not authorized to do an insurance business in this state by:
1. The maintenance of fair and honest insurance markets;
2. Protecting the premium tax revenues of this state;
3. Protecting authorized persons and insurers which are subject to strict regulation from unfair competition by unauthorized persons and insurers; and
4. Protecting against the evasion of the insurance regulatory laws of this state.
Added by Laws 1994, c. 294, § 11, eff. Sept. 1, 1994.