Section 58-5-145 - Exception from disclosure requirement--"Material acquisition" defined

58-5-145. Exception from disclosure requirement--'Material acquisition' defined.No acquisitions or dispositions of assets need be reported pursuant to §58-5-143 if the acquisitions or dispositions are not material. For purposes of this chapter, a material acquisition, or the aggregate of any series of acquisitions during any thirty-day period, or disposition, or the aggregate of any series of dispositions during any thirty-day period, is any acquisition or disposition that is nonrecurring and not in the ordinary course of business and involves more than five percent of the reporting insurer's total admitted assets as reported in its most recent statutory statement filed with the insurance regulatory agency of the insurer's state of domicile. Source: SL 1995, ch 275, §2; SL 2000, ch 236, §1.