Title 23, Public Utilities and Regulated Industries

(a) The statement of actuarial opinion shall be filed with the annual statement required by § 23-63-216 and treated as a public record under the Freedom of Information Act of 1967, § 25-19-101 et seq. (b) (1) Documents, materials, or other information in the possession or control…

This subchapter shall be known and may be cited as the “Corporate Governance Annual Disclosure Act”.

(a) The purpose of this subchapter is to:(1) Provide the Insurance Commissioner a summary of the corporate governance structure, policies, and practices of an insurer or insurance group to allow the commissioner an opportunity to gain and maintain a better understanding of the co…

(1) As used in this subchapter:(1) “Corporate governance annual disclosure” means a confidential report filed by an insurer or insurance group made according to this subchapter;(2) “Insurance group” means those insurers and affiliates included within an insurance holding company …

(a) (1) On or before June 1 of each calendar year, an insurer, or the insurance group of which the insurer is a member, shall submit a corporate governance annual disclosure to the Insurance Commissioner.(2) The corporate governance annual disclosure required under subdivision (a…

(a) (1) The insurer or insurance group shall have discretion over the responses to the corporate governance annual disclosure inquiries or questions if the corporate governance annual disclosure contains the material information necessary to permit the Insurance Commissioner to g…

(a) Documents, materials, or other information, including the corporate governance annual disclosure, in the possession or control of the State Insurance Department and obtained by, created by, or disclosed to the Insurance Commissioner or any other person under this subchapter, …

(a) The Insurance Commissioner may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the commissioner's staff, as may be reasonably necessary to assist the commissioner in reviewing th…

(a) An insurer failing, without just cause, to timely file the corporate governance annual disclosure as required under this subchapter shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day's delay, payable to the Insurance Commi…

(a) Except for § 23-63-2007 or the application of § 23-63-2007 to any person or circumstance, if any provision of this subchapter is held invalid, the determination shall not affect the provisions of this subchapter that can be given effect without the invalid provision or applic…

(a) No person shall act as an insurer and no insurer shall transact insurance in this state unless authorized by a subsisting certificate of authority issued to it by the Insurance Commissioner except as to such transactions as are expressly otherwise provided for in the Arkansas…

(a) The Insurance Commissioner shall promulgate rules necessary to implement this subchapter. (b) (1) When adopting the initial rules to implement this subchapter, the final rule shall be filed with the Secretary of State for adoption under § 25-15-204(f):(A) On or before January…

(1) To qualify for and hold authority to transact insurance in this state, an insurer must be otherwise in compliance with the Arkansas Insurance Code and with its charter powers and must be an incorporated stock insurer, an incorporated mutual insurer, or a reciprocal insurer, a…

(a) No insurer shall be authorized by original certificate of authority to transact insurance in this state which has or uses a name so similar to that of another insurer already so authorized as likely to mislead the public. (b) No life insurer shall be so authorized which has o…

(1) An insurer which otherwise qualifies therefor may be authorized to transact any one (1) kind or combination of kinds of insurance, as defined in §§ 23-62-101 — 23-62-108, except:(1) A life insurer shall be authorized to transact in addition only accident and health insurance.…

(a) (1) On and after January 1, 2006, to qualify for and maintain authority to transact any one (1) kind of insurance, as defined in §§ 23-62-101 — 23-62-108, or combination of kinds of insurance as shown in this subsection, an insurer applying for its original certificate of aut…

(a) All insurers authorized to transact insurance in this state shall make and maintain a deposit of securities as follows:(1) (A) (i) All insurers authorized to transact only life or accident and health insurance, or both, shall deposit through the Insurance Commissioner and sub…

(a) In addition to the minimum paid-in capital stock if stock insurers, or minimum surplus if mutual and reciprocal insurers, required by § 23-63-205, special surplus shall be possessed by insurers hereafter applying for original certificates of authority in this state as follows…

(a) Foreign Lloyd's plan insurers that held certificates of authority to transact insurance in this state immediately prior to January 1, 1960, may continue to be so authorized while maintaining surplus as required under § 23-63-205(b) of foreign mutual insurers transacting like …

(a) To apply for an original certificate of authority, an insurer shall file with the Insurance Commissioner its application therefor, accompanied by the applicable fees as specified in § 23-61-401, showing its name, location of its home office or principal office in the United S…

(a) The certificate of authority, if issued, shall specify the kind or kinds of insurance the insurer is authorized to transact in Arkansas. At the insurer's request, the Insurance Commissioner may issue a certificate of authority limited to particular types of insurance or insur…

(a) Certificates of authority issued or renewed under the Arkansas Insurance Code shall continue in force as long as the insurer is entitled thereto under the Arkansas Insurance Code and until suspended, revoked, or otherwise terminated. However, they are subject to continuance o…

(a) The Insurance Commissioner shall suspend or revoke an insurer's certificate of authority:(1) If the action is required by any provision of the Arkansas Insurance Code;(2) If the insurer no longer meets the requirements for the authority originally granted, on account of defic…

(a) The Insurance Commissioner shall, after a hearing thereon, suspend or revoke an insurer's certificate of authority if he or she finds that the insurer:(1) (A) Is in unsound condition, or is in such condition or is using such methods and practices in the conduct of its busines…

(a) Suspension or revocation of an insurer's certificate of authority shall be by the Insurance Commissioner's order given to the insurer as provided by § 23-61-109. (b) The commissioner shall promptly also give notice of the suspension or revocation to the insurer's agents in th…

(a) The suspension of an insurer's certificate of authority is indefinite unless:(1) A specific period is fixed by the Insurance Commissioner in the order of suspension; or(2) The commissioner shortens or rescinds the suspension. (1) A specific period is fixed by the Insurance Co…

(a) (1) Annually on or before March 1 or within an extension of time that the Insurance Commissioner for good cause may have granted, each authorized insurer shall file with the commissioner a full and true statement of its financial condition, transactions, and affairs as of the…

(a) Any insurer which is organized under the laws of any other state and is admitted to do business in this state for the purpose of writing insurance may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a do…

(1) Each foreign insurer applying for a certificate of authority to transact business in Arkansas and every domestic reciprocal insurer must designate and continuously maintain in the state:(1) A registered office that may be the same as any of its places of business; and(2) A re…

(a) A licensed foreign or alien insurer or a licensed domestic reciprocal insurer may change its registered office or registered agent by delivering to the Insurance Commissioner for filing a statement of change that sets forth:(1) Its name;(2) The street address of its current r…

(a) The registered agent of a licensed foreign insurer or a domestic reciprocal insurer may resign his or her agency appointment by signing and delivering to the Insurance Commissioner for filing the original and two (2) exact or conformed copies of a statement of resignation. Th…

(a) The registered agent of a licensed foreign insurer or a licensed domestic reciprocal insurer is the insurer's agent for service of process, notice, or demand required or permitted by law to be served on the insurer. (b) A licensed foreign insurer or a licensed domestic recipr…

This subchapter may be cited as the “Insurance Holding Company Regulatory Act”.

(a) (1) It is found and declared that it may not be inconsistent with the public interest and the interest of policyholders and shareholders to permit insurers to:(A) Engage in activities which would enable them to make better use of management skills and facilities;(B) Diversify…

(1) As used in this subchapter:(1) “Affiliate” of or person “affiliated” with a specific person means a person that directly or indirectly through one (1) or more intermediaries controls, is controlled by, or is under common control with the person specified;(2) (A) “Control” or …

(a) (1) A domestic insurer, subject to this subchapter, either by itself or in cooperation with one (1) or more persons, may organize or acquire one (1) or more subsidiaries.(2) (A) The subsidiaries under subdivision (a)(1) of this section may conduct any kind of business authori…

(a) (1) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insurer if, aft…

(1) The provisions of §§ 23-63-506 — 23-63-513 shall not apply to:(1) Any offers, requests, invitations, agreements, or acquisitions by the person referred to in § 23-63-506 of any voting security referred to in that section which, immediately prior to the consummation of the off…

(a) The statement to be filed with the Insurance Commissioner pursuant to this section shall be made under oath or affirmation and shall contain the following information:(1) The name and address of each person by whom or on whose behalf the merger or other acquisition of control…

If any offer, request, invitation, agreement, or acquisition referred to in § 23-63-506 is proposed to be made by means of a registration statement under the Securities Act of 1933 or in circumstances requiring the disclosure of similar information under the Securities Exchange A…

(a) The Insurance Commissioner shall approve any merger or other acquisition of control referred to in § 23-63-506 unless, after a public hearing on the merger or other acquisition of control, he or she finds that:(1) After change of control, the domestic insurer referred to in §…

(a) All statements, amendments, or other materials filed pursuant to § 23-63-506 or § 23-63-508 and all notices of public hearings held pursuant to § 23-63-510 shall be mailed by the insurer to its shareholders within five (5) business days after the insurer has received the stat…

(a) The courts of this state are vested with jurisdiction over every person not resident, domiciled, or authorized to do business in this state who files a statement with the Insurance Commissioner under §§ 23-63-506 — 23-63-513 and over all actions involving that person arising …

(1) The following shall be violations of §§ 23-63-506 — 23-63-513:(1) The failure to file any statement, amendment, or other materials required to be filed pursuant to § 23-63-506 or § 23-63-508; or(2) The effectuation or any attempt to effectuate an acquisition of control of, or…

(a) Registration. Every insurer that is authorized to do business in this state and that is a member of an insurance holding company system shall register with the Insurance Commissioner, except:(1) A foreign insurer subject to disclosure requirements and standards adopted by cod…

(a) (1) Material transactions by insurers registered with the Insurance Commissioner under § 23-63-514 with their affiliates shall be subject to the following standards:(A) The terms shall be fair and reasonable;(B) The books, accounts, and records of every party shall be so main…