Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-63-509 Control of or merger with domestic insurer — Alternative filing materials
0.5K chars
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…
Ark. Code Ann. § 23-63-510 Control of or merger with domestic insurer — Approval by commissioner — Hearing
12.6K chars
(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 §…
Ark. Code Ann. § 23-63-511 Control of or merger with domestic insurer — Mailings
0.6K chars
(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…
Ark. Code Ann. § 23-63-512 Control of or merger with domestic insurer — Jurisdiction of courts — Service of process
1.3K chars
(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 …
Ark. Code Ann. § 23-63-513 Control of or merger with domestic insurer — Violations
0.7K chars
(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…
Ark. Code Ann. § 23-63-514 Registration of insurers
39.8K chars
(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…
Ark. Code Ann. § 23-63-515 Standards — Definition
48.5K chars
(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…
Ark. Code Ann. § 23-63-516 Examination
10.6K chars
(a) Power of Insurance Commissioner. Subject to the limitation contained in this section and in addition to the powers of the Insurance Commissioner under § 23-61-101 et seq., § 23-61-201 et seq., and § 23-61-301 et seq. to examine insurers, the commissioner may examine an insure…
Ark. Code Ann. § 23-63-517 Confidential treatment
21.8K chars
(a) (1) All information and documents obtained by or disclosed to the Insurance Commissioner or any other person in the course of an examination or investigation made under § 23-63-516 and all information reported under §§ 23-63-514 and 23-63-515 shall be given confidential treat…
Ark. Code Ann. § 23-63-518 Rules
0.2K chars
After compliance with §§ 23-61-108 and 23-61-304 of the Arkansas Insurance Code, the Insurance Commissioner may issue such rules and orders as shall be necessary to carry out the provisions of this subchapter.
Ark. Code Ann. § 23-63-519 Judicial review — Mandamus
1.7K chars
(a) (1) Any person aggrieved by any act, determination, rule, regulation, order, or any other action of the Insurance Commissioner pursuant to this subchapter may appeal therefrom to the Pulaski County Circuit Court.(2) The court shall conduct its review without a jury and by tri…
Ark. Code Ann. § 23-63-520 Voting of securities
3.9K chars
(a) When Prohibited. (1) No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of the provisions of this subchapter or of any rule or order issued by the Insurance Commissioner pursuant to …
Ark. Code Ann. § 23-63-521 Injunctions
0.7K chars
Whenever it appears to the Insurance Commissioner that any insurer or any director, officer, employee, or agent of an insurer has committed or is about to commit a violation of this subchapter or of any rule or order issued by the commissioner pursuant to it, the commissioner may…
Ark. Code Ann. § 23-63-522 Criminal and civil proceedings
5.8K chars
(a) Whenever it appears to the Insurance Commissioner that any insurer or any director, officer, employee, or agent of the insurer has committed a willful violation of this subchapter, the commissioner may cause criminal proceedings to be instituted in the circuit court for the c…
Ark. Code Ann. § 23-63-523 Receivership
3.4K chars
(a) Whenever it appears to the Insurance Commissioner that any person has committed a violation of this subchapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyhol…
Ark. Code Ann. § 23-63-524 Revocation, suspension, or nonrenewal of insurer's license
0.6K chars
(a) Whenever it appears to the Insurance Commissioner that any person has committed a violation of this subchapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an opportun…
Ark. Code Ann. § 23-63-525 Acquisitions involving insurers not otherwise covered — Definitions
1.0K chars
(1) The following definitions shall apply for the purposes of §§ 23-63-525 — 23-63-530 only:(1) “Acquisition” means any agreement, arrangement, or activity the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes, …
Ark. Code Ann. § 23-63-526 Acquisitions involving insurers not otherwise covered — Scope
6.7K chars
(a) Except as exempted in subsection (b) of this section, §§ 23-63-525 — 23-63-528 apply to any acquisition in which there is a change in control of an insurer authorized to do business in this state. (b) Sections 23-63-525 — 23-63-528 shall not apply to the following:(1) An acqu…
Ark. Code Ann. § 23-63-527 Acquisitions involving insurers not otherwise covered — Preacquisition notification, waiting period
1.8K chars
(a) An acquisition covered by § 23-63-526 may be subject to an order pursuant to § 23-63-529 unless the acquiring person files a preacquisition notification and the waiting period has expired. The acquired person may file a preacquisition notification. The Insurance Commissioner …
Ark. Code Ann. § 23-63-528 Acquisitions involving insurers not otherwise covered — Competitive standard — Definition
12.5K chars
(a) The Insurance Commissioner may enter an order under § 23-63-529(a) with respect to an acquisition if there is substantial evidence that the effect of the acquisition may be substantially to lessen competition in any line of insurance in this state or tend to create a monopoly…
Ark. Code Ann. § 23-63-529 Acquisitions involving insurers not otherwise covered — Orders and penalties
4.1K chars
(a) (1) If an acquisition violates the standards of §§ 23-63-525 — 23-63-528, the Insurance Commissioner may enter an order:(A) Requiring an involved insurer to cease and desist from doing business in this state with respect to the line or lines of insurance involved in the viola…
Ark. Code Ann. § 23-63-530 Acquisitions involving insurers not otherwise covered — Inapplicable provisions
0.1K chars
Sections 23-63-520 and 23-63-523 do not apply to acquisitions covered under § 23-63-526.
Ark. Code Ann. § 23-63-531 Supervisory colleges
5.6K chars
(a) (1) The Insurance Commissioner may participate in a supervisory college for a domestic insurer registered under § 23-63-514 that is part of an insurance holding company system with international operations to determine compliance by the insurer with this section.(2) The commi…
Ark. Code Ann. § 23-63-532 Group-wide supervision of internationally active insurance groups
24.2K chars
(a) (1) The Insurance Commissioner may act as a group-wide supervisor for any internationally active insurance group under this section.(2) However, the commissioner may otherwise acknowledge another regulatory official as the group-wide supervisor when the internationally active…
Ark. Code Ann. § 23-63-601 Definition
2.9K chars
(1) In any determination of the financial condition, including whether an asset is allowable, of a domestic insurer, domestic title insurer, or other domestic regulated entities reporting to the Insurance Commissioner, including health maintenance organizations, hospital or medic…
Ark. Code Ann. § 23-63-602 Assets as deductions from liabilities
0.4K chars
Assets may be allowed as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets. Deductions from assets may be charged as liabilities in accordance with the National Association of Insurance Commissioners' publication as it existed on …
Ark. Code Ann. § 23-63-603 Assets not allowed
0.3K chars
Assets not allowed shall be those so referenced or described as nonadmitted in the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”, unless otherwise specified in this subchapt…
Ark. Code Ann. § 23-63-604 Liabilities — In general
0.3K chars
In any determination of the financial condition of a reporting entity, liabilities shall include definitions and amounts specified in the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedur…
Ark. Code Ann. § 23-63-610 Assets — Conflict of treatment between this subchapter and § 23-63-801 et seq
0.1K chars
In the event of a conflict as to treatment of assets between this subchapter and § 23-63-801 et seq., this subchapter shall govern.
Ark. Code Ann. § 23-63-611 Asset valuation
1.9K chars
(1) Assets of reporting entities shall be valued in accordance with the following:(1) Bonds and securities shall be valued in accordance with the methods specified in the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “…
Ark. Code Ann. § 23-63-612 Purpose — Compliance date
2.9K chars
(a) It is the intention of this act to allow the Insurance Commissioner to adopt rules to modernize and harmonize the financial accounting laws of this state governing assets and liabilities of domestic reporting entities as defined. This act requires domestic health maintenance …
Ark. Code Ann. § 23-63-613 Use of new and revised manuals — Rulemaking authority
3.2K chars
(a) (1) The Insurance Commissioner is authorized to employ the standards and requirements set forth in publications recited in this subchapter and adopted and published by the National Association of Insurance Commissioners, including, but not limited to, those listed in this sub…
Ark. Code Ann. § 23-63-614 Domestic title insurance and aviation title insurance reserves
1.0K chars
(a) In addition to an adequate reserve as to outstanding losses, a domestic title insurer shall maintain its own guaranty fund or unearned premium reserve of no less than ten percent (10%) of the total amount of the risk premium written in the calendar year for title insurance co…
Ark. Code Ann. § 23-63-701 Limit of risk
2.1K chars
(a) No insurer shall retain any risk on any one (1) subject of insurance, whether located or to be performed in this state or elsewhere, in an amount exceeding ten percent (10%) of its surplus to policyholders. Provided, with the prior approval of the Insurance Commissioner, such…
Ark. Code Ann. § 23-63-801 Applicability
0.1K chars
Except as to § 23-63-835, the provisions of this subchapter shall apply to domestic insurers only.
Ark. Code Ann. § 23-63-802 Eligible investments
1.6K chars
(a) Insurers shall invest in, or lend their funds on the security of, and shall hold as invested assets only eligible investments as prescribed in this subchapter. (b) Any particular investment held by an insurer on January 1, 1960, and which was a legal investment at the time it…
Ark. Code Ann. § 23-63-803 General qualifications
1.0K chars
(a) Without prior written approval of the Insurance Commissioner, no security or investment, other than real and personal property acquired under § 23-63-828, concerning real estate, shall be eligible for acquisition unless it is interest-bearing, with the accrued interest being …
Ark. Code Ann. § 23-63-804 Authorization of investment
0.5K chars
(a) An insurer shall not make any investment or loan, other than policy loans or annuity contract loans of a life insurer, unless the insurer is authorized or approved by the insurer's board of directors or by a committee authorized by the board and charged with the supervision o…
Ark. Code Ann. § 23-63-805 Diversification of investments — Definitions
38.0K chars
(1) One Person. An insurer shall invest in or hold as admitted assets categories of investments only within applicable limits as follows:(1) One Person. (A) (i) (a) Except with the consent of the Insurance Commissioner and except as otherwise specified in this subchapter, an insu…
Ark. Code Ann. § 23-63-806 United States Government obligations
0.2K chars
An insurer may invest in bonds, notes, warrants, and other evidences of indebtedness which are direct obligations of the United States or for which the full faith and credit of the United States is pledged for the payment of principal and interest.
Ark. Code Ann. § 23-63-807 Loans guaranteed by United States
0.2K chars
An insurer may invest in loans guaranteed as to principal and interest by the United States, or by any agency or instrumentality of the United States, to the extent of the guaranty.
Ark. Code Ann. § 23-63-808 Investments in public obligations
0.6K chars
(a) An insurer may invest in bonds or other evidences of indebtedness which are general obligations of, or are secured by pledge of specific revenue by, this state or any other state of the United States, or any of the counties or incorporated cities or towns, or duly organized s…
Ark. Code Ann. § 23-63-809 Municipal or county utilities
0.5K chars
An insurer may invest in bonds, notes, or evidences of indebtedness of any municipal or county utility within the United States or Canada, which are payable from revenues or earnings specifically pledged for the payment of the principal and interest on the obligations, and for th…
Ark. Code Ann. § 23-63-810 Improvement district obligations
1.1K chars
(a) An insurer may invest in bonds, notes, or evidences of indebtedness issued by any local improvement district in this or any other state to finance local improvements authorized by law if the principal and interest of the obligations is payable from assessments on real propert…
Ark. Code Ann. § 23-63-811 Local industrial development bonds
0.2K chars
An insurer may invest in the negotiable first-lien bonds issued by local industrial development corporations organized under the Arkansas Industrial Development Act, § 15-4-101 et seq.
Ark. Code Ann. § 23-63-812 Obligations or stock of certain federal agencies
1.5K chars
(1) An insurer may invest in the obligations, or stock where stated, of the following agencies of the United States Government, whether or not the obligations are guaranteed by the United States Government:(1) Commodity credit corporation;(2) Notes, bonds, debentures, or other si…
Ark. Code Ann. § 23-63-813 International banks
0.2K chars
Any insurer may invest in obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, or the African Development Bank.
Ark. Code Ann. § 23-63-814 Corporate bonds and debentures
2.5K chars
(a) An insurer may invest in bonds, debentures, notes, and other evidences of indebtedness issued, assumed, or guaranteed by any solvent institution existing under the laws of the United States or of Canada, or any state or province thereof, which are not in default as to princip…
Ark. Code Ann. § 23-63-815 Preferred or guaranteed stock
2.2K chars
(a) An insurer may invest in preferred or guaranteed stocks or shares of any solvent institution existing under the laws of the United States or of Canada, or of any state or province thereof, if at the date of the acquisition of the investment by the insurer:(1) The net earnings…
Ark. Code Ann. § 23-63-816 Common stocks
0.2K chars
An insurer may invest in nonassessable, except for taxes and wages, common stocks other than insurance stocks of solvent United States or Canadian corporations that qualify as a sound investment.