Title 23, Public Utilities and Regulated Industries

(a) A domestic reciprocal insurer formed pursuant to this chapter, if it has otherwise complied with the applicable provisions of the Arkansas Insurance Code, may be authorized to transact insurance if it has and maintains surplus funds as follows:(1) To transact property insuran…

(a) Twenty-five (25) or more persons may organize a domestic reciprocal insurer and make application to the Insurance Commissioner for a certificate of authority to transact insurance. (b) The proposed attorney shall fulfill the requirements of and shall execute and file with the…

(a) The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer. (b) The Insurance Commissioner may refuse, suspend, or revoke the certificate of authority, in addition to other grounds therefor, for failure of the attorney to c…

(a) The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers. (b) The power of attorney must set forth:(1) The powers of the attorney;(2) That the attorney is empowered to accept service of process on …

(a) Modifications of the terms of the subscribers' agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers' advisory committee. (b) No modification shall be effective retroactively, nor as to any insurance c…

(a) (1) (A) Concurrently with the filing of the declaration provided for in § 23-70-106, the attorney of a domestic or foreign reciprocal insurer shall file with the Insurance Commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breach …

(a) Legal process shall be served upon a domestic reciprocal insurer by serving the insurer's attorney at his or her principal offices. Alternatively, service may be made by use of an Arkansas resident agent for service of process appointed on behalf of the insurer in accordance …

(a) The attorney or other parties may advance to a domestic reciprocal insurer, upon reasonable terms, such funds as it may require from time to time in its operations. (b) Sums so advanced shall not be treated as a liability of the insurer and, except upon liquidation of the ins…

(a) The annual statement of a reciprocal insurer shall be made and filed by its attorney. (b) The statement shall be supplemented by such information as may be required by the Insurance Commissioner relative to the affairs and transactions of the attorney insofar as they pertain …

(1) In determining the financial condition of a reciprocal insurer, the Insurance Commissioner shall apply the following rules:(1) He or she shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis;(2…

(a) Individuals, partnerships, and corporations of this state may make application, enter into agreement for, and hold policies or contracts in or with, and be a subscriber of, any domestic, foreign, or alien reciprocal insurer. (b) Any corporation organized under the laws of thi…

(a) The advisory committee of a domestic reciprocal insurer exercising the subscribers' rights shall be selected under such rules as the subscribers adopt. (b) Not less than two-thirds (⅔) of the committee shall be subscribers, other than the attorney or any person employed by, r…

(a) The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual, several, and proportionate liability and not a joint liability. (b) Except as to a nonassessable policy, each subscriber shall have…

(a) Assessments may be levied from time to time upon subscribers of a domestic reciprocal insurer, liable therefor under the terms of their policies, by the attorney upon approval in advance by the subscribers' advisory committee and the Insurance Commissioner or by the commissio…

No one (1) policy or subscriber as to the policy shall be assessed or charged with an aggregate of contingent liability as to obligations incurred by a domestic reciprocal insurer in any one (1) calendar year in excess of the amount provided for in the power of attorney or in the…

(a) If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock required of a domestic stock insurer authorized to transact like kinds of insurance, then, upon application of the attorney and as approved by the subscribers' adv…

(a) A reciprocal insurer may return to its subscribers from time to time any unused premiums, savings, or credits accruing to their accounts. (b) Any distribution shall not unfairly discriminate between classes of risks, or policies, or between subscribers, but the distribution m…

Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus made as provided in § 23-70-112, and the return of any unused pr…

(a) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds (⅔) of its subscribers who vote on the merger pursuant to due notice and the approval of the Insurance Commissioner of the terms therefor, may merge with another reciprocal insurer or be converte…

(a) If the assets of a reciprocal insurer are at any time insufficient to discharge its liabilities, other than any liability on account of funds contributed by the attorney or others, and to maintain the required surplus, its attorney shall immediately make up the deficiency or …