Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-72-101 Definitions
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(1) As used in this chapter, unless the context otherwise requires:(1) “Level or stipulated rate assessment” insurers are those incorporated mutual insurers granting insurance benefits on the assessment plan and which collected from their membership a level or stipulated monthly,…
Ark. Code Ann. § 23-72-102 Scope
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(a) This chapter applies only to domestic and foreign mutual insurers transacting life and disability insurance on the mutual assessment plan. (b) No provision of the Arkansas Insurance Code shall apply to such insurers unless contained or referred to in this chapter.
Ark. Code Ann. § 23-72-103 Other provisions applicable
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(1) In addition to the provisions contained in this chapter, other chapters and provisions of the Arkansas Insurance Code shall apply to mutual assessment life and disability insurers, to the extent so applicable, as follows:(1) Sections 23-60-101 — 23-60-108 and 23-60-110, scope…
Ark. Code Ann. § 23-72-104 Minimum requirements for new insurers
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(a) No insurer shall transact mutual assessment life or disability insurance in this state unless it lawfully had authority to transact the insurance on January 1, 1960, and provided further that from and after January 1, 1968, the insurer shall be required to:(1) Maintain reserv…
Ark. Code Ann. § 23-72-105 Bond
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(a) Every mutual assessment life and disability insurer shall have and maintain in force and on file with the Insurance Commissioner a bond in favor of the State of Arkansas in the sum of twenty thousand dollars ($20,000), for the use of the policyholders of the insurer and their…
Ark. Code Ann. § 23-72-106 Refusal, suspension, or revocation of certificate of authority
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(1) The Insurance Commissioner shall refuse to continue or shall suspend or revoke the certificate of authority of any such insurer for any of the following causes:(1) If, during the preceding calendar year, the insurer scaled and reduced its accrued beneficial claims by reason o…
Ark. Code Ann. § 23-72-107 Pro rata or level assessment plans
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(a) Except as provided in § 23-72-118, a mutual assessment insurer may transact insurance on either the pro rata assessment plan only or on the level or stipulated rate plan only. (b) Each plan shall be governed by the provisions of this chapter made specifically applicable there…
Ark. Code Ann. § 23-72-108 Insuring powers
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(a) Mutual assessment insurers are prohibited from transacting any insurance except the granting of indemnity against or providing benefits upon death, disability, or accident. (b) No mutual assessment insurer shall transact property, casualty, surety, or industrial insurance. (c…
Ark. Code Ann. § 23-72-109 Bylaws generally
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(a) The insurer shall have bylaws which are not in conflict with the law of this state, to regulate and govern its affairs. Bylaws of both foreign and domestic insurers shall be subject to the applicable requirements of § 23-69-119. (b) The bylaws shall provide for periodic meeti…
Ark. Code Ann. § 23-72-110 Filing and amendment of bylaws
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(a) The insurer shall promptly file a copy of its bylaws, duly certified by its president and secretary, with the Insurance Commissioner. (b) No amendment of bylaws shall be valid and binding upon the insurer's members until a certified copy of the amendment has been on file with…
Ark. Code Ann. § 23-72-111 Special provisions of pro rata assessment plan
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(1) In addition to the requirements under § 23-72-109, the bylaws of a pro rata assessment plan insurer:(1) Shall clearly provide the plan of calling assessments. They may provide for assessment of each group or circle for payment of its own claims, for the assessing of groups or…
Ark. Code Ann. § 23-72-112 Additional assessments or adjustments of rates or benefits
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An insurer has power to provide in its bylaws for the calling of extra, increased, or additional assessments or for adjustment of rates and benefits when the assessments and contributions from its members prove to be inadequate to meet all claims and expenses.
Ark. Code Ann. § 23-72-113 Benefits and payment — Level or stipulated plan insurers
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(a) A level or stipulated rate plan insurer shall specify in its policy or membership certificate the contingencies insured against, the sum of money it promises to pay or the benefits it agrees to provide, and the number of days after satisfactory proof of loss is filed within w…
Ark. Code Ann. § 23-72-114 Benefits not subject to attachment
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No money or other benefits to be paid, provided, or rendered by any insurer, not to exceed one thousand dollars ($1,000), shall be liable to attachment, garnishment, or other process, or be seized, taken, appropriated, or applied by any legal or equitable process or operation of …
Ark. Code Ann. § 23-72-115 Notice to members of scaled and reduced claims
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(a) Each insurer shall, on or before March 1 as to the preceding calendar year, give written notice thereof by mail to those of its members whose status and conditions of certificate or policy are similar, if the insurer has scaled and reduced its beneficial claims for the preced…
Ark. Code Ann. § 23-72-116 Pro rata plan insurer — Reclassification and rearrangement of members
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A pro rata assessment plan insurer has power at any time to reclassify, transfer, or rearrange its members, to merge or unite circles or groups; and to unite into one (1) group or circle two (2) or more groups or circles, the membership of which has decreased below the maximum. T…
Ark. Code Ann. § 23-72-117 Reinsurance
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(a) A mutual assessment insurer may reinsure in any authorized life insurer any single risk or part of any single risk which it may assume. (b) The insurer may reinsure all or substantially all of its insurance in force by reinsurance in bulk as provided for in § 23-72-119.
Ark. Code Ann. § 23-72-118 Conversion to level premium plan
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(a) A pro rata assessment insurer, by resolution of its board of directors approved by the Insurance Commissioner, may convert the whole or any part of its membership into a level or stipulated rate division. Thereafter, laws applicable to a level or stipulated rate insurer shall…
Ark. Code Ann. § 23-72-119 Merger or bulk reinsurance or conversion
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(a) (1) Any mutual assessment domestic insurer may merge or reinsure its outstanding policies in bulk with any domestic stipulated premium insurer operating under § 23-71-101 et seq. and, upon filing with the Insurance Commissioner, an agreement setting out the conditions of the …
Ark. Code Ann. § 23-72-120 Venue and service of process
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(a) Any action by a policy or certificate holder or beneficiary against an insurer or against its bond or bondspersons on any claim arising or accruing under any of its policies or certificates may be brought in any county in this state where the plaintiff, or any plaintiff in th…
Ark. Code Ann. § 23-72-121 Insolvency
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An insurer is insolvent when its reserves, its matured death claims, and its other due and unpaid obligations exceed its assets and death assessments or periodic payments called, to be called, or in process of collection.
Ark. Code Ann. § 23-72-122 Officers and members not individually liable
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Officers and members of a domestic insurer shall not be individually liable for the payment of any disability or death benefit provided for in the bylaws and agreements of the insurer, but the benefit shall be payable out of the funds of the insurer and in the manner provided by …