Title 23 — Public Utilities and Regulated Industries

As used in this chapter, unless the context otherwise requires, “farmer” means a farm tenant or any person who owns or cultivates or superintends the cultivation of a farm.

(a) This chapter applies only to domestic farmers' mutual aid companies and associations. (b) Nothing in the insurance laws of this state shall be deemed to apply to or govern either directly or indirectly farmers' mutual aid companies or associations except as contained in or re…

Any company or association lawfully organized and existing and lawfully doing business and insuring property as a farmers' mutual aid association or company as of January 1, 1960, is not required to reorganize or comply with the provisions of this chapter applicable to organizati…

(1) In addition to the provisions of this chapter, farmers' mutual aid companies or associations shall also be subject to the following chapters and provisions of the Arkansas Insurance Code to the extent so applicable:(1) Sections 23-60-101 — 23-60-108 and 23-60-110, scope of Ar…

(a) Twenty (20) or more farmers, all of whom shall be residents of this state, may make mutual pledges and give valid obligations to each other for their insurance against loss or damage by fire, tornado, lightning, cyclone, windstorm, hail, explosion with or without fire ensuing…

(a) Articles of association of any farmers' mutual aid company or association shall specify:(1) The name of the association or company;(2) The purposes for which formed;(3) The location of its principal or home office, which office shall be in this state;(4) The names and address…

No name shall be adopted by the company or association which is so similar to any name already in use by any existing company or association organized or doing business in Arkansas as to be confusing or misleading.

(a) The legal existence of the association begins from the date of the Insurance Commissioner's certificate authorizing it to begin business. (b) Thereupon the board of directors named in its articles may:(1) Adopt bylaws which shall be filed with the commissioner within thirty (…

(a) Articles of association may be amended as provided in the articles, and any such amendments shall promptly be filed with the Insurance Commissioner within thirty (30) days after its adoption. (b) Bylaws may be amended, as provided in the bylaws, and any such amendment shall b…

(1) To qualify for and hold a certificate of authority to insure property or issue policies, the company or association shall:(1) (A) (i) Have at least two hundred fifty (250) members who hold policies or certificates upon at least two hundred fifty (250) separate risks.(ii) An a…

(a) For continuance of an original certificate of authority, a farmers' mutual aid company or association shall file with the Insurance Commissioner:(1) A concise statement of its financial condition, management, and affairs on a form satisfactory to the commissioner;(2) Other do…

Section 23-61-201 et seq. and § 23-61-301 et seq. shall be applicable to farmers' mutual aid companies and associations.

(a) (1) No farmers' mutual aid company or association shall make any contract whereby any person is granted or is to enjoy in fact the management of the company or association or to have the controlling or preemptive right to produce substantially all insurance business for the c…

Farmers' mutual aid companies or associations shall pay no annual fees or other charges except as required under the State Insurance Department Trust Fund Act, § 23-61-701 et seq., and under §§ 23-73-113 and 23-73-114.

(a) A farmers' mutual aid association as provided for by this chapter may be converted to a mutual insurer as defined in § 23-69-102 under any plan or procedure which may be approved by the order of the Insurance Commissioner after a hearing thereon. (b) The commissioner shall ap…

The total membership of the association shall be at all times not less than the number of members required by § 23-73-112.

No farmers' mutual aid association or company shall be formed or incorporated after July 1, 1997, other than as provided in § 23-73-122.

(a) Voluntary. (1) An association or company may discontinue its operations and settle its affairs at any meeting of its members, due notice of the time, place, and purpose of which shall have been given to its members and the Insurance Commissioner, by a vote of two-thirds (⅔) o…

Agents shall be licensed and issued a limited line license in accordance with § 23-64-101 et seq.

(a) Two (2) or more farmers' mutual aid associations or companies may merge as provided in this section. To effect a merger, it shall be necessary:(1) That the board of directors of each of the associations shall propose a plan of merger and pass a resolution to the effect that t…

(a) A company or association may indemnify a person made or threatened to be made a party to a proceeding by reason of the former or present official capacity of the person against judgments, penalties, fines, including, without limitation, excise taxes assessed against the perso…