Title 23, Public Utilities and Regulated Industries

(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 …

(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…

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.

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 …

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…

Any incorporated society, order, or supreme lodge, without capital stock, including one exempted under § 23-74-704(a)(2), whether incorporated or not, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with ritua…

(a) A society is operating on the lodge system if it has a supreme governing body and subordinate lodges into which members are elected, initiated, or admitted in accordance with its laws, rules, and rituals. Subordinate lodges shall be required by the laws of the society to hold…

(1) A society has a representative form of government when:(1) It has a supreme governing body constituted in one (1) of the following ways:(A) Assembly. (i) (a) The supreme governing body is an assembly composed of delegates elected directly by the members or at intermediate ass…

(1) As used in this chapter:(1) “Benefit contract” means the agreement for provision of benefits authorized by § 23-74-401, as that agreement is described in § 23-74-404(a);(2) “Benefit member” means an adult member who is designated by the laws or rules of the society to be a be…

(a) A fraternal benefit society shall operate for the benefit of members and their beneficiaries by:(1) Providing benefits as specified in § 23-74-401; and(2) Operating for one (1) or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic, or …

(a) A fraternal benefit society shall specify in its laws or rules:(1) Eligibility standards for each and every class of membership, provided that if benefits are provided on the lives of children, the minimum age for adult membership shall be set at not less than fifteen (15) ye…

(a) (1) The principal office of any domestic society shall be located in this state.(2) (A) The meetings of its supreme governing body may be held in any state, district, province, or territory wherein the society has at least five (5) subordinate lodges.(B) All business transact…

(a) The officers and members of the supreme governing body or any subordinate body of a society shall not be personally liable for any benefits provided by a society. (b) (1) Any person may be indemnified and reimbursed by any society for expenses reasonably incurred by, and liab…

The laws of the society may provide that no subordinate body, nor any of its subordinate officers or members, shall have the power or authority to waive any of the provisions of the laws of the society. Such a provision shall be binding on the society and every member and benefic…

(1) A domestic society organized on or after January 1, 1990, shall be formed as follows:(1) Ten (10) or more citizens of the United States, a majority of whom are citizens of this state, who desire to form a fraternal benefit society, may make, sign, and acknowledge before some …

(a) (1) A domestic society may amend its laws in accordance with the provisions thereof by action of its supreme governing body at any regular or special meeting thereof, or, if its laws so provide, by referendum.(2) The referendum may be held in accordance with the provisions of…

A society may create, maintain, and operate, or may establish organizations to operate, not-for-profit institutions to further the purposes permitted by § 23-74-105(a)(2). Such institutions may furnish services free or at a reasonable charge. Any real or personal property owned, …

(a) By a reinsurance agreement, a domestic society may cede any individual risk or risks in whole or in part to an insurer, other than another fraternal benefit society, having the power to make the reinsurance and authorized to do business in this state, or if not so authorized,…

(a) A domestic society may consolidate or merge with any other society by complying with the provisions of this section. It shall file with the Insurance Commissioner:(1) A certified copy of the written contract containing in full the terms and conditions of the consolidation or …

Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of §§ 23-63-205 and 23-63-207 and other provisions of this code applicable to domestic mutual life legal reserve insurers. A plan of con…

(a) A society may provide the following contractual benefits in any form:(1) Death benefits;(2) Endowment benefits;(3) Annuity benefits;(4) Temporary or permanent disability benefits;(5) Hospital, medical, or nursing benefits;(6) Monument or tombstone benefits to the memory of de…

(a) (1) The owner of a benefit contract shall have the right at all times to change the beneficiary or beneficiaries in accordance with the laws or rules of the society unless the owner waives this right by specifically requesting in writing that the beneficiary designation be ir…

No money or other benefit, charity, relief, or aid to be paid, provided, or rendered by any society shall be liable to attachment, garnishment, or other process, or to be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any debt…

(a) (1) Every society authorized to do business in this state shall issue to each owner of a benefit contract a certificate specifying the amount of benefits provided thereby.(2) The certificate, together with any riders or endorsements attached thereto, the laws of the society, …

(a) For certificates issued prior to January 1, 1991, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted shall comply with the provisions of law applicable immediately prior to January 1, 1990. (b) For certif…

A society shall invest its funds only in such investments as are authorized by the laws of this state for the investment of assets of life insurers and subject to the limitations thereon. Any foreign or alien society permitted or seeking to do business in this state which invests…