Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-69-409 Confidentiality
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(a) Any documents, materials, or other information, including an own risk and solvency assessment summary report, in the possession of or under the control of the State Insurance Department that are obtained by, created by, or disclosed to the Insurance Commissioner or any other …
Ark. Code Ann. § 23-69-410 Sanctions
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(a) An insurer failing without just cause to timely file the own risk and solvency assessment summary report under this subchapter shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day's delay, to be recovered by the Insurance Co…
Ark. Code Ann. § 23-69-501 Title
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This subchapter shall be known and may be cited as the “Arkansas Insurance Business Transfer Act”.
Ark. Code Ann. § 23-69-502 Legislative findings — Purpose
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(a) The General Assembly finds that:(1) There is not a basis or procedure for the transfer and novation of insurance policies from a transferring insurer to an assuming insurer by way of an insurance business transfer without the affirmative consent of policyholders or reinsureds…
Ark. Code Ann. § 23-69-503 Definitions
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(1) As used in this subchapter:(1) “Affiliate” means an affiliate as that term is defined in § 23-63-503;(2) “Applicant” means a transferring insurer or reinsurer that submits an application under § 23-69-506;(3) (A) “Assuming insurer” means an insurer domiciled in this state tha…
Ark. Code Ann. § 23-69-504 Venue
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(a) All court proceedings brought under this subchapter shall be filed in the Pulaski County Circuit Court. (b) The court may issue any order, process, or judgment that is necessary or appropriate to carry out this subchapter. (c) This subchapter does not preclude the court from,…
Ark. Code Ann. § 23-69-505 Notice required
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(a) Except as otherwise ordered by the Pulaski County Circuit Court or the Insurance Commissioner, if notice is required to be given by the applicant under this subchapter, the applicant, within fifteen (15) days of the event triggering the requirement, shall cause transmittal of…
Ark. Code Ann. § 23-69-506 Application — Insurance business transfer plan
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(a) An applicant shall file an insurance business transfer plan with the Insurance Commissioner for his or her review and approval. (b) The insurance business transfer plan shall contain the following information or an explanation as to why the information is not included:(1) The…
Ark. Code Ann. § 23-69-507 Opinion report — Review requirements
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(a) The opinion report required under § 23-69-506(b)(14) shall provide the following:(1) A statement of the independent expert's professional qualifications, including a description of the experience that qualifies him or her as an expert suitable for the engagement;(2) A stateme…
Ark. Code Ann. § 23-69-508 Insurance business transfer plan — Review — Insurance Commissioner
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(a) (1) The Insurance Commissioner shall have sixty (60) business days from the date of receipt of a completed application for an insurance business transfer plan filed under § 23-69-506 to review the insurance business transfer plan to determine if the applicant is authorized to…
Ark. Code Ann. § 23-69-509 Insurance business transfer plan — Petition for court approval — Implementation order
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(a) (1) Within thirty (30) days after notice from the Insurance Commissioner that an applicant may proceed with filing the insurance business transfer plan with the Pulaski County Circuit Court, the applicant shall petition the court for approval of the insurance business transfe…
Ark. Code Ann. § 23-69-510 Oversight of operations
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Insurers subject to this subchapter consent to the jurisdiction of the Insurance Commissioner with regard to ongoing oversight of operations, management, and solvency relating to the transferred business, including the authority of the commissioner to conduct financial analysis a…
Ark. Code Ann. § 23-69-511 Fees — Reimbursements
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(a) At the time of filing its application with the Insurance Commissioner for review and approval of an insurance business transfer plan, an applicant shall pay a nonrefundable fee to the State Insurance Department in the amount of ten thousand dollars ($10,000). (b) In the commi…
Ark. Code Ann. § 23-69-512 Rules
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The Insurance Commissioner shall promulgate rules to implement this subchapter.
Ark. Code Ann. § 23-70-101 Definitions
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(1) As used in this chapter, unless the context otherwise requires:(1) “Attorney” refers to the attorney in fact of a reciprocal insurer. The attorney may be an individual, firm, or corporation. The attorney of a foreign or alien reciprocal insurer, which insurer is duly authoriz…
Ark. Code Ann. § 23-70-102 Scope
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(a) All authorized reciprocal insurers shall be governed by those sections of this chapter not expressly made applicable to domestic reciprocals. (b) Existing authorized reciprocal insurers shall comply with the provisions of this chapter after January 1, 1960.
Ark. Code Ann. § 23-70-103 Insuring powers
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(a) A reciprocal insurer, upon qualifying therefor as provided for by the Arkansas Insurance Code, may transact any kinds of insurance defined by the Arkansas Insurance Code, other than life or title insurances. (b) Such an insurer may purchase reinsurance, and may grant reinsura…
Ark. Code Ann. § 23-70-104 Name used in suits
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(1) A reciprocal insurer shall:(1) Have and use a business name. The name shall include the word “reciprocal”, “interinsurer”, “interinsurance”, “exchange”, “underwriters”, or “underwriting”; and(2) Sue and be sued in its own name. (1) Have and use a business name. The name shall…
Ark. Code Ann. § 23-70-105 Surplus funds required
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(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…
Ark. Code Ann. § 23-70-106 Organization
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(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…
Ark. Code Ann. § 23-70-107 Certificate of authority
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(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…
Ark. Code Ann. § 23-70-108 Power of attorney
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(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 …
Ark. Code Ann. § 23-70-109 Modifications
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(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…
Ark. Code Ann. § 23-70-110 Attorney's bond required — Exception
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(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 …
Ark. Code Ann. § 23-70-111 Service of process — Judgment
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(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 …
Ark. Code Ann. § 23-70-112 Contributions to insurer
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(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…
Ark. Code Ann. § 23-70-113 Annual statement
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(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 …
Ark. Code Ann. § 23-70-114 Method of determining financial condition
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(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…
Ark. Code Ann. § 23-70-115 Subscribers generally
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(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…
Ark. Code Ann. § 23-70-116 Subscribers' advisory committee
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(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…
Ark. Code Ann. § 23-70-117 Subscribers' liability
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(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…
Ark. Code Ann. § 23-70-118 Assessments
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(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…
Ark. Code Ann. § 23-70-119 Aggregate liability
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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…
Ark. Code Ann. § 23-70-120 Nonassessable policies
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(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…
Ark. Code Ann. § 23-70-121 Distribution of savings
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(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…
Ark. Code Ann. § 23-70-122 Subscribers' share in assets
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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…
Ark. Code Ann. § 23-70-123 Merger or conversion
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(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…
Ark. Code Ann. § 23-70-124 Impaired reciprocals
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(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 …
Ark. Code Ann. § 23-71-101 Definition
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As used in the Arkansas Insurance Code, unless the context otherwise requires, a “stipulated premium plan insurer” is one issuing policies or certificates promising money or other benefits to a member or policyholder upon his or her disability or, upon his or her decease, to his …
Ark. Code Ann. § 23-71-102 Scope
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(a) This chapter applies only to stipulated premium plan insurers. (b) No provisions of the Arkansas Insurance Code shall apply to stipulated premium plan insurers unless contained or referred to in this chapter.
Ark. Code Ann. § 23-71-103 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 stipulated premium plan insurers, to the extent so applicable, as follows:(1) Sections 23-60-101 — 23-60-108 and 23-60-110, scope of code;(2) S…
Ark. Code Ann. § 23-71-104 Incorporation, reincorporation, or formation prohibited
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No corporation or other entity shall be incorporated, reincorporated, or formed in this state as a stipulated premium plan insurer after January 1, 1960.
Ark. Code Ann. § 23-71-105 Reserves and nonforfeiture provisions required
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(a) Stipulated premium insurers shall be required to maintain reserves on all life insurance policies, annuity and endowment contracts, and disability insurance policies issued on and after January 1, 1968, in the following manner:(1) Reserves on all stipulated premium life insur…
Ark. Code Ann. § 23-71-106 Use of “stipulated premium” prohibited — Exception
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No insurer shall use the term “stipulated premium” in its insurance applications or contracts, or print or use that term in its policies or literature, unless lawfully authorized to transact insurance in this state on the stipulated premium plan.
Ark. Code Ann. § 23-71-107 Articles of incorporation and capital stock
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The articles of incorporation and paid-up capital stock of a stipulated premium plan insurer shall be the same as required of it under laws in force immediately prior to January 1, 1960.
Ark. Code Ann. § 23-71-108 New insurers
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No insurer shall transact insurance on the stipulated premium plan in this state unless it lawfully had authority to transact the insurance on January 1, 1960.
Ark. Code Ann. § 23-71-109 Insuring powers
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On the stipulated premium plan, an insurer may insure the lives of individuals and may provide for indemnity against death or disability of the insured occasioned by sickness or accident.
Ark. Code Ann. § 23-71-110 Guaranty fund deposit
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(a) (1) (A) Every insurer shall have deposited and maintain on deposit with the Insurance Commissioner acceptable securities in amounts based upon the amount of the insurer's admitted assets as of December 31 of the preceding calendar year as follows:(i) $000,001 to $250,000 — $5…
Ark. Code Ann. § 23-71-111 Policies — Liability
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(a) Every policy issued by a stipulated premium plan insurer in this state shall specify the sum of money which it promises to pay upon each contingency insured against and the time of payment after satisfactory proof of the happening of the contingency. (b) Unless the contract h…
Ark. Code Ann. § 23-71-112 Benefits not subject to attachment
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The money or other benefit, charity, relief, or aid to be paid, provided, or rendered by an insurer authorized to do business under this chapter shall not be liable to attachment or other process and shall not be seized, taken, appropriated, or applied by any legal or equitable p…