Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-71-113 Insolvency
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(a) From and after January 1, 1968, the capital of a stipulated premium plan insurer shall be deemed to be impaired and the insurer shall be deemed to be insolvent when the insurer is not possessed of assets equal to all liabilities including the reserves set forth in § 23-71-105…
Ark. Code Ann. § 23-71-114 Personal liability
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No officer, director, stockholder, or employee shall, as such, be personally liable for the losses or liability of any stipulated premium plan insurer.
Ark. Code Ann. § 23-71-115 Merger, consolidation, or adoption of plan of exchange
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(a) A stipulated premium plan insurer may merge or consolidate into another stipulated premium plan insurer or into a stock insurer authorized to transact insurance in this state, or it may adopt a plan of exchange of the outstanding stock of its stockholders in accordance with t…
Ark. Code Ann. § 23-71-116 Conversion to legal reserve insurer
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(1) A stipulated premium plan insurer may be converted to a legal reserve stock life and accident and health insurer subject to the following conditions:(1) The insurer's articles of incorporation shall be amended to provide for transaction of insurance on a legal reserve basis;(…
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 …
Ark. Code Ann. § 23-73-101 Definition
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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.
Ark. Code Ann. § 23-73-102 Scope
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(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…
Ark. Code Ann. § 23-73-103 Associations existing as of January 1, 1960
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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…
Ark. Code Ann. § 23-73-104 Other provisions applicable
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(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…
Ark. Code Ann. § 23-73-105 Organization — Membership — Insurance coverage
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(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…
Ark. Code Ann. § 23-73-106 Articles of association
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(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…
Ark. Code Ann. § 23-73-107 Adoption of similar name prohibited
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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.
Ark. Code Ann. § 23-73-110 Legal existence
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(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 (…
Ark. Code Ann. § 23-73-111 Amendment of articles and bylaws
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(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…
Ark. Code Ann. § 23-73-112 Qualifications for certificate of authority
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(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…
Ark. Code Ann. § 23-73-113 Continuance of certificate of authority
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(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…
Ark. Code Ann. § 23-73-114 Application — Sections 23-61-201 et seq. and 23-61-301 et seq. applicable
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Section 23-61-201 et seq. and § 23-61-301 et seq. shall be applicable to farmers' mutual aid companies and associations.
Ark. Code Ann. § 23-73-115 Management and exclusive agency contracts
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(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…
Ark. Code Ann. § 23-73-116 Fees
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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.
Ark. Code Ann. § 23-73-117 Conversion to mutual insurer
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(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…
Ark. Code Ann. § 23-73-118 Membership requirements
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The total membership of the association shall be at all times not less than the number of members required by § 23-73-112.
Ark. Code Ann. § 23-73-119 Prohibited formation
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No farmers' mutual aid association or company shall be formed or incorporated after July 1, 1997, other than as provided in § 23-73-122.
Ark. Code Ann. § 23-73-120 Dissolution
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(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…
Ark. Code Ann. § 23-73-121 Licensing of agents
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Agents shall be licensed and issued a limited line license in accordance with § 23-64-101 et seq.
Ark. Code Ann. § 23-73-122 Merger
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(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…
Ark. Code Ann. § 23-73-123 Indemnification
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(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…
Ark. Code Ann. § 23-74-101 Fraternal benefit society defined
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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…
Ark. Code Ann. § 23-74-102 Lodge system
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(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…
Ark. Code Ann. § 23-74-103 Representative form of government
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(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…