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23-61-204. Examination — Records and appraisals.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-204. Examination — Records and appraisals.
(a)(1) Every company or person from whom information is sought, its officers, directors, and agents, must provide to the examiners appointed under § 23-61-203 timely, convenient, and free access at all reasonable hours at its offices to all books, records, accounts, papers, documents, and any or all computer or other recordings relating to the property, assets, business, and affairs of the company being examined. The officers, directors, employees, and agents of the company or person must facilitate such an examination and aid in such an examination so far as it is in their power to do so.
(2) The refusal of any company, by its officers, directors, employees, or agents, to submit to examination or to comply with any reasonable written request of the examiners shall be grounds for suspension, revocation, or refusal of, or nonrenewal of, any license or authority held by the company to engage in an insurance or other business subject to the Insurance Commissioner's jurisdiction. Any such proceedings for suspension, revocation, or refusal of any license or authority shall be conducted pursuant to § 23-63-213.
(b) If the commissioner finds the accounts to be inadequate or inadequately kept or posted, he or she may employ experts to rewrite, post, or balance them at the expense of the person being examined if the person has failed to complete or correct the accounting after the commissioner has given the person notice and a reasonable opportunity to do so.
(c)(1) If the commissioner deems it necessary to value any property involved in an examination, he or she may make written request of the person being examined to appoint one (1) or more competent appraisers, approved by the commissioner, for the purpose of appraising
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-204
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-61-204
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6e44b58a6e39ffa88edcdbfa3f81e3da5c826bf1224db8265cbd8c383bc310ac
Source location: content.xml paragraph 28093
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23-61-204. Examination — Records and appraisals.
(a)(1) Every company or person from whom information is sought, its officers, directors, and agents, must provide to the examiners appointed under § 23-61-203 timely, convenient, and free access at all reasonable hours at its offices to all books, records, accounts, papers, documents, and any or all computer or other recordings relating to the property, assets, business, and affairs of the company being examined. The officers, directors, employees, and agents of the company or person must facilitate such an examination and aid in such an examination so far as it is in their power to do so.
(2) The refusal of any company, by its officers, directors, employees, or agents, to submit to examination or to comply with any reasonable written request of the examiners shall be grounds for suspension, revocation, or refusal of, or nonrenewal of, any license or authority held by the company to engage in an insurance or other business subject to the Insurance Commissioner's jurisdiction. Any such proceedings for suspension, revocation, or refusal of any license or authority shall be conducted pursuant to § 23-63-213.
(b) If the commissioner finds the accounts to be inadequate or inadequately kept or posted, he or she may employ experts to rewrite, post, or balance them at the expense of the person being examined if the person has failed to complete or correct the accounting after the commissioner has given the person notice and a reasonable opportunity to do so.
(c)(1) If the commissioner deems it necessary to value any property involved in an examination, he or she may make written request of the person being examined to appoint one (1) or more competent appraisers, approved by the commissioner, for the purpose of appraising the property.
(2) If no appointment is made within ten (10) days after this request was delivered to the person, then the commissioner may appoint the appraiser or appraisers.
(3) Any such appraisal shall be promptly made, and a copy of the report shall be furnished to the commissioner.
(4) The reasonable expense of the appraisal shall be borne by the person being examined.
(d) Nothing contained in this subchapter shall be construed to limit the commissioner's authority to terminate or suspend any examination in order to pursue other legal or regulatory action pursuant to the insurance laws of this state. Findings of fact and conclusions made pursuant to any examination shall be prima facie evidence in any legal or regulatory action.
(e) Nothing contained in this subchapter shall be construed to limit the commissioner's authority to use and, if appropriate, to make public any final or preliminary examination report, any examiner or company work papers or other documents, or any other information discovered or developed during the course of any examination in the furtherance of any legal or regulatory action which the commissioner may, in his or her sole discretion, deem appropriate.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-203. Examiners.
(a) Upon determining that an examination should be conducted, the Insurance Commissioner shall issue an examination certificate of authority appointing one (1) or more examiners to perform the examination and instructing them as to the scope of the examination. In conducting the examination, the examiner shall observe those guidelines and procedures set forth in the most current edition of the applicable examiners handbook adopted by the National Association of Insurance Commissioners. The commissioner may also employ such other guidelines or procedures as the commissioner may deem appropriate.
(b) When making an examination under this subchapter, the commissioner may retain attorneys, appraisers, independent actuaries, independent certified public accountants, or other professionals and specialists as examiners, the cost of which shall be borne by the company which is the subject of the examination.
(c)(1) The commissioner may also accept as a part of the State Insurance Department's examination of any insurer or person:
(A) A report by an independent actuary deemed competent by the commissioner; or
(B) A report of an audit made by an independent certified public accountant.
(2) Neither those persons so designated nor any members of their immediate families shall be officers of, connected with, or financially interested in any insurer other than as policyholders, nor shall they be financially interested in any other corporation or person affected by the examination, investigation, or hearing.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-203
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-61-203. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-213. Certificate of authority — Suspension or revocation for certain violations.
(a) The Insurance Commissioner shall, after a hearing thereon, suspend or revoke an insurer's certificate of authority if he or she finds that the insurer:
(1)(A) Is in unsound condition, or is in such condition or is using such methods and practices in the conduct of its business, as to render its further transaction of insurance in Arkansas hazardous or injurious to its policyholders or to the public.
(B) For the purposes of this section, the commissioner may consider, among other factors, the present, past, and future trends in the financial condition of the insurer that could affect the solvency of the insurer;
(2) Has refused to be examined or to produce its accounts, records, and files for examination, or if any of its officers have refused to give information with respect to its affairs, when required by the commissioner;
(3) Has failed to pay any final judgment rendered against it within thirty (30) days;
(4) Is affiliated with and under the same general management or interlocking directorate or ownership as another insurer which transacts direct insurance in Arkansas without having a certificate of authority therefor, except as permitted as to surplus lines insurers under § 23-65-101 et seq.; or
(5) Has knowingly, or with reckless disregard of same, violated or failed to comply with any applicable provision of the Arkansas Insurance Code, or with any lawful rule, regulation, or order of the commissioner.
(b) In his or her discretion and without advance notice or a hearing thereon, the commissioner may immediately suspend the certificate of authority of any foreign insurer as to which proceedings for receivership, conservatorship, rehabilitation, or other delin
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-213
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-213. This identifies an authority to review, not proof of applicability.