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23-63-1102. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1102. Definitions.
As used in this subchapter:
(1) “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners;
(2) “Control” or “controlled” has the meaning set out in § 23-63-503(2);
(3) “Controlled insurer” means a licensed insurer which is controlled, directly or indirectly, by a producer;
(4) “Controlling producer” means a producer who, directly or indirectly, controls an insurer;
(5)(A) “Licensed insurer” or “insurer” means any person, firm, association, or corporation duly licensed to transact a property and casualty insurance business in this state.
(B) The following, among other things, are not licensed insurers for the purposes of this subchapter:
(i) All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, the Product Liability Risk Retention Act of 1981, and §§ 23-94-101 — 23-94-108 [repealed], 23-94-201 — 23-94-209 [revised], and 23-94-301 — 23-94-303 [repealed];
(ii) All residual market pools and joint underwriting authorities or associations; and
(iii) All captive insurers, that is, insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks of member organizations and group members and their affiliates; and
(6) “Producer” means an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, such a
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1102
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:23-63-1102
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 38ff62c6c3988eb9b926a033cbe76376792cc160bba67f88d14f61ae752b6357
Source location: content.xml paragraph 33044
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23-63-1102. Definitions.
As used in this subchapter:
(1) “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners;
(2) “Control” or “controlled” has the meaning set out in § 23-63-503(2);
(3) “Controlled insurer” means a licensed insurer which is controlled, directly or indirectly, by a producer;
(4) “Controlling producer” means a producer who, directly or indirectly, controls an insurer;
(5)(A) “Licensed insurer” or “insurer” means any person, firm, association, or corporation duly licensed to transact a property and casualty insurance business in this state.
(B) The following, among other things, are not licensed insurers for the purposes of this subchapter:
(i) All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, the Product Liability Risk Retention Act of 1981, and §§ 23-94-101 — 23-94-108 [repealed], 23-94-201 — 23-94-209 [revised], and 23-94-301 — 23-94-303 [repealed];
(ii) All residual market pools and joint underwriting authorities or associations; and
(iii) All captive insurers, that is, insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks of member organizations and group members and their affiliates; and
(6) “Producer” means an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, such a person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-503. Definitions.
As used in this subchapter:
(1) “Affiliate” of or person “affiliated” with a specific person means a person that directly or indirectly through one (1) or more intermediaries controls, is controlled by, or is under common control with the person specified;
(2)(A) “Control” or “controlling” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person unless the power is due to an official position or corporate office:
(i) Through the ownership of voting securities;
(ii) By contract other than a commercial contract for goods or nonmanagement services; or
(iii) Otherwise.
(B)(i) Control is presumed to exist if a person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing ten percent (10%) or more of the voting securities of another person.
(ii) This presumption may be rebutted by a showing that control does not exist in fact.
(C) After furnishing notice to the persons and the opportunity to be heard, the Insurance Commissioner may determine that control exists in fact, notwithstanding the absence of a presumption to that effect;
(3)(A) “Enterprise risk” means any activity, circumstance, event, or series of events involving at least one (1) affiliate of an insurer that, if not remedied, are likely to have a material adverse effect on the financial condition or liquidity of the insurer or the insurer's insurance holding company as a whole.
(B) “Enterprise risk” includes without limitation any action that may cause:
(i) An insurer's risk-based capital to fall into company action level under:
(a) The Risk-Based Capital Act, § 23-63-1301 et seq.; and
(b) Section 23-63-1501 et seq.; or
(ii) An insurer to be in a ha
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-503
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 23-63-503. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-94-201. Title.
This subchapter may be cited as the “Risk Retention and Purchasing Groups Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-94-201
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 23-94-201. This identifies an authority to review, not proof of applicability.