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23-63-1306. Authorized control level event.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1306. Authorized control level event.
(a) As used in this subchapter, “authorized control level event” means any of the following events:
(1) The filing of an RBC report by the insurer that shows the insurer's total adjusted capital is more than or equal to its mandatory control level RBC but less than its authorized control level RBC;
(2) The notification by the Insurance Commissioner to the insurer of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section if the insurer does not challenge the adjusted RBC report under § 23-63-1308;
(3) If under § 23-63-1308 the insurer challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, notification by the commissioner to the insurer that the commissioner, after a hearing, has rejected the insurer's challenge;
(4) The failure of the insurer to respond in a way satisfactory to the commissioner to a corrective order if the insurer has not challenged the corrective order under § 23-63-1308; or
(5) If the insurer has challenged a corrective order under § 23-63-1308 and the commissioner, after a hearing, has rejected the challenge or modified the corrective order, the failure of the insurer to respond, in a way satisfactory to the commissioner, to the corrective order after rejection or modification by the commissioner.
(b) In the event of an authorized control level event with respect to an insurer, the commissioner shall:
(1) Take the actions required under § 23-63-1305 regarding an insurer with respect to which a regulatory action level event has occurred; or
(2) If the commissioner considers it to be in the best interests of the policyholders and creditors of the insurer and of the public, take the actions necessary to cause the insurer
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1306
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:23-63-1306
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e7a66846634e81e314e104bd72ed42154c4a15783a014d4f12ca13c463cbe35d
Source location: content.xml paragraph 33301
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23-63-1306. Authorized control level event.
(a) As used in this subchapter, “authorized control level event” means any of the following events:
(1) The filing of an RBC report by the insurer that shows the insurer's total adjusted capital is more than or equal to its mandatory control level RBC but less than its authorized control level RBC;
(2) The notification by the Insurance Commissioner to the insurer of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section if the insurer does not challenge the adjusted RBC report under § 23-63-1308;
(3) If under § 23-63-1308 the insurer challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, notification by the commissioner to the insurer that the commissioner, after a hearing, has rejected the insurer's challenge;
(4) The failure of the insurer to respond in a way satisfactory to the commissioner to a corrective order if the insurer has not challenged the corrective order under § 23-63-1308; or
(5) If the insurer has challenged a corrective order under § 23-63-1308 and the commissioner, after a hearing, has rejected the challenge or modified the corrective order, the failure of the insurer to respond, in a way satisfactory to the commissioner, to the corrective order after rejection or modification by the commissioner.
(b) In the event of an authorized control level event with respect to an insurer, the commissioner shall:
(1) Take the actions required under § 23-63-1305 regarding an insurer with respect to which a regulatory action level event has occurred; or
(2) If the commissioner considers it to be in the best interests of the policyholders and creditors of the insurer and of the public, take the actions necessary to cause the insurer to be placed under regulatory control under § 23-68-101 et seq. In the event the commissioner takes the actions, the authorized control level event is sufficient grounds for the commissioner to take action under § 23-68-101 et seq., and the commissioner shall have the rights, powers, and duties with respect to the insurer as stated in § 23-68-101 et seq. If the commissioner takes action under this section under an adjusted RBC report, the insurer is entitled to the protections provided to insurers under § 23-68-101 et seq. pertaining to summary proceedings.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1305. Regulatory action level event.
(a) As used in this subchapter, “regulatory action level event” means, with respect to an insurer, any of the following events:
(1) The filing of an RBC report by the insurer that shows the insurer's total adjusted capital is more than or equal to its authorized control level RBC but less than its regulatory action level RBC;
(2) The notification by the Insurance Commissioner to an insurer of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section if the insurer does not challenge the adjusted RBC report under § 23-63-1308;
(3) If under § 23-63-1308 the insurer challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, the notification by the commissioner to the insurer that the commissioner, after a hearing, has rejected the insurer's challenge;
(4) The failure of the insurer to file an RBC report by the filing date, unless the insurer has provided an explanation for the failure that is satisfactory to the commissioner and has cured the failure within ten (10) days after the filing date;
(5) The failure of the insurer to submit an RBC plan to the commissioner within the time period stated in § 23-63-1304(c);
(6) Notification by the commissioner to the insurer that:
(A) The RBC plan or revised RBC plan submitted by the insurer is unsatisfactory in the judgment of the commissioner; and
(B) The notification constitutes a regulatory action level event with respect to the insurer if the insurer has not challenged the determination under § 23-63-1308;
(7) If under § 23-63-1308 the insurer challenges a determination by the commissioner under subdivision (a)(6) of this section, the notification by the commissioner to the insurer that the commissio
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1305
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 23-63-1305. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1308. Hearings.
(a)(1) If any of the events listed in subsection (b) of this section occurs, the insurer shall have the right to a confidential administrative hearing on record, at which the insurer may challenge any determination or action by the Insurance Commissioner.
(2)(A) The insurer shall notify the commissioner of its request for a hearing within five (5) days after the notification by the commissioner under subsection (b) of this section.
(B) On receipt of the insurer's request for a hearing, the commissioner shall set a date for the hearing. The date shall be no less than ten (10) nor more than thirty (30) days after the date of the insurer's request.
(b) Subsection (a) of this section applies if:
(1) The commissioner notifies an insurer of an adjusted RBC report;
(2) The commissioner notifies an insurer that:
(A) The insurer's RBC plan or revised RBC plan is unsatisfactory; and
(B) The notification constitutes a regulatory action level event with respect to the insurer;
(3) The commissioner notifies an insurer that the insurer has failed to adhere to its RBC plan or revised RBC plan and that the failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event with respect to the insurer according to its RBC plan or revised RBC plan; or
(4) The commissioner notifies an insurer of a corrective order with respect to the insurer.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1308
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 23-63-1308. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-68-101. Uniform Insurers Liquidation Act.
(1) Section 23-68-102(2)-(13), together with §§ 23-68-101, 23-68-104, 23-68-105, 23-68-113, and 23-68-115 — 23-68-120, constitute and may be referred to as the “Uniform Insurers Liquidation Act”.
(2) The Uniform Insurers Liquidation Act shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states that enact it. To the extent that its provisions when applicable conflict with other provisions of this chapter, the provisions of such act shall control.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-68-101
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 23-68-101. This identifies an authority to review, not proof of applicability.