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23-63-1311. Foreign insurers.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1311. Foreign insurers.
(a) Upon the written request of the Insurance Commissioner, a foreign insurer shall submit to the commissioner an RBC report as of the end of the calendar year just ended the later of:
(1) The date an RBC report would be required to be filed by a domestic insurer under this subchapter; or
(2) Fifteen (15) days after the request is received by the foreign insurer. Any foreign insurer, at the written request of the commissioner, promptly shall submit to the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any other state.
(b) In the event of a company action level event, regulatory action level event, or authorized control level event with respect to a foreign insurer as determined under the RBC statute applicable in the state of domicile of the insurer or, if no RBC statute is in force in that state, under this subchapter, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC plan in the way named under that state's RBC statute or, if no RBC statute is in force in that state, under § 23-63-1304 the commissioner may require the foreign insurer to file an RBC plan with the commissioner. In that event, the failure of the foreign insurer to file an RBC plan with the commissioner is grounds to order the insurer to cease and desist from writing new insurance business in this state.
(c) In the event of a mandatory control level event with respect to a foreign insurer, if no domiciliary receiver has been appointed by the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may apply to Pulaski County Circuit Court permitted under § 23-68-101
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1311
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:23-63-1311
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e53a472800ba3d3f717aed19d5055fa3b79cc12ca6bdfc14c5955c91861bb203
Source location: content.xml paragraph 33381
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23-63-1311. Foreign insurers.
(a) Upon the written request of the Insurance Commissioner, a foreign insurer shall submit to the commissioner an RBC report as of the end of the calendar year just ended the later of:
(1) The date an RBC report would be required to be filed by a domestic insurer under this subchapter; or
(2) Fifteen (15) days after the request is received by the foreign insurer. Any foreign insurer, at the written request of the commissioner, promptly shall submit to the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any other state.
(b) In the event of a company action level event, regulatory action level event, or authorized control level event with respect to a foreign insurer as determined under the RBC statute applicable in the state of domicile of the insurer or, if no RBC statute is in force in that state, under this subchapter, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC plan in the way named under that state's RBC statute or, if no RBC statute is in force in that state, under § 23-63-1304 the commissioner may require the foreign insurer to file an RBC plan with the commissioner. In that event, the failure of the foreign insurer to file an RBC plan with the commissioner is grounds to order the insurer to cease and desist from writing new insurance business in this state.
(c) In the event of a mandatory control level event with respect to a foreign insurer, if no domiciliary receiver has been appointed by the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may apply to Pulaski County Circuit Court permitted under § 23-68-101 et seq. with respect to the liquidation of property of foreign insurers found in this state, and the occurrence of the mandatory control level event is adequate grounds for the application.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1304. Company action level event — Definition.
(a) As used in this subchapter, “company action level event” means any of the following events:
(1) The filing of an RBC report by an insurer that indicates:
(A) The insurer's total adjusted capital is greater than or equal to its regulatory action level RBC but less than its company action level RBC;
(B) If a life or accident and health insurer or a fraternal benefit society, the life or accident and health insurer or the fraternal benefit society has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of its authorized control level RBC and three (3) and has a negative trend; or
(C) For the year ending December 31, 2011, and each year following, if a property and casualty insurer, the property and casualty insurer has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of its authorized control level RBC and three (3) and triggers the trend test determined according to the trend test calculation included in the Property and Casualty RBC Instructions;
(2) The notification by the Insurance Commissioner to the insurer of an adjusted RBC report that indicates an event in subdivision (a)(1) of this section, if the insurer does not challenge the adjusted RBC report under § 23-63-1308; or
(3) If under § 23-63-1308 an 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.
(b) In the event of a company action level event, the insurer shall prepare and submit to the commissioner an RBC plan that shall:
(1) Identify
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1304
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 23-63-1304. 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.