Browse Arkansas Code titles and sections
23-63-1510. Foreign health organizations.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1510. Foreign health organizations.
(a)(1) On the written request of the Insurance Commissioner, a foreign health organization shall submit to the commissioner an RBC report as of the end of the calendar year just ended that is the later of:
(A) The date an RBC report would be required to be filed by a domestic health organization under this subchapter; or
(B) Fifteen (15) days after the request is received by the foreign health organization.
(2) At the written request of the commissioner, a foreign health organization shall promptly 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 health organization as determined under the RBC statute applicable in the state of domicile of the health organization 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 health organization fails to require the foreign health organization to file an RBC plan in the way specified under that state's RBC statute or, if no RBC statute is in force in that state, under § 23-63-1503 the commissioner may require the foreign health organization to file an RBC plan with the commissioner. In this event, the failure of the foreign health organization to file an RBC plan with the commissioner shall be grounds to order the health organization 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 health organization, if no domiciliary receiver has been appointed with respect to the foreign health organi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1510
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:23-63-1510
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1d1fab0e72390d1c1f4aef823011a25d04d7d303940ae6dd5994d6b8f604716f
Source location: content.xml paragraph 33719
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23-63-1510. Foreign health organizations.
(a)(1) On the written request of the Insurance Commissioner, a foreign health organization shall submit to the commissioner an RBC report as of the end of the calendar year just ended that is the later of:
(A) The date an RBC report would be required to be filed by a domestic health organization under this subchapter; or
(B) Fifteen (15) days after the request is received by the foreign health organization.
(2) At the written request of the commissioner, a foreign health organization shall promptly 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 health organization as determined under the RBC statute applicable in the state of domicile of the health organization 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 health organization fails to require the foreign health organization to file an RBC plan in the way specified under that state's RBC statute or, if no RBC statute is in force in that state, under § 23-63-1503 the commissioner may require the foreign health organization to file an RBC plan with the commissioner. In this event, the failure of the foreign health organization to file an RBC plan with the commissioner shall be grounds to order the health organization 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 health organization, if no domiciliary receiver has been appointed with respect to the foreign health organization under the rehabilitation and liquidation statutes applicable in the state of domicile of the foreign health organization, the commissioner may make application under the Uniform Insurers Liquidation Act, §§ 23-68-101, 23-68-102(2)-(13), 23-68-104, 23-68-105, 23-68-113, and 23-68-115 — 23-68-120, with respect to the liquidation of property of foreign health organizations found in this state, and the occurrence of the mandatory control level event is considered adequate grounds for the application.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1503. Company action level event.
(a) “Company action level event” means any of the following events:
(1) The filing of an RBC report by a health organization that indicates that the health organization's total adjusted capital is greater than or equal to its regulatory action level RBC but less than its company action level RBC;
(2) For the year ending December 31, 2011, and each following year, if a health organization has total adjusted capital that:
(A) 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
(B) The triggering of the trend test determined in accordance with the trend test calculation included in the health organization's RBC instructions;
(3) The notification by the Insurance Commissioner to the health organization of an adjusted RBC report that indicates an event in subdivision (a)(1) of this section, provided the health organization does not challenge the adjusted RBC report under § 23-63-1507; or
(4) If under § 23-63-1507 a health organization challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, the notification by the commissioner to the health organization that the commissioner, after a hearing, has rejected the health organization's challenge.
(b) In the event of a company action level event, the health organization shall prepare and submit to the commissioner an RBC plan that shall:
(1) Identify the conditions that contribute to the company action level event;
(2) Contain proposals of corrective actions that the health organization intends to take and that would be expected to result in the elimination of the company action level event;
(3)(A) Provide projections of the health organization'
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1503
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 23-63-1503. 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.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-68-102. Definitions.
For the purpose of this chapter:
(1) “Impairment” or “insolvency”. The capital of a stock insurer or the surplus of a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall be deemed to be insolvent when such insurer is not possessed of assets at least equal to all liabilities and required reserves together with its total issued and outstanding capital stock if a stock insurer, or the minimum surplus if a mutual or reciprocal insurer, required by the Arkansas Insurance Code to be maintained for the kind or kinds of insurance it is then authorized to transact.
(2) “Insurer” means any person, firm, corporation, association, or aggregation of persons doing an insurance business and subject to the insurance supervisory authority of, or to liquidation, rehabilitation, reorganization or conservation by the commissioner or the equivalent insurance supervisory official of another state.
(3) “Delinquency proceeding” means any proceeding commenced against an insurer pursuant to this chapter for the purpose of liquidating, rehabilitating, reorganizing, or conserving such insurer.
(4) “State” means any state of the United States and also the District of Columbia and the Commonwealth of Puerto Rico.
(5) “Foreign country” means territory not in any state.
(6) “Domiciliary state” means the state in which an insurer is incorporated or organized, or in the case of an insurer incorporated or organized in a foreign country, the state in which such insurer, having become authorized to do business in such state, has, at the commencement of delinquency proceedings, the largest amount of its assets held in trust and assets held on deposit for the benefit of its policyholders or policyholders and creditors in the United States, an
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-68-102
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 23-68-102. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-68-104. Commencement of delinquency proceedings.
The Insurance Commissioner shall commence any such proceedings by application to the court for an order directing the insurer to show cause why the commissioner should not have the relief prayed for. On the return of such order to show cause, and after a full hearing, the court shall either deny the application or grant the application, together with such other relief as the nature of the case and the interests of the policyholders, creditors, stockholders, members, subscribers, or the public may require.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-68-104
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 23-68-104. This identifies an authority to review, not proof of applicability.