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23-63-2002. Purpose — Intent.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-2002. Purpose — Intent.
(a) The purpose of this subchapter is to:
(1) Provide the Insurance Commissioner a summary of the corporate governance structure, policies, and practices of an insurer or insurance group to allow the commissioner an opportunity to gain and maintain a better understanding of the corporate governance framework of an insurer operating in this state;
(2) Outline the requirements for completing a corporate governance annual disclosure; and
(3) Provide assurance for the confidential treatment of the corporate governance annual disclosure and related information due to the confidential and sensitive information it will reveal as it relates to the internal operations and proprietary and trade secret information of an insurer or insurance group which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.
(b) It is the intent of the General Assembly that this subchapter:
(1) Shall not be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable state corporate law;
(2) Shall not be construed to limit the commissioner's authority or the rights or obligations under § 23-61-201 et seq.; and
(3) Applies to an insurer domiciled in this state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-2002
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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Record provenance
Stable record: arkansas_code:legal_authorities:23-63-2002
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 13468db3c63a7c0dda616e0392f70d70511bce2f3019e3aa5f8d3473ed729fe7
Source location: content.xml paragraph 34658
Stored source content
23-63-2002. Purpose — Intent.
(a) The purpose of this subchapter is to:
(1) Provide the Insurance Commissioner a summary of the corporate governance structure, policies, and practices of an insurer or insurance group to allow the commissioner an opportunity to gain and maintain a better understanding of the corporate governance framework of an insurer operating in this state;
(2) Outline the requirements for completing a corporate governance annual disclosure; and
(3) Provide assurance for the confidential treatment of the corporate governance annual disclosure and related information due to the confidential and sensitive information it will reveal as it relates to the internal operations and proprietary and trade secret information of an insurer or insurance group which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.
(b) It is the intent of the General Assembly that this subchapter:
(1) Shall not be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable state corporate law;
(2) Shall not be construed to limit the commissioner's authority or the rights or obligations under § 23-61-201 et seq.; and
(3) Applies to an insurer domiciled in this state.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-201. Examination of insurers required.
(a)(1) The Insurance Commissioner shall examine the affairs, transactions, accounts, records, market conduct activity, and assets of each authorized insurer as often as in the commissioner's sole discretion he or she deems advisable.
(2) The commissioner shall so examine each authorized insurer not less frequently than every five (5) years.
(3) Examination of an alien insurer shall be limited to its insurance transactions and affairs in the United States.
(4) In scheduling and determining the nature, scope, and frequency of the examinations, the commissioner shall consider such matters as the results of financial statement analyses and ratios, changes in management or ownership, actuarial opinions, reports of independent certified public accountants, and other criteria as set forth in the most current edition of the applicable examiners handbook and other standards adopted by the National Association of Insurance Commissioners and in effect when the commissioner exercises discretion to conduct an examination under subdivision (a)(1) of this section.
(b) The commissioner may, in like manner, examine each insurer applying for an initial certificate of authority to transact insurance in this state.
(c) In lieu of making his or her own examination of any foreign or alien insurer authorized in this state, the commissioner may, in his or her discretion, accept a full report of the last recent examination of a foreign or alien insurer as prepared by the insurance department for the company's state of domicile or port-of-entry state. After January 1, 1994, such reports may only be accepted by the commissioner if:
(1) The insurance department preparing the report was at the time of the examination accredited under the Na
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-201
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 23-61-201. This identifies an authority to review, not proof of applicability.