Browse Arkansas Code titles and sections
23-63-202. Certificate of authority — Eligibility generally.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-202. Certificate of authority — Eligibility generally.
To qualify for and hold authority to transact insurance in this state, an insurer must be otherwise in compliance with the Arkansas Insurance Code and with its charter powers and must be an incorporated stock insurer, an incorporated mutual insurer, or a reciprocal insurer, all of the same general type as may be formed as a domestic insurer under the Arkansas Insurance Code, except that:
(1) No foreign insurer shall be authorized to transact insurance in Arkansas which:
(A) Unless waived by the Insurance Commissioner, has not furnished the commissioner with evidence that it has been organized and actively engaged in the insurance business in the state of its incorporation for a period of three (3) years prior to the date of its application to be admitted and authorized to do business in the State of Arkansas. However, this subdivision (1)(A) shall not apply to a foreign insurance company which is:
(i) The wholly owned subsidiary of an insurance company admitted and authorized to do business in the State of Arkansas; or
(ii) The continuing corporation resulting from a merger or consolidation of insurance companies, at least one (1) of which has been organized and actively engaged in the insurance business in the state of its organization for at least three (3) years prior to the date of the application of the corporation to be admitted and authorized to do business in the State of Arkansas; and
(B) Does not maintain reserves as required by § 23-63-601 et seq., which:
(i) Refers to assets and liabilities applicable to the kinds of insurance transacted by the insurer wherever transacted in the United States;
(ii) If a mutual life insurer, issues policies under which the policyholder is subject to c
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-202
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:23-63-202
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0036d74fc6b159183474824baa260dadf929d230b31ed37cb60ec0e3c0f4403a
Source location: content.xml paragraph 31050
Stored source content
23-63-202. Certificate of authority — Eligibility generally.
To qualify for and hold authority to transact insurance in this state, an insurer must be otherwise in compliance with the Arkansas Insurance Code and with its charter powers and must be an incorporated stock insurer, an incorporated mutual insurer, or a reciprocal insurer, all of the same general type as may be formed as a domestic insurer under the Arkansas Insurance Code, except that:
(1) No foreign insurer shall be authorized to transact insurance in Arkansas which:
(A) Unless waived by the Insurance Commissioner, has not furnished the commissioner with evidence that it has been organized and actively engaged in the insurance business in the state of its incorporation for a period of three (3) years prior to the date of its application to be admitted and authorized to do business in the State of Arkansas. However, this subdivision (1)(A) shall not apply to a foreign insurance company which is:
(i) The wholly owned subsidiary of an insurance company admitted and authorized to do business in the State of Arkansas; or
(ii) The continuing corporation resulting from a merger or consolidation of insurance companies, at least one (1) of which has been organized and actively engaged in the insurance business in the state of its organization for at least three (3) years prior to the date of the application of the corporation to be admitted and authorized to do business in the State of Arkansas; and
(B) Does not maintain reserves as required by § 23-63-601 et seq., which:
(i) Refers to assets and liabilities applicable to the kinds of insurance transacted by the insurer wherever transacted in the United States;
(ii) If a mutual life insurer, issues policies under which the policyholder is subject to contingent liability or assessment; or
(iii) Transacts insurance on the assessment premium plan, stipulated premium plan, cooperative plan, or any similar plan, except that the commissioner may renew the certificate of authority of any foreign insurer lawfully transacting insurance in Arkansas on any plan under its certificate of authority immediately prior to January 1, 1960, so long as the insurer is otherwise in compliance with the applicable provisions of the Arkansas Insurance Code.
(2) No certificate of authority or license to transact any kind of insurance business shall be issued, renewed, or continued in effect to any insurer which is owned or controlled, in whole or in substantial part, by any state of the United States, or by a foreign government, or by any political subdivision, instrumentality, or agency of either, unless the insurer was so owned, controlled, or constituted and was authorized to transact insurance in this state, prior to March 3, 1959.
(3) Foreign Lloyd's plan insurers may be authorized to transact insurance in this state as provided in § 23-63-208.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-208. Certificate of authority — Eligibility — Lloyd's plan insurers.
(a) Foreign Lloyd's plan insurers that held certificates of authority to transact insurance in this state immediately prior to January 1, 1960, may continue to be so authorized while maintaining surplus as required under § 23-63-205(b) of foreign mutual insurers transacting like kinds of insurance and while otherwise in compliance with the Arkansas Insurance Code.
(b)(1) Any other foreign or alien Lloyd's plan insurer may hereafter be authorized to transact in this state any or all kinds of insurance other than life, title, or surety insurance while otherwise in compliance with the Arkansas Insurance Code.
(2) However, alien Lloyd's plan insurers may only be authorized to transact insurance in this state under subdivision (b)(1) of this section if the alien Lloyd's plan insurer maintains trusteed assets within the United States for the protection of its United States policyholders or policyholders and creditors, under trust arrangements and with a trust institution satisfactory to the Insurance Commissioner, of not less than five million dollars ($5,000,000), and of which at least one million dollars ($1,000,000) represents an excess of such assets over the liabilities of the alien insurer as to its insurance transactions in the United States.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-208
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 23-63-208. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-601. Definition.
In any determination of the financial condition, including whether an asset is allowable, of a domestic insurer, domestic title insurer, or other domestic regulated entities reporting to the Insurance Commissioner, including health maintenance organizations, hospital or medical service corporations, farmers' mutual aid associations or companies, and other licensees, all hereinafter called “reporting entities” for purposes of this subchapter, the definition of an “asset” contained in the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”, with certain additions, will be used in the determination. Additions shall include, but may not be limited to, the following:
(1)(A) Electronic data processing equipment, licenses, and operating system software, excluding any amount paid to officers and employees of the reporting entity, necessary for installation and use of a data processing or accounting system, or both, to be used in connection with the business of the insurer or reporting entity.
(B) Commencing on and after January 1, 2001, assets allowed under this section, as well as nonoperating system software, shall be accounted for in accordance with the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”; and
(2) Other assets as specified by the commissioner in a rule.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-601
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 23-63-601. This identifies an authority to review, not proof of applicability.