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23-63-208. Certificate of authority — Eligibility — Lloyd's plan insurers.
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-63-208
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 79088516b27a883e70d2a39342e191d7b1aa34044863d41916d3cc7843179f4b
Source location: content.xml paragraph 31169
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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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-205. Certificate of authority — Eligibility — Capital funds.
(a)(1) On and after January 1, 2006, to qualify for and maintain authority to transact any one (1) kind of insurance, as defined in §§ 23-62-101 — 23-62-108, or combination of kinds of insurance as shown in this subsection, an insurer applying for its original certificate of authority in Arkansas shall possess and maintain in cash and marketable securities unimpaired paid-in capital if the insurer is a domestic, foreign, or alien stock insurer or surplus if the insurer is a domestic, foreign, or alien mutual, or domestic mutual legal reserve life insurer, or foreign or alien reciprocal insurer, in an amount not less than is applicable under the schedule below, and shall possess when first so authorized such additional funds as surplus as are required under § 23-63-207:
Minimum Capital or Kinds of Insurance Surplus Required Life . $750,000 Accident and Health 750,000 Life and Accident and Health 750,000 Property 500,000 Casualty 750,000 Surety 750,000 Marine 500,000 Title 250,000 Mortgage Guaranty 750,000 Property, Casualty, Surety, and Marine 750,000 Combination of other lines 750,000
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(2)(A) As to any combination of kinds of insurance, other than combinations of kinds of insurance specifically listed in this subsection, the insurer shall possess the sum of the minimum capital or surplus required by this subsection for the separate kinds of insurance it proposes to transact unless the Insurance Commissioner deems it sufficient for the applicant to possess and maintain the total amount of seven hundred fifty thousand dollars ($750,000) for the proposed combination of kinds of insurance.
(B) If Arkansas law does not specify the minimum capital or surplus for any kind
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-205
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 23-63-205. This identifies an authority to review, not proof of applicability.