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23-63-514. Registration of insurers.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-514. Registration of insurers.
(a) Registration. Every insurer that is authorized to do business in this state and that is a member of an insurance holding company system shall register with the Insurance Commissioner, except:
(1) A foreign insurer subject to disclosure requirements and standards adopted by code, statute, or regulation in the jurisdiction of its domicile that are substantially similar to those contained in this section; and
(2) A domestic insurer or a domestic holding company system authorized and doing business solely within this state that:
(A) Is not affiliated with a foreign or alien insurer; and
(B) Reported less than seven million dollars ($7,000,000) in gross premium during the most recent annual reporting period.
(b) Information and Form Required. Every insurer subject to registration shall file a registration statement on a form prescribed by the National Association of Insurance Commissioners, which shall contain current information about:
(1) The capital structure, general financial condition, and ownership and management of the insurer and any person controlling the insurer;
(2) The identity of every member of the insurance holding company system;
(3) The following agreements in force, relationships subsisting, and transactions currently outstanding between the insurer and its affiliates:
(A) Loans, other investments, purchases, sales, or exchanges of securities of the affiliates by the insurer or of the insurer by its affiliates;
(B) Purchases, sales, or exchanges of assets;
(C) Transactions not in the ordinary course of business;
(D) Guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the insurer's assets to liability, other than insurance contracts
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-514
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:23-63-514
Source file: gov.ar.code.title.23.odt
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23-63-514. Registration of insurers.
(a) Registration. Every insurer that is authorized to do business in this state and that is a member of an insurance holding company system shall register with the Insurance Commissioner, except:
(1) A foreign insurer subject to disclosure requirements and standards adopted by code, statute, or regulation in the jurisdiction of its domicile that are substantially similar to those contained in this section; and
(2) A domestic insurer or a domestic holding company system authorized and doing business solely within this state that:
(A) Is not affiliated with a foreign or alien insurer; and
(B) Reported less than seven million dollars ($7,000,000) in gross premium during the most recent annual reporting period.
(b) Information and Form Required. Every insurer subject to registration shall file a registration statement on a form prescribed by the National Association of Insurance Commissioners, which shall contain current information about:
(1) The capital structure, general financial condition, and ownership and management of the insurer and any person controlling the insurer;
(2) The identity of every member of the insurance holding company system;
(3) The following agreements in force, relationships subsisting, and transactions currently outstanding between the insurer and its affiliates:
(A) Loans, other investments, purchases, sales, or exchanges of securities of the affiliates by the insurer or of the insurer by its affiliates;
(B) Purchases, sales, or exchanges of assets;
(C) Transactions not in the ordinary course of business;
(D) Guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the insurer's assets to liability, other than insurance contracts entered into in the ordinary course of the insurer's business;
(E) All management and service contracts and all cost-sharing arrangements;
(F) Reinsurance agreements covering all or substantially all of one (1) or more lines of insurance of the ceding company;
(G) Dividends and other distributions to shareholders; and
(H) Consolidated tax allocation agreements;
(4) Any pledge of the insurer's stock, including stock of any subsidiary or controlling affiliate, for a loan made to any member of the insurance holding company system;
(5)(A)(i) If requested by the commissioner, the insurer shall include financial statements of or within an insurance holding company system, including all affiliates.
(ii) Financial statements may include without limitation annual audited financial statements filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, 15 U.S.C. § 77a et seq., as it existed on January 1, 2017, or the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2017.
(B) An insurer required to file financial statements pursuant to this section may satisfy the request by providing the commissioner with the most recently filed parent corporation financial statements that have been filed with the United States Securities and Exchange Commission;
(6) Other matters concerning transactions between registered insurers and any affiliates as may be included from time to time in any registration forms adopted or approved by the commissioner; and
(7) Statements that the insurer's board of directors oversees corporate governance and internal controls and that the insurer's officers or senior management have approved, implemented, and continue to maintain and monitor corporate governance and internal control procedures.
(c)Materiality.
(1) No information need be disclosed on the registration statement filed pursuant to subsection (b) of this section if the information is not material for the purposes of this section. Unless the commissioner by rule or order provides otherwise, sales, purchases, exchanges, loans, or extensions of credit, or investments, involving one-half of one percent (0.5%) or less of an insurer's admitted assets as of the December 31 next-preceding shall not be deemed material for purposes of this section.
(2)(A) However, each registered insurer shall disclose in writing to the commissioner within five (5) business days following the declaration of a dividend and no less than ten (10) business days prior to the payment of the dividend, all ordinary dividends payable to shareholders.
(B) The disclosure shall also be included in the reporting insurer's next annual and restated insurance registration statement and upon any statutory filing required under § 23-63-514 or § 23-63-515.
(d)Amendments to Registration Statements.
(1)(A) Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions on amendment forms provided by the commissioner within fifteen (15) days after the end of the month in which it learns of each material change or addition.
(B) However, subject to § 23-63-515(c), each registered insurer shall report all dividends and other distributions to shareholders within five (5) business days following the declaration and no less than ten (10) business days prior to the payment of the dividend or other distribution.
(2) Registered insurers shall annually refile an amended and restated registration statement in the manner and at the times prescribed by the commissioner.
(e) Termination of Registration. The commissioner shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system.
(f) Consolidated Filing. The commissioner may require or allow two (2) or more affiliated insurers subject to registration hereunder to file a consolidated registration statement or consolidated reports amending their consolidated registration statement or their individual registration statements.
(g) Alternative Registration. The commissioner may allow an insurer which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under subsection (a) of this section and to file all information and material required to be filed under this section.
(h) Exemptions. The provisions of this section shall not apply to any insurer, information, or transaction if, and to the extent that, the commissioner by rule or order shall exempt it from the provisions of this section.
(i)Disclaimer.
(1) Any person may file with the commissioner a disclaimer of affiliation with any authorized insurer, or the disclaimer may be filed by the insurer or any member of an insurance holding company system.
(2) The disclaimer shall fully disclose all material relationships and bases for affiliation between the person and the insurer as well as the basis for disclaiming the affiliation.
(3) After a disclaimer has been filed, the insurer shall be relieved of any duty to register or report under this section which may arise out of the insurer's relationship with the person unless and until the commissioner disallows the disclaimer.
(4) The commissioner shall disallow a disclaimer only after furnishing all parties in interest with notice and opportunity to be heard and after making specific findings of fact to support the disallowance.
(j) Information of Insurers. Any person within an insurance holding company system subject to registration shall be required to provide complete and accurate information to an insurer, when such information is reasonably necessary to enable the insurer to comply with the provisions of this subchapter.
(k) Violations. The failure to file a registration statement or any amendment thereto required by this section within the time specified for the filing shall be a violation of this section.
(l) Applicability. This section applies to domestic and foreign insurers or insurance holding company systems consistent with the definitions in § 23-63-503.
(m) Enterprise Risk Filing. The ultimate controlling person of an insurer registered under this section, to the best of the ultimate controlling person's knowledge and belief, shall file an annual enterprise risk report that:
(1) Identifies the material risks within the insurance holding company system that may pose an enterprise risk to the insurer; and
(2) Is filed with the insurance commissioner of the lead state of the insurance holding company system as determined by the Financial Analysis Handbook, as adopted by the National Association of Insurance Commissioners.
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Federal law — U.S. Code and appendices · legal_authorities
This subchapter may be cited as the “Securities Act of 1933”.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77a
Stored review status: release_metadata_unconfirmed. The source passage cites 15 U.S.C. § 77a. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 119
TITLE 15—COMMERCE AND TRADE
§ 77b
7025, set out as a note under section 301 of Title 3, The
President.
CHAPTER 2A—SECURITIES AND TRUST
INDENTURES
SUBCHAPTER I—DOMESTIC SECURITIES
Sec.
77a.
Short title.
77b.
Definitions; promotion of efficiency, competi-
tion, and capital formation.
77b–1.
Swap agreements.
77c.
Classes of securities under this subchapter.
77d.
Exempted transactions.
77d–1.
Requirements with respect to certain small
transactions.
77e.
Prohibitions relating to interstate commerce
and the mails.
77f.
Registration of securities.
77g.
Information required in registration state-
ment.
77h.
Taking effect of registration statements and
amendments thereto.
77h–1.
Cease-and-desist proceedings.
77i.
Court review of orders.
77j.
Information required in prospectus.
77k.
Civil liabilities on account of false registra-
tion statement.
77l.
Civil liabilities arising in connection with
prospectuses and communications.
77m.
Limitation of actions.
77n.
Contrary stipulations void.
77o.
Liability of controlling persons.
77p.
Additional remedies; limitation on remedies.
77q.
Fraudulent interstate transactions.
77r.
Exemption from State regulation of securi-
ties offerings.
77r–1.
Preemption of State law.
77s.
Special powers of Commission.
77t.
Injunctions and prosecution of offenses.
77u.
Hearings by Commission.
77v.
Jurisdiction of offenses and suits.
77w.
Unlawful representations.
77x.
Penalties.
77y.
Jurisdiction of other Government agencies
over securities.
77z.
Separability.
77z–1.
Private securities litigation.
77z–2.
Application of safe harbor for forward-look-
ing statements.
77z–2a.
Conflicts of interest relating to certain
securitizations.
77z–3.
General exemptive authority.
77z
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 77a
Stored review status: historical_2024_not_currentness_verified. The source passage cites 15 U.S.C. § 77a. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Securities Exchange Act of 1934.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78a
Stored review status: release_metadata_unconfirmed. The source passage cites 15 U.S.C. § 78a. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 202
TITLE 15—COMMERCE AND TRADE
§ 78a
Sec.
78m.
Periodical and other reports.
78m–1.
Reporting and recordkeeping for certain secu-
rity-based swaps.
78m–2.
Reporting requirements regarding coal or
other mine safety.
78n.
Proxies.
78n–1.
Shareholder approval of executive compensa-
tion.
78n–2.
Corporate governance.
78o.
Registration and regulation of brokers and
dealers.
78o–1.
Brokers deemed to be registered.
78o–2.
Liabilities arising prior to amendment unaf-
fected.
78o–3.
Registered securities associations.
78o–4.
Municipal securities.
78o–4a.
Commission Office of Municipal Securities.
78o–5.
Government securities brokers and dealers.
78o–6.
Securities analysts and research reports.
78o–7.
Registration of nationally recognized statis-
tical rating organizations.
78o–8.
Universal ratings symbols.
78o–9.
Study and rulemaking on assigned credit rat-
ings.
78o–10.
Registration and regulation of security-based
swap dealers and major security-based swap
participants.
78o–11.
Credit risk retention.
78p.
Directors,
officers,
and
principal
stock-
holders.
78q.
Records and reports.
78q–1.
National system for clearance and settlement
of securities transactions.
78q–2.
Automated quotation systems for penny
stocks.
78r.
Liability for misleading statements.
78s.
Registration, responsibilities, and oversight
of self-regulatory organizations.
78t.
Liability of controlling persons and persons
who aid and abet violations.
78t–1.
Liability to contemporaneous traders for in-
sider trading.
78u.
Investigations and actions.
78u–1.
Civil penalties for insider trading.
78u–2.
Civil remedies in administrative proceedings.
78u–3.
Cease-and-desist proceedings.
78u–4.
Private securities litigation.
78u–5.
Applic
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 78a
Stored review status: historical_2024_not_currentness_verified. The source passage cites 15 U.S.C. § 78a. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-503. Definitions.
As used in this subchapter:
(1) “Affiliate” of or person “affiliated” with a specific person means a person that directly or indirectly through one (1) or more intermediaries controls, is controlled by, or is under common control with the person specified;
(2)(A) “Control” or “controlling” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person unless the power is due to an official position or corporate office:
(i) Through the ownership of voting securities;
(ii) By contract other than a commercial contract for goods or nonmanagement services; or
(iii) Otherwise.
(B)(i) Control is presumed to exist if a person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing ten percent (10%) or more of the voting securities of another person.
(ii) This presumption may be rebutted by a showing that control does not exist in fact.
(C) After furnishing notice to the persons and the opportunity to be heard, the Insurance Commissioner may determine that control exists in fact, notwithstanding the absence of a presumption to that effect;
(3)(A) “Enterprise risk” means any activity, circumstance, event, or series of events involving at least one (1) affiliate of an insurer that, if not remedied, are likely to have a material adverse effect on the financial condition or liquidity of the insurer or the insurer's insurance holding company as a whole.
(B) “Enterprise risk” includes without limitation any action that may cause:
(i) An insurer's risk-based capital to fall into company action level under:
(a) The Risk-Based Capital Act, § 23-63-1301 et seq.; and
(b) Section 23-63-1501 et seq.; or
(ii) An insurer to be in a ha
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-503
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 23-63-503. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-515. Standards — Definition.
(a)(1) Material transactions by insurers registered with the Insurance Commissioner under § 23-63-514 with their affiliates shall be subject to the following standards:
(A) The terms shall be fair and reasonable;
(B) The books, accounts, and records of every party shall be so maintained as to clearly and accurately disclose the precise nature and details of the transactions, including such accounting information as is necessary to support the reasonableness of the charges or fees to the respective parties;
(C) The insurer's surplus as regards policyholders following any dividends or distributions to shareholder affiliates shall be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs;
(D) The charges or fees for services performed shall be reasonable;
(E) The expenses incurred and payment received shall be allocated to the insurer in conformity with customary insurance accounting practices consistently applied; and
(F) The commissioner by rule may establish additional requirements for a cost-sharing service agreement or a management agreement.
(2)(A) A domestic insurer subject to this subchapter and a person in its holding company system may not enter into a transaction, as described in subdivision (a)(2)(B) of this section, unless the insurer notifies the commissioner in writing of its intention at least thirty (30) days before, or less, as the commissioner may permit, and the commissioner does not disapprove of the transaction within such a period.
(B) A transaction that requires prior notice to the commissioner by a domestic insurer includes:
(i) Sales, purchases, exchanges, loans or extensions of credit, guarantees, or investments, provided the transactions are equal
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-515
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 23-63-515. This identifies an authority to review, not proof of applicability.