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23-63-527. Acquisitions involving insurers not otherwise covered — Preacquisition notification, waiting period.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-527. Acquisitions involving insurers not otherwise covered — Preacquisition notification, waiting period.
(a) An acquisition covered by § 23-63-526 may be subject to an order pursuant to § 23-63-529 unless the acquiring person files a preacquisition notification and the waiting period has expired. The acquired person may file a preacquisition notification. The Insurance Commissioner shall give confidential treatment to information submitted under this section in the same manner as provided in § 23-63-517.
(b) The preacquisition notification shall be in such form and contain such information as prescribed by the National Association of Insurance Commissioners relating to those markets which, under § 23-63-526(b)(5), cause the acquisition not to be exempted from the provisions of §§ 23-63-525 — 23-63-528. The commissioner may require such additional material and information as he or she deems necessary to determine whether the proposed acquisition, if consummated, would violate the competitive standards of § 23-63-528. The required information may include an opinion of an economist as to the competitive impact of the acquisition in this state accompanied by a summary of the education and experience of such a person indicating his or her ability to render an informed opinion.
(c) The waiting period required shall begin on the date of receipt by the commissioner of a preacquisition notification and shall end on the earlier of the thirtieth day after the date of the receipt or termination of the waiting period by the commissioner. Prior to the end of the waiting period, the commissioner on a one-time basis may require the submission of additional needed information relevant to the proposed acquisition, in which event the waiting period shall end on the earlier of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-527
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:23-63-527
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d2130b464cfec45a4be542ce0a6b7948cac8fd84ae59d00e4d41045a179a86e3
Source location: content.xml paragraph 31987
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23-63-527. Acquisitions involving insurers not otherwise covered — Preacquisition notification, waiting period.
(a) An acquisition covered by § 23-63-526 may be subject to an order pursuant to § 23-63-529 unless the acquiring person files a preacquisition notification and the waiting period has expired. The acquired person may file a preacquisition notification. The Insurance Commissioner shall give confidential treatment to information submitted under this section in the same manner as provided in § 23-63-517.
(b) The preacquisition notification shall be in such form and contain such information as prescribed by the National Association of Insurance Commissioners relating to those markets which, under § 23-63-526(b)(5), cause the acquisition not to be exempted from the provisions of §§ 23-63-525 — 23-63-528. The commissioner may require such additional material and information as he or she deems necessary to determine whether the proposed acquisition, if consummated, would violate the competitive standards of § 23-63-528. The required information may include an opinion of an economist as to the competitive impact of the acquisition in this state accompanied by a summary of the education and experience of such a person indicating his or her ability to render an informed opinion.
(c) The waiting period required shall begin on the date of receipt by the commissioner of a preacquisition notification and shall end on the earlier of the thirtieth day after the date of the receipt or termination of the waiting period by the commissioner. Prior to the end of the waiting period, the commissioner on a one-time basis may require the submission of additional needed information relevant to the proposed acquisition, in which event the waiting period shall end on the earlier of the thirtieth day after receipt of the additional information by the commissioner or termination of the waiting period by the commissioner.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-517. Confidential treatment.
(a)(1) All information and documents obtained by or disclosed to the Insurance Commissioner or any other person in the course of an examination or investigation made under § 23-63-516 and all information reported under §§ 23-63-514 and 23-63-515 shall be given confidential treatment and shall not be subject to subpoena or discovery or admissible in evidence in any private civil action or be made public by the commissioner under the Freedom of Information Act of 1967, § 25-19-101 et seq., or any other public records law, or by the National Association of Insurance Commissioners. However, the commissioner is authorized to use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as part of the commissioner's duties.
(2) The information, documents, and copies of the information shall not be subject to subpoena or be made public without the prior written consent of the insurer to which it pertains unless the commissioner, after giving the insurer and any of the insurer's affiliates that may be affected notice and an opportunity to be heard, determines that the interests of policyholders, shareholders, or the public will be served by the publication of the information.
(3) In that event, the commissioner may publish any part of the information in the manner the commissioner considers appropriate.
(b) The commissioner and any person who received documents, materials, or other information while acting on behalf of the commissioner or person with whom the commissioner shares the documents, materials, or other information under this section shall not be permitted or required to testify in a private civil action concerning confidential documents, materials, or information subject to s
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-517
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 23-63-517. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-525. Acquisitions involving insurers not otherwise covered — Definitions.
The following definitions shall apply for the purposes of §§ 23-63-525 — 23-63-530 only:
(1) “Acquisition” means any agreement, arrangement, or activity the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes, but is not limited to, the acquisition of voting securities, the acquisition of assets, bulk reinsurance, and mergers; and
(2) An “involved insurer” includes an insurer which either acquires or is acquired, is affiliated with an acquirer or acquired, or is the result of a merger.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-525
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 23-63-525. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-526. Acquisitions involving insurers not otherwise covered — Scope.
(a) Except as exempted in subsection (b) of this section, §§ 23-63-525 — 23-63-528 apply to any acquisition in which there is a change in control of an insurer authorized to do business in this state.
(b) Sections 23-63-525 — 23-63-528 shall not apply to the following:
(1) An acquisition subject to approval or disapproval by the Insurance Commissioner pursuant to §§ 23-63-506 — 23-63-513;
(2) A purchase of securities solely for investment purposes, so long as the securities are not used by voting or otherwise to cause or attempt to cause the substantial lessening of competition in any insurance market in this state. If a purchase of securities results in a presumption of control under § 23-63-503(2), it is not solely for investment purposes unless the commissioner of the insurer's state of domicile accepts a disclaimer of control or affirmatively finds that control does not exist and such a disclaimer action or affirmative finding is communicated by the domiciliary commissioner to the commissioner of this state;
(3) The acquisition of a person by another person when both persons are neither directly nor through affiliates primarily engaged in the business of insurance, if preacquisition notification is filed with the commissioner in accordance with § 23-63-527(b) thirty (30) days prior to the proposed effective date of the acquisition. However, such a preacquisition notification is not required for exclusion if the acquisition would otherwise be excluded from §§ 23-63-525 — 23-63-530 by any other subdivision of this subsection;
(4) The acquisition of already affiliated persons;
(5)(A) An acquisition if, as an immediate result of the acquisition:
(i) In no market would the combined
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-526
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 23-63-526. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-529. Acquisitions involving insurers not otherwise covered — Orders and penalties.
(a)(1) If an acquisition violates the standards of §§ 23-63-525 — 23-63-528, the Insurance Commissioner may enter an order:
(A) Requiring an involved insurer to cease and desist from doing business in this state with respect to the line or lines of insurance involved in the violation; or
(B) Denying the application of an acquired or acquiring insurer for a license to do business in this state.
(2) Such an order shall not be entered unless there is a hearing, and notice of the hearing is issued prior to the end of the waiting period and not less than ten (10) days prior to the hearing, and the hearing is concluded and the order is issued no later than sixty (60) days after the end of the waiting period. Every order shall be accompanied by a written decision of the commissioner setting forth his or her findings of fact and conclusions of law.
(3) An order entered under this subsection shall not become final earlier than thirty (30) days after it is issued during which time the involved insurer may submit a plan to remedy the anticompetitive impact of the acquisition within a reasonable time. Based upon such a plan or other information, the commissioner shall specify the conditions, if any, under the time period during which the aspects of the acquisition causing a violation of the standards of §§ 23-63-525 — 23-63-528 would be remedied and the order vacated and modified.
(4) An order pursuant to this subsection shall not apply if the acquisition is not consummated.
(b) Any person who violates a cease and desist order of the commissioner under subsection (a) of this section and while such an order is in effect may after notice and hearing and upon order of the commissione
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-529
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 23-63-529. This identifies an authority to review, not proof of applicability.