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23-63-529. Acquisitions involving insurers not otherwise covered — Orders and penalties.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-63-529
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 09166573e527ac032c1b17275117c7c8e87c93c1b54b1f8899a2bb43a7caf959
Source location: content.xml paragraph 32037
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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 commissioner be subject at the discretion of the commissioner to any one (1) or more of the following:
(1) A monetary penalty of not more than ten thousand dollars ($10,000) for every day of violation; and
(2) Suspension or revocation of the person's license.
(c) Any insurer or other person who fails to make any filing required by §§ 23-63-525 — 23-63-528 and who fails to demonstrate a good faith effort to comply with any such filing requirement shall be subject to a fine of not more than fifty thousand dollars ($50,000).
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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
23-63-528. Acquisitions involving insurers not otherwise covered — Competitive standard.
(a) The Insurance Commissioner may enter an order under § 23-63-529(a) with respect to an acquisition if there is substantial evidence that the effect of the acquisition may be substantially to lessen competition in any line of insurance in this state or tend to create a monopoly therein or if the insurer fails to file adequate information in compliance with § 23-63-527.
(b) In determining whether a proposed acquisition would violate the competitive standards of subsection (a) of this section, the commissioner shall consider the following:
(1) Any acquisition covered under § 23-63-526 involving two (2) or more insurers competing in the same market is prima facie evidence of violation of the competitive standards:
(A) If the market is:
(i) Highly concentrated and the involved insurers possess the following shares of the market:
Insurer A Insurer B Four percent (4%) Four percent (4%) or more Ten percent (10%) Two percent (2%) or more Fifteen percent (15%) One percent (1%) or more
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(ii) Not highly concentrated and the involved insurers possess the following shares of the market:
Insurer A Insurer B Five percent (5%) Five percent (5%) or more Ten percent (10%) Four percent (4%) or more Fifteen percent (15%) Three percent (3%) or more Nineteen percent (19%) One percent (1%) or more
Click to view table.
(B) A highly concentrated market is one in which the share of the four (4) largest insurers is seventy-five percent (75%) or more of the market. Percentages not shown in the tables are interpolated proportionately to the percentages that are shown. If more than two (2) insurers are involved, exceeding the totals of the two (2) columns in
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-528
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 23-63-528. This identifies an authority to review, not proof of applicability.