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23-63-531. Supervisory colleges.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-531. Supervisory colleges.
(a)(1) The Insurance Commissioner may participate in a supervisory college for a domestic insurer registered under § 23-63-514 that is part of an insurance holding company system with international operations to determine compliance by the insurer with this section.
(2) The commissioner may participate in a supervisory college for a domestic insurer that includes without limitation:
(A) Initiating the establishment of a supervisory college;
(B) Clarifying the membership and participation of other supervisors in the supervisory college;
(C) Clarifying the functions of the supervisory college, the role of other regulators, and establishing a group-wide supervisor;
(D) Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and procedures to share information; and
(E) Establishing a crisis management plan.
(b)(1)(A) A domestic insurer subject to this section is liable for and shall pay any reasonable expenses, including reasonable travel expenses, of the commissioner's participation in a supervisory college under subsection (c) of this section.
(B) The commissioner may establish a regular assessment to the domestic insurer for the expenses described in subdivision (b)(1)(A) of this section.
(2) For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the domestic insurer or its affiliates.
(c)(1) In order to assess the business strategy, financial, legal, and regulatory position, risk exposure, risk management, and governance processes, and as part of the examination of individual insurers according to § 23-63-516, the c
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-531
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:23-63-531
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6e5316fe0aa7d4eb41a7273f1b2449b64a43ea7d4cf7bbd55c93a9edbe3f0fb1
Source location: content.xml paragraph 32064
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23-63-531. Supervisory colleges.
(a)(1) The Insurance Commissioner may participate in a supervisory college for a domestic insurer registered under § 23-63-514 that is part of an insurance holding company system with international operations to determine compliance by the insurer with this section.
(2) The commissioner may participate in a supervisory college for a domestic insurer that includes without limitation:
(A) Initiating the establishment of a supervisory college;
(B) Clarifying the membership and participation of other supervisors in the supervisory college;
(C) Clarifying the functions of the supervisory college, the role of other regulators, and establishing a group-wide supervisor;
(D) Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and procedures to share information; and
(E) Establishing a crisis management plan.
(b)(1)(A) A domestic insurer subject to this section is liable for and shall pay any reasonable expenses, including reasonable travel expenses, of the commissioner's participation in a supervisory college under subsection (c) of this section.
(B) The commissioner may establish a regular assessment to the domestic insurer for the expenses described in subdivision (b)(1)(A) of this section.
(2) For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the domestic insurer or its affiliates.
(c)(1) In order to assess the business strategy, financial, legal, and regulatory position, risk exposure, risk management, and governance processes, and as part of the examination of individual insurers according to § 23-63-516, the commissioner may participate in a supervisory college with other regulators that are charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies.
(2) The commissioner may enter into agreements according to § 23-63-517(c) providing the basis for cooperation among the commissioner, the other regulatory agencies, and the activities of the supervisory college.
(3) This section does not delegate to the supervisory college any authority of the commissioner to regulate or supervise the domestic insurer or its affiliates within the commissioner's jurisdiction.
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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. The source passage cites 23-63-514. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-516. Examination.
(a) Power of Insurance Commissioner. Subject to the limitation contained in this section and in addition to the powers of the Insurance Commissioner under § 23-61-101 et seq., § 23-61-201 et seq., and § 23-61-301 et seq. to examine insurers, the commissioner may examine an insurer registered under § 23-63-514 and the insurer's affiliates to ascertain the financial condition of the insurer, including the enterprise risk to the insurer by the ultimate controlling party, by any entity or combination of entities within the insurance holding company system, or by the insurance holding company system on a consolidated basis.
(b)Access to Books and Records.
(1) The commissioner may order an insurer registered under § 23-63-514 to produce books, records, or other information in the possession of affiliates as reasonably necessary to determine the registered insurer's compliance with this subchapter.
(2)(A) In order to determine compliance with this subchapter, the commissioner may order an insurer registered under § 23-63-514 to produce information not in the possession of the insurer if the insurer can obtain access to the information under contractual relationships, statutory obligations, or other methods.
(B)(i) If the insurer is unable to produce the information requested by the commissioner, the insurer shall provide an acceptable explanation to the commissioner and identify the holder of the information.
(ii) However, if it appears to the commissioner that the insurer's explanation is without merit, the commissioner, after notice and a hearing, may:
(a) Require the insurer to pay a penalty of one hundred dollars ($100) per day until the commissioner receives the requested information; or
(b) Suspend or revoke the insurer's certific
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-516
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 23-63-516. This identifies an authority to review, not proof of applicability.
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.