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23-68-108. Grounds for conservation — Domestic, foreign, and alien insurers.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-68-108. Grounds for conservation — Domestic, foreign, and alien insurers.
(a) The Insurance Commissioner may apply to the court for an order appointing him or her as receiver and directing him or her to conserve the assets of a domestic insurer upon any of the grounds specified in § 23-68-106 or § 23-68-107.
(b) The commissioner may apply to the court for an order appointing him or her as receiver or ancillary receiver and directing him or her to conserve the assets within this state of a foreign insurer upon any of the following grounds:
(1) Upon any of the grounds specified in § 23-68-106 or § 23-68-107; or
(2) Upon the ground that its property has been sequestered in its domiciliary sovereignty or in any other sovereignty.
(c) The commissioner may apply to the court for an order appointing him or her as receiver or ancillary receiver and directing him or her to conserve the assets within this state of any alien insurer upon any of the following grounds:
(1) Upon any of the grounds specified in § 23-68-106 or § 23-68-107;
(2) Upon the ground that the insurer has failed to comply within the time designated by the commissioner with an order made by him or her to make good an impairment of its trusteed funds; or
(3) Upon the ground that the property of the insurer has been sequestered in its domiciliary sovereignty or elsewhere.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-68-108
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:23-68-108
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4515ad89f0880aad6cebccbac847a97ed62bfdfe2efc66a0d7d7eaf6071678ee
Source location: content.xml paragraph 39903
Stored source content
23-68-108. Grounds for conservation — Domestic, foreign, and alien insurers.
(a) The Insurance Commissioner may apply to the court for an order appointing him or her as receiver and directing him or her to conserve the assets of a domestic insurer upon any of the grounds specified in § 23-68-106 or § 23-68-107.
(b) The commissioner may apply to the court for an order appointing him or her as receiver or ancillary receiver and directing him or her to conserve the assets within this state of a foreign insurer upon any of the following grounds:
(1) Upon any of the grounds specified in § 23-68-106 or § 23-68-107; or
(2) Upon the ground that its property has been sequestered in its domiciliary sovereignty or in any other sovereignty.
(c) The commissioner may apply to the court for an order appointing him or her as receiver or ancillary receiver and directing him or her to conserve the assets within this state of any alien insurer upon any of the following grounds:
(1) Upon any of the grounds specified in § 23-68-106 or § 23-68-107;
(2) Upon the ground that the insurer has failed to comply within the time designated by the commissioner with an order made by him or her to make good an impairment of its trusteed funds; or
(3) Upon the ground that the property of the insurer has been sequestered in its domiciliary sovereignty or elsewhere.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-68-106. Grounds for rehabilitation — Domestic insurers.
The Insurance Commissioner may apply to the court for an order appointing him or her in his or her official capacity and his or her successors in office as receiver of and directing him or her to rehabilitate a domestic insurer upon one (1) or more of the following grounds:
(1) The insurer is impaired or insolvent;
(2) The insurer has refused to submit any of its books, records, accounts, or affairs to reasonable examination by the commissioner;
(3) The insurer has concealed or removed records or assets or otherwise violated § 23-69-134;
(4) The insurer has failed to comply with an order of the commissioner to make good an impairment of capital or surplus or both;
(5) The insurer has transferred or attempted to transfer substantially its entire property or business, or has entered into any transaction the effect of which is to merge substantially its entire property or business into that of any other insurer without having first obtained the written approval of the commissioner;
(6) The insurer has willfully violated its charter or articles of incorporation or any law of this state;
(7) The insurer has an officer, director, or manager who has refused to be examined under oath concerning its affairs;
(8) The insurer has been or is the subject of an application for the appointment of a receiver, trustee, custodian, or sequestrator of the insurer or its property otherwise than pursuant to the provisions of the Arkansas Insurance Code, but only if the appointment has been made or is imminent and its effect is or would be to oust the courts of this state of jurisdiction hereunder;
(9) The insurer has consented to an order through a majority of its directors, stockholders, members, or subscribers;
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-68-106
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 23-68-106. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-68-107. Grounds for liquidation.
The Insurance Commissioner may apply to the court for an order appointing him or her as receiver, if his or her appointment as receiver shall not be then in effect, and directing him or her to liquidate the business of a domestic insurer or of the United States branch of an alien insurer having trusteed assets in this state, regardless of whether or not there has been a prior order directing him or her to rehabilitate such insurer, upon any of the grounds specified in § 23-68-106, or if the insurer:
(1) Has ceased transacting business for a period of one (1) year; or
(2) Is an insolvent insurer and has commenced voluntary liquidation or dissolution or attempts to commence or prosecute any action or proceeding to liquidate its business or affairs or to dissolve its corporate charter or to procure the appointment of a receiver, trustee, custodian, or sequestrator under any law except the Arkansas Insurance Code.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-68-107
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 23-68-107. This identifies an authority to review, not proof of applicability.