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23-68-134. Priority of distribution of claims — Legislative intent.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-68-134. Priority of distribution of claims — Legislative intent.
It is the intent of the General Assembly that § 23-68-126 as amended by this act apply to pending and future claims in existing delinquency proceedings as well as to claims in delinquency proceedings arising after July 2, 1997; that, in light of the ruling of the United States Supreme Court in United States Department of the Treasury v. Fabe, 508 U.S. 491 (1993), the General Assembly considers this act to be curative, remedial, and not affecting substantive rights in the distribution of assets in delinquency proceedings; that this act is necessary to cure any potential defect in the present priority of distribution scheme that may result from the Fabe decision and to preserve the original intent of the General Assembly with regard to the priorities of payment in delinquency proceedings.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-68-134
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:23-68-134
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 91a3f50d674fb13b525324faacd925657837cd363b1d43f3314b87c10b0afcc5
Source location: content.xml paragraph 40172
Stored source content
23-68-134. Priority of distribution of claims — Legislative intent.
It is the intent of the General Assembly that § 23-68-126 as amended by this act apply to pending and future claims in existing delinquency proceedings as well as to claims in delinquency proceedings arising after July 2, 1997; that, in light of the ruling of the United States Supreme Court in United States Department of the Treasury v. Fabe, 508 U.S. 491 (1993), the General Assembly considers this act to be curative, remedial, and not affecting substantive rights in the distribution of assets in delinquency proceedings; that this act is necessary to cure any potential defect in the present priority of distribution scheme that may result from the Fabe decision and to preserve the original intent of the General Assembly with regard to the priorities of payment in delinquency proceedings.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-68-126. Priority of distribution of general assets.
(a)(1) The priority of distribution of claims from the general assets of the insurer's estate shall be in accordance with the order in which each class of claims is set forth in this section.
(2) Every claim in each class shall be paid in full, or adequate funds retained for the payment, before the members of the next class receive any payment.
(3) No subclasses shall be established within any class.
(b) The order of distribution of claims shall be:
(1) Class 1. The costs and expenses of administration, including, but not limited to, the following:
(A) The actual and necessary costs of preserving or recovering the assets of the insurer;
(B) Compensation for all services rendered in the liquidation;
(C) Any necessary filing fees from which the receiver is not exempt under § 23-68-122;
(D) The fees and mileage payable to witnesses;
(E) Reasonable attorney's fees; and
(F) The reasonable expenses of the Arkansas Property and Casualty Insurance Guaranty Fund, or any other domestic or foreign guaranty fund or guaranty association, for the handling of claims;
(2)Class 2.
(A) All claims under policies for losses incurred, including third-party claims, and all claims of a domestic or foreign guaranty fund or guaranty association.
(B) All claims under life insurance and annuity policies, whether for death proceeds, annuity proceeds, or investment values, shall be treated as loss claims.
(C) That portion of any loss, for which indemnification is provided by other benefits or advantages recovered by the claimant shall not be included in this class, other than benefits or advantages recovered or recoverable in discharge of familial obligations of support, or by way of succession at death, or as pro
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-68-126
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 23-68-126. This identifies an authority to review, not proof of applicability.