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23-69-108. Officers.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-108. Officers.
(a)(1)(A) Every domestic stock or mutual insurer shall have:
(i)(a) A chief executive officer or a president, or both.
(b) The chief executive officer or president shall also serve as a member of the board of directors;
(ii) A secretary; and
(iii) A treasurer.
(B) The chief executive officer, president, secretary, and treasurer shall be chosen by the board of directors and shall hold their offices until their respective successors are chosen and qualify.
(2) Every domestic stock insurer or mutual insurer may also have one (1) or more vice presidents, who need not be directors; assistant secretaries and assistant treasurers, who need not be directors; and such other officers, agents, and factors as may be deemed necessary.
(b) All officers, agents, and factors shall be chosen in such manner, hold their offices for such terms, and have powers and duties as may be prescribed by the bylaws or determined by the board of directors.
(c) Any person may hold two (2) or more offices, except that the president shall not be also the secretary or an assistant secretary of the insurer.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-108
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:23-69-108
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7d90f8c4eb04e6ad4a04228973e9b156d98b1114ae081e16f5e60ae7963786e2
Source location: content.xml paragraph 40375
Stored source content
23-69-108. Officers.
(a)(1)(A) Every domestic stock or mutual insurer shall have:
(i)(a) A chief executive officer or a president, or both.
(b) The chief executive officer or president shall also serve as a member of the board of directors;
(ii) A secretary; and
(iii) A treasurer.
(B) The chief executive officer, president, secretary, and treasurer shall be chosen by the board of directors and shall hold their offices until their respective successors are chosen and qualify.
(2) Every domestic stock insurer or mutual insurer may also have one (1) or more vice presidents, who need not be directors; assistant secretaries and assistant treasurers, who need not be directors; and such other officers, agents, and factors as may be deemed necessary.
(b) All officers, agents, and factors shall be chosen in such manner, hold their offices for such terms, and have powers and duties as may be prescribed by the bylaws or determined by the board of directors.
(c) Any person may hold two (2) or more offices, except that the president shall not be also the secretary or an assistant secretary of the insurer.
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