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23-69-113. Formation of nonlife mutual insurer — Deposit required.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-113. Formation of nonlife mutual insurer — Deposit required.
(a) Before soliciting any applications for insurance as required under § 23-69-112 as a qualification for the certificate of authority, the incorporator or incorporators of the proposed insurer shall deposit with the Insurance Commissioner acceptable securities in the penal sum of one hundred thousand dollars ($100,000) in favor of the state and for the use and benefit of the state and of applicant members and creditors of the corporation. The deposit shall be conditioned as follows:
(1) For the prompt return to applicant members of all premiums collected in advance;
(2) For payment of all indebtedness of the corporation; and
(3) For payment of costs incurred by the state in the event of any legal proceedings for liquidation or dissolution of the corporation, all in the event the corporation fails to complete its organization and secure a certificate of authority within one (1) year from and after the date of its certificate of incorporation.
(b) The remaining portion of a deposit held under this section shall be released and discharged upon settlement and termination of all liabilities against the deposit.
(c) This section does not apply to mutual insurers licensed on or before August 13, 2001.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-113
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:23-69-113
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 52f556662eead7e71739f3713168fc4189a95a74b4f44b0ee7f7912ba0f44978
Source location: content.xml paragraph 40435
Stored source content
23-69-113. Formation of nonlife mutual insurer — Deposit required.
(a) Before soliciting any applications for insurance as required under § 23-69-112 as a qualification for the certificate of authority, the incorporator or incorporators of the proposed insurer shall deposit with the Insurance Commissioner acceptable securities in the penal sum of one hundred thousand dollars ($100,000) in favor of the state and for the use and benefit of the state and of applicant members and creditors of the corporation. The deposit shall be conditioned as follows:
(1) For the prompt return to applicant members of all premiums collected in advance;
(2) For payment of all indebtedness of the corporation; and
(3) For payment of costs incurred by the state in the event of any legal proceedings for liquidation or dissolution of the corporation, all in the event the corporation fails to complete its organization and secure a certificate of authority within one (1) year from and after the date of its certificate of incorporation.
(b) The remaining portion of a deposit held under this section shall be released and discharged upon settlement and termination of all liabilities against the deposit.
(c) This section does not apply to mutual insurers licensed on or before August 13, 2001.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-112. Initial qualifications — Domestic mutuals.
(a) When newly organized, a domestic mutual insurer may be authorized to transact any one (1) of the kinds of insurance listed in §§ 23-62-101 — 23-62-108.
(b) When applying for an original certificate of authority, the insurer must be otherwise qualified therefor under the Arkansas Insurance Code and must have received and accepted bona fide applications as to substantial insurable subjects for insurance coverage of a substantial character of the kind of insurance proposed to be transacted, must have collected in cash the full premium therefor at an adequate rate approved by the Insurance Commissioner, and must have surplus funds on hand as of the date the insurance coverages are to become effective in amounts equal to or exceeding those surplus funds required of a foreign mutual insurer in §§ 23-63-205 and 23-63-207.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-112
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 23-69-112. This identifies an authority to review, not proof of applicability.