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23-69-115. Trust deposit of premiums — Issuance of policies — Mutual insurers.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-115. Trust deposit of premiums — Issuance of policies — Mutual insurers.
(a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust in a bank or trust company in this state under a written trust agreement consistent with this section and with § 23-69-114(c)(3). The corporation shall file an executed copy of the trust agreement with the Insurance Commissioner.
(b) Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which the applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall in due course issue and deliver its policies for which premiums had been paid and accepted. The insurance provided by the policies shall be effective as of the date of the certificate of authority, or thereafter as provided by the policies.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-115
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:23-69-115
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 048cbf56081277a05da00248b51632e8e5406e92680586726d28eb63aa285db7
Source location: content.xml paragraph 40467
Stored source content
23-69-115. Trust deposit of premiums — Issuance of policies — Mutual insurers.
(a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust in a bank or trust company in this state under a written trust agreement consistent with this section and with § 23-69-114(c)(3). The corporation shall file an executed copy of the trust agreement with the Insurance Commissioner.
(b) Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which the applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall in due course issue and deliver its policies for which premiums had been paid and accepted. The insurance provided by the policies shall be effective as of the date of the certificate of authority, or thereafter as provided by the policies.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-114. Formation of nonlife mutual insurer — Applications for insurance.
(a) Upon receipt of the Insurance Commissioner's approval of the bond or deposit as provided in § 23-69-113, the directors and officers of the proposed domestic mutual insurer may commence solicitation of the requisite applications for insurance policies as they may accept, and they may receive deposits of premiums thereon.
(b) All applications shall be in writing signed by the applicant, covering subjects of insurance resident, located, or to be performed in this state.
(c) All applications shall provide that:
(1) Insurance of the policy is contingent upon the insurer's qualifying for and receiving a certificate of authority;
(2) No insurance is in effect unless and until the certificate of authority has been issued; and
(3) The prepaid premium or deposit, and membership or policy fee, if any, shall be refunded in full to the applicant if organization is not completed and the certificate of authority is not issued and received by the insurer before a specified reasonable date. The date shall be not later than one (1) year after the date of the certificate of incorporation.
(d) All qualifying premiums collected shall be in cash.
(e)(1) Solicitation for qualifying applications for insurance shall be by licensed agents of the corporation, and upon the corporation's application, the commissioner shall issue temporary agent's licenses expiring on the date specified pursuant to subdivision (c)(3) of this section to individuals qualified as for an agent's or producer's license except as to the taking or passing of an examination.
(2) The commissioner may suspend or revoke any license for any of the causes and pursuant to the same procedures as are applicable to suspension or revocat
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-114
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 23-69-114. This identifies an authority to review, not proof of applicability.