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23-69-116. Failure to complete organization — Mutual insurers.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-116. Failure to complete organization — Mutual insurers.
If the proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within one (1) year from and after the date of its certificate of incorporation, the corporation shall be dissolved by the Insurance Commissioner. The commissioner shall then return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums held in trust under § 23-69-115.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-116
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:23-69-116
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 22fe4dbe65b846f5157cb272b66e6790ffee3640111fef04738ee311d9a95718
Source location: content.xml paragraph 40473
Stored source content
23-69-116. Failure to complete organization — Mutual insurers.
If the proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within one (1) year from and after the date of its certificate of incorporation, the corporation shall be dissolved by the Insurance Commissioner. The commissioner shall then return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums held in trust under § 23-69-115.
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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. The source passage cites 23-69-115. This identifies an authority to review, not proof of applicability.