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23-69-122. Proxies — Stock insurers.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-122. Proxies — Stock insurers.
(a) Every proxy of a stockholder of an insurer shall be revocable at will, and this provision cannot be waived.
(b) The revocation of a proxy shall not be effective until notice thereof has been given to the secretary of the insurer.
(c) The Insurance Commissioner shall have the authority to:
(1) Regulate the solicitation of proxies by any person;
(2) Require the disclosure of information deemed relevant to an understanding of issues and matters with respect to which proxies are, or are proposed to be, solicited;
(3) Specify general requirements as to form and contents of proxies;
(4) Determine the length of time for which proxies may be effective unless sooner revoked;
(5) Prohibit solicitations of proxies which do not comply with such rules as the commissioner may issue hereunder, or as to which disclosures required by the rules are not made;
(6) Prohibit the making or use of false or misleading statements or the distribution of any false or misleading material with respect to the solicitation of any proxy or with respect to any election or election contest; and
(7) Issue such other rules respecting proxies and elections as the commissioner may deem necessary or appropriate in the public interest or for the protection of stockholders of insurers.
(d) Rules issued by the commissioner under authority of this section shall be made or amended as provided in § 23-61-108.
(e) Insofar as may be practical, rules and regulations with respect to proxies, consents, or authorizations then currently approved or formulated by the National Association of Insurance Commissioners, or its successor organization, shall be followed.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-122
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:23-69-122
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 451468fe35e8a53b41964700a555af2c7e2b45c35391e4d39fa217b7248a97b1
Source location: content.xml paragraph 40545
Stored source content
23-69-122. Proxies — Stock insurers.
(a) Every proxy of a stockholder of an insurer shall be revocable at will, and this provision cannot be waived.
(b) The revocation of a proxy shall not be effective until notice thereof has been given to the secretary of the insurer.
(c) The Insurance Commissioner shall have the authority to:
(1) Regulate the solicitation of proxies by any person;
(2) Require the disclosure of information deemed relevant to an understanding of issues and matters with respect to which proxies are, or are proposed to be, solicited;
(3) Specify general requirements as to form and contents of proxies;
(4) Determine the length of time for which proxies may be effective unless sooner revoked;
(5) Prohibit solicitations of proxies which do not comply with such rules as the commissioner may issue hereunder, or as to which disclosures required by the rules are not made;
(6) Prohibit the making or use of false or misleading statements or the distribution of any false or misleading material with respect to the solicitation of any proxy or with respect to any election or election contest; and
(7) Issue such other rules respecting proxies and elections as the commissioner may deem necessary or appropriate in the public interest or for the protection of stockholders of insurers.
(d) Rules issued by the commissioner under authority of this section shall be made or amended as provided in § 23-61-108.
(e) Insofar as may be practical, rules and regulations with respect to proxies, consents, or authorizations then currently approved or formulated by the National Association of Insurance Commissioners, or its successor organization, shall be followed.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-108. Rules.
(a)(1) The Insurance Commissioner, in consultation with the Secretary of the Department of Commerce, may make reasonable rules necessary for or as an aid to the effectuation of any provision of the Arkansas Insurance Code.
(2) No rule shall extend, modify, or conflict with any law of this state or the reasonable implications thereof.
(3) Any rule affecting persons or matters other than the personnel or the internal affairs of the commissioner's office shall be made or amended only after a hearing thereon of which notice was given as required by § 23-61-304.
(4) If reasonably possible, the commissioner shall set forth the proposed rule or amendment in or with the notice of hearing.
(5) No rule as to which a hearing is required under this subsection shall be effective until after it has been on file as a public record in the commissioner's office, and otherwise as provided by law, for at least ten (10) days.
(b)(1) The commissioner, in consultation with the Secretary of the Department of Commerce, shall have the authority to promulgate rules necessary for the effective regulation of the business of insurance or as required for this state to be in compliance with federal laws.
(2) The commissioner shall have the authority to coordinate regulatory activities and administration with other states and their appropriate regulatory officials and with the federal government with respect to the regulation of insurance.
(c) In addition to any other penalty provided, willful violation of any rule shall subject the violator to such denial, suspension, or revocation of certificate of authority or license as may be applicable under the Arkansas Insurance Code for violation of the provision to which the rule relates.
(d)(1) The commissioner is authori
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-108
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. The source passage cites 23-61-108. This identifies an authority to review, not proof of applicability.