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23-69-303. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-303. Definitions.
For purposes of this subchapter, unless the context requires otherwise:
(1) “Commissioner” means the Insurance Commissioner;
(2) “Intermediate stock holding company” means a holding company of which at least a majority of the voting securities are owned by a mutual insurance holding company and which directly owns all the voting securities of a reorganized stock insurer;
(3) “Mutual insurance holding company” means a holding company based on a mutual plan which at all times owns a majority of the voting securities of a single intermediate stock holding company or, if no such intermediate stock holding company exists, which owns a majority of the voting securities of a reorganized stock insurer;
(4) “Reorganized stock insurer” means a stock insurer subsidiary which results from a reorganization of a domestic mutual insurer under § 23-69-304(a)(1) or (a)(2) and in compliance with this subchapter; and
(5) “Voting securities” means securities of any class or any ownership interest having voting power for the election of directors, trustees, or management, other than securities having voting power only because of the occurrence of a contingency.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-303
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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Stable record: arkansas_code:legal_authorities:23-69-303
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 49bf648c748fd5aac6e7858bba3279e9182991ed385982835dfc8705b88c1d87
Source location: content.xml paragraph 41161
Stored source content
23-69-303. Definitions.
For purposes of this subchapter, unless the context requires otherwise:
(1) “Commissioner” means the Insurance Commissioner;
(2) “Intermediate stock holding company” means a holding company of which at least a majority of the voting securities are owned by a mutual insurance holding company and which directly owns all the voting securities of a reorganized stock insurer;
(3) “Mutual insurance holding company” means a holding company based on a mutual plan which at all times owns a majority of the voting securities of a single intermediate stock holding company or, if no such intermediate stock holding company exists, which owns a majority of the voting securities of a reorganized stock insurer;
(4) “Reorganized stock insurer” means a stock insurer subsidiary which results from a reorganization of a domestic mutual insurer under § 23-69-304(a)(1) or (a)(2) and in compliance with this subchapter; and
(5) “Voting securities” means securities of any class or any ownership interest having voting power for the election of directors, trustees, or management, other than securities having voting power only because of the occurrence of a contingency.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-304. Formation of mutual insurance holding company.
(a) A domestic mutual insurer, upon approval of the Insurance Commissioner, may reorganize by:
(1) Forming a mutual insurance holding company;
(2) Merging its policyholders' membership interests into the mutual insurance holding company; and
(3) Continuing the mutual insurer's corporate existence as a stock insurer subsidiary of the mutual insurance holding company.
(b) A domestic mutual insurer, upon the approval of the commissioner, may reorganize by merging its policyholders' membership interests into an existing mutual insurance holding company formed under subdivision (a)(1) of this section and by continuing the mutual insurer's corporate existence as a stock insurer subsidiary of the mutual insurance holding company.
(c) All of the initial shares of the capital stock of a reorganized stock insurer which has reorganized as described in subdivision (a)(1) or subdivision (a)(2) of this section shall be issued to the mutual insurance holding company or to a single intermediate stock holding company.
(d)(1) Policyholders of a domestic mutual insurer which has reorganized as described in subdivision (a)(1) or subdivision (a)(2) of this section shall be members of the mutual insurance holding company, and their voting rights shall be determined in accordance with the articles of incorporation and bylaws of the mutual insurance holding company.
(2) The mutual insurance holding company shall provide its members with the same membership rights as were provided to policyholders of the mutual insurer immediately prior to reorganization.
(3) The reorganization shall not reduce, limit, or affect the number or identity of the policyholders who may become members of the mutual insurance holding company or
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-304
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 23-69-304. This identifies an authority to review, not proof of applicability.