Browse Arkansas Code titles and sections
23-69-306. Hearings on proposed reorganization plan.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-306. Hearings on proposed reorganization plan.
The Insurance Commissioner shall conduct a public hearing regarding a proposed plan of reorganization within one hundred twenty (120) days after the date the completed proposed plan of reorganization is filed under § 23-69-305, unless extended by the commissioner for good cause. Any interested person may appear or otherwise be heard at the public hearing. The commissioner, in his or her discretion, may continue the public hearing for a reasonable period of time not to exceed sixty (60) days. The mutual insurer shall give such reasonable notice of the public hearing as the commissioner, in his or her discretion, may require.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-306
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:23-69-306
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6263e5f1325b96813aee9ed0fc0dbb27aaea796dfbbc9a134bfd091f19aef5ca
Source location: content.xml paragraph 41216
Stored source content
23-69-306. Hearings on proposed reorganization plan.
The Insurance Commissioner shall conduct a public hearing regarding a proposed plan of reorganization within one hundred twenty (120) days after the date the completed proposed plan of reorganization is filed under § 23-69-305, unless extended by the commissioner for good cause. Any interested person may appear or otherwise be heard at the public hearing. The commissioner, in his or her discretion, may continue the public hearing for a reasonable period of time not to exceed sixty (60) days. The mutual insurer shall give such reasonable notice of the public hearing as the commissioner, in his or her discretion, may require.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-305. Filing of proposed reorganization plan.
A domestic mutual insurer shall file a proposed plan of reorganization approved by a vote of not less than two-thirds (2/3) of the members of its board of directors for review and approval with the Insurance Commissioner. The proposed plan of reorganization shall be accompanied by a nonrefundable fee of one thousand dollars ($1,000). A plan of reorganization shall include the following, at a minimum:
(1) An analysis of the benefits and risks attendant to the proposed reorganization, including the rationale and comparative benefits and risks of a demutualization;
(2) A statement of how the plan is fair and equitable to the policyholders;
(3) Information sufficient to demonstrate that the financial condition of the mutual insurer will not be diminished upon reorganization;
(4) Provisions to ensure immediate membership in the mutual insurance holding company for all existing policyholders of the mutual insurer;
(5) Provisions for membership interests for future policyholders of the reorganized stock insurer;
(6) Provisions to ensure that, in the event of proceedings for rehabilitation or liquidation involving a stock insurer subsidiary of the mutual insurance holding company, the assets of the mutual insurance holding company will be available to satisfy the policyholder obligations of the stock insurer subsidiary;
(7) Provisions for periodic distribution of accumulated mutual insurance holding company earnings;
(8) Certified copies of the proposed articles of incorporation and bylaws of the mutual insurance holding company, intermediate stock holding company, and reorganized stock insurer or proposed amendments thereto as necessary to effectuate reorganization;
(9) A certification that the plan of reorg
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-305
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 23-69-305. This identifies an authority to review, not proof of applicability.