23-69-317. Applicability of provisions.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-69-317. Applicability of provisions. Nothing contained in this subchapter shall be construed to prohibit demutualization of a mutual insurance holding company under § 23-69-141.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-317

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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Arkansas Code — all titles (historical 2020) · legal_authorities

23-69-141. Converting mutual insurer to stock insurer.

23-69-141. Converting mutual insurer to stock insurer. (a) A mutual insurer may become a stock insurer under such plan and procedure as may be approved by the Insurance Commissioner after a hearing thereon. (b) The commissioner shall not approve any plan or procedure unless: (1) It is equitable to the insurer's members; (2) It is subject to approval by vote of not less than three-fourths (¾) of the insurer's current members voting thereon in person, by proxy, or by mail at a meeting of members called for the purpose pursuant to such reasonable notice and procedure as may be approved by the commissioner. If a life insurer, the right to vote may be limited to members who hold policies other than term or group policies, and whose policies have been in force for not less than one (1) year; (3) The equity of each policyholder in the insurer is determinable under a fair formula approved by the commissioner. The equity shall be based upon not less than the insurer's entire surplus, after deducting contributed or borrowed surplus funds, plus a reasonable present equity in its reserves and in all nonadmitted assets; (4) The policyholders entitled to participate in the purchase of stock or distribution of assets shall include all current policyholders and all existing persons who had been policyholders of the insurer within three (3) years prior to the date the plan was submitted to the commissioner; (5) The plan gives each policyholder or former policyholder of the insurer entitled to participate in the purchase of stock or distribution of assets under subdivision (b)(4) of this section: (A) A preemptive right to acquire within a designated reasonable period his or her proportionate part of all of the proposed capital stock of: (i) The insurer; or (ii) A hold

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-141

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 23-69-141. This identifies an authority to review, not proof of applicability.