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23-69-403. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-403. Definitions.
As used in this subchapter:
(1) “Insurance group” means an insurer and the insurer's affiliates that are in an insurance holding company system, as defined in the Insurance Holding Company Regulatory Act, § 23-63-501 et seq.;
(2) “Insurer” means the same as defined in § 23-62-402, except “insurer” does not include an agency, authority, commission, or other instrumentality of the United States or any state or territory of the United States;
(3) “Own risk and solvency assessment” means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer's or insurance group's current business plan and the sufficiency of capital resources to support those risks;
(4)(A) “Own Risk and Solvency Assessment Guidance Manual” means the guidance manual developed and adopted by the National Association of Insurance Commissioners.
(B) A revision made by the National Association of Insurance Commissioners to the Own Risk and Solvency Assessment Guidance Manual shall be implemented on January 1 following the calendar year that the revision is adopted by the National Association of Insurance Commissioners; and
(5) “Own risk and solvency assessment summary report” means a confidential and proprietary summary of an insurer's or insurance group's own risk and solvency assessment.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-403
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:23-69-403
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6ac42674955fcf3d97037300d92fda891a14b3c778eb2c23885754525360d05e
Source location: content.xml paragraph 41381
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23-69-403. Definitions.
As used in this subchapter:
(1) “Insurance group” means an insurer and the insurer's affiliates that are in an insurance holding company system, as defined in the Insurance Holding Company Regulatory Act, § 23-63-501 et seq.;
(2) “Insurer” means the same as defined in § 23-62-402, except “insurer” does not include an agency, authority, commission, or other instrumentality of the United States or any state or territory of the United States;
(3) “Own risk and solvency assessment” means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer's or insurance group's current business plan and the sufficiency of capital resources to support those risks;
(4)(A) “Own Risk and Solvency Assessment Guidance Manual” means the guidance manual developed and adopted by the National Association of Insurance Commissioners.
(B) A revision made by the National Association of Insurance Commissioners to the Own Risk and Solvency Assessment Guidance Manual shall be implemented on January 1 following the calendar year that the revision is adopted by the National Association of Insurance Commissioners; and
(5) “Own risk and solvency assessment summary report” means a confidential and proprietary summary of an insurer's or insurance group's own risk and solvency assessment.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-62-402. Definitions.
As used in this subchapter:
(1) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries;
(2) “Controlling person” means any person, firm, association, or corporation who directly or indirectly has the power to direct or cause to be directed the management, control, or activities of a reinsurance intermediary;
(3) “Insurer” means any person, firm, association, or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer;
(4) “Licensed producer” means an agent, broker, or reinsurance intermediary licensed pursuant to the applicable provision of the insurance law;
(5) “Reinsurance intermediary” means a reinsurance intermediary broker or a reinsurance intermediary manager as these terms are defined in subdivisions (6) and (7) of this section;
(6) “Reinsurance intermediary broker” means any person, other than an officer or employee of the ceding insurer, firm, association, or corporation who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer;
(7)(A) “Reinsurance intermediary manager” means any person, firm, association, or corporation who has authority to bind, or who manages, all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such a reinsurer whether known as a reinsurance intermediary manager, a manager, or other similar term.
(B) Notwithstanding the above, the following persons shall not be considered reinsurance intermediary managers, with respect to such a reinsurer, for the purposes of this s
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-62-402
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 23-62-402. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-501. Title.
This subchapter may be cited as the “Insurance Holding Company Regulatory Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-501
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 23-63-501. This identifies an authority to review, not proof of applicability.