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23-69-407. Exemption — Applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-407. Exemption — Applicability.
(a) An insurer is exempt from this subchapter if:
(1) The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, of less than five hundred million dollars ($500,000,000); and
(2) The insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, of less than one billion dollars ($1,000,000,000).
(b)(1) If an insurer qualifies for an exemption under subdivision (a)(1) of this section and the insurance group of which the insurer is a member does not qualify for an exemption under subdivision (a)(2) of this section, then an own risk and solvency assessment summary report required under § 23-69-406 shall include every insurer that is a member of the insurance group.
(2) In order to meet the requirement under subdivision (b)(1) of this section, an insurer may submit more than one (1) own risk and solvency assessment summary report for any combination of insurers if any combination of own risk and solvency assessment summary reports includes every insurer within the insurance group.
(c) If an insurer does not qualify for an exemption under subdivision (a)(1) of this section and the insurance group of which the insurer is a member does qualify for an exemption under subdivision (a)(2) of this section, then only an own risk and solvency assessment summary report applicable to the insurer is required under § 23-69-406.
(d)(1) An insurer t
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-407
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:23-69-407
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 498f50d0f8864cabc516a0d38421392e80a961335c8f16f486b39c89894b5c3a
Source location: content.xml paragraph 41416
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23-69-407. Exemption — Applicability.
(a) An insurer is exempt from this subchapter if:
(1) The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, of less than five hundred million dollars ($500,000,000); and
(2) The insurance group of which the insurer is a member has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the Federal Crop Insurance Corporation and National Flood Insurance Program, of less than one billion dollars ($1,000,000,000).
(b)(1) If an insurer qualifies for an exemption under subdivision (a)(1) of this section and the insurance group of which the insurer is a member does not qualify for an exemption under subdivision (a)(2) of this section, then an own risk and solvency assessment summary report required under § 23-69-406 shall include every insurer that is a member of the insurance group.
(2) In order to meet the requirement under subdivision (b)(1) of this section, an insurer may submit more than one (1) own risk and solvency assessment summary report for any combination of insurers if any combination of own risk and solvency assessment summary reports includes every insurer within the insurance group.
(c) If an insurer does not qualify for an exemption under subdivision (a)(1) of this section and the insurance group of which the insurer is a member does qualify for an exemption under subdivision (a)(2) of this section, then only an own risk and solvency assessment summary report applicable to the insurer is required under § 23-69-406.
(d)(1) An insurer that does not qualify for an exemption under subdivision (a)(1) of this section may request a waiver from the commissioner of the reporting requirements under this subchapter due to unique circumstances.
(2) In determining whether to grant a waiver to an insurer under subdivision (d)(1) of this section, the commissioner may:
(A) Consider the insurer's type and volume of business written, ownership and organizational structure, and any other factors the commissioner considers relevant to the insurer or insurance group of which the insurer is a member; or
(B) Coordinate with the insurance group's lead state commissioner and other domiciliary commissioners if the insurer is a member of an insurance group with insurers domiciled in more than one (1) state, to determine whether or not to grant the insurer's waiver request.
(e) Notwithstanding an exemption under this section, the commissioner may require that an insurer:
(1) Maintain a risk management framework, conduct an own risk and solvency assessment, and file an own risk and solvency assessment summary report based on an insurer's unique circumstances, including without limitation the type and volume of business written, ownership and organizational structure, federal agency requests, and international supervisor requests; or
(2) Maintain a risk management framework, conduct an own risk and solvency assessment, and file an own risk and solvency assessment summary report if the insurer:
(A) Has risk-based capital for a company action level event under § 23-63-1304 or § 23-63-1503; or
(B) Meets at least one (1) of the standards of an insurer deemed to be in a hazardous financial condition, as defined in State Insurance Department Rule 53, or otherwise exhibits qualities of a troubled insurer as determined by the commissioner.
(f) If an insurer has qualified for an exemption under subsection (a) of this section and subsequently no longer qualifies for that exemption due to changes in premiums as reflected in the insurer's most recent annual statement or in the most recent annual statements of the insurers within the insurance group of which the insurer is a member, then the insurer shall have one (1) year following the year the threshold is exceeded to comply with this subchapter.
(g) A domiciled insurer shall be subject to this subchapter unless the insurer is exempt under this section.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1304. Company action level event — Definition.
(a) As used in this subchapter, “company action level event” means any of the following events:
(1) The filing of an RBC report by an insurer that indicates:
(A) The insurer's total adjusted capital is greater than or equal to its regulatory action level RBC but less than its company action level RBC;
(B) If a life or accident and health insurer or a fraternal benefit society, the life or accident and health insurer or the fraternal benefit society has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of its authorized control level RBC and three (3) and has a negative trend; or
(C) For the year ending December 31, 2011, and each year following, if a property and casualty insurer, the property and casualty insurer has total adjusted capital that is greater than or equal to its company action level RBC but less than the product of its authorized control level RBC and three (3) and triggers the trend test determined according to the trend test calculation included in the Property and Casualty RBC Instructions;
(2) The notification by the Insurance Commissioner to the insurer of an adjusted RBC report that indicates an event in subdivision (a)(1) of this section, if the insurer does not challenge the adjusted RBC report under § 23-63-1308; or
(3) If under § 23-63-1308 an insurer challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, the notification by the commissioner to the insurer that the commissioner, after a hearing, has rejected the insurer's challenge.
(b) In the event of a company action level event, the insurer shall prepare and submit to the commissioner an RBC plan that shall:
(1) Identify
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1304
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 23-63-1304. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1503. Company action level event.
(a) “Company action level event” means any of the following events:
(1) The filing of an RBC report by a health organization that indicates that the health organization's total adjusted capital is greater than or equal to its regulatory action level RBC but less than its company action level RBC;
(2) For the year ending December 31, 2011, and each following year, if a health organization has total adjusted capital that:
(A) Is greater than or equal to its company action level RBC but less than the product of its authorized control level RBC and three (3); and
(B) The triggering of the trend test determined in accordance with the trend test calculation included in the health organization's RBC instructions;
(3) The notification by the Insurance Commissioner to the health organization of an adjusted RBC report that indicates an event in subdivision (a)(1) of this section, provided the health organization does not challenge the adjusted RBC report under § 23-63-1507; or
(4) If under § 23-63-1507 a health organization challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, the notification by the commissioner to the health organization that the commissioner, after a hearing, has rejected the health organization's challenge.
(b) In the event of a company action level event, the health organization shall prepare and submit to the commissioner an RBC plan that shall:
(1) Identify the conditions that contribute to the company action level event;
(2) Contain proposals of corrective actions that the health organization intends to take and that would be expected to result in the elimination of the company action level event;
(3)(A) Provide projections of the health organization'
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1503
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 23-63-1503. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-406. Own risk and solvency assessment summary.
(a)(1)(A) Upon request, an insurer shall submit to the Insurance Commissioner no more than one (1) time a year beginning January 1, 2017, an own risk and solvency assessment summary report, or any combination of filings applicable to the insurer or the insurance group of which the insurer is a member, that together contain the information described in the Own Risk and Solvency Assessment Guidance Manual.
(B) An insurer may submit a comparable report that provides the most recent and substantially similar information under subdivision (a)(1)(A) of this section to a commissioner in another state or to the supervisor or regulator of a foreign jurisdiction provided by the insurer or another member of an insurance group of which the insurer is a member.
(2) Notwithstanding a request from the Insurance Commissioner, an insurer that is a member of an insurance group shall submit the reports required under subdivision (a)(1) of this section if the Insurance Commissioner is the lead state commissioner of the insurance group as determined by the procedures within the “Financial Analysis Handbook” adopted by the National Association of Insurance Commissioners.
(b) A report described in subdivision (a)(1)(A) of this section shall include an attestation of the chief risk officer or other executive of the insurer or insurance group that is responsible for the oversight of the insurer's enterprise risk management process that to the best of his or her belief and knowledge:
(1) The insurer applies the enterprise risk management process described in the insurer's own risk and solvency assessment summary report; and
(2) A copy of the report has been provided to the insurer's board of directors or other governing body of the
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-406
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 23-69-406. This identifies an authority to review, not proof of applicability.