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23-70-106. Organization.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-70-106. Organization.
(a) Twenty-five (25) or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the Insurance Commissioner for a certificate of authority to transact insurance.
(b) The proposed attorney shall fulfill the requirements of and shall execute and file with the commissioner when applying for a certificate of authority a declaration setting forth:
(1) The name of the insurer;
(2) The location of the insurer's principal office, which shall be the same as that of the attorney and shall be maintained within this state;
(3) The kinds of insurance proposed to be transacted;
(4) The names and addresses of the original subscribers;
(5) The designation and appointment of the proposed attorney, and a copy of the power of attorney;
(6) The names and addresses of the officers and directors of the attorney, if a corporation, or its members, if a firm;
(7) The powers of the subscribers' advisory committee, and the names and terms of office of the members thereof;
(8) That all moneys paid to the insurer shall be held in the name of the insurer and for the purposes specified in the subscribers' agreement, after deducting therefrom any sum payable to the attorney;
(9) A copy of the subscribers' agreement;
(10) A statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be transacted and that the insurer has received from each such subscriber the full premium deposit required for the policy applied for, for a term of not less than six (6) months, at an adequate rate theretofore filed with and approved by the commissioner;
(11) A statement of the financial condition of the insurer, a schedule of its assets, and a statement that the surplus as re
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-70-106
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:23-70-106
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4e791f55a48540610e817569df162b0188451e346fd774a64057545ba9b0a8c4
Source location: content.xml paragraph 41577
Stored source content
23-70-106. Organization.
(a) Twenty-five (25) or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the Insurance Commissioner for a certificate of authority to transact insurance.
(b) The proposed attorney shall fulfill the requirements of and shall execute and file with the commissioner when applying for a certificate of authority a declaration setting forth:
(1) The name of the insurer;
(2) The location of the insurer's principal office, which shall be the same as that of the attorney and shall be maintained within this state;
(3) The kinds of insurance proposed to be transacted;
(4) The names and addresses of the original subscribers;
(5) The designation and appointment of the proposed attorney, and a copy of the power of attorney;
(6) The names and addresses of the officers and directors of the attorney, if a corporation, or its members, if a firm;
(7) The powers of the subscribers' advisory committee, and the names and terms of office of the members thereof;
(8) That all moneys paid to the insurer shall be held in the name of the insurer and for the purposes specified in the subscribers' agreement, after deducting therefrom any sum payable to the attorney;
(9) A copy of the subscribers' agreement;
(10) A statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be transacted and that the insurer has received from each such subscriber the full premium deposit required for the policy applied for, for a term of not less than six (6) months, at an adequate rate theretofore filed with and approved by the commissioner;
(11) A statement of the financial condition of the insurer, a schedule of its assets, and a statement that the surplus as required by § 23-70-105 is on hand; and
(12) A copy of each policy, endorsement, and application form it then proposes to issue or use.
(c) The declaration shall be acknowledged by the attorney in the manner required for the acknowledgement of deeds.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-70-105. Surplus funds required.
(a) A domestic reciprocal insurer formed pursuant to this chapter, if it has otherwise complied with the applicable provisions of the Arkansas Insurance Code, may be authorized to transact insurance if it has and maintains surplus funds as follows:
(1) To transact property insurance, surplus funds of not less than the amount required of a foreign reciprocal insurer under § 23-63-205;
(2) To transact casualty insurance, surplus funds of not less than the amount required of a foreign reciprocal insurer under § 23-63-205; and
(3) The surplus funds required in this subsection shall be deposited or adjusted by the July 1 following the filing of the annual statement.
(b) In addition to surplus required to be maintained under subsection (a) of this section, the insurer shall have, when first so authorized, expendable surplus in an amount as required of a like foreign reciprocal insurer under § 23-63-207.
(c) A domestic reciprocal insurer may be authorized to transact additional kinds of insurance if it has otherwise complied with the provisions of the Arkansas Insurance Code therefor and possesses and so maintains surplus funds in an amount equal to the minium capital stock required of a stock insurer for authority to transact a like combination of kinds of insurance.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-70-105
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 23-70-105. This identifies an authority to review, not proof of applicability.