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23-70-115. Subscribers generally.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-70-115. Subscribers generally.
(a) Individuals, partnerships, and corporations of this state may make application, enter into agreement for, and hold policies or contracts in or with, and be a subscriber of, any domestic, foreign, or alien reciprocal insurer.
(b) Any corporation organized under the laws of this state, in addition to the rights, powers, and franchises specified in its articles of incorporation, shall have full power and authority as a subscriber to exchange insurance contracts through a reciprocal insurer.
(c) The right to exchange contracts is declared to be incidental to the purposes for which the corporations are organized and to be as fully granted as the rights and powers expressly conferred upon such corporations.
(d) Government or governmental agencies, state or political subdivisions thereof, boards, associations, estates, trustees, or fiduciaries are authorized to exchange nonassessable reciprocal interinsurance contracts with each other and with individuals, partnerships, and corporations to the same extent that individuals, partnerships, and corporations are herein authorized to exchange reciprocal interinsurance contracts.
(e) Any officer, representative, trustee, receiver, or legal representative of any such subscriber shall be recognized as acting for or on its behalf for the purpose of the contract but shall not be personally liable upon the contract by reason of acting in a representative capacity.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-70-115
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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Record provenance
Stable record: arkansas_code:legal_authorities:23-70-115
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5da15617c50a251d6eee4b400bc3f2588aeb3a21b73e9e60c18c14c25080a3c1
Source location: content.xml paragraph 41669
Stored source content
23-70-115. Subscribers generally.
(a) Individuals, partnerships, and corporations of this state may make application, enter into agreement for, and hold policies or contracts in or with, and be a subscriber of, any domestic, foreign, or alien reciprocal insurer.
(b) Any corporation organized under the laws of this state, in addition to the rights, powers, and franchises specified in its articles of incorporation, shall have full power and authority as a subscriber to exchange insurance contracts through a reciprocal insurer.
(c) The right to exchange contracts is declared to be incidental to the purposes for which the corporations are organized and to be as fully granted as the rights and powers expressly conferred upon such corporations.
(d) Government or governmental agencies, state or political subdivisions thereof, boards, associations, estates, trustees, or fiduciaries are authorized to exchange nonassessable reciprocal interinsurance contracts with each other and with individuals, partnerships, and corporations to the same extent that individuals, partnerships, and corporations are herein authorized to exchange reciprocal interinsurance contracts.
(e) Any officer, representative, trustee, receiver, or legal representative of any such subscriber shall be recognized as acting for or on its behalf for the purpose of the contract but shall not be personally liable upon the contract by reason of acting in a representative capacity.
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