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23-70-122. Subscribers' share in assets.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-70-122. Subscribers' share in assets.
Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus made as provided in § 23-70-112, and the return of any unused premium, savings, or credits then standing on subscribers' accounts, shall be distributed to its subscribers who were subscribers within the twelve (12) months prior to the last termination of its certificate of authority, according to such reasonable formula as the Insurance Commissioner may approve.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-70-122
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:23-70-122
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: eb3feb6763eddea75c250776b1596d7f029e7976094414f27311c9371d808d7a
Source location: content.xml paragraph 41726
Stored source content
23-70-122. Subscribers' share in assets.
Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus made as provided in § 23-70-112, and the return of any unused premium, savings, or credits then standing on subscribers' accounts, shall be distributed to its subscribers who were subscribers within the twelve (12) months prior to the last termination of its certificate of authority, according to such reasonable formula as the Insurance Commissioner may approve.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-70-112. Contributions to insurer.
(a) The attorney or other parties may advance to a domestic reciprocal insurer, upon reasonable terms, such funds as it may require from time to time in its operations.
(b) Sums so advanced shall not be treated as a liability of the insurer and, except upon liquidation of the insurer, shall not be withdrawn or repaid except out of the insurer's realized earned surplus in excess of its minimum required surplus.
(c) No withdrawal or repayment shall be made without the advance approval of the Insurance Commissioner.
(d) This section does not apply as to bank loans or to loans for which security is given.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-70-112
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 23-70-112. This identifies an authority to review, not proof of applicability.