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23-72-105. Bond.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-72-105. Bond.
(a) Every mutual assessment life and disability insurer shall have and maintain in force and on file with the Insurance Commissioner a bond in favor of the State of Arkansas in the sum of twenty thousand dollars ($20,000), for the use of the policyholders of the insurer and their beneficiaries, with good and sufficient surety approved by the commissioner, and conditioned for the prompt payment of all assessments to parties or beneficiaries entitled thereto.
(b) The makers of the bond shall continue to be liable thereon for any violation of the conditions thereof or for any loss accruing to the policyholders of the insurer or their beneficiaries.
(c) The bond shall be renewable every two (2) years on March 1.
(d) If at any time it appears that the bond has for any cause become insufficient, the commissioner may require the insurer to replace the bond on reasonable notice.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-72-105
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-72-105
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4ffbdddec17c58bde035dbf4255fabcebf938fe018132fb458f6b3d0dc189175
Source location: content.xml paragraph 42075
Stored source content
23-72-105. Bond.
(a) Every mutual assessment life and disability insurer shall have and maintain in force and on file with the Insurance Commissioner a bond in favor of the State of Arkansas in the sum of twenty thousand dollars ($20,000), for the use of the policyholders of the insurer and their beneficiaries, with good and sufficient surety approved by the commissioner, and conditioned for the prompt payment of all assessments to parties or beneficiaries entitled thereto.
(b) The makers of the bond shall continue to be liable thereon for any violation of the conditions thereof or for any loss accruing to the policyholders of the insurer or their beneficiaries.
(c) The bond shall be renewable every two (2) years on March 1.
(d) If at any time it appears that the bond has for any cause become insufficient, the commissioner may require the insurer to replace the bond on reasonable notice.
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