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23-72-109. Bylaws generally.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-72-109. Bylaws generally.
(a) The insurer shall have bylaws which are not in conflict with the law of this state, to regulate and govern its affairs. Bylaws of both foreign and domestic insurers shall be subject to the applicable requirements of § 23-69-119.
(b) The bylaws shall provide for periodic meetings of the members and how special meetings may be called. At all meetings each member shall be entitled to one (1) vote only on each question coming to a vote. The member may vote in person or by written proxy, and the proxy may be given in the application for membership. No proxy shall be irrevocable.
(c) The bylaws may provide for issuance of graded membership certificates and for the grading of rates and assessments according to the ages of members.
(d) If disability benefits are promised in membership certificates, adequate provisions shall be made in the bylaws for assessments to pay disability claims and expenses incident thereto, and the assessments shall not be used for the payment of claims other than disability.
(e) Every member of the insurer is bound by the insurer's bylaws as in existence at the time of joining or as thereafter amended.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-72-109
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:23-72-109
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3678d134520f07ecc02d6c00b5964143b78475f5e7e7039623cbebec7a037530
Source location: content.xml paragraph 42105
Stored source content
23-72-109. Bylaws generally.
(a) The insurer shall have bylaws which are not in conflict with the law of this state, to regulate and govern its affairs. Bylaws of both foreign and domestic insurers shall be subject to the applicable requirements of § 23-69-119.
(b) The bylaws shall provide for periodic meetings of the members and how special meetings may be called. At all meetings each member shall be entitled to one (1) vote only on each question coming to a vote. The member may vote in person or by written proxy, and the proxy may be given in the application for membership. No proxy shall be irrevocable.
(c) The bylaws may provide for issuance of graded membership certificates and for the grading of rates and assessments according to the ages of members.
(d) If disability benefits are promised in membership certificates, adequate provisions shall be made in the bylaws for assessments to pay disability claims and expenses incident thereto, and the assessments shall not be used for the payment of claims other than disability.
(e) Every member of the insurer is bound by the insurer's bylaws as in existence at the time of joining or as thereafter amended.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-119. Bylaws — Mutual insurers.
(a)(1) A domestic mutual insurer shall have bylaws consistent with § 23-69-111(b)(7).
(2) The initial board of directors of a domestic mutual insurer shall adopt original bylaws, subject to the approval of the insurer's members at the next succeeding meeting.
(3) The members may make, modify, and revoke bylaws.
(b) The bylaws shall provide:
(1)(A) That on each matter coming to a vote at meetings of members, each member is entitled to one (1) vote or to more votes according to a reasonable classification of members stated in the bylaws and based on the amount of the insurance in force, the number of policies held, the amount of the premiums paid by the member, or other reasonable factors.
(B)(i) A member may vote in person or by his or her written proxy.
(ii) A proxy shall not be made irrevocable or for longer than a reasonable period of time;
(2) For election of directors by the members and the number, qualifications, terms of office, and powers of directors;
(3) The time, notice, quorum, and conduct of annual and special meetings of members and voting. The bylaws may provide that the annual meeting shall be held at a place, date, and time to be stated in the policy without giving other notice of the meeting;
(4) The number, designation, election, terms, powers, and duties of the respective corporate officers;
(5) For deposit, custody, disbursement, and accounting for corporate funds; and
(6) For the other reasonable provisions customary, necessary, or convenient for the management or regulation of its corporate affairs.
(c) A provision in the bylaws for determining a quorum of members at a meeting that is less than a majority of the insurer's members shall not be effective unless approved by the Insurance C
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-119
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 23-69-119. This identifies an authority to review, not proof of applicability.