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23-72-111. Special provisions of pro rata assessment plan.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-72-111. Special provisions of pro rata assessment plan.
In addition to the requirements under § 23-72-109, the bylaws of a pro rata assessment plan insurer:
(1) Shall clearly provide the plan of calling assessments. They may provide for assessment of each group or circle for payment of its own claims, for the assessing of groups or circles in rotation, or for assessing any group or circle, or the entire membership, for the payment of any matured claim; and
(2) May provide for the collection of assessments in advance to be used for the payment of claims and expenses.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-72-111
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:23-72-111
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a5c5b3bb3cccba0ab8426545792436cd29d8e4074ba6191b67c463dc8da74f5d
Source location: content.xml paragraph 42121
Stored source content
23-72-111. Special provisions of pro rata assessment plan.
In addition to the requirements under § 23-72-109, the bylaws of a pro rata assessment plan insurer:
(1) Shall clearly provide the plan of calling assessments. They may provide for assessment of each group or circle for payment of its own claims, for the assessing of groups or circles in rotation, or for assessing any group or circle, or the entire membership, for the payment of any matured claim; and
(2) May provide for the collection of assessments in advance to be used for the payment of claims and expenses.
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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. The source passage cites 23-72-109. This identifies an authority to review, not proof of applicability.