Browse Arkansas Code titles and sections
23-72-113. Benefits and payment — Level or stipulated plan insurers.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-72-113. Benefits and payment — Level or stipulated plan insurers.
(a) A level or stipulated rate plan insurer shall specify in its policy or membership certificate the contingencies insured against, the sum of money it promises to pay or the benefits it agrees to provide, and the number of days after satisfactory proof of loss is filed within which the payment will be made or the benefit will be provided.
(b) Upon the occurrence of a contingency insured against, unless the contract has been voided by fraud or by breach of its conditions, the insurer shall be obligated to the beneficiary for payment of or providing benefits at the time and in the amount or value specified in the policy or certificate.
(c) If the insurer fails to make the payment after final judgment has been obtained upon the claim, the Insurance Commissioner shall notify the insurer not to issue any new policy or certificates until the indebtedness is fully paid. No officer or agent of the insurer shall issue any policy or certificate while the notice is in force. In addition, the insurer's certificate of authority shall be subject to suspension or revocation under § 23-63-213.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-72-113
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.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:23-72-113
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5c61ce214a34e7ac6a5625ba26b8d023c3795d4eb62a94c117cf4822da613264
Source location: content.xml paragraph 42133
Stored source content
23-72-113. Benefits and payment — Level or stipulated plan insurers.
(a) A level or stipulated rate plan insurer shall specify in its policy or membership certificate the contingencies insured against, the sum of money it promises to pay or the benefits it agrees to provide, and the number of days after satisfactory proof of loss is filed within which the payment will be made or the benefit will be provided.
(b) Upon the occurrence of a contingency insured against, unless the contract has been voided by fraud or by breach of its conditions, the insurer shall be obligated to the beneficiary for payment of or providing benefits at the time and in the amount or value specified in the policy or certificate.
(c) If the insurer fails to make the payment after final judgment has been obtained upon the claim, the Insurance Commissioner shall notify the insurer not to issue any new policy or certificates until the indebtedness is fully paid. No officer or agent of the insurer shall issue any policy or certificate while the notice is in force. In addition, the insurer's certificate of authority shall be subject to suspension or revocation under § 23-63-213.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-213. Certificate of authority — Suspension or revocation for certain violations.
(a) The Insurance Commissioner shall, after a hearing thereon, suspend or revoke an insurer's certificate of authority if he or she finds that the insurer:
(1)(A) Is in unsound condition, or is in such condition or is using such methods and practices in the conduct of its business, as to render its further transaction of insurance in Arkansas hazardous or injurious to its policyholders or to the public.
(B) For the purposes of this section, the commissioner may consider, among other factors, the present, past, and future trends in the financial condition of the insurer that could affect the solvency of the insurer;
(2) Has refused to be examined or to produce its accounts, records, and files for examination, or if any of its officers have refused to give information with respect to its affairs, when required by the commissioner;
(3) Has failed to pay any final judgment rendered against it within thirty (30) days;
(4) Is affiliated with and under the same general management or interlocking directorate or ownership as another insurer which transacts direct insurance in Arkansas without having a certificate of authority therefor, except as permitted as to surplus lines insurers under § 23-65-101 et seq.; or
(5) Has knowingly, or with reckless disregard of same, violated or failed to comply with any applicable provision of the Arkansas Insurance Code, or with any lawful rule, regulation, or order of the commissioner.
(b) In his or her discretion and without advance notice or a hearing thereon, the commissioner may immediately suspend the certificate of authority of any foreign insurer as to which proceedings for receivership, conservatorship, rehabilitation, or other delin
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-213
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 23-63-213. This identifies an authority to review, not proof of applicability.