23-73-118. Membership requirements.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-73-118. Membership requirements. The total membership of the association shall be at all times not less than the number of members required by § 23-73-112.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-73-118

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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Arkansas Code — all titles (historical 2020) · legal_authorities

23-73-112. Qualifications for certificate of authority.

23-73-112. Qualifications for certificate of authority. To qualify for and hold a certificate of authority to insure property or issue policies, the company or association shall: (1)(A)(i) Have at least two hundred fifty (250) members who hold policies or certificates upon at least two hundred fifty (250) separate risks. (ii) An association or company whose membership falls below two hundred fifty (250) members shall notify the Insurance Commissioner immediately and shall have ninety (90) days from that date to bring its membership level back up to the requisite number of two hundred fifty (250) members. (iii) If an association or company fails to restore the membership level to two hundred fifty (250) members within the prescribed ninety-day period, the commissioner may: (a) Direct the association or company to follow a course of action that will protect the assets of the association and allow for continued protection of the members; or (b) Place the association or company into involuntary dissolution as contained in § 23-73-120. (B)(i) If immediate initial compliance with subdivision (1)(A) of this section would cause a domestic association or company to be ineligible for a continued certificate of authority to operate in this state on April 11, 2005, the commissioner may allow that domestic association or company to augment its membership in increments in order for it to achieve compliance with the minimum requirements by no later than December 31, 2006. (ii) For good cause shown in writing by an association or company, including planned action steps to achieve the minimum membership, the commissioner may grant one (1) or more extensions of the deadline set for compliance in subdivision (1)(B)(i) of this section for a period or periods not to exceed on

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-73-112

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 23-73-112. This identifies an authority to review, not proof of applicability.