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23-75-108. Certificate of authority — Requirements for issuance.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-75-108. Certificate of authority — Requirements for issuance.
(a) The Insurance Commissioner shall issue an initial certificate of authority authorizing the applicant to issue contracts to its subscribers when it is shown to the satisfaction of the commissioner that:
(1) The applicant is established as a bona fide nonprofit hospital service corporation or medical service corporation or combination of the two;
(2) The contracts, if any, between the applicant and the participating hospitals or physicians obligate each hospital or physician executing the contracts to render service to which each subscriber may be entitled under the terms of the contracts to be issued to the subscribers;
(3) The amounts provided as working capital of the corporation are repayable, without interest, out of operating expenses;
(4) The amount of money actually available for working capital is sufficient to carry on the plan for a period of six (6) months from the date of issuance of the certificate of authority; and
(5) The applicant has secured contracts of participation from sufficient hospitals or physicians, or both, to provide ample protection for its subscribers within the area proposed to be served by the applicant.
(b) The certificate of authority shall expire or terminate and be subject to annual continuation, as provided in § 23-63-211 for insurers in general.
(c) The certificate of authority shall be subject to suspension or revocation as provided in §§ 23-63-212 — 23-63-215.
(d) An applicant under this section may provide reinsurance coverage only in the specific areas of coverage set out in the applicant's certificate of authority.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-75-108
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:23-75-108
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4358182aeb91e942af4322576ca78457ece933d6488ea2d3b59a116c5471f872
Source location: content.xml paragraph 43281
Stored source content
23-75-108. Certificate of authority — Requirements for issuance.
(a) The Insurance Commissioner shall issue an initial certificate of authority authorizing the applicant to issue contracts to its subscribers when it is shown to the satisfaction of the commissioner that:
(1) The applicant is established as a bona fide nonprofit hospital service corporation or medical service corporation or combination of the two;
(2) The contracts, if any, between the applicant and the participating hospitals or physicians obligate each hospital or physician executing the contracts to render service to which each subscriber may be entitled under the terms of the contracts to be issued to the subscribers;
(3) The amounts provided as working capital of the corporation are repayable, without interest, out of operating expenses;
(4) The amount of money actually available for working capital is sufficient to carry on the plan for a period of six (6) months from the date of issuance of the certificate of authority; and
(5) The applicant has secured contracts of participation from sufficient hospitals or physicians, or both, to provide ample protection for its subscribers within the area proposed to be served by the applicant.
(b) The certificate of authority shall expire or terminate and be subject to annual continuation, as provided in § 23-63-211 for insurers in general.
(c) The certificate of authority shall be subject to suspension or revocation as provided in §§ 23-63-212 — 23-63-215.
(d) An applicant under this section may provide reinsurance coverage only in the specific areas of coverage set out in the applicant's certificate of authority.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-211. Certificate of authority — Continuance, expiration, amendment, or surrender.
(a) Certificates of authority issued or renewed under the Arkansas Insurance Code shall continue in force as long as the insurer is entitled thereto under the Arkansas Insurance Code and until suspended, revoked, or otherwise terminated. However, they are subject to continuance of the certificate by the insurer each year by:
(1) Payment prior to April 15 of the continuation fee provided in § 23-61-401;
(2) Due filing by the insurer of its annual statement for the calendar year preceding as required under § 23-63-216; and
(3) Payment by the insurer of applicable taxes, fees, and assessments, as well as timely filing of supporting annual and quarterly statements and other required filings with respect to the preceding calendar year, as required under the Arkansas Insurance Code.
(b)(1) If not so continued by the insurer, its certificate of authority shall expire as of midnight on the April 30 next following the failure of the insurer so to continue it in force.
(2) If for any reason the insurer is not entitled to continuation of its certificate of authority, the Insurance Commissioner may refuse to continue the certificate, and the certificate of authority shall expire as stated in this subsection.
(3) The commissioner shall promptly notify the insurer of the occurrence of any failure or condition resulting in impending expiration of its certificate of authority.
(c) The commissioner may, in his or her discretion, reinstate a certificate of authority which the insurer has inadvertently permitted to expire, after the insurer has fully cured all its failures which resulted in the expiration, and upon payment by the insurer of the fee for reinstatement in the amount provid
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-211
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 23-63-211. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-212. Certificate of authority — Mandatory suspension or revocation.
(a) The Insurance Commissioner shall suspend or revoke an insurer's certificate of authority:
(1) If the action is required by any provision of the Arkansas Insurance Code; or
(2) If the insurer no longer meets the requirements for the authority originally granted, on account of deficiency of assets or otherwise; or
(3) If the insurer's authority to transact insurance is suspended or revoked by its state of domicile, or state of entry into the United States if an alien insurer.
(b)(1) Except in cases of insolvency or impairment of required capital or surplus, or suspension or revocation by another state as referred to in subdivision (a)(3) of this section, the commissioner shall give the insurer at least ten (10) days' written notice in advance of any suspension or revocation under this section.
(2) If the insurer requests a hearing thereon within the ten (10) days, the request shall automatically stay the commissioner's proposed action until his or her order is made on the hearing.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-212
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 23-63-212. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-215. Certificate of authority — Period of suspension — Reinstatement.
(a) The suspension of an insurer's certificate of authority is indefinite unless:
(1) A specific period is fixed by the Insurance Commissioner in the order of suspension; or
(2) The commissioner shortens or rescinds the suspension.
(b)(1) Unless in the order of suspension the commissioner waives payment of any fees, licenses, and taxes during the suspension, the insurer shall file its annual statement and pay fees, licenses, and taxes during the suspension as required under the Arkansas Insurance Code as if the certificate of authority had continued in full force.
(2) Upon reinstatement of a suspended insurer's certificate of authority, all fees, licenses, and taxes accumulated during the suspension are immediately due and payable.
(c)(1) If a suspension ends within the period a certificate of authority has not otherwise terminated, the certificate of authority shall automatically reinstate unless the commissioner finds that:
(A) The causes of the suspension have not been removed; or
(B) The insurer is not in compliance with the Arkansas Insurance Code.
(2) If the commissioner finds that the certificate of authority does not automatically reinstate, the commissioner shall provide written notice and give the insurer thirty (30) days to remove the cause for suspension or otherwise comply with the Arkansas Insurance Code.
(3) If the certificate of authority is not automatically reinstated, the certificate of authority shall be deemed to have expired upon the earliest of:
(A) Thirty (30) days after the commissioner gives notice under subdivision (c)(2) of this section; or
(B) The failure of the insurer to continue the certificate of authority during the suspension.
(d) Upon
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-215
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 23-63-215. This identifies an authority to review, not proof of applicability.