Browse Arkansas Code titles and sections
23-75-113. Expenses and investments.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-75-113. Expenses and investments.
(a) The operating and administrative expenses of any corporation, including, but not limited to, all costs in connection with the solicitation of subscribers to such a corporation and capital expenditures, shall not exceed:
(1) Thirty percent (30%) of paid subscriptions during the first year of operation;
(2) Twenty-five percent (25%) of paid subscriptions during the second year of operation; and
(3) Twenty percent (20%) of paid subscriptions in any year thereafter.
(b) Every corporation heretofore incorporated shall maintain unearned subscription charges and other reserves upon the same basis as that required of domestic insurance companies transacting accident and health insurance.
(c) The reserves required under this section constitute a liability of the corporation in a determination of its financial condition.
(d) The funds for any corporation shall be invested as provided for insurers under §§ 23-63-801 — 23-63-833 and 23-63-835.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-75-113
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.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-75-113
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 838700336a01fa8b07a12aa92f62f280b8f743106c340f6e21d883591f50cd1b
Source location: content.xml paragraph 43356
Stored source content
23-75-113. Expenses and investments.
(a) The operating and administrative expenses of any corporation, including, but not limited to, all costs in connection with the solicitation of subscribers to such a corporation and capital expenditures, shall not exceed:
(1) Thirty percent (30%) of paid subscriptions during the first year of operation;
(2) Twenty-five percent (25%) of paid subscriptions during the second year of operation; and
(3) Twenty percent (20%) of paid subscriptions in any year thereafter.
(b) Every corporation heretofore incorporated shall maintain unearned subscription charges and other reserves upon the same basis as that required of domestic insurance companies transacting accident and health insurance.
(c) The reserves required under this section constitute a liability of the corporation in a determination of its financial condition.
(d) The funds for any corporation shall be invested as provided for insurers under §§ 23-63-801 — 23-63-833 and 23-63-835.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-801. Applicability.
Except as to § 23-63-835, the provisions of this subchapter shall apply to domestic insurers only.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-801
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 23-63-801. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-833. Prohibited investments.
In addition to investments excluded pursuant to other provisions of the Arkansas Insurance Code, an insurer shall not directly or indirectly invest in or lend its funds upon the security of:
(1) Issued shares of its own capital stock, except for the purpose of mutualization under § 23-69-140 or with the advance consent of the Insurance Commissioner under § 23-63-817;
(2) Except with the advance consent of the commissioner, securities issued by any corporation or enterprise the controlling interest of which is held, or will be held after the acquisition by the insurer, directly or indirectly by the insurer or any combination of the insurer and the insurer's directors, officers, parent corporation, subsidiaries, or controlling stockholders. Investments in subsidiaries under § 23-63-818 shall not be subject to this provision; or
(3) Any note or other evidence of indebtedness of any director, officer, employee, or controlling stockholder of the insurer, except as to policy loans authorized under § 23-63-821.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-833
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 23-63-833. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-835. Investments of foreign insurers.
(a) The investments of a foreign or alien insurer shall be as permitted by the laws of its domicile but shall be of a quality substantially as high as those required under this subchapter for similar funds of like domestic insurers.
(b) For the purposes of this section, the domicile of an alien insurer shall be as provided in § 23-63-104.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-835
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 23-63-835. This identifies an authority to review, not proof of applicability.