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23-75-122. Conversion to legal reserve mutual life insurer.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-75-122. Conversion to legal reserve mutual life insurer.
(a) A hospital and medical service corporation, as defined in § 23-75-101, may be converted to a legal reserve mutual life insurer, as defined in § 23-69-102, under a plan or procedure which shall be approved by the order of the Insurance Commissioner.
(b) The commissioner shall approve any such plan or procedure if he or she finds that the plan:
(1) Would not be contrary to law and would not be contrary to the interests of subscribers or contract holders or to the public;
(2) Has been approved by the corporation in accordance with its articles of incorporation, bylaws, and with the law;
(3) Provides for definite conditions to be fulfilled by a designated early date upon which the mutualization will be deemed effective; and
(4) Provides for the protection of all existing contractual rights of the corporation's subscribers or contract holders for medical and hospital service or case or claims for reimbursement therefor, and for the mutualizing insurer to assume, without reincorporation, all assets and liabilities of the corporation.
(c) Upon conversion, the corporation will have the minimum surplus required of legal reserve mutual life insurers.
(d) Upon completion of its conversion to a legal reserve mutual life insurer as provided in this section, the corporation shall be subject to and comply with all laws and rules applicable to legal reserve mutual life insurers.
(e) The corporation shall have the period of time which shall be specified in the commissioner's order to complete its conversion to a legal reserve mutual life insurer.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-75-122
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:23-75-122
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6266f7c6fce2b71fc7d39dd114624ed3798c64136f8c61d471cfc705916463a7
Source location: content.xml paragraph 43432
Stored source content
23-75-122. Conversion to legal reserve mutual life insurer.
(a) A hospital and medical service corporation, as defined in § 23-75-101, may be converted to a legal reserve mutual life insurer, as defined in § 23-69-102, under a plan or procedure which shall be approved by the order of the Insurance Commissioner.
(b) The commissioner shall approve any such plan or procedure if he or she finds that the plan:
(1) Would not be contrary to law and would not be contrary to the interests of subscribers or contract holders or to the public;
(2) Has been approved by the corporation in accordance with its articles of incorporation, bylaws, and with the law;
(3) Provides for definite conditions to be fulfilled by a designated early date upon which the mutualization will be deemed effective; and
(4) Provides for the protection of all existing contractual rights of the corporation's subscribers or contract holders for medical and hospital service or case or claims for reimbursement therefor, and for the mutualizing insurer to assume, without reincorporation, all assets and liabilities of the corporation.
(c) Upon conversion, the corporation will have the minimum surplus required of legal reserve mutual life insurers.
(d) Upon completion of its conversion to a legal reserve mutual life insurer as provided in this section, the corporation shall be subject to and comply with all laws and rules applicable to legal reserve mutual life insurers.
(e) The corporation shall have the period of time which shall be specified in the commissioner's order to complete its conversion to a legal reserve mutual life insurer.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-102. Definitions.
As used in §§ 23-69-101 — 23-69-103, 23-69-105 — 23-69-141, 23-69-143, and 23-69-149 — 23-69-156, unless the context otherwise requires:
(1) A “stock” insurer is an incorporated insurer with capital divided into shares and owned by its stockholders;
(2) A “mutual” insurer is an incorporated insurer without permanent capital stock and the governing body of which is elected as provided in §§ 23-69-101 — 23-69-103, 23-69-105 — 23-69-141, 23-69-143, and 23-69-149 — 23-69-156.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-69-102
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 23-69-102. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-75-101. Definition.
(a) As used in this chapter, “hospital service corporations”, “medical service corporations”, and “hospital and medical service corporations” are corporations organized under the laws of this state for the purpose of establishing, maintaining, and operating nonprofit hospital service or medical service plans, or combination of plans, whereby hospital, medical, and related services may be provided by hospitals, physicians, or others with which the corporations have contracted for the purposes, to such of the public as become subscribers to the corporations under contracts which entitle each subscriber to certain hospital or medical services or benefits, or both.
(b) This section shall not be deemed to prohibit issuance, by corporations so authorized as of immediately prior to January 1, 1960, of contracts providing for the payment of cash indemnities for hospital, medical, or related services instead of providing for hospital or medical benefits on a service basis or from issuing contracts providing for a combination of indemnity and service benefits.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-75-101
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 23-75-101. This identifies an authority to review, not proof of applicability.