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23-79-162. Notice of renewal in affiliate or subsidiary.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-79-162. Notice of renewal in affiliate or subsidiary.
(a) This section applies to all forms of property and casualty insurance written under this subchapter.
(b) A notice of nonrenewal is not required if:
(1) The insured is transferred from an insurer to an affiliate insurer for future coverage; and
(2) The transfer results in substantially similar or broader coverage to the insured.
(c)(1) Notice of a renewal in an affiliate or subsidiary shall be provided to a policyholder according to the renewal notice requirements applicable to the type or kind of policy being renewed.
(2) The notice of renewal in an affiliate or subsidiary described in subdivision (c)(1) of this section shall state:
(A) The reason for the change to the affiliate or subsidiary;
(B) That coverage shall be provided by the affiliate or subsidiary unless the policyholder chooses to pursue coverage with an insurer outside the group of affiliated insurers; and
(C) The relevant information about changes to the policy's deductible, provisions, and amount of premium.
(d) At least ninety (90) days in advance of mailing the notice of renewal in an affiliate or subsidiary to its policyholders, an insurer shall notify the Insurance Commissioner of its intention to renew policies in bulk in an affiliate or subsidiary and provide the commissioner with a copy of the notice to policyholders.
(e) This section does not repeal or supersede any requirements of the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., including without limitation the provisions of § 23-63-515 that are applicable to material transactions between an insurer and an insurer's affiliates.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-79-162
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:23-79-162
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: eadf366d7576353729eed57a099f6ff219c5f5f00871299ed92405b7c6a3825b
Source location: content.xml paragraph 45968
Stored source content
23-79-162. Notice of renewal in affiliate or subsidiary.
(a) This section applies to all forms of property and casualty insurance written under this subchapter.
(b) A notice of nonrenewal is not required if:
(1) The insured is transferred from an insurer to an affiliate insurer for future coverage; and
(2) The transfer results in substantially similar or broader coverage to the insured.
(c)(1) Notice of a renewal in an affiliate or subsidiary shall be provided to a policyholder according to the renewal notice requirements applicable to the type or kind of policy being renewed.
(2) The notice of renewal in an affiliate or subsidiary described in subdivision (c)(1) of this section shall state:
(A) The reason for the change to the affiliate or subsidiary;
(B) That coverage shall be provided by the affiliate or subsidiary unless the policyholder chooses to pursue coverage with an insurer outside the group of affiliated insurers; and
(C) The relevant information about changes to the policy's deductible, provisions, and amount of premium.
(d) At least ninety (90) days in advance of mailing the notice of renewal in an affiliate or subsidiary to its policyholders, an insurer shall notify the Insurance Commissioner of its intention to renew policies in bulk in an affiliate or subsidiary and provide the commissioner with a copy of the notice to policyholders.
(e) This section does not repeal or supersede any requirements of the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., including without limitation the provisions of § 23-63-515 that are applicable to material transactions between an insurer and an insurer's affiliates.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-501. Title.
This subchapter may be cited as the “Insurance Holding Company Regulatory Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-501
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 23-63-501. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-515. Standards — Definition.
(a)(1) Material transactions by insurers registered with the Insurance Commissioner under § 23-63-514 with their affiliates shall be subject to the following standards:
(A) The terms shall be fair and reasonable;
(B) The books, accounts, and records of every party shall be so maintained as to clearly and accurately disclose the precise nature and details of the transactions, including such accounting information as is necessary to support the reasonableness of the charges or fees to the respective parties;
(C) The insurer's surplus as regards policyholders following any dividends or distributions to shareholder affiliates shall be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs;
(D) The charges or fees for services performed shall be reasonable;
(E) The expenses incurred and payment received shall be allocated to the insurer in conformity with customary insurance accounting practices consistently applied; and
(F) The commissioner by rule may establish additional requirements for a cost-sharing service agreement or a management agreement.
(2)(A) A domestic insurer subject to this subchapter and a person in its holding company system may not enter into a transaction, as described in subdivision (a)(2)(B) of this section, unless the insurer notifies the commissioner in writing of its intention at least thirty (30) days before, or less, as the commissioner may permit, and the commissioner does not disapprove of the transaction within such a period.
(B) A transaction that requires prior notice to the commissioner by a domestic insurer includes:
(i) Sales, purchases, exchanges, loans or extensions of credit, guarantees, or investments, provided the transactions are equal
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-515
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 23-63-515. This identifies an authority to review, not proof of applicability.