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23-83-106. Association groups.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-83-106. Association groups.
(a) A policy can be issued to an association or to a trust or to the trustee or trustees of a fund established, created, or maintained for the benefit of members of one (1) or more associations.
(b) The association shall have:
(1) At the outset a minimum of one hundred (100) persons;
(2) Been organized and maintained in good faith for purposes other than that of obtaining insurance;
(3) Been in active existence for at least two (2) years; and
(4) A constitution and bylaws which provide that:
(A) The association hold regular meetings not less than annually to further purposes of members;
(B) Except for credit unions, the association collect dues or solicit contributions from members; and
(C) The members have voting privileges and representation on the governing board and committees.
(c) The policy shall be subject to the following requirements:
(1) The policy may insure members of the association, employees thereof, or employees of members, or one (1) or more of the preceding or all of any classes thereof for the benefit of persons other than the employee's employer;
(2) The premium for the policy shall be paid from funds contributed by the association or by employer members, or by both, or from funds contributed by the covered persons or from both the covered persons and the association or employer members;
(3) Except as provided in subdivision (c)(5) of this section, a policy on which no part of the premium is to be derived from funds contributed by the covered persons specifically for their insurance must insure all eligible persons, except those who reject the coverage in writing;
(4) The Insurance Commissioner may issue regulations setting forth the disclosure requirements if a part or all of the premium for
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-83-106
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:23-83-106
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 777395b0b4b7e758b3777cf51d2bc4c66cc26418a3494f4bbf1526d3b3d0d1a0
Source location: content.xml paragraph 50421
Stored source content
23-83-106. Association groups.
(a) A policy can be issued to an association or to a trust or to the trustee or trustees of a fund established, created, or maintained for the benefit of members of one (1) or more associations.
(b) The association shall have:
(1) At the outset a minimum of one hundred (100) persons;
(2) Been organized and maintained in good faith for purposes other than that of obtaining insurance;
(3) Been in active existence for at least two (2) years; and
(4) A constitution and bylaws which provide that:
(A) The association hold regular meetings not less than annually to further purposes of members;
(B) Except for credit unions, the association collect dues or solicit contributions from members; and
(C) The members have voting privileges and representation on the governing board and committees.
(c) The policy shall be subject to the following requirements:
(1) The policy may insure members of the association, employees thereof, or employees of members, or one (1) or more of the preceding or all of any classes thereof for the benefit of persons other than the employee's employer;
(2) The premium for the policy shall be paid from funds contributed by the association or by employer members, or by both, or from funds contributed by the covered persons or from both the covered persons and the association or employer members;
(3) Except as provided in subdivision (c)(5) of this section, a policy on which no part of the premium is to be derived from funds contributed by the covered persons specifically for their insurance must insure all eligible persons, except those who reject the coverage in writing;
(4) The Insurance Commissioner may issue regulations setting forth the disclosure requirements if a part or all of the premium for a policy issued under this section is derived from funds contributed by the covered persons for their insurance and if any compensation, including, but not limited to, dividends, premiums refunds, or retroactive rate adjustments, is received, directly or indirectly, by the policyholder, including participating associations of a trust; and
(5) An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
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