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23-89-301. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-89-301. Definitions.
As used in this subchapter:
(1) “Automobile collision coverage” includes all coverage of loss or damage to an automobile insured under the policy resulting from collision or upset;
(2) “Automobile liability coverage” includes only coverage of bodily injury and property damage liability, medical payments, and uninsured motorists coverage;
(3) “Automobile physical damage coverage” includes all coverage of loss or damage to an automobile insured under the policy except loss or damage resulting from collision or upset;
(4) “Nonpayment of premium” means failure of the named insured to discharge when due any of his or her obligations in connection with the payment of premiums on a policy, or any installment of the premium, whether the premium is payable directly to the insurer or its agent or indirectly under any premium finance plan or extension of credit;
(5) “Policy” means an automobile liability, automobile physical damage, or automobile collision policy, or any combination thereof, delivered or issued for delivery in this state; and
(6)(A) “Renewal” or “to renew” means the issuance and delivery by an insurer of a:
(i) Policy superseding a policy previously issued and delivered by:
(a) The same insurer; or
(b) An affiliate or subsidiary, as defined in § 23-63-503, that has a financial strength rating that is:
(1) Issued by an industry-recognized independent insurance rating company; and
(2) At least as good as the insurer issuing the superseded policy; or
(ii) Certificate or notice extending the term of a policy beyond its policy period or term.
(B) However, for the purposes of this subchapter:
(i) Any policy with a policy period or term of less than six (6) months shall be considered as if written for a policy period o
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-89-301
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:23-89-301
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1b44744673861c0a78676e40feeeb1408b6c253c59a3b50e65bc2dd28fa22c6b
Source location: content.xml paragraph 54197
Stored source content
23-89-301. Definitions.
As used in this subchapter:
(1) “Automobile collision coverage” includes all coverage of loss or damage to an automobile insured under the policy resulting from collision or upset;
(2) “Automobile liability coverage” includes only coverage of bodily injury and property damage liability, medical payments, and uninsured motorists coverage;
(3) “Automobile physical damage coverage” includes all coverage of loss or damage to an automobile insured under the policy except loss or damage resulting from collision or upset;
(4) “Nonpayment of premium” means failure of the named insured to discharge when due any of his or her obligations in connection with the payment of premiums on a policy, or any installment of the premium, whether the premium is payable directly to the insurer or its agent or indirectly under any premium finance plan or extension of credit;
(5) “Policy” means an automobile liability, automobile physical damage, or automobile collision policy, or any combination thereof, delivered or issued for delivery in this state; and
(6)(A) “Renewal” or “to renew” means the issuance and delivery by an insurer of a:
(i) Policy superseding a policy previously issued and delivered by:
(a) The same insurer; or
(b) An affiliate or subsidiary, as defined in § 23-63-503, that has a financial strength rating that is:
(1) Issued by an industry-recognized independent insurance rating company; and
(2) At least as good as the insurer issuing the superseded policy; or
(ii) Certificate or notice extending the term of a policy beyond its policy period or term.
(B) However, for the purposes of this subchapter:
(i) Any policy with a policy period or term of less than six (6) months shall be considered as if written for a policy period or term of six (6) months; and
(ii) Any policy written for a term longer than one (1) year or any policy with no fixed expiration date shall be considered as if written for successive policy periods or terms of one (1) year, and the policy may be terminated at the expiration of any annual period upon giving twenty (20) days' notice of cancellation prior to the anniversary date. This cancellation shall not be subject to any other provisions of this subchapter.
(C) 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
23-63-503. Definitions.
As used in this subchapter:
(1) “Affiliate” of or person “affiliated” with a specific person means a person that directly or indirectly through one (1) or more intermediaries controls, is controlled by, or is under common control with the person specified;
(2)(A) “Control” or “controlling” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person unless the power is due to an official position or corporate office:
(i) Through the ownership of voting securities;
(ii) By contract other than a commercial contract for goods or nonmanagement services; or
(iii) Otherwise.
(B)(i) Control is presumed to exist if a person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing ten percent (10%) or more of the voting securities of another person.
(ii) This presumption may be rebutted by a showing that control does not exist in fact.
(C) After furnishing notice to the persons and the opportunity to be heard, the Insurance Commissioner may determine that control exists in fact, notwithstanding the absence of a presumption to that effect;
(3)(A) “Enterprise risk” means any activity, circumstance, event, or series of events involving at least one (1) affiliate of an insurer that, if not remedied, are likely to have a material adverse effect on the financial condition or liquidity of the insurer or the insurer's insurance holding company as a whole.
(B) “Enterprise risk” includes without limitation any action that may cause:
(i) An insurer's risk-based capital to fall into company action level under:
(a) The Risk-Based Capital Act, § 23-63-1301 et seq.; and
(b) Section 23-63-1501 et seq.; or
(ii) An insurer to be in a ha
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-503
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 23-63-503. 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.