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23-90-118. Issuance of new or renewal policies.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-90-118. Issuance of new or renewal policies.
(a) An insolvent insurer placed in receivership for which assessments have been made under the provisions of this chapter shall not be authorized, upon release from receivership, to issue new or renewal insurance policies until such time as the insolvent insurer has repaid in full the entire amount advanced to it from the assessment fund set out in § 23-90-114. However, upon application of the Arkansas Property and Casualty Advisory Association and after a hearing, the Insurance Commissioner may permit the issuance of new policies in accordance with a plan of operations by the released insurer for repayment of the advances.
(b) In approving the plan, the commissioner may place such restrictions upon the issuance of new or renewal policies as the commissioner deems necessary to the implementation of the plan.
(c) The commissioner shall give ten (10) days' notice of the hearing to the insurers to whom the participation receipts were issued for an assessment made for the benefit of the released insurer. The holders of the receipts shall be entitled to appear at and participate in the hearing.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-90-118
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:23-90-118
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3d24b8c99959b1b87a5c9e2cdf42dab84b6522843154b94970998f80eac3e557
Source location: content.xml paragraph 55136
Stored source content
23-90-118. Issuance of new or renewal policies.
(a) An insolvent insurer placed in receivership for which assessments have been made under the provisions of this chapter shall not be authorized, upon release from receivership, to issue new or renewal insurance policies until such time as the insolvent insurer has repaid in full the entire amount advanced to it from the assessment fund set out in § 23-90-114. However, upon application of the Arkansas Property and Casualty Advisory Association and after a hearing, the Insurance Commissioner may permit the issuance of new policies in accordance with a plan of operations by the released insurer for repayment of the advances.
(b) In approving the plan, the commissioner may place such restrictions upon the issuance of new or renewal policies as the commissioner deems necessary to the implementation of the plan.
(c) The commissioner shall give ten (10) days' notice of the hearing to the insurers to whom the participation receipts were issued for an assessment made for the benefit of the released insurer. The holders of the receipts shall be entitled to appear at and participate in the hearing.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-90-114. Accounting for and repayment of assessments.
(a)(1) Upon receipt from an insurer of payment of an assessment or partial assessment, the receiver shall provide the insurer with a participation receipt which shall create a liability against the assessment fund maintained by the Insurance Commissioner.
(2) The assessment fund from which an advance is made to an insolvent insurer for the payment of covered claims shall be regarded as a general creditor of the insolvent insurer for the amount of funds so advanced, provided that, with reference to the remaining balance of any advances received by the receiver and not expended in payment of covered claims, the claim of the assessment fund shall have preference over other general creditors.
(3) The receiver of any insolvent insurer shall adopt accounting procedures reflecting the expenditure and use of all funds received from the assessment fund and shall make a final report of the expenditure and use of these funds to the commissioner. This final report shall set forth the remaining balance, if any, from the moneys advanced from the assessment fund.
(4) The receiver shall also make any interim reports concerning the accounting and that may be required by the commissioner.
(5) Upon completion of the final report and as soon after completion as is practicable, the receiver shall refund the remaining balance of the advances to the assessment fund.
(b) Should the commissioner at any time determine that there exist moneys in the assessment fund in excess of those reasonably necessary for efficient future operation under the terms of this chapter, the commissioner shall cause the excess moneys to be returned pro rata to the holders of any participation receipts on which there is a balance outstanding after ded
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-90-114
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 23-90-114. This identifies an authority to review, not proof of applicability.