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23-91-209. Conditions for issuing certificate of authority.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-91-209. Conditions for issuing certificate of authority.
(a) Upon receipt of an application for a certificate of authority, the Insurance Commissioner shall issue or deny a certificate pursuant to this subchapter within sixty (60) days of the application. This may be extended for an additional thirty (30) days by notice to the applicant prior to the expiration of the first sixty (60) days. A certificate of authority shall be issued upon payment of the application fee prescribed in § 23-91-225 if the commissioner is satisfied that the following conditions are met:
(1) The persons responsible for the conduct of the affairs of the applicant are competent, trustworthy, and of good reputation;
(2) The applicant has paid-in capital in an amount not less than one hundred thousand dollars ($100,000) and additional working capital or surplus funds in an amount deemed by the commissioner to be adequate in relation to the proposed plan of operation; and
(3) The applicant demonstrates the willingness and ability to assure that the promised benefits can be provided. In making this determination, the commissioner shall consider so far as applicable:
(A) Any agreements with lawyers or paralegal personnel for the provisions of legal services;
(B) The financial soundness of the applicant's arrangements for legal services and the schedule of rates proposed to be used in connection therewith;
(C) Any agreement with another person authorized under this subchapter, an insurer licensed under the general insurance laws to do business in this state, a reinsurer eligible under the laws or rules of this state to provide reinsurance, or an agency of the federal or state government for insuring the payment of the cost of legal services or the provision for automatic applicability
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-91-209
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:23-91-209
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: dbfec473bb5efd573383d075f107d7567f9e3723679511260fbbf56edee27527
Source location: content.xml paragraph 55297
Stored source content
23-91-209. Conditions for issuing certificate of authority.
(a) Upon receipt of an application for a certificate of authority, the Insurance Commissioner shall issue or deny a certificate pursuant to this subchapter within sixty (60) days of the application. This may be extended for an additional thirty (30) days by notice to the applicant prior to the expiration of the first sixty (60) days. A certificate of authority shall be issued upon payment of the application fee prescribed in § 23-91-225 if the commissioner is satisfied that the following conditions are met:
(1) The persons responsible for the conduct of the affairs of the applicant are competent, trustworthy, and of good reputation;
(2) The applicant has paid-in capital in an amount not less than one hundred thousand dollars ($100,000) and additional working capital or surplus funds in an amount deemed by the commissioner to be adequate in relation to the proposed plan of operation; and
(3) The applicant demonstrates the willingness and ability to assure that the promised benefits can be provided. In making this determination, the commissioner shall consider so far as applicable:
(A) Any agreements with lawyers or paralegal personnel for the provisions of legal services;
(B) The financial soundness of the applicant's arrangements for legal services and the schedule of rates proposed to be used in connection therewith;
(C) Any agreement with another person authorized under this subchapter, an insurer licensed under the general insurance laws to do business in this state, a reinsurer eligible under the laws or rules of this state to provide reinsurance, or an agency of the federal or state government for insuring the payment of the cost of legal services or the provision for automatic applicability of an alternative coverage in the event the insurer is unable to perform its obligation;
(D) Any deposit of securities, in kind and an amount determined to be appropriate by the commissioner, as a guarantee that the obligations to provide the promised benefits will be performed; and
(E) If the applicant is licensed as an insurer under other insurance laws, whether the applicant has complied with the requirements of those laws.
(b) A certificate of authority shall be issued in accordance with this subchapter and may be continued within the applicable provisions of § 23-63-211, but reference therein to § 23-63-216 and payment of taxes shall instead refer to the applicable provision of this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-211. Certificate of authority — Continuance, expiration, amendment, or surrender.
(a) Certificates of authority issued or renewed under the Arkansas Insurance Code shall continue in force as long as the insurer is entitled thereto under the Arkansas Insurance Code and until suspended, revoked, or otherwise terminated. However, they are subject to continuance of the certificate by the insurer each year by:
(1) Payment prior to April 15 of the continuation fee provided in § 23-61-401;
(2) Due filing by the insurer of its annual statement for the calendar year preceding as required under § 23-63-216; and
(3) Payment by the insurer of applicable taxes, fees, and assessments, as well as timely filing of supporting annual and quarterly statements and other required filings with respect to the preceding calendar year, as required under the Arkansas Insurance Code.
(b)(1) If not so continued by the insurer, its certificate of authority shall expire as of midnight on the April 30 next following the failure of the insurer so to continue it in force.
(2) If for any reason the insurer is not entitled to continuation of its certificate of authority, the Insurance Commissioner may refuse to continue the certificate, and the certificate of authority shall expire as stated in this subsection.
(3) The commissioner shall promptly notify the insurer of the occurrence of any failure or condition resulting in impending expiration of its certificate of authority.
(c) The commissioner may, in his or her discretion, reinstate a certificate of authority which the insurer has inadvertently permitted to expire, after the insurer has fully cured all its failures which resulted in the expiration, and upon payment by the insurer of the fee for reinstatement in the amount provid
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-211
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 23-63-211. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-216. Annual statement and other information.
(a)(1) Annually on or before March 1 or within an extension of time that the Insurance Commissioner for good cause may have granted, each authorized insurer shall file with the commissioner a full and true statement of its financial condition, transactions, and affairs as of the December 31 preceding.
(2) The statement shall be the appropriate and most recent National Association of Insurance Commissioners':
(A) “Annual Statement Blank For Life And Accident And Health”;
(B) “Property And Casualty Annual Statement Blank”;
(C) “Title Insurance Annual Statement Blank”;
(D) “Annual Statement Blank for Health” for use by hospital, medical, and dental service or indemnity corporations;
(E) “Fraternal Annual Statement Blank”;
(F) “Annual Statement Blank for Health” for health insurers or health maintenance organizations and others; or
(G) Other National Association of Insurance Commissioners' convention blank as appropriate.
(3) The statement shall be prepared in accordance with the most recent and appropriate companion National Association of Insurance Commissioners' “Annual and Quarterly Statement Instructions” and follow those accounting practices and procedures prescribed by the most recent and appropriate companion National Association of Insurance Commissioners' Accounting Practices and Procedures Manual.
(4) Arkansas domestic insurers shall file the statement with the commissioner in hard-copy format.
(5) Each authorized insurer shall file an audited financial statement on or before June 1 of each year.
(6) Authorized foreign and alien insurers complying with subsection (b) of this section are deemed to have satisfied the requirement to file the statement with the commissioner.
(7) The commis
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-216
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 23-63-216. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-91-225. Fees.
Every person subject to this subchapter shall pay to the Insurance Commissioner the fees required by the applicable and relevant provisions of § 23-61-401.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-91-225
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 23-91-225. This identifies an authority to review, not proof of applicability.