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23-96-102. Purpose.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-96-102. Purpose.
(a) The purpose of this chapter is to protect, subject to certain limitations, the persons specified in § 23-96-107(a) against failure in the performance of contractual obligations under life and health and annuity policies, plans, or contracts specified in § 23-96-107(b) because of the impairment or insolvency of the member insurer that issued the policies, plans, or contracts.
(b) To provide this protection, an association of member insurers is created to pay benefits and to continue coverages as limited in this chapter, and members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-96-102
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:23-96-102
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: cd2143b2c29d5b791f95b8fb1fdfb4743728361ae054c17372000b9cf175e108
Source location: content.xml paragraph 57180
Stored source content
23-96-102. Purpose.
(a) The purpose of this chapter is to protect, subject to certain limitations, the persons specified in § 23-96-107(a) against failure in the performance of contractual obligations under life and health and annuity policies, plans, or contracts specified in § 23-96-107(b) because of the impairment or insolvency of the member insurer that issued the policies, plans, or contracts.
(b) To provide this protection, an association of member insurers is created to pay benefits and to continue coverages as limited in this chapter, and members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-96-107. Coverage.
(a) This chapter shall provide coverage for the policies and contracts specified in subsection (b) of this section to:
(1) Persons who, regardless of where they reside, except for nonresident certificate holders under group policies or contracts, are the beneficiaries, assignees, or payees, including healthcare providers rendering services covered under health insurance policies or certificates of the persons covered under subdivision (a)(2) of this section;
(2) Persons who are owners of or certificate holders or enrollees under such policies or contracts, other than unallocated annuity contracts and structured settlement annuities, and in each case who:
(A) Are residents; or
(B) Are not residents, but only under all of the following conditions:
(i) The member insurer that issued the policies or contracts is domiciled in this state;
(ii) The states in which the persons reside have associations similar to the Arkansas Life and Health Insurance Guaranty Association created by this chapter; and
(iii) The persons are not eligible for coverage by an association in any other state because the insurer or the health maintenance organization was not licensed in the state at the time specified in the state's guaranty association law;
(3) For unallocated annuity contracts specified in subsection (b) of this section, subdivisions (a)(1) and (2) of this section shall not apply, and except as provided in subdivisions (a)(5) and (6) of this section, this chapter shall provide coverage to:
(A) Persons who are the owners of the unallocated annuity contracts if the unallocated annuity contracts are issued to or in connection with a specific benefit plan whose plan sponsor has its principal place of business in this state; and
(B) Persons who are
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-96-107
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 23-96-107. This identifies an authority to review, not proof of applicability.