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23-96-112. Insolvent insurers.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-96-112. Insolvent insurers.
(a) If a member insurer is an insolvent insurer, the Arkansas Life and Health Insurance Guaranty Association, in its discretion, shall:
(1) Do both of the following:
(A) Guarantee, assume, reissue, or reinsure, or cause to be guaranteed, assumed, reissued, or reinsured, the policies or contracts of the insolvent insurer or assure payment of the contractual obligations of the insolvent insurer; and
(B) Provide the moneys, pledges, loans, notes, guarantees, or other means as are reasonably necessary to discharge such duties; or
(2) Provide benefits and coverages in accordance with § 23-96-113.
(b)(1) All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed sixty (60) days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the association on any matters germane to its powers or duties.
(2) As to judgment under any decision, order, verdict, or finding based on default, the association may apply to have the judgment set aside by the same court that made the judgment and shall be permitted to defend against the suit on the merits.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-96-112
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:23-96-112
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 219ab119adb9f5f9a15cfe9e30fb0c918a52a01f413f08681187ba63cc893793
Source location: content.xml paragraph 57510
Stored source content
23-96-112. Insolvent insurers.
(a) If a member insurer is an insolvent insurer, the Arkansas Life and Health Insurance Guaranty Association, in its discretion, shall:
(1) Do both of the following:
(A) Guarantee, assume, reissue, or reinsure, or cause to be guaranteed, assumed, reissued, or reinsured, the policies or contracts of the insolvent insurer or assure payment of the contractual obligations of the insolvent insurer; and
(B) Provide the moneys, pledges, loans, notes, guarantees, or other means as are reasonably necessary to discharge such duties; or
(2) Provide benefits and coverages in accordance with § 23-96-113.
(b)(1) All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed sixty (60) days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the association on any matters germane to its powers or duties.
(2) As to judgment under any decision, order, verdict, or finding based on default, the association may apply to have the judgment set aside by the same court that made the judgment and shall be permitted to defend against the suit on the merits.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-96-113. Authority of association when proceeding under § 23-96-111 or § 23-96-112.
(a)(1) When proceeding under § 23-96-111 or § 23-96-112(a)(2), the Arkansas Life and Health Insurance Guaranty Association shall:
(A) With respect to policies and contracts, assure payment of benefits that would have been payable under the policies or contracts of the insolvent insurer, for claims incurred:
(i) With respect to group policies and contracts, not later than the earlier of the next renewal date under the policies or contracts or forty-five (45) days, but in no event less than thirty (30) days, after the date on which the association becomes obligated with respect to the policies and contracts; and
(ii) With respect to nongroup policies, contracts, and annuities, not later than the earlier of the next renewal date, if any, under the policies or contracts, or one (1) year, but in no event less than thirty (30) days, from the date on which the association becomes obligated with respect to the policies or contracts;
(B) Make diligent efforts to provide all known insureds, enrollees, or annuitants, for nongroup policies and contracts, or group policy or contract owners with respect to group policies and contracts thirty (30) days' notice of the termination, under this subdivision (a)(1), of the benefits provided; and
(C) With respect to nongroup policies and contracts covered by the association, make available to each known insured, enrollee, or annuitant, or owner if other than the insured or annuitant, and with respect to an individual formerly an insured, enrollee, or annuitant under a group policy or contract who is not eligible for replacement group coverage, make available substitute coverage on an individual basis according to subdivision (a)(2)(A) of this se
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-96-113
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 23-96-113. This identifies an authority to review, not proof of applicability.