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8-7-810. Insurance pools.
Arkansas Code — all titles (historical 2020) · legal_authorities
8-7-810. Insurance pools.
(a) Owners or operators of storage tanks who are unable to demonstrate financial responsibility in the minimum amounts specified by the Division of Environmental Quality may establish an insurance pool in order to demonstrate such financial responsibility.
(b)(1) The formation and operation of an insurance pool under this section shall be subject to approval by the Insurance Commissioner, who shall, after notice and hearing, establish through rules a method for approval and monitoring of such insurance pools.
(2) Such rules may include:
(A) Provisions for periodic examinations of financial condition, including inspection of books, papers, accounts, and affairs of the plan;
(B) Conditions for participation in the plan;
(C) Minimum amounts of cash reserves and insurance coverage to be acquired;
(D) Requirements for sound management of the plan;
(E) Grounds for suspension or withdrawal of approval of the plan; and
(F) Grounds for termination of the plan.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 8-7-810
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:8-7-810
Source file: gov.ar.code.title.08.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 47d32c3269e46001955fef7a382fe47881fd0eed13d80aabdeea8489207e25eb
Source location: content.xml paragraph 8131
Stored source content
8-7-810. Insurance pools.
(a) Owners or operators of storage tanks who are unable to demonstrate financial responsibility in the minimum amounts specified by the Division of Environmental Quality may establish an insurance pool in order to demonstrate such financial responsibility.
(b)(1) The formation and operation of an insurance pool under this section shall be subject to approval by the Insurance Commissioner, who shall, after notice and hearing, establish through rules a method for approval and monitoring of such insurance pools.
(2) Such rules may include:
(A) Provisions for periodic examinations of financial condition, including inspection of books, papers, accounts, and affairs of the plan;
(B) Conditions for participation in the plan;
(C) Minimum amounts of cash reserves and insurance coverage to be acquired;
(D) Requirements for sound management of the plan;
(E) Grounds for suspension or withdrawal of approval of the plan; and
(F) Grounds for termination of the plan.
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