§ 23-63-501. Title
This subchapter may be cited as the “Insurance Holding Company Regulatory Act”.
§ 23-63-502. Legislative findings
(a) (1) It is found and declared that it may not be inconsistent with the public interest and the interest of policyholders and shareholders to permit insurers to: (A) Engage in activities which would enable them to make better use of management skills and facilities; (B) Diversify into new lines of business through acquisition or […]
§ 23-63-503. Definitions
As used in this subchapter: (1) “Affiliate” of or person “affiliated” with a specific person means a person that directly or indirectly through one (1) or more intermediaries controls, is controlled by, or is under common control with the person specified; (2) (A) “Control” or “controlling” means the direct or indirect possession of the power […]
§ 23-63-505. Subsidiaries of insurer
(a) Authorization. Any domestic insurer, subject to this subchapter, either by itself or in cooperation with one (1) or more persons, may organize or acquire one (1) or more subsidiaries. (b) Qualification of Investment — When Determined. Whether any investment pursuant to subsection (a) of this section meets the applicable requirements thereof is to be […]
§ 23-63-506. Control of or merger with domestic insurer — Filing requirements — Definition
(a) (1) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insurer if, after the consummation thereof, the […]
§ 23-63-507. Control of or merger with domestic insurer — Exceptions
The provisions of §§ 23-63-506 — 23-63-513 shall not apply to: (1) Any offers, requests, invitations, agreements, or acquisitions by the person referred to in § 23-63-506 of any voting security referred to in that section which, immediately prior to the consummation of the offer, request, invitation, agreement, or acquisition, was not issued and outstanding […]
§ 23-63-508. Control of or merger with domestic insurer — Content of statement
(a) The statement to be filed with the Insurance Commissioner pursuant to this section shall be made under oath or affirmation and shall contain the following information: (1) The name and address of each person by whom or on whose behalf the merger or other acquisition of control referred to in § 23-63-506 is to […]
§ 23-63-509. Control of or merger with domestic insurer — Alternative filing materials
If any offer, request, invitation, agreement, or acquisition referred to in § 23-63-506 is proposed to be made by means of a registration statement under the Securities Act of 1933 or in circumstances requiring the disclosure of similar information under the Securities Exchange Act of 1934 or under a state law requiring similar registration or […]
§ 23-63-510. Control of or merger with domestic insurer — Approval by commissioner — Hearing
(a) The Insurance Commissioner shall approve any merger or other acquisition of control referred to in § 23-63-506 unless, after a public hearing thereon, he or she finds that: (1) After change of control, the domestic insurer referred to in § 23-63-506 would not be able to satisfy the requirements for the issuance of a […]
§ 23-63-511. Control of or merger with domestic insurer — Mailings
(a) All statements, amendments, or other materials filed pursuant to § 23-63-506 or § 23-63-508 and all notices of public hearings held pursuant to § 23-63-510 shall be mailed by the insurer to its shareholders within five (5) business days after the insurer has received the statements, amendments, other material, or notices. (b) The expenses […]
§ 23-63-512. Control of or merger with domestic insurer — Jurisdiction of courts — Service of process
(a) The courts of this state are vested with jurisdiction over every person not resident, domiciled, or authorized to do business in this state who files a statement with the Insurance Commissioner under §§ 23-63-506 — 23-63-513 and over all actions involving that person arising out of violations of §§ 23-63-506 — 23-63-513. (b) (1) […]
§ 23-63-513. Control of or merger with domestic insurer — Violations
The following shall be violations of §§ 23-63-506 — 23-63-513: (1) The failure to file any statement, amendment, or other materials required to be filed pursuant to § 23-63-506 or § 23-63-508; or (2) The effectuation or any attempt to effectuate an acquisition of control of, or merger with, a domestic insurer unless the Insurance […]
§ 23-63-514. Registration of insurers
(a) Registration. Every insurer that is authorized to do business in this state and that is a member of an insurance holding company system shall register with the Insurance Commissioner, except: (1) A foreign insurer subject to disclosure requirements and standards adopted by code, statute, or regulation in the jurisdiction of its domicile that are […]
§ 23-63-515. Standards — Definition
(a) (1) Material transactions by insurers registered with the Insurance Commissioner under § 23-63-514 with their affiliates shall be subject to the following standards: (A) The terms shall be fair and reasonable; (B) The books, accounts, and records of every party shall be so maintained as to clearly and accurately disclose the precise nature and […]
§ 23-63-516. Examination
(a) Power of Insurance Commissioner. Subject to the limitation contained in this section and in addition to the powers of the Insurance Commissioner under § 23-61-101 et seq., § 23-61-201 et seq., and § 23-61-301 et seq. to examine insurers, the commissioner may examine an insurer registered under § 23-63-514 and the insurer’s affiliates to […]
§ 23-63-517. Confidential treatment
(a) (1) All information and documents obtained by or disclosed to the Insurance Commissioner or any other person in the course of an examination or investigation made under § 23-63-516 and all information reported under §§ 23-63-514 and 23-63-515 shall be given confidential treatment and shall not be subject to subpoena or discovery or admissible […]
§ 23-63-518. Rules
After compliance with §§ 23-61-108 and 23-61-304 of the Arkansas Insurance Code, the Insurance Commissioner may issue such rules and orders as shall be necessary to carry out the provisions of this subchapter.
§ 23-63-519. Judicial review — Mandamus
(a) (1) Any person aggrieved by any act, determination, rule, regulation, order, or any other action of the Insurance Commissioner pursuant to this subchapter may appeal therefrom to the Pulaski County Circuit Court. (2) The court shall conduct its review without a jury and by trial de novo, except that, if all parties including the […]
§ 23-63-520. Voting of securities
(a) When Prohibited. (1) No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of the provisions of this subchapter or of any rule or order issued by the Insurance Commissioner pursuant to this subchapter may be voted at any shareholders’ meeting, […]
§ 23-63-521. Injunctions
Whenever it appears to the Insurance Commissioner that any insurer or any director, officer, employee, or agent of an insurer has committed or is about to commit a violation of this subchapter or of any rule or order issued by the commissioner pursuant to it, the commissioner may apply to the Pulaski County Circuit Court […]