§ 23-69-323. Construction
This subchapter is intended to supplement the Arkansas Insurance Code. Further, this subchapter is not intended to and shall not be construed to conflict with existing sections of the Arkansas Insurance Code, including, but not limited to, §§ 23-69-141, 23-70-123, 23-72-119, 23-73-117, 23-75-122, or other applicable sections of the Arkansas Insurance Code.
§ 23-69-308. Approval of reorganization plan by policyholders
(a) (1) Within forty-five (45) days after the date of the Insurance Commissioner’s approval of a plan of reorganization under § 23-69-307, unless extended by the commissioner for good cause, the mutual insurer shall hold a meeting of its policyholders at a reasonable time and place to vote upon the plan of reorganization. (2) The […]
§ 23-69-401. Title
This subchapter shall be known and may be cited as the “Risk Management and Own Risk Assessment Act”.
§ 23-69-309. Issuance of certificate
(a) The Insurance Commissioner shall issue a certificate of authority to a reorganized stock insurer when the mutual insurer files with the commissioner a: (1) Certificate stating that all of the conditions set forth in the plan of reorganization have been satisfied, so long as the board of directors of the mutual insurer has not […]
§ 23-69-310. Appeal of final order
Any person affected by a final order issued under this subchapter shall have the right to appeal the order to the Pulaski County Circuit Court. The appeal shall be in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.
§ 23-69-311. Continuation of corporate existence
Corporate existence of a mutual insurer reorganizing under this subchapter shall not terminate, but the reorganized stock insurer shall be deemed to be a continuation of the mutual insurer and to have been organized on the date the mutual insurer was originally organized.
§ 23-69-312. Abandonment of reorganization plan
By not less than a two-thirds (2/3) vote of the members of its board of directors and with the approval of the Insurance Commissioner, a mutual insurer may abandon a plan of reorganization at any time before the issuance of the certificate of authority by the commissioner. Upon such abandonment, all rights and obligations arising […]
§ 23-69-313. Mergers and acquisitions
(a) Subject to applicable requirements of this subchapter and the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., a mutual insurance holding company may: (1) Merge or consolidate with, or acquire the assets of, a mutual insurance holding company licensed under this subchapter or any similar entity organized under laws of any other state; […]
§ 23-69-314. Membership in a mutual insurance holding company
A membership interest in a mutual insurance holding company does not constitute a security under the laws of this state.
§ 23-69-315. Annual statements
A mutual insurance holding company shall: (1) File with the Insurance Commissioner by March 1 of each year an annual statement consisting of an income statement, balance sheet, and cash flows prepared in accordance with generally accepted accounting practices and a confidential statement disclosing any intention to pledge, borrow against, alienate, hypothecate, or in any […]