§ 23-69-320. Disclosure of confidential information
All information, documents, and copies obtained by or disclosed to the Insurance Commissioner or any other person in the course of preparing, filing, and processing an application to reorganize under § 23-69-305, other than information or documents distributed to policyholders in connection with the meeting of policyholders under § 23-69-308, or filed or submitted as […]
§ 23-69-305. Filing of proposed reorganization plan
A domestic mutual insurer shall file a proposed plan of reorganization approved by a vote of not less than two-thirds (2/3) of the members of its board of directors for review and approval with the Insurance Commissioner. The proposed plan of reorganization shall be accompanied by a nonrefundable fee of one thousand dollars ($1,000). A […]
§ 23-69-321. Injunctive orders
Whenever it appears to the Insurance Commissioner that any person or any director, officer, employee, or agent of the person has committed or is about to commit a violation of this subchapter or of any rule or order of the commissioner, the commissioner may apply to the Pulaski County Circuit Court for an order enjoining […]
§ 23-69-306. Hearings on proposed reorganization plan
The Insurance Commissioner shall conduct a public hearing regarding a proposed plan of reorganization within one hundred twenty (120) days after the date the completed proposed plan of reorganization is filed under § 23-69-305, unless extended by the commissioner for good cause. Any interested person may appear or otherwise be heard at the public hearing. […]
§ 23-69-322. Promulgation of rules
The Insurance Commissioner may adopt and promulgate rules and issue orders to carry out this subchapter.
§ 23-69-307. Approval of proposed reorganization plan
(a) The Insurance Commissioner shall issue an order approving or disapproving a proposed plan of reorganization within thirty (30) days after the close of the public hearing as required by § 23-69-306. (b) The commissioner shall not approve a proposed plan of reorganization unless he or she finds that: (1) The plan of reorganization is […]
§ 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 […]
§ 23-69-309. 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.