§ 23-73-101. Definition
As used in this chapter, unless the context otherwise requires, “farmer” means a farm tenant or any person who owns or cultivates or superintends the cultivation of a farm.
§ 23-73-102. Scope
(a) This chapter applies only to domestic farmers’ mutual aid companies and associations. (b) Nothing in the insurance laws of this state shall be deemed to apply to or govern either directly or indirectly farmers’ mutual aid companies or associations except as contained in or referred to in this chapter.
§ 23-73-103. Associations existing as of January 1, 1960
Any company or association lawfully organized and existing and lawfully doing business and insuring property as a farmers’ mutual aid association or company as of January 1, 1960, is not required to reorganize or comply with the provisions of this chapter applicable to organization of a farmers’ mutual aid association or company.
§ 23-73-104. Other provisions applicable
In addition to the provisions of this chapter, farmers’ mutual aid companies or associations shall also be subject to the following chapters and provisions of the Arkansas Insurance Code to the extent so applicable: (1) Sections 23-60-101 — 23-60-108 and 23-60-110, scope of Arkansas Insurance Code; (2) Section 23-61-101 et seq., § 23-61-201 et seq., […]
§ 23-73-105. Organization — Membership — Insurance coverage
(a) Twenty (20) or more farmers, all of whom shall be residents of this state, may make mutual pledges and give valid obligations to each other for their insurance against loss or damage by fire, tornado, lightning, cyclone, windstorm, hail, explosion with or without fire ensuing, smoke, or direct loss or damage to insured property […]
§ 23-73-106. Articles of association
(a) Articles of association of any farmers’ mutual aid company or association shall specify: (1) The name of the association or company; (2) The purposes for which formed; (3) The location of its principal or home office, which office shall be in this state; (4) The names and addresses of the members of its first […]
§ 23-73-107. Adoption of similar name prohibited
No name shall be adopted by the company or association which is so similar to any name already in use by any existing company or association organized or doing business in Arkansas as to be confusing or misleading.
§ 23-73-110. Legal existence
(a) The legal existence of the association begins from the date of the Insurance Commissioner’s certificate authorizing it to begin business. (b) Thereupon the board of directors named in its articles may: (1) Adopt bylaws which shall be filed with the commissioner within thirty (30) days after adoption; (2) Accept applications for insurance; and (3) […]
§ 23-73-111. Amendment of articles and bylaws
(a) Articles of association may be amended as provided in the articles, and any such amendments shall promptly be filed with the Insurance Commissioner within thirty (30) days after its adoption. (b) Bylaws may be amended, as provided in the bylaws, and any such amendment shall be filed with the commissioner within thirty (30) days […]
§ 23-73-112. Qualifications for certificate of authority
To qualify for and hold a certificate of authority to insure property or issue policies, the company or association shall: (1) (A) (i) Have at least two hundred fifty (250) members who hold policies or certificates upon at least two hundred fifty (250) separate risks. (ii) An association or company whose membership falls below two […]
§ 23-73-113. Continuance of certificate of authority
(a) For continuance of an original certificate of authority, a farmers’ mutual aid company or association shall file with the Insurance Commissioner: (1) A concise statement of its financial condition, management, and affairs on a form satisfactory to the commissioner; (2) Other documents or stipulations as the commissioner may reasonably require to evidence compliance with […]
§ 23-73-114. Application — Sections 23-61-201 et seq. and 23-61-301 et seq. applicable
Section 23-61-201 et seq. and § 23-61-301 et seq. shall be applicable to farmers’ mutual aid companies and associations.
§ 23-73-115. Management and exclusive agency contracts
(a) (1) No farmers’ mutual aid company or association shall make any contract whereby any person is granted or is to enjoy in fact the management of the company or association or to have the controlling or preemptive right to produce substantially all insurance business for the company or association, unless the contract is filed […]
§ 23-73-116. Fees
Farmers’ mutual aid companies or associations shall pay no annual fees or other charges except as required under the State Insurance Department Trust Fund Act, § 23-61-701 et seq., and under §§ 23-73-113 and 23-73-114.
§ 23-73-117. Conversion to mutual insurer
(a) A farmers’ mutual aid association as provided for by this chapter may be converted to a mutual insurer as defined in § 23-69-102 under any plan or procedure which may be approved by the order of the Insurance Commissioner after a hearing thereon. (b) The commissioner shall approve a plan or procedure if he […]
§ 23-73-118. Membership requirements
The total membership of the association shall be at all times not less than the number of members required by § 23-73-112.
§ 23-73-119. Prohibited formation
No farmers’ mutual aid association or company shall be formed or incorporated after July 1, 1997, other than as provided in § 23-73-122.
§ 23-73-120. Dissolution
(a) Voluntary. (1) An association or company may discontinue its operations and settle its affairs at any meeting of its members, due notice of the time, place, and purpose of which shall have been given to its members and the Insurance Commissioner, by a vote of two-thirds (2/3) of the members present or represented by […]
§ 23-73-121. Licensing of agents
Agents shall be licensed and issued a limited line license in accordance with § 23-64-101 et seq.
§ 23-73-122. Merger
(a) Two (2) or more farmers’ mutual aid associations or companies may merge as provided in this section. To effect a merger, it shall be necessary: (1) That the board of directors of each of the associations shall propose a plan of merger and pass a resolution to the effect that the merger is advisable […]