§ 23-96-113. Authority of association when proceeding under § 23-96-111 or § 23-96-112
(a) (1) When proceeding under § 23-96-111 or § 23-96-112(a)(2), the Arkansas Life and Health Insurance Guaranty Association shall: (A) With respect to policies and contracts, assure payment of benefits that would have been payable under the policies or contracts of the insolvent insurer, for claims incurred: (i) With respect to group policies and contracts, […]
§ 23-96-114. Liability for benefits — Assignment or subrogation of rights — Definition
(a) The benefits that the Arkansas Life and Health Insurance Guaranty Association may become obligated to cover shall in no event exceed the lesser of: (1) The contractual obligations for which the member insurer is liable or would have been liable if it were not an impaired insurer or insolvent insurer; or (2) With respect […]
§ 23-96-115. Assessments — Tax credits
(a) (1) For the purpose of providing the funds necessary to carry out the powers and duties of the Arkansas Life and Health Insurance Guaranty Association, the Board of Directors of the Arkansas Life and Health Insurance Guaranty Association shall assess the member insurers, separately for each account, at such time and for such amounts […]
§ 23-96-116. Plan of operation
(a) (1) (A) The Arkansas Life and Health Insurance Guaranty Association shall submit to the Insurance Commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the Arkansas Life and Health Insurance Guaranty Association. (B) The plan of operation and any amendments to the […]
§ 23-96-117. Detection and prevention of insolvencies or impairments
To aid in the detection and prevention of member insurer insolvencies or impairments: (1) The Insurance Commissioner shall: (A) (i) Notify the commissioners of all the other states, territories of the United States, and the District of Columbia when he or she takes any of the following actions against a member insurer: (a) Revocation of […]
§ 23-96-118. Duties and powers of Insurance Commissioner
(a) In addition to the duties and powers enumerated elsewhere in this chapter: (1) The Insurance Commissioner shall: (A) Upon request of the Board of Directors of the Arkansas Life and Health Insurance Guaranty Association, provide the Arkansas Life and Health Insurance Guaranty Association with a statement of the premiums in this and any other […]
§ 23-96-119. Distributions of ownership rights
(a) (1) (A) Before the termination of any liquidation, rehabilitation, or conservation proceeding, the court may take into consideration the contributions of the respective parties, including the Arkansas Life and Health Insurance Guaranty Association, the shareholders, contract owners, certificate holders, enrollees, and policy owners of the insolvent insurer, and any other party with a bona […]
§ 23-96-104. Definitions
As used in this chapter: (1) “Account” means any of the two (2) accounts created under § 23-96-109; (2) “Association” means the Arkansas Life and Health Insurance Guaranty Association created under § 23-96-109; (3) “Authorized assessment” or the term “authorized” when used in the context of assessments means a resolution by the Board of Directors […]
§ 23-96-101. Title
This chapter shall be known and may be cited as the “Arkansas Life and Health Insurance Guaranty Association Act”.
§ 23-96-102. Purpose
(a) The purpose of this chapter is to protect, subject to certain limitations, the persons specified in § 23-96-107(a) against failure in the performance of contractual obligations under life and health and annuity policies, plans, or contracts specified in § 23-96-107(b) because of the impairment or insolvency of the member insurer that issued the policies, […]