As used in the Arkansas Insurance Code, unless the context otherwise requires, a “stipulated premium plan insurer” is one issuing policies or certificates promising money or other benefits to a member or policyholder upon his or her disability or, upon his or her decease, to his or her legal representatives or beneficiaries designated by him […]
(a) This chapter applies only to stipulated premium plan insurers. (b) No provisions of the Arkansas Insurance Code shall apply to stipulated premium plan insurers unless contained or referred to in this chapter.
In addition to the provisions contained in this chapter, other chapters and provisions of the Arkansas Insurance Code shall apply to stipulated premium plan insurers, to the extent so applicable, as follows: (1) Sections 23-60-101 — 23-60-108 and 23-60-110, scope of code; (2) Section 23-61-101 et seq., § 23-61-201 et seq., and § 23-61-301 et […]
No corporation or other entity shall be incorporated, reincorporated, or formed in this state as a stipulated premium plan insurer after January 1, 1960.
(a) Stipulated premium insurers shall be required to maintain reserves on all life insurance policies, annuity and endowment contracts, and disability insurance policies issued on and after January 1, 1968, in the following manner: (1) Reserves on all stipulated premium life insurance policies and annuity and endowment contracts shall be established and maintained in accordance […]
No insurer shall use the term “stipulated premium” in its insurance applications or contracts, or print or use that term in its policies or literature, unless lawfully authorized to transact insurance in this state on the stipulated premium plan.
The articles of incorporation and paid-up capital stock of a stipulated premium plan insurer shall be the same as required of it under laws in force immediately prior to January 1, 1960.
No insurer shall transact insurance on the stipulated premium plan in this state unless it lawfully had authority to transact the insurance on January 1, 1960.
On the stipulated premium plan, an insurer may insure the lives of individuals and may provide for indemnity against death or disability of the insured occasioned by sickness or accident.
(a) (1) (A) Every insurer shall have deposited and maintain on deposit with the Insurance Commissioner acceptable securities in amounts based upon the amount of the insurer’s admitted assets as of December 31 of the preceding calendar year as follows: (i) $000,001 to $250,000 — $50,000 minimum deposit; (ii) $250,001 to $500,000 — $75,000 minimum […]
(a) Every policy issued by a stipulated premium plan insurer in this state shall specify the sum of money which it promises to pay upon each contingency insured against and the time of payment after satisfactory proof of the happening of the contingency. (b) Unless the contract has been voided by fraud or breach of […]
The money or other benefit, charity, relief, or aid to be paid, provided, or rendered by an insurer authorized to do business under this chapter shall not be liable to attachment or other process and shall not be seized, taken, appropriated, or applied by any legal or equitable process, by operation of law, to pay […]
(a) From and after January 1, 1968, the capital of a stipulated premium plan insurer shall be deemed to be impaired and the insurer shall be deemed to be insolvent when the insurer is not possessed of assets equal to all liabilities including the reserves set forth in § 23-71-105(a) together with its total issued […]
No officer, director, stockholder, or employee shall, as such, be personally liable for the losses or liability of any stipulated premium plan insurer.
(a) A stipulated premium plan insurer may merge or consolidate into another stipulated premium plan insurer or into a stock insurer authorized to transact insurance in this state, or it may adopt a plan of exchange of the outstanding stock of its stockholders in accordance with the procedures prescribed by §§ 23-69-142 — 23-69-148. (b) […]
A stipulated premium plan insurer may be converted to a legal reserve stock life and accident and health insurer subject to the following conditions: (1) The insurer’s articles of incorporation shall be amended to provide for transaction of insurance on a legal reserve basis; (2) When first so converted, the insurer shall have paid-in capital […]
