Ark. Code Ann. § 23-63-517 — AR Code / Title 23 / Chapter 63 / Subchapter 5 / Section 23-63-517
Confidential treatment
Status: in_force

(a) (1) All information and documents obtained by or disclosed to the Insurance Commissioner or any other person in the course of an examination or investigation made under § 23-63-516 and all information reported under §§ 23-63-514 and 23-63-515 shall be given confidential treatment and shall not be subject to subpoena or discovery or admissible in evidence in any private civil action or be made public by the commissioner under the Freedom of Information Act of 1967, § 25-19-101 et seq., or any other public records law, or by the National Association of Insurance Commissioners. However, the commissioner is authorized to use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as part of the commissioner's duties. (2) The information, documents, and copies of the information shall not be subject to subpoena or be made public without the prior written consent of the insurer to which it pertains unless the commissioner, after giving the insurer and any of the insurer's affiliates that may be affected notice and an opportunity to be heard, determines that the interests of policyholders, shareholders, or the public will be served by the publication of the information. (3) In that event, the commissioner may publish any part of the information in the manner the commissioner considers appropriate. (b) The commissioner and any person who received documents, materials, or other information while acting on behalf of the commissioner or person with whom the commissioner shares the documents, materials, or other information under this section shall not be permitted or required to testify in a private civil action concerning confidential documents, materials, or information subject to subsection (a) of this section. (c) (1) In order to assist in the performance of the commissioner's duties under this section, the commissioner may share documents, materials, or other information, including the confidential and privileged documents, materials, or other information subject to this section, with other state, federal, and international regulatory agencies or law enforcement authorities, the National Association of Insurance Commissioners and its affiliates and subsidiaries, and members of any supervisory college if the recipient or recipients agree in writing to maintain the confidentiality and privileged status of the information and the recipient or recipients verify the existing legal authority to maintain the confidentiality of the information. (2) Notwithstanding subdivision (c)(1) of this section, the commissioner may only share confidential and privileged documents, material, or information under § 23-63-514(m) with the state commissioners of those states that have similar statutes or rules that are substantially similar to subsection (a) of this section and that agree in writing not to disclose the information. (3) (A) The commissioner may receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from the National Association of Insurance Commissioners and its affiliates and subsidiaries and from regulatory and law enforcement officials of other foreign or domestic jurisdictions. (B) Documents, materials, or information received by the commissioner under subdivision (c)(3)(A) of this section shall be maintained as confidential or privileged under the laws of the source jurisdiction if the commissioner is provided with notice or receives the documents, materials, or information with the understanding that the information is confidential or privileged. (4) (A) If the commissioner intends to share or use information with the National Association of Insurance Commissioners, the commissioner shall enter into a written agreement with the National Association of Insurance Commissioners governing the sharing and use of the information provided under this section. (B) The written agreement under subdivision (c)(4)(A) of this section shall: (i) Specify the procedures and protocols regarding the confidentiality and security of information that is shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries, including procedures and protocols for sharing by the National Association of Insurance Commissioners with other state, federal, or international regulators; (ii) Specify that ownership of the information shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries, remains with the commissioner, and that the National Association of Insurance Commissioners' use of the information is subject to the direction of the commissioner; (iii) Require prompt notice be given to an insurer whose confidential information is shared with and in the possession of the National Association of Insurance Commissioners under this section that the confidential information is subject to a request or subpoena to the National Association of Insurance Commissioners to disclose or produce the confidential information; and (iv) Require the National Association of Insurance Commissioners and its affiliates and subsidiaries to consent to intervention by an insurer in any judicial or administrative action in which the National Association of Insurance Commissioners and its affiliates and subsidiaries may be required to disclose confidential information of the insurer shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries under this section. (d) The sharing of information by the commissioner under this section does not constitute a delegation of regulatory authority or rulemaking, and the commissioner is solely responsible for the administration, execution, and enforcement of the provisions of this section. (e) A waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information does not occur as a result of disclosure to the commissioner under this section or as a result of sharing the documents, materials, or information as authorized in this section. (f) (1) Documents, materials, or other information shared under this section that are in the possession or control of the National Association of Insurance Commissioners shall remain confidential by law and are privileged. (2) The information described under subdivision (f)(1) of this section is not: (A) Subject to: (i) The Freedom of Information Act of 1967, § 25-19-101 et seq.; (ii) Subpoena; or (iii) Discovery; or (B) Admissible in evidence in any private civil action. Amended by Act 2017, No. 334,§ 5, eff. 8/1/2017. Amended by Act 2015, No. 1223,§ 13, eff. 7/22/2015. Acts 1971, No. 288, § 9; A.S.A. 1947, § 66-5009; Acts 1991, No. 723, § 26.

(a) (1) All information and documents obtained by or disclosed to the Insurance Commissioner or any other person in the course of an examination or investigation made under § 23-63-516 and all information reported under §§ 23-63-514 and 23-63-515 shall be given confidential treatment and shall not be subject to subpoena or discovery or admissible in evidence in any private civil action or be made public by the commissioner under the Freedom of Information Act of 1967, § 25-19-101 et seq., or any other public records law, or by the National Association of Insurance Commissioners. However, the commissioner is authorized to use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as part of the commissioner's duties. (2) The information, documents, and copies of the information shall not be subject to subpoena or be made public without the prior written consent of the insurer to which it pertains unless the commissioner, after giving the insurer and any of the insurer's affiliates that may be affected notice and an opportunity to be heard, determines that the interests of policyholders, shareholders, or the public will be served by the publication of the information. (3) In that event, the commissioner may publish any part of the information in the manner the commissioner considers appropriate.

(1) All information and documents obtained by or disclosed to the Insurance Commissioner or any other person in the course of an examination or investigation made under § 23-63-516 and all information reported under §§ 23-63-514 and 23-63-515 shall be given confidential treatment and shall not be subject to subpoena or discovery or admissible in evidence in any private civil action or be made public by the commissioner under the Freedom of Information Act of 1967, § 25-19-101 et seq., or any other public records law, or by the National Association of Insurance Commissioners. However, the commissioner is authorized to use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as part of the commissioner's duties.

(2) The information, documents, and copies of the information shall not be subject to subpoena or be made public without the prior written consent of the insurer to which it pertains unless the commissioner, after giving the insurer and any of the insurer's affiliates that may be affected notice and an opportunity to be heard, determines that the interests of policyholders, shareholders, or the public will be served by the publication of the information.

(3) In that event, the commissioner may publish any part of the information in the manner the commissioner considers appropriate.

(b) The commissioner and any person who received documents, materials, or other information while acting on behalf of the commissioner or person with whom the commissioner shares the documents, materials, or other information under this section shall not be permitted or required to testify in a private civil action concerning confidential documents, materials, or information subject to subsection (a) of this section.

(c) (1) In order to assist in the performance of the commissioner's duties under this section, the commissioner may share documents, materials, or other information, including the confidential and privileged documents, materials, or other information subject to this section, with other state, federal, and international regulatory agencies or law enforcement authorities, the National Association of Insurance Commissioners and its affiliates and subsidiaries, and members of any supervisory college if the recipient or recipients agree in writing to maintain the confidentiality and privileged status of the information and the recipient or recipients verify the existing legal authority to maintain the confidentiality of the information. (2) Notwithstanding subdivision (c)(1) of this section, the commissioner may only share confidential and privileged documents, material, or information under § 23-63-514(m) with the state commissioners of those states that have similar statutes or rules that are substantially similar to subsection (a) of this section and that agree in writing not to disclose the information. (3) (A) The commissioner may receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from the National Association of Insurance Commissioners and its affiliates and subsidiaries and from regulatory and law enforcement officials of other foreign or domestic jurisdictions. (B) Documents, materials, or information received by the commissioner under subdivision (c)(3)(A) of this section shall be maintained as confidential or privileged under the laws of the source jurisdiction if the commissioner is provided with notice or receives the documents, materials, or information with the understanding that the information is confidential or privileged. (4) (A) If the commissioner intends to share or use information with the National Association of Insurance Commissioners, the commissioner shall enter into a written agreement with the National Association of Insurance Commissioners governing the sharing and use of the information provided under this section. (B) The written agreement under subdivision (c)(4)(A) of this section shall: (i) Specify the procedures and protocols regarding the confidentiality and security of information that is shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries, including procedures and protocols for sharing by the National Association of Insurance Commissioners with other state, federal, or international regulators; (ii) Specify that ownership of the information shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries, remains with the commissioner, and that the National Association of Insurance Commissioners' use of the information is subject to the direction of the commissioner; (iii) Require prompt notice be given to an insurer whose confidential information is shared with and in the possession of the National Association of Insurance Commissioners under this section that the confidential information is subject to a request or subpoena to the National Association of Insurance Commissioners to disclose or produce the confidential information; and (iv) Require the National Association of Insurance Commissioners and its affiliates and subsidiaries to consent to intervention by an insurer in any judicial or administrative action in which the National Association of Insurance Commissioners and its affiliates and subsidiaries may be required to disclose confidential information of the insurer shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries under this section.

(1) In order to assist in the performance of the commissioner's duties under this section, the commissioner may share documents, materials, or other information, including the confidential and privileged documents, materials, or other information subject to this section, with other state, federal, and international regulatory agencies or law enforcement authorities, the National Association of Insurance Commissioners and its affiliates and subsidiaries, and members of any supervisory college if the recipient or recipients agree in writing to maintain the confidentiality and privileged status of the information and the recipient or recipients verify the existing legal authority to maintain the confidentiality of the information.

(2) Notwithstanding subdivision (c)(1) of this section, the commissioner may only share confidential and privileged documents, material, or information under § 23-63-514(m) with the state commissioners of those states that have similar statutes or rules that are substantially similar to subsection (a) of this section and that agree in writing not to disclose the information.

(3) (A) The commissioner may receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from the National Association of Insurance Commissioners and its affiliates and subsidiaries and from regulatory and law enforcement officials of other foreign or domestic jurisdictions. (B) Documents, materials, or information received by the commissioner under subdivision (c)(3)(A) of this section shall be maintained as confidential or privileged under the laws of the source jurisdiction if the commissioner is provided with notice or receives the documents, materials, or information with the understanding that the information is confidential or privileged.

(A) The commissioner may receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from the National Association of Insurance Commissioners and its affiliates and subsidiaries and from regulatory and law enforcement officials of other foreign or domestic jurisdictions.

(B) Documents, materials, or information received by the commissioner under subdivision (c)(3)(A) of this section shall be maintained as confidential or privileged under the laws of the source jurisdiction if the commissioner is provided with notice or receives the documents, materials, or information with the understanding that the information is confidential or privileged.

(4) (A) If the commissioner intends to share or use information with the National Association of Insurance Commissioners, the commissioner shall enter into a written agreement with the National Association of Insurance Commissioners governing the sharing and use of the information provided under this section. (B) The written agreement under subdivision (c)(4)(A) of this section shall: (i) Specify the procedures and protocols regarding the confidentiality and security of information that is shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries, including procedures and protocols for sharing by the National Association of Insurance Commissioners with other state, federal, or international regulators; (ii) Specify that ownership of the information shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries, remains with the commissioner, and that the National Association of Insurance Commissioners' use of the information is subject to the direction of the commissioner; (iii) Require prompt notice be given to an insurer whose confidential information is shared with and in the possession of the National Association of Insurance Commissioners under this section that the confidential information is subject to a request or subpoena to the National Association of Insurance Commissioners to disclose or produce the confidential information; and (iv) Require the National Association of Insurance Commissioners and its affiliates and subsidiaries to consent to intervention by an insurer in any judicial or administrative action in which the National Association of Insurance Commissioners and its affiliates and subsidiaries may be required to disclose confidential information of the insurer shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries under this section.

(A) If the commissioner intends to share or use information with the National Association of Insurance Commissioners, the commissioner shall enter into a written agreement with the National Association of Insurance Commissioners governing the sharing and use of the information provided under this section.

(B) The written agreement under subdivision (c)(4)(A) of this section shall: (i) Specify the procedures and protocols regarding the confidentiality and security of information that is shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries, including procedures and protocols for sharing by the National Association of Insurance Commissioners with other state, federal, or international regulators; (ii) Specify that ownership of the information shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries, remains with the commissioner, and that the National Association of Insurance Commissioners' use of the information is subject to the direction of the commissioner; (iii) Require prompt notice be given to an insurer whose confidential information is shared with and in the possession of the National Association of Insurance Commissioners under this section that the confidential information is subject to a request or subpoena to the National Association of Insurance Commissioners to disclose or produce the confidential information; and (iv) Require the National Association of Insurance Commissioners and its affiliates and subsidiaries to consent to intervention by an insurer in any judicial or administrative action in which the National Association of Insurance Commissioners and its affiliates and subsidiaries may be required to disclose confidential information of the insurer shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries under this section.

(i) Specify the procedures and protocols regarding the confidentiality and security of information that is shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries, including procedures and protocols for sharing by the National Association of Insurance Commissioners with other state, federal, or international regulators;

(ii) Specify that ownership of the information shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries, remains with the commissioner, and that the National Association of Insurance Commissioners' use of the information is subject to the direction of the commissioner;

(iii) Require prompt notice be given to an insurer whose confidential information is shared with and in the possession of the National Association of Insurance Commissioners under this section that the confidential information is subject to a request or subpoena to the National Association of Insurance Commissioners to disclose or produce the confidential information; and

(iv) Require the National Association of Insurance Commissioners and its affiliates and subsidiaries to consent to intervention by an insurer in any judicial or administrative action in which the National Association of Insurance Commissioners and its affiliates and subsidiaries may be required to disclose confidential information of the insurer shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries under this section.

(d) The sharing of information by the commissioner under this section does not constitute a delegation of regulatory authority or rulemaking, and the commissioner is solely responsible for the administration, execution, and enforcement of the provisions of this section.

(e) A waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information does not occur as a result of disclosure to the commissioner under this section or as a result of sharing the documents, materials, or information as authorized in this section.

(f) (1) Documents, materials, or other information shared under this section that are in the possession or control of the National Association of Insurance Commissioners shall remain confidential by law and are privileged. (2) The information described under subdivision (f)(1) of this section is not: (A) Subject to: (i) The Freedom of Information Act of 1967, § 25-19-101 et seq.; (ii) Subpoena; or (iii) Discovery; or (B) Admissible in evidence in any private civil action.

(1) Documents, materials, or other information shared under this section that are in the possession or control of the National Association of Insurance Commissioners shall remain confidential by law and are privileged.

(2) The information described under subdivision (f)(1) of this section is not: (A) Subject to: (i) The Freedom of Information Act of 1967, § 25-19-101 et seq.; (ii) Subpoena; or (iii) Discovery; or (B) Admissible in evidence in any private civil action.

(A) Subject to: (i) The Freedom of Information Act of 1967, § 25-19-101 et seq.; (ii) Subpoena; or (iii) Discovery; or

(i) The Freedom of Information Act of 1967, § 25-19-101 et seq.;

(ii) Subpoena; or

(iii) Discovery; or

(B) Admissible in evidence in any private civil action.

Amended by Act 2017, No. 334,§ 5, eff. 8/1/2017.

Amended by Act 2015, No. 1223,§ 13, eff. 7/22/2015.

Acts 1971, No. 288, § 9; A.S.A. 1947, § 66-5009; Acts 1991, No. 723, § 26.
Ark. Code Ann. § 23-11-219 — AR Code / Title 23 / Chapter 11 / Subchapter 2 / Section 23-11-219
Subscription contracts for sale of stock
Status: in_force

Railroad corporations organized under the law of this state are authorized to enter into subscription contracts for the sale of their stock under such terms, conditions, and restrictions and subject to such liabilities relative thereto as are provided by law for such contracts by private corporations, except as such contracts may be restricted by the articles of incorporation or the Arkansas Department of Transportation. Amended by Act 2017, No. 707,§ 162, eff. 8/1/2017. Acts 1959, No. 30, § 11; A.S.A. 1947, § 73-324.2.

Railroad corporations organized under the law of this state are authorized to enter into subscription contracts for the sale of their stock under such terms, conditions, and restrictions and subject to such liabilities relative thereto as are provided by law for such contracts by private corporations, except as such contracts may be restricted by the articles of incorporation or the Arkansas Department of Transportation.

Amended by Act 2017, No. 707,§ 162, eff. 8/1/2017.

Acts 1959, No. 30, § 11; A.S.A. 1947, § 73-324.2.
Ark. Code Ann. § 23-18-404 — AR Code / Title 23 / Chapter 18 / Subchapter 4 / Section 23-18-404
Limitation on time to begin work - Time allowed to coincide with federal licenses
Status: in_force

(a) All charters and permits granted under this subchapter shall be void unless construction has begun within four (4) years from the date of the permit and has been completed within four (4) years from the date of commencement of construction. (b) Whenever the Federal Energy Regulatory Commission grants a final license providing for the development of any waterpower or hydroelectric power project in this state, which license limits the time for commencing construction or for the completion of the project or any part thereof, the Arkansas Public Service Commission is authorized to grant licenses, franchises, and permits with the same limitations as to time for the commencing, construction, or completion of any of the waterpower or hydroelectric power projects and to amend any grants, licenses, franchises, or permits that may have been previously granted or issued to any applicant by the Arkansas Public Service Commission so as to agree in the matter of time and condition with any federal licenses covering the same waterpower or hydroelectric project. Acts 1927, No. 121, § 17; Pope's Dig., § 14489; A.S.A. 1947, § 73-2018.

(a) All charters and permits granted under this subchapter shall be void unless construction has begun within four (4) years from the date of the permit and has been completed within four (4) years from the date of commencement of construction.

(b) Whenever the Federal Energy Regulatory Commission grants a final license providing for the development of any waterpower or hydroelectric power project in this state, which license limits the time for commencing construction or for the completion of the project or any part thereof, the Arkansas Public Service Commission is authorized to grant licenses, franchises, and permits with the same limitations as to time for the commencing, construction, or completion of any of the waterpower or hydroelectric power projects and to amend any grants, licenses, franchises, or permits that may have been previously granted or issued to any applicant by the Arkansas Public Service Commission so as to agree in the matter of time and condition with any federal licenses covering the same waterpower or hydroelectric project.

Acts 1927, No. 121, § 17; Pope's Dig., § 14489; A.S.A. 1947, § 73-2018.
Ark. Code Ann. § 23-4-708 — AR Code / Title 23 / Chapter 4 / Subchapter 7 / Section 23-4-708
Rate sheets and tariff charges furnished department by railroads
Status: in_force

(a) Every person or corporation operating any railroad or express business in this state is required to furnish the Arkansas Department of Transportation, within fifteen (15) days after notice to do so, with the rate sheet and tariff charges for transportation of every kind over the railroad. (b) The department shall fix rates and tariffs of charges accordingly for those express companies and railroads, the officers of which fail to furnish rate sheets or tariffs of charges as required in subsection (a) of this section. Amended by Act 2017, No. 707,§ 136, eff. 8/1/2017. Acts 1899, No. 53, § 9, p. 82; C. & M. Dig., § 1627; Pope's Dig., § 1949; A.S.A. 1947, § 73-1513.

(a) Every person or corporation operating any railroad or express business in this state is required to furnish the Arkansas Department of Transportation, within fifteen (15) days after notice to do so, with the rate sheet and tariff charges for transportation of every kind over the railroad.

(b) The department shall fix rates and tariffs of charges accordingly for those express companies and railroads, the officers of which fail to furnish rate sheets or tariffs of charges as required in subsection (a) of this section.

Amended by Act 2017, No. 707,§ 136, eff. 8/1/2017.

Acts 1899, No. 53, § 9, p. 82; C. & M. Dig., § 1627; Pope's Dig., § 1949; A.S.A. 1947, § 73-1513.
Ark. Code Ann. § 23-36-116 — AR Code / Title 23 / Chapter 36 / Section 23-36-116
Authority of Bank Commissioner to take charge
Status: in_force

(a) The Bank Commissioner may forthwith take possession of the business and property of any industrial loan institution to which this chapter is applicable whenever it shall appear that the industrial loan institution: (1) Has violated its charter or any laws applicable thereto; (2) Is conducting its business in an unauthorized or unsafe manner; (3) Is in an unsafe and unsound condition to transact its business; (4) Has an impairment of its capital stock; (5) Has refused to pay its certificates of indebtedness, investment contracts, or agreements to pay in accordance with the terms upon which the certificates of indebtedness, investment contracts, or agreements to pay were issued; (6) Has become otherwise insolvent; (7) Has neglected or refused to comply with the terms of a duly issued lawful order of the commissioner; or (8) Has refused to submit its records, affairs, and concerns for inspection and examination to a duly appointed or authorized examiner of the commissioner, upon proper demand. (b) (1) On taking charge of the property and affairs of any industrial loan institution, the commissioner shall immediately give notice of that fact to all corporations, firms, individuals, and public or quasi-public bodies holding any of the industrial loan institution's assets. (2) No corporation, firm, individual, or public or quasi-public body, whether within or without this state, shall have a lien or charge against any of the assets for any payment, advance, or clearance, or for any liability incurred after taking charge. (3) The commissioner may permit the resumption of business by any industrial loan institution of which charge has previously been taken upon the conditions in each instance as may be approved by him or her. All laws setting forth the contingencies for the commissioner's taking charge of industrial loan institutions are directory and discretionary, not mandatory. In the exercise in any instance of his or her discretion in respect thereof, the commissioner shall take into consideration and give weight according to his or her best judgment to the various factors involved or to be affected thereby, including: (A) The interest of the present and prospective depositors of the respective industrial loan institution; (B) The locality wherein it has its place of business; (C) Other industrial loan institutions in the same or other localities of this state; and (D) The local or general economic or financial conditions at the time being prevailing. (4) (A) Upon taking charge of any industrial loan institution, the commissioner shall immediately be vested at law and in equity with the sole, exclusive, and unconditional ownership and title in himself or herself, his or her successors in office, and assigns of all the property and assets of the industrial loan institution, whether the property and assets are situated within this state or elsewhere. (B) The ownership and title in the commissioner is to be free from and unaffected by any levy, judgment, attachment, or other lien obtained thereafter as against the property of the industrial loan institution through legal proceedings and free from and unaffected by any equity arising in favor of or obtained by third persons after the commissioner has taken charge, but subject to any and all equities in favor of third persons that have arisen or been obtained as against any of the property or assets prior to the taking charge by the commissioner. (5) (A) All levies, judgments, attachments, or other liens obtained through legal or equitable proceedings in this state or elsewhere as against any industrial loan institution organized under the laws of this state, or any of its property, at any time within thirty (30) days prior to the taking charge by the commissioner, shall be null and void in case the commissioner takes charge of the property and affairs of the industrial loan institution. (B) The property affected by such a levy, judgment, attachment, or other liens so obtained shall be immediately wholly discharged and released from the liens and shall pass to the commissioner as a part of the estate of the industrial loan institution. (C) Nothing contained in this section shall have the effect to impair or destroy the title obtained by the levy, judgment, attachment, or other lien of a bona fide purchaser for value who shall have acquired the levy, judgment, attachment, or other lien without notice or reasonable cause for inquiry of the imminence of the taking charge by the commissioner. (6) (A) Upon the taking charge of any industrial loan institution, the commissioner shall proceed to: (i) Liquidate its affairs; (ii) Institute, maintain, and defend suit and other proceedings in the courts of this state or elsewhere; (iii) Enforce in this state or elsewhere, if necessary, the liabilities of the stockholders; and (iv) Upon the order empowered to be made by the circuit court of the county wherein the industrial loan institution had its place of business, sell, compound, or exchange any or all bad or doubtful debts of the estate and, on like order, sell or exchange any or all of the real, personal, or mixed property of the estate in such manner and upon such terms and considerations as to any sale, composition, or exchange as specified in the order. (B) Any sale shall be public or private as specified in the order for the sale, and the sale or exchange of real property shall be subject to confirmation respectively by the court. (7) (A) The commissioner, under his or her hand and official seal, may appoint one (1) or more special deputy commissioners as agent or agents to assist him or her in the duty of liquidation and distribution of the assets of any insolvent industrial loan institution. (B) The certificate of appointment shall be in duplicate, with one (1) copy to be filed in the office of the commissioner and the other copy in the office of the clerk of the circuit court of the county in which the industrial loan institution or trust company was located. (C) The commissioner may from time to time authorize a special deputy to perform the duties connected with the liquidation and distribution as he or she may deem proper. (8) (A) The commissioner may employ such counsel and procure expert assistance and advice as may be necessary in the liquidation and distribution of the assets and may retain such of the officers or employees as he or she may deem necessary. (B) The commissioner shall cause notice to be given by advertisement in such newspapers as he or she may direct, weekly for four (4) consecutive weeks, calling on all persons who may have claims against the estate to present the claim to him or her and make legal proof of the claim at a place and at a time to be fixed by the commissioner in the notice. (C) If the commissioner doubts the justice or the validity of any claim, he or she may reflect the doubts and serve notice of the rejection upon the claimant either by depositing the notice in the mail or personally. An action upon a claim so reflected must be brought within six (6) months after service. (D) The commissioner may apply for the declaration of a first dividend to creditors at any time after the expiration of the published notice and of the further ten (10) days' notice to creditors. Acts 1941, No. 111, § 11; A.S.A. 1947, § 67-1011; Acts 1987, No. 71, § 1; 2003, No. 1185, § 264.

(a) The Bank Commissioner may forthwith take possession of the business and property of any industrial loan institution to which this chapter is applicable whenever it shall appear that the industrial loan institution: (1) Has violated its charter or any laws applicable thereto; (2) Is conducting its business in an unauthorized or unsafe manner; (3) Is in an unsafe and unsound condition to transact its business; (4) Has an impairment of its capital stock; (5) Has refused to pay its certificates of indebtedness, investment contracts, or agreements to pay in accordance with the terms upon which the certificates of indebtedness, investment contracts, or agreements to pay were issued; (6) Has become otherwise insolvent; (7) Has neglected or refused to comply with the terms of a duly issued lawful order of the commissioner; or (8) Has refused to submit its records, affairs, and concerns for inspection and examination to a duly appointed or authorized examiner of the commissioner, upon proper demand.

(1) Has violated its charter or any laws applicable thereto;

(2) Is conducting its business in an unauthorized or unsafe manner;

(3) Is in an unsafe and unsound condition to transact its business;

(4) Has an impairment of its capital stock;

(5) Has refused to pay its certificates of indebtedness, investment contracts, or agreements to pay in accordance with the terms upon which the certificates of indebtedness, investment contracts, or agreements to pay were issued;

(6) Has become otherwise insolvent;

(7) Has neglected or refused to comply with the terms of a duly issued lawful order of the commissioner; or

(8) Has refused to submit its records, affairs, and concerns for inspection and examination to a duly appointed or authorized examiner of the commissioner, upon proper demand.

(b) (1) On taking charge of the property and affairs of any industrial loan institution, the commissioner shall immediately give notice of that fact to all corporations, firms, individuals, and public or quasi-public bodies holding any of the industrial loan institution's assets. (2) No corporation, firm, individual, or public or quasi-public body, whether within or without this state, shall have a lien or charge against any of the assets for any payment, advance, or clearance, or for any liability incurred after taking charge. (3) The commissioner may permit the resumption of business by any industrial loan institution of which charge has previously been taken upon the conditions in each instance as may be approved by him or her. All laws setting forth the contingencies for the commissioner's taking charge of industrial loan institutions are directory and discretionary, not mandatory. In the exercise in any instance of his or her discretion in respect thereof, the commissioner shall take into consideration and give weight according to his or her best judgment to the various factors involved or to be affected thereby, including: (A) The interest of the present and prospective depositors of the respective industrial loan institution; (B) The locality wherein it has its place of business; (C) Other industrial loan institutions in the same or other localities of this state; and (D) The local or general economic or financial conditions at the time being prevailing. (4) (A) Upon taking charge of any industrial loan institution, the commissioner shall immediately be vested at law and in equity with the sole, exclusive, and unconditional ownership and title in himself or herself, his or her successors in office, and assigns of all the property and assets of the industrial loan institution, whether the property and assets are situated within this state or elsewhere. (B) The ownership and title in the commissioner is to be free from and unaffected by any levy, judgment, attachment, or other lien obtained thereafter as against the property of the industrial loan institution through legal proceedings and free from and unaffected by any equity arising in favor of or obtained by third persons after the commissioner has taken charge, but subject to any and all equities in favor of third persons that have arisen or been obtained as against any of the property or assets prior to the taking charge by the commissioner. (5) (A) All levies, judgments, attachments, or other liens obtained through legal or equitable proceedings in this state or elsewhere as against any industrial loan institution organized under the laws of this state, or any of its property, at any time within thirty (30) days prior to the taking charge by the commissioner, shall be null and void in case the commissioner takes charge of the property and affairs of the industrial loan institution. (B) The property affected by such a levy, judgment, attachment, or other liens so obtained shall be immediately wholly discharged and released from the liens and shall pass to the commissioner as a part of the estate of the industrial loan institution. (C) Nothing contained in this section shall have the effect to impair or destroy the title obtained by the levy, judgment, attachment, or other lien of a bona fide purchaser for value who shall have acquired the levy, judgment, attachment, or other lien without notice or reasonable cause for inquiry of the imminence of the taking charge by the commissioner. (6) (A) Upon the taking charge of any industrial loan institution, the commissioner shall proceed to: (i) Liquidate its affairs; (ii) Institute, maintain, and defend suit and other proceedings in the courts of this state or elsewhere; (iii) Enforce in this state or elsewhere, if necessary, the liabilities of the stockholders; and (iv) Upon the order empowered to be made by the circuit court of the county wherein the industrial loan institution had its place of business, sell, compound, or exchange any or all bad or doubtful debts of the estate and, on like order, sell or exchange any or all of the real, personal, or mixed property of the estate in such manner and upon such terms and considerations as to any sale, composition, or exchange as specified in the order. (B) Any sale shall be public or private as specified in the order for the sale, and the sale or exchange of real property shall be subject to confirmation respectively by the court. (7) (A) The commissioner, under his or her hand and official seal, may appoint one (1) or more special deputy commissioners as agent or agents to assist him or her in the duty of liquidation and distribution of the assets of any insolvent industrial loan institution. (B) The certificate of appointment shall be in duplicate, with one (1) copy to be filed in the office of the commissioner and the other copy in the office of the clerk of the circuit court of the county in which the industrial loan institution or trust company was located. (C) The commissioner may from time to time authorize a special deputy to perform the duties connected with the liquidation and distribution as he or she may deem proper. (8) (A) The commissioner may employ such counsel and procure expert assistance and advice as may be necessary in the liquidation and distribution of the assets and may retain such of the officers or employees as he or she may deem necessary. (B) The commissioner shall cause notice to be given by advertisement in such newspapers as he or she may direct, weekly for four (4) consecutive weeks, calling on all persons who may have claims against the estate to present the claim to him or her and make legal proof of the claim at a place and at a time to be fixed by the commissioner in the notice. (C) If the commissioner doubts the justice or the validity of any claim, he or she may reflect the doubts and serve notice of the rejection upon the claimant either by depositing the notice in the mail or personally. An action upon a claim so reflected must be brought within six (6) months after service. (D) The commissioner may apply for the declaration of a first dividend to creditors at any time after the expiration of the published notice and of the further ten (10) days' notice to creditors.

(1) On taking charge of the property and affairs of any industrial loan institution, the commissioner shall immediately give notice of that fact to all corporations, firms, individuals, and public or quasi-public bodies holding any of the industrial loan institution's assets.

(2) No corporation, firm, individual, or public or quasi-public body, whether within or without this state, shall have a lien or charge against any of the assets for any payment, advance, or clearance, or for any liability incurred after taking charge.

(3) The commissioner may permit the resumption of business by any industrial loan institution of which charge has previously been taken upon the conditions in each instance as may be approved by him or her. All laws setting forth the contingencies for the commissioner's taking charge of industrial loan institutions are directory and discretionary, not mandatory. In the exercise in any instance of his or her discretion in respect thereof, the commissioner shall take into consideration and give weight according to his or her best judgment to the various factors involved or to be affected thereby, including: (A) The interest of the present and prospective depositors of the respective industrial loan institution; (B) The locality wherein it has its place of business; (C) Other industrial loan institutions in the same or other localities of this state; and (D) The local or general economic or financial conditions at the time being prevailing.

(A) The interest of the present and prospective depositors of the respective industrial loan institution;

(B) The locality wherein it has its place of business;

(C) Other industrial loan institutions in the same or other localities of this state; and

(D) The local or general economic or financial conditions at the time being prevailing.

(4) (A) Upon taking charge of any industrial loan institution, the commissioner shall immediately be vested at law and in equity with the sole, exclusive, and unconditional ownership and title in himself or herself, his or her successors in office, and assigns of all the property and assets of the industrial loan institution, whether the property and assets are situated within this state or elsewhere. (B) The ownership and title in the commissioner is to be free from and unaffected by any levy, judgment, attachment, or other lien obtained thereafter as against the property of the industrial loan institution through legal proceedings and free from and unaffected by any equity arising in favor of or obtained by third persons after the commissioner has taken charge, but subject to any and all equities in favor of third persons that have arisen or been obtained as against any of the property or assets prior to the taking charge by the commissioner.

(A) Upon taking charge of any industrial loan institution, the commissioner shall immediately be vested at law and in equity with the sole, exclusive, and unconditional ownership and title in himself or herself, his or her successors in office, and assigns of all the property and assets of the industrial loan institution, whether the property and assets are situated within this state or elsewhere.

(B) The ownership and title in the commissioner is to be free from and unaffected by any levy, judgment, attachment, or other lien obtained thereafter as against the property of the industrial loan institution through legal proceedings and free from and unaffected by any equity arising in favor of or obtained by third persons after the commissioner has taken charge, but subject to any and all equities in favor of third persons that have arisen or been obtained as against any of the property or assets prior to the taking charge by the commissioner.

(5) (A) All levies, judgments, attachments, or other liens obtained through legal or equitable proceedings in this state or elsewhere as against any industrial loan institution organized under the laws of this state, or any of its property, at any time within thirty (30) days prior to the taking charge by the commissioner, shall be null and void in case the commissioner takes charge of the property and affairs of the industrial loan institution. (B) The property affected by such a levy, judgment, attachment, or other liens so obtained shall be immediately wholly discharged and released from the liens and shall pass to the commissioner as a part of the estate of the industrial loan institution. (C) Nothing contained in this section shall have the effect to impair or destroy the title obtained by the levy, judgment, attachment, or other lien of a bona fide purchaser for value who shall have acquired the levy, judgment, attachment, or other lien without notice or reasonable cause for inquiry of the imminence of the taking charge by the commissioner.

(A) All levies, judgments, attachments, or other liens obtained through legal or equitable proceedings in this state or elsewhere as against any industrial loan institution organized under the laws of this state, or any of its property, at any time within thirty (30) days prior to the taking charge by the commissioner, shall be null and void in case the commissioner takes charge of the property and affairs of the industrial loan institution.

(B) The property affected by such a levy, judgment, attachment, or other liens so obtained shall be immediately wholly discharged and released from the liens and shall pass to the commissioner as a part of the estate of the industrial loan institution.

(C) Nothing contained in this section shall have the effect to impair or destroy the title obtained by the levy, judgment, attachment, or other lien of a bona fide purchaser for value who shall have acquired the levy, judgment, attachment, or other lien without notice or reasonable cause for inquiry of the imminence of the taking charge by the commissioner.

(6) (A) Upon the taking charge of any industrial loan institution, the commissioner shall proceed to: (i) Liquidate its affairs; (ii) Institute, maintain, and defend suit and other proceedings in the courts of this state or elsewhere; (iii) Enforce in this state or elsewhere, if necessary, the liabilities of the stockholders; and (iv) Upon the order empowered to be made by the circuit court of the county wherein the industrial loan institution had its place of business, sell, compound, or exchange any or all bad or doubtful debts of the estate and, on like order, sell or exchange any or all of the real, personal, or mixed property of the estate in such manner and upon such terms and considerations as to any sale, composition, or exchange as specified in the order. (B) Any sale shall be public or private as specified in the order for the sale, and the sale or exchange of real property shall be subject to confirmation respectively by the court.

(A) Upon the taking charge of any industrial loan institution, the commissioner shall proceed to: (i) Liquidate its affairs; (ii) Institute, maintain, and defend suit and other proceedings in the courts of this state or elsewhere; (iii) Enforce in this state or elsewhere, if necessary, the liabilities of the stockholders; and (iv) Upon the order empowered to be made by the circuit court of the county wherein the industrial loan institution had its place of business, sell, compound, or exchange any or all bad or doubtful debts of the estate and, on like order, sell or exchange any or all of the real, personal, or mixed property of the estate in such manner and upon such terms and considerations as to any sale, composition, or exchange as specified in the order.

(i) Liquidate its affairs;

(ii) Institute, maintain, and defend suit and other proceedings in the courts of this state or elsewhere;

(iii) Enforce in this state or elsewhere, if necessary, the liabilities of the stockholders; and

(iv) Upon the order empowered to be made by the circuit court of the county wherein the industrial loan institution had its place of business, sell, compound, or exchange any or all bad or doubtful debts of the estate and, on like order, sell or exchange any or all of the real, personal, or mixed property of the estate in such manner and upon such terms and considerations as to any sale, composition, or exchange as specified in the order.

(B) Any sale shall be public or private as specified in the order for the sale, and the sale or exchange of real property shall be subject to confirmation respectively by the court.

(7) (A) The commissioner, under his or her hand and official seal, may appoint one (1) or more special deputy commissioners as agent or agents to assist him or her in the duty of liquidation and distribution of the assets of any insolvent industrial loan institution. (B) The certificate of appointment shall be in duplicate, with one (1) copy to be filed in the office of the commissioner and the other copy in the office of the clerk of the circuit court of the county in which the industrial loan institution or trust company was located. (C) The commissioner may from time to time authorize a special deputy to perform the duties connected with the liquidation and distribution as he or she may deem proper.

(A) The commissioner, under his or her hand and official seal, may appoint one (1) or more special deputy commissioners as agent or agents to assist him or her in the duty of liquidation and distribution of the assets of any insolvent industrial loan institution.

(B) The certificate of appointment shall be in duplicate, with one (1) copy to be filed in the office of the commissioner and the other copy in the office of the clerk of the circuit court of the county in which the industrial loan institution or trust company was located.

(C) The commissioner may from time to time authorize a special deputy to perform the duties connected with the liquidation and distribution as he or she may deem proper.

(8) (A) The commissioner may employ such counsel and procure expert assistance and advice as may be necessary in the liquidation and distribution of the assets and may retain such of the officers or employees as he or she may deem necessary. (B) The commissioner shall cause notice to be given by advertisement in such newspapers as he or she may direct, weekly for four (4) consecutive weeks, calling on all persons who may have claims against the estate to present the claim to him or her and make legal proof of the claim at a place and at a time to be fixed by the commissioner in the notice. (C) If the commissioner doubts the justice or the validity of any claim, he or she may reflect the doubts and serve notice of the rejection upon the claimant either by depositing the notice in the mail or personally. An action upon a claim so reflected must be brought within six (6) months after service. (D) The commissioner may apply for the declaration of a first dividend to creditors at any time after the expiration of the published notice and of the further ten (10) days' notice to creditors.

(A) The commissioner may employ such counsel and procure expert assistance and advice as may be necessary in the liquidation and distribution of the assets and may retain such of the officers or employees as he or she may deem necessary.

(B) The commissioner shall cause notice to be given by advertisement in such newspapers as he or she may direct, weekly for four (4) consecutive weeks, calling on all persons who may have claims against the estate to present the claim to him or her and make legal proof of the claim at a place and at a time to be fixed by the commissioner in the notice.

(C) If the commissioner doubts the justice or the validity of any claim, he or she may reflect the doubts and serve notice of the rejection upon the claimant either by depositing the notice in the mail or personally. An action upon a claim so reflected must be brought within six (6) months after service.

(D) The commissioner may apply for the declaration of a first dividend to creditors at any time after the expiration of the published notice and of the further ten (10) days' notice to creditors.

Acts 1941, No. 111, § 11; A.S.A. 1947, § 67-1011; Acts 1987, No. 71, § 1; 2003, No. 1185, § 264.
Ark. Code Ann. § 23-64-230 — AR Code / Title 23 / Chapter 64 / Subchapter 2 / Section 23-64-230
Renewal of policies after agent's termination
Status: in_force

(a) (1) Any insurance company authorized to transact fire or casualty business in this state shall, upon termination of an agent's appointment by the company, permit the renewal of all contracts of insurance written by the agent for a period of twelve (12) months from the date of the termination, as determined by the individual underwriting requirements of the company, unless the insurance company is deemed by the Insurance Commissioner to be in a hazardous, impaired, or insolvent condition. (2) Provided, in the case of a contract not meeting the underwriting requirements, the company shall give the agent sixty (60) days' notice of its intention not to renew the contract. (3) Provided further that the periods of time may be reduced as the commissioner may deem necessary to adequately protect the insured or to secure the solvency of the company. (b) (1) No insurance agency contract entered into in this state by a licensed insurer with an insurance agent licensed under § 23-64-101 et seq. shall be terminated by the licensed insurer unless the agent is given at least ninety (90) days' advance written notice of the intent to terminate the contract. (2) Provided, if the contract is cancelled for failure of the agent to pay over moneys due the insurer after written demand therefor or for breach of contract, the advance notice shall not be required. (3) Provided further, during the ninety-day period after any such notice, the licensed insurance agent shall not write or bind any new business on behalf of the licensed insurer without the specific written approval of the business by the insurer. (c) Any insurance company renewing contracts of insurance in accordance with this section shall pay commissions for the renewals to the terminated agent in the same amount as had been paid to him or her on similar policies during the twelve (12) months immediately preceding the notice of termination. (d) The provisions of this section shall not apply to any contract with an agent for the sale of life or accident and health insurance. (e) The provisions of this section shall not be applicable to any insurer which writes insurance only for members of a specific organization or to any agent of the insurer. (f) (1) This section shall not apply to agents or brokers of a company or group of companies whose agents or brokers by contractual agreement represent only that company or group of companies or whose agents are required by contractual agreement to submit all applications for insurance for the classes and lines underwritten by such a company or group of companies to that company or group of companies, and the book of business is owned by the company or group of companies. (2) The cancellation of any agent's or broker's contractual agreement shall not result in the cancellation or refusal to renew any policy of insurance. Acts 1997, No. 908, § 1; 1999, No. 115, § 1.

(a) (1) Any insurance company authorized to transact fire or casualty business in this state shall, upon termination of an agent's appointment by the company, permit the renewal of all contracts of insurance written by the agent for a period of twelve (12) months from the date of the termination, as determined by the individual underwriting requirements of the company, unless the insurance company is deemed by the Insurance Commissioner to be in a hazardous, impaired, or insolvent condition. (2) Provided, in the case of a contract not meeting the underwriting requirements, the company shall give the agent sixty (60) days' notice of its intention not to renew the contract. (3) Provided further that the periods of time may be reduced as the commissioner may deem necessary to adequately protect the insured or to secure the solvency of the company.

(1) Any insurance company authorized to transact fire or casualty business in this state shall, upon termination of an agent's appointment by the company, permit the renewal of all contracts of insurance written by the agent for a period of twelve (12) months from the date of the termination, as determined by the individual underwriting requirements of the company, unless the insurance company is deemed by the Insurance Commissioner to be in a hazardous, impaired, or insolvent condition.

(2) Provided, in the case of a contract not meeting the underwriting requirements, the company shall give the agent sixty (60) days' notice of its intention not to renew the contract.

(3) Provided further that the periods of time may be reduced as the commissioner may deem necessary to adequately protect the insured or to secure the solvency of the company.

(b) (1) No insurance agency contract entered into in this state by a licensed insurer with an insurance agent licensed under § 23-64-101 et seq. shall be terminated by the licensed insurer unless the agent is given at least ninety (90) days' advance written notice of the intent to terminate the contract. (2) Provided, if the contract is cancelled for failure of the agent to pay over moneys due the insurer after written demand therefor or for breach of contract, the advance notice shall not be required. (3) Provided further, during the ninety-day period after any such notice, the licensed insurance agent shall not write or bind any new business on behalf of the licensed insurer without the specific written approval of the business by the insurer.

(1) No insurance agency contract entered into in this state by a licensed insurer with an insurance agent licensed under § 23-64-101 et seq. shall be terminated by the licensed insurer unless the agent is given at least ninety (90) days' advance written notice of the intent to terminate the contract.

(2) Provided, if the contract is cancelled for failure of the agent to pay over moneys due the insurer after written demand therefor or for breach of contract, the advance notice shall not be required.

(3) Provided further, during the ninety-day period after any such notice, the licensed insurance agent shall not write or bind any new business on behalf of the licensed insurer without the specific written approval of the business by the insurer.

(c) Any insurance company renewing contracts of insurance in accordance with this section shall pay commissions for the renewals to the terminated agent in the same amount as had been paid to him or her on similar policies during the twelve (12) months immediately preceding the notice of termination.

(d) The provisions of this section shall not apply to any contract with an agent for the sale of life or accident and health insurance.

(e) The provisions of this section shall not be applicable to any insurer which writes insurance only for members of a specific organization or to any agent of the insurer.

(f) (1) This section shall not apply to agents or brokers of a company or group of companies whose agents or brokers by contractual agreement represent only that company or group of companies or whose agents are required by contractual agreement to submit all applications for insurance for the classes and lines underwritten by such a company or group of companies to that company or group of companies, and the book of business is owned by the company or group of companies. (2) The cancellation of any agent's or broker's contractual agreement shall not result in the cancellation or refusal to renew any policy of insurance.

(1) This section shall not apply to agents or brokers of a company or group of companies whose agents or brokers by contractual agreement represent only that company or group of companies or whose agents are required by contractual agreement to submit all applications for insurance for the classes and lines underwritten by such a company or group of companies to that company or group of companies, and the book of business is owned by the company or group of companies.

(2) The cancellation of any agent's or broker's contractual agreement shall not result in the cancellation or refusal to renew any policy of insurance.

Acts 1997, No. 908, § 1; 1999, No. 115, § 1.