Ark. Code Ann. § 23-13-713 — AR Code / Title 23 / Chapter 13 / Subchapter 7 / Section 23-13-713
Driver requirements
Status: in_force

(a) Before permitting an individual to act as a transportation network company driver on its website, digital network, or software application, a transportation network company shall: (1) Require the individual to submit an application to the transportation network company that includes information regarding the individual's address, age, driver's license, driving history, motor vehicle registration, motor vehicle liability insurance coverage, and other information required by the transportation network company; (2) Conduct, or have a third party conduct, a state and national criminal background check for each applicant that includes searching: (A) A multistate and multijurisdictional criminal records locator or other similar commercial nationwide database with validation of primary source searches; and (B) The National Sex Offender Registry database; and (3) Obtain and review the individual's driving history. (b) A transportation network company shall not permit an individual to act as a transportation network company driver on its website, digital network, or software application who at the time of submitting an application: (1) Has had more than three (3) moving violations or has had one (1) major violation within the previous three (3) years, including without limitation attempting to evade the police, reckless driving, or driving on a suspended or revoked license; (2) Has been convicted within the past seven (7) years of driving under the influence of drugs or alcohol, fraud, a sexual offense, using a motor vehicle to commit a felony, or a crime involving property damage, theft, acts of violence, or acts of terror; (3) Is a match in the National Sex Offender Registry database; (4) Does not possess a valid driver's license; (5) Does not possess proof of registration for the motor vehicle or motor vehicles to be used to provide transportation network company services; (6) Does not possess proof of motor vehicle liability insurance coverage for the motor vehicle or motor vehicles to be used to provide transportation network company services; or (7) Is not at least nineteen (19) years of age. Added by Act 2015, No. 1050,§ 1, eff. 7/22/2015.

(a) Before permitting an individual to act as a transportation network company driver on its website, digital network, or software application, a transportation network company shall: (1) Require the individual to submit an application to the transportation network company that includes information regarding the individual's address, age, driver's license, driving history, motor vehicle registration, motor vehicle liability insurance coverage, and other information required by the transportation network company; (2) Conduct, or have a third party conduct, a state and national criminal background check for each applicant that includes searching: (A) A multistate and multijurisdictional criminal records locator or other similar commercial nationwide database with validation of primary source searches; and (B) The National Sex Offender Registry database; and (3) Obtain and review the individual's driving history.

(1) Require the individual to submit an application to the transportation network company that includes information regarding the individual's address, age, driver's license, driving history, motor vehicle registration, motor vehicle liability insurance coverage, and other information required by the transportation network company;

(2) Conduct, or have a third party conduct, a state and national criminal background check for each applicant that includes searching: (A) A multistate and multijurisdictional criminal records locator or other similar commercial nationwide database with validation of primary source searches; and (B) The National Sex Offender Registry database; and

(A) A multistate and multijurisdictional criminal records locator or other similar commercial nationwide database with validation of primary source searches; and

(B) The National Sex Offender Registry database; and

(3) Obtain and review the individual's driving history.

(b) A transportation network company shall not permit an individual to act as a transportation network company driver on its website, digital network, or software application who at the time of submitting an application: (1) Has had more than three (3) moving violations or has had one (1) major violation within the previous three (3) years, including without limitation attempting to evade the police, reckless driving, or driving on a suspended or revoked license; (2) Has been convicted within the past seven (7) years of driving under the influence of drugs or alcohol, fraud, a sexual offense, using a motor vehicle to commit a felony, or a crime involving property damage, theft, acts of violence, or acts of terror; (3) Is a match in the National Sex Offender Registry database; (4) Does not possess a valid driver's license; (5) Does not possess proof of registration for the motor vehicle or motor vehicles to be used to provide transportation network company services; (6) Does not possess proof of motor vehicle liability insurance coverage for the motor vehicle or motor vehicles to be used to provide transportation network company services; or (7) Is not at least nineteen (19) years of age.

(1) Has had more than three (3) moving violations or has had one (1) major violation within the previous three (3) years, including without limitation attempting to evade the police, reckless driving, or driving on a suspended or revoked license;

(2) Has been convicted within the past seven (7) years of driving under the influence of drugs or alcohol, fraud, a sexual offense, using a motor vehicle to commit a felony, or a crime involving property damage, theft, acts of violence, or acts of terror;

(3) Is a match in the National Sex Offender Registry database;

(4) Does not possess a valid driver's license;

(5) Does not possess proof of registration for the motor vehicle or motor vehicles to be used to provide transportation network company services;

(6) Does not possess proof of motor vehicle liability insurance coverage for the motor vehicle or motor vehicles to be used to provide transportation network company services; or

(7) Is not at least nineteen (19) years of age.

Added by Act 2015, No. 1050,§ 1, eff. 7/22/2015.
Ark. Code Ann. § 23-17-406 — AR Code / Title 23 / Chapter 17 / Subchapter 4 / Section 23-17-406
Electing companies
Status: in_force

(a) Any incumbent local exchange carrier may elect to have the rates, terms, and conditions for its telecommunications services determined pursuant to the provisions of this section. (b) An incumbent local exchange carrier shall file a notice of its intent with the Arkansas Public Service Commission to be an electing company and to be regulated pursuant to this section and §§ 23-17-407 and 23-17-408 . (c) (1) Upon such a filing, all rates, terms, and conditions for the services provided by that incumbent local exchange carrier contained in the tariffs and end-user contracts that were in effect on the date twelve (12) months prior to the date of election under this section shall be deemed just and reasonable. (2) However, nothing herein shall restrict any customer's right to complain to the commission regarding quality of service or the commission's right to enforce any quality of service rules and standards which are equally imposed on all telecommunications providers. (d) (1) A rural telephone company, excluding tier one companies, which elects to be regulated pursuant to this section may terminate that election by filing a notice with the commission. (2) Upon terminating that election, the rural telephone company for a period of five (5) years from the date of the termination notice under this subsection may not elect thereafter to be regulated under this section. Acts 1997, No. 77, § 6.

(a) Any incumbent local exchange carrier may elect to have the rates, terms, and conditions for its telecommunications services determined pursuant to the provisions of this section.

(b) An incumbent local exchange carrier shall file a notice of its intent with the Arkansas Public Service Commission to be an electing company and to be regulated pursuant to this section and §§ 23-17-407 and 23-17-408 .

(c) (1) Upon such a filing, all rates, terms, and conditions for the services provided by that incumbent local exchange carrier contained in the tariffs and end-user contracts that were in effect on the date twelve (12) months prior to the date of election under this section shall be deemed just and reasonable. (2) However, nothing herein shall restrict any customer's right to complain to the commission regarding quality of service or the commission's right to enforce any quality of service rules and standards which are equally imposed on all telecommunications providers.

(1) Upon such a filing, all rates, terms, and conditions for the services provided by that incumbent local exchange carrier contained in the tariffs and end-user contracts that were in effect on the date twelve (12) months prior to the date of election under this section shall be deemed just and reasonable.

(2) However, nothing herein shall restrict any customer's right to complain to the commission regarding quality of service or the commission's right to enforce any quality of service rules and standards which are equally imposed on all telecommunications providers.

(d) (1) A rural telephone company, excluding tier one companies, which elects to be regulated pursuant to this section may terminate that election by filing a notice with the commission. (2) Upon terminating that election, the rural telephone company for a period of five (5) years from the date of the termination notice under this subsection may not elect thereafter to be regulated under this section.

(1) A rural telephone company, excluding tier one companies, which elects to be regulated pursuant to this section may terminate that election by filing a notice with the commission.

(2) Upon terminating that election, the rural telephone company for a period of five (5) years from the date of the termination notice under this subsection may not elect thereafter to be regulated under this section.

Acts 1997, No. 77, § 6.
Ark. Code Ann. § 23-79-1802 — AR Code / Title 23 / Chapter 79 / Subchapter 18 / Section 23-79-1802
Coverage for newborn screening
Status: in_force

(a) A health benefit plan that is offered, issued, or renewed in this state shall provide coverage for newborn screening for conditions as determined by the Department of Health under § 20-15-302 by a healthcare professional on or after January 1, 2020. (b) The coverage for newborn screening under this section: (1) Is not subject to policy deductibles or copayment requirements; and (2) Does not diminish or limit benefits otherwise allowable under a health benefit plan. Amended by Act 2023, No. 490,§ 5, eff. 8/1/2023. Added by Act 2019, No. 58,§ 2, eff. 7/24/2019.

(a) A health benefit plan that is offered, issued, or renewed in this state shall provide coverage for newborn screening for conditions as determined by the Department of Health under § 20-15-302 by a healthcare professional on or after January 1, 2020.

(b) The coverage for newborn screening under this section: (1) Is not subject to policy deductibles or copayment requirements; and (2) Does not diminish or limit benefits otherwise allowable under a health benefit plan.

(1) Is not subject to policy deductibles or copayment requirements; and

(2) Does not diminish or limit benefits otherwise allowable under a health benefit plan.

Amended by Act 2023, No. 490,§ 5, eff. 8/1/2023.

Added by Act 2019, No. 58,§ 2, eff. 7/24/2019.
Ark. Code Ann. § 23-63-1302 — AR Code / Title 23 / Chapter 63 / Subchapter 13 / Section 23-63-1302
Definitions
Status: in_force

As used in this subchapter: (1) "Adjusted RBC report" means a risk-based capital report that has been adjusted by the Insurance Commissioner under § 23-63-1303(e) ; (2) "Corrective order" means an order issued by the commissioner specifying corrective actions that the commissioner has determined are needed; (3) "Domestic insurer" means an insurance company domiciled in this state; (4) "Foreign insurer" means an insurance company that may do business in this state under § 23-63-201 et seq. but is not domiciled in this state; (5) "Fraternal benefit society" means an insurance company or society organized and licensed under Arkansas Code Title 23, Chapter 74; (6) "Life or accident and health insurer" means: (A) An insurance company authorized to transact a life or accident and health insurance business under § 23-63-201 et seq.; or (B) An authorized property and casualty insurer writing only accident and health insurance; (7) "NAIC" means the National Association of Insurance Commissioners; (8) "Negative trend" means, with respect to a life or accident and health insurer or a fraternal benefit society, a negative trend over a period, as determined according to the trend test calculation included in the RBC instructions for a life or accident and health insurer or RBC instructions for a fraternal benefit society; (9) (A) "Property or casualty insurer" means an insurance company authorized to transact property or casualty insurance business under § 23-63-201 et seq., including farmers' mutual aid associations and fraternal benefit societies. (B) "Property or casualty insurer" does not include: (i) Monoline mortgage guaranty insurers; (ii) Financial guaranty insurers; or (iii) Title insurers; (10) "RBC" means risk-based capital; (11) "RBC instructions" means the RBC report including risk-based capital instructions adopted by the NAIC, as amended by the NAIC; (12) "RBC level" means an insurer's company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC when: (A) "Authorized control level RBC" means the number determined under the risk-based capital formula according to the RBC instructions; (B) "Company action level RBC" means, with respect to an insurer, the product of two (2) and its authorized control level RBC; (C) "Mandatory control level RBC" means the product of seven-tenths of one percent (0.7%) and the authorized control level RBC; and (D) "Regulatory action level RBC" means the product of one and five-tenths (1.5) and its authorized control level RBC; (13) "RBC plan" means a comprehensive financial plan containing the elements named in § 23-63-1304(b) . If the commissioner rejects the RBC plan and it is revised by the insurer with or without the commissioner's recommendation, the plan is called the "revised RBC plan"; (14) "RBC report" means the report required under § 23-63-1303 ; and (15) "Total adjusted capital" means the sum of: (A) An insurer's statutory capital and surplus as determined according to the statutory accounting applicable to the annual financial statements required under § 23-63-216 ; and (B) Other items, if any, that the RBC instructions may provide. Amended by Act 2015, No. 1223,§ 21, eff. 7/22/2015. Amended by Act 2015, No. 1223,§ 20, eff. 7/22/2015. Acts 1995, No. 622, § 1; 1999, No. 625, § 1; 2001, No. 1603, §§ 11, 12; 2003, No. 1473, § 52; 2011, No. 760, § 4.

As used in this subchapter:

(1) "Adjusted RBC report" means a risk-based capital report that has been adjusted by the Insurance Commissioner under § 23-63-1303(e) ;

(2) "Corrective order" means an order issued by the commissioner specifying corrective actions that the commissioner has determined are needed;

(3) "Domestic insurer" means an insurance company domiciled in this state;

(4) "Foreign insurer" means an insurance company that may do business in this state under § 23-63-201 et seq. but is not domiciled in this state;

(5) "Fraternal benefit society" means an insurance company or society organized and licensed under Arkansas Code Title 23, Chapter 74;

(6) "Life or accident and health insurer" means: (A) An insurance company authorized to transact a life or accident and health insurance business under § 23-63-201 et seq.; or (B) An authorized property and casualty insurer writing only accident and health insurance;

(A) An insurance company authorized to transact a life or accident and health insurance business under § 23-63-201 et seq.; or

(B) An authorized property and casualty insurer writing only accident and health insurance;

(7) "NAIC" means the National Association of Insurance Commissioners;

(8) "Negative trend" means, with respect to a life or accident and health insurer or a fraternal benefit society, a negative trend over a period, as determined according to the trend test calculation included in the RBC instructions for a life or accident and health insurer or RBC instructions for a fraternal benefit society;

(9) (A) "Property or casualty insurer" means an insurance company authorized to transact property or casualty insurance business under § 23-63-201 et seq., including farmers' mutual aid associations and fraternal benefit societies. (B) "Property or casualty insurer" does not include: (i) Monoline mortgage guaranty insurers; (ii) Financial guaranty insurers; or (iii) Title insurers;

(A) "Property or casualty insurer" means an insurance company authorized to transact property or casualty insurance business under § 23-63-201 et seq., including farmers' mutual aid associations and fraternal benefit societies.

(B) "Property or casualty insurer" does not include: (i) Monoline mortgage guaranty insurers; (ii) Financial guaranty insurers; or (iii) Title insurers;

(i) Monoline mortgage guaranty insurers;

(ii) Financial guaranty insurers; or

(iii) Title insurers;

(10) "RBC" means risk-based capital;

(11) "RBC instructions" means the RBC report including risk-based capital instructions adopted by the NAIC, as amended by the NAIC;

(12) "RBC level" means an insurer's company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC when: (A) "Authorized control level RBC" means the number determined under the risk-based capital formula according to the RBC instructions; (B) "Company action level RBC" means, with respect to an insurer, the product of two (2) and its authorized control level RBC; (C) "Mandatory control level RBC" means the product of seven-tenths of one percent (0.7%) and the authorized control level RBC; and (D) "Regulatory action level RBC" means the product of one and five-tenths (1.5) and its authorized control level RBC;

(A) "Authorized control level RBC" means the number determined under the risk-based capital formula according to the RBC instructions;

(B) "Company action level RBC" means, with respect to an insurer, the product of two (2) and its authorized control level RBC;

(C) "Mandatory control level RBC" means the product of seven-tenths of one percent (0.7%) and the authorized control level RBC; and

(D) "Regulatory action level RBC" means the product of one and five-tenths (1.5) and its authorized control level RBC;

(13) "RBC plan" means a comprehensive financial plan containing the elements named in § 23-63-1304(b) . If the commissioner rejects the RBC plan and it is revised by the insurer with or without the commissioner's recommendation, the plan is called the "revised RBC plan";

(14) "RBC report" means the report required under § 23-63-1303 ; and

(15) "Total adjusted capital" means the sum of: (A) An insurer's statutory capital and surplus as determined according to the statutory accounting applicable to the annual financial statements required under § 23-63-216 ; and (B) Other items, if any, that the RBC instructions may provide.

(A) An insurer's statutory capital and surplus as determined according to the statutory accounting applicable to the annual financial statements required under § 23-63-216 ; and

(B) Other items, if any, that the RBC instructions may provide.

Amended by Act 2015, No. 1223,§ 21, eff. 7/22/2015.

Amended by Act 2015, No. 1223,§ 20, eff. 7/22/2015.

Acts 1995, No. 622, § 1; 1999, No. 625, § 1; 2001, No. 1603, §§ 11, 12; 2003, No. 1473, § 52; 2011, No. 760, § 4.
Ark. Code Ann. § 23-47-203 — AR Code / Title 23 / Chapter 47 / Subchapter 2 / Section 23-47-203
Securing of deposits
Status: in_force

(a) It shall be lawful for any state bank to secure deposits made with it by any of the following: (1) The United States, the State of Arkansas, any county of this state, any municipality of this state, or any agency, corporate instrumentality, or political subdivision of any of the foregoing; (2) Any university or college supported by this state; (3) Any school district of this state; (4) Any community college district of this state; (5) Any relief body of the United States or of this state; (6) Any road, drainage, levee, bridge, street, sewer, paving, or other improvement district organized under the laws of this state; (7) Any regional water distribution district organized under the laws of this state; (8) Any federal agency; (9) The United States Postal Service; (10) Any receiver of any state or federal court, whether appointed in proceedings pending in this state or elsewhere; (11) Any referee in bankruptcy; (12) Any receiver, trustee, or operating officials appointed by any federal court in any bankruptcy, debt-adjustment, or composition proceeding pending within this state or elsewhere; (13) Any pension or retirement fund for employees of any county or municipality in this state or any agency, corporate instrumentality, or political subdivision of any of the foregoing; and (14) The Treasurer of State. (b) It shall be lawful for any state bank to secure the deposit with it of the following described funds: (1) Any funds deposited into the bank and which are held in trust by the bank, awaiting investment or distribution if not prohibited by the instrument or judgment creating the trust; and (2) Any funds deposited for such other purposes as are approved by the Bank Commissioner. (c) (1) A state bank may secure the deposits described in subsections (a) and (b) of this section, subject to the depositor's discretion regarding the suitability of the collateral, by: (A) The pledge or escrow of the assets of the bank consisting of any investment in which a state bank may invest pursuant to § 23-47-401 ; (B) A surety bond issued by an insurance company licensed under the laws of the State of Arkansas and either: (i) Rated "A" or better by any one (1) or more of the following rating agencies: (a) A.M. Best Company, Inc.; (b) Standard & Poor's Insurance Rating Service; (c) Moody's Investors Service, Inc.; or (d) Duff & Phelps Credit Rating Co.; or (ii) Listed on the then-current United States Department of the Treasury's Listing of Approved Sureties; (C) Private deposit insurance issued by an insurance company licensed under the laws of the State of Arkansas and either: (i) Rated "A" or better by any one (1) or more of the following rating agencies: (a) A.M. Best Company, Inc.; (b) Standard & Poor's Insurance Rating Service; (c) Moody's Investors Service, Inc.; or (d) Duff & Phelps Credit Rating Co.; or (ii) Listed on the then-current United States Department of the Treasury's Listing of Approved Sureties; or (D) An irrevocable standby letter of credit issued by a Federal Home Loan Bank. (2) The aggregate market value of assets pledged or escrowed or the face amount of the surety bond, private deposit insurance, or letter of credit securing the deposit of funds by any single depositor must be equal to or exceed the amount of the deposit to be secured. (d) Notwithstanding any other provision of this section, or the provision of any other law requiring security for deposit of funds in the form of the deposit or pledge of securities, security for such deposits shall not be required to the extent that such deposits are insured under the provisions of the Federal Deposit Insurance Act. (e) The powers herein conferred upon state banks are cumulative to such similar powers as they now may hold under existing laws. Acts 1997, No. 89, § 1; 1999, No. 116, § 1; 2001, No. 310, § 2.

(a) It shall be lawful for any state bank to secure deposits made with it by any of the following: (1) The United States, the State of Arkansas, any county of this state, any municipality of this state, or any agency, corporate instrumentality, or political subdivision of any of the foregoing; (2) Any university or college supported by this state; (3) Any school district of this state; (4) Any community college district of this state; (5) Any relief body of the United States or of this state; (6) Any road, drainage, levee, bridge, street, sewer, paving, or other improvement district organized under the laws of this state; (7) Any regional water distribution district organized under the laws of this state; (8) Any federal agency; (9) The United States Postal Service; (10) Any receiver of any state or federal court, whether appointed in proceedings pending in this state or elsewhere; (11) Any referee in bankruptcy; (12) Any receiver, trustee, or operating officials appointed by any federal court in any bankruptcy, debt-adjustment, or composition proceeding pending within this state or elsewhere; (13) Any pension or retirement fund for employees of any county or municipality in this state or any agency, corporate instrumentality, or political subdivision of any of the foregoing; and (14) The Treasurer of State.

(1) The United States, the State of Arkansas, any county of this state, any municipality of this state, or any agency, corporate instrumentality, or political subdivision of any of the foregoing;

(2) Any university or college supported by this state;

(3) Any school district of this state;

(4) Any community college district of this state;

(5) Any relief body of the United States or of this state;

(6) Any road, drainage, levee, bridge, street, sewer, paving, or other improvement district organized under the laws of this state;

(7) Any regional water distribution district organized under the laws of this state;

(8) Any federal agency;

(9) The United States Postal Service;

(10) Any receiver of any state or federal court, whether appointed in proceedings pending in this state or elsewhere;

(11) Any referee in bankruptcy;

(12) Any receiver, trustee, or operating officials appointed by any federal court in any bankruptcy, debt-adjustment, or composition proceeding pending within this state or elsewhere;

(13) Any pension or retirement fund for employees of any county or municipality in this state or any agency, corporate instrumentality, or political subdivision of any of the foregoing; and

(14) The Treasurer of State.

(b) It shall be lawful for any state bank to secure the deposit with it of the following described funds: (1) Any funds deposited into the bank and which are held in trust by the bank, awaiting investment or distribution if not prohibited by the instrument or judgment creating the trust; and (2) Any funds deposited for such other purposes as are approved by the Bank Commissioner.

(1) Any funds deposited into the bank and which are held in trust by the bank, awaiting investment or distribution if not prohibited by the instrument or judgment creating the trust; and

(2) Any funds deposited for such other purposes as are approved by the Bank Commissioner.

(c) (1) A state bank may secure the deposits described in subsections (a) and (b) of this section, subject to the depositor's discretion regarding the suitability of the collateral, by: (A) The pledge or escrow of the assets of the bank consisting of any investment in which a state bank may invest pursuant to § 23-47-401 ; (B) A surety bond issued by an insurance company licensed under the laws of the State of Arkansas and either: (i) Rated "A" or better by any one (1) or more of the following rating agencies: (a) A.M. Best Company, Inc.; (b) Standard & Poor's Insurance Rating Service; (c) Moody's Investors Service, Inc.; or (d) Duff & Phelps Credit Rating Co.; or (ii) Listed on the then-current United States Department of the Treasury's Listing of Approved Sureties; (C) Private deposit insurance issued by an insurance company licensed under the laws of the State of Arkansas and either: (i) Rated "A" or better by any one (1) or more of the following rating agencies: (a) A.M. Best Company, Inc.; (b) Standard & Poor's Insurance Rating Service; (c) Moody's Investors Service, Inc.; or (d) Duff & Phelps Credit Rating Co.; or (ii) Listed on the then-current United States Department of the Treasury's Listing of Approved Sureties; or (D) An irrevocable standby letter of credit issued by a Federal Home Loan Bank. (2) The aggregate market value of assets pledged or escrowed or the face amount of the surety bond, private deposit insurance, or letter of credit securing the deposit of funds by any single depositor must be equal to or exceed the amount of the deposit to be secured.

(1) A state bank may secure the deposits described in subsections (a) and (b) of this section, subject to the depositor's discretion regarding the suitability of the collateral, by: (A) The pledge or escrow of the assets of the bank consisting of any investment in which a state bank may invest pursuant to § 23-47-401 ; (B) A surety bond issued by an insurance company licensed under the laws of the State of Arkansas and either: (i) Rated "A" or better by any one (1) or more of the following rating agencies: (a) A.M. Best Company, Inc.; (b) Standard & Poor's Insurance Rating Service; (c) Moody's Investors Service, Inc.; or (d) Duff & Phelps Credit Rating Co.; or (ii) Listed on the then-current United States Department of the Treasury's Listing of Approved Sureties; (C) Private deposit insurance issued by an insurance company licensed under the laws of the State of Arkansas and either: (i) Rated "A" or better by any one (1) or more of the following rating agencies: (a) A.M. Best Company, Inc.; (b) Standard & Poor's Insurance Rating Service; (c) Moody's Investors Service, Inc.; or (d) Duff & Phelps Credit Rating Co.; or (ii) Listed on the then-current United States Department of the Treasury's Listing of Approved Sureties; or (D) An irrevocable standby letter of credit issued by a Federal Home Loan Bank.

(A) The pledge or escrow of the assets of the bank consisting of any investment in which a state bank may invest pursuant to § 23-47-401 ;

(B) A surety bond issued by an insurance company licensed under the laws of the State of Arkansas and either: (i) Rated "A" or better by any one (1) or more of the following rating agencies: (a) A.M. Best Company, Inc.; (b) Standard & Poor's Insurance Rating Service; (c) Moody's Investors Service, Inc.; or (d) Duff & Phelps Credit Rating Co.; or (ii) Listed on the then-current United States Department of the Treasury's Listing of Approved Sureties;

(i) Rated "A" or better by any one (1) or more of the following rating agencies: (a) A.M. Best Company, Inc.; (b) Standard & Poor's Insurance Rating Service; (c) Moody's Investors Service, Inc.; or (d) Duff & Phelps Credit Rating Co.; or

(a) A.M. Best Company, Inc.;

(b) Standard & Poor's Insurance Rating Service;

(c) Moody's Investors Service, Inc.; or

(d) Duff & Phelps Credit Rating Co.; or

(ii) Listed on the then-current United States Department of the Treasury's Listing of Approved Sureties;

(C) Private deposit insurance issued by an insurance company licensed under the laws of the State of Arkansas and either: (i) Rated "A" or better by any one (1) or more of the following rating agencies: (a) A.M. Best Company, Inc.; (b) Standard & Poor's Insurance Rating Service; (c) Moody's Investors Service, Inc.; or (d) Duff & Phelps Credit Rating Co.; or (ii) Listed on the then-current United States Department of the Treasury's Listing of Approved Sureties; or

(i) Rated "A" or better by any one (1) or more of the following rating agencies: (a) A.M. Best Company, Inc.; (b) Standard & Poor's Insurance Rating Service; (c) Moody's Investors Service, Inc.; or (d) Duff & Phelps Credit Rating Co.; or

(a) A.M. Best Company, Inc.;

(b) Standard & Poor's Insurance Rating Service;

(c) Moody's Investors Service, Inc.; or

(d) Duff & Phelps Credit Rating Co.; or

(ii) Listed on the then-current United States Department of the Treasury's Listing of Approved Sureties; or

(D) An irrevocable standby letter of credit issued by a Federal Home Loan Bank.

(2) The aggregate market value of assets pledged or escrowed or the face amount of the surety bond, private deposit insurance, or letter of credit securing the deposit of funds by any single depositor must be equal to or exceed the amount of the deposit to be secured.

(d) Notwithstanding any other provision of this section, or the provision of any other law requiring security for deposit of funds in the form of the deposit or pledge of securities, security for such deposits shall not be required to the extent that such deposits are insured under the provisions of the Federal Deposit Insurance Act.

(e) The powers herein conferred upon state banks are cumulative to such similar powers as they now may hold under existing laws.

Acts 1997, No. 89, § 1; 1999, No. 116, § 1; 2001, No. 310, § 2.
Ark. Code Ann. § 23-2-309 — AR Code / Title 23 / Chapter 2 / Subchapter 3 / Section 23-2-309
Information to be furnished commission on request
Status: in_force

At any time, the commission may require persons, firms, associations, or corporations, so far as they may be subject to its jurisdiction under the terms of this act, to furnish any information which may be in his, her, its, or their possession respecting the rates, tolls, fares, charges, or practices in conducting his, hers, its, or their service. They may also be required to furnish the commission at all times for its inspection any books or papers or reports and statements. The reports and statements shall be under oath when required by the commission. The form of all reports required under this act shall be prescribed by the commission. Acts 1919, No. 571, § 11; C. & M. Dig., §§ 1663, 1664, 1686, 1687; Acts 1921, No. 124, § 8; Pope's Dig., §§ 1980, 1990, 1991, 2007; A.S.A. 1947, § 73-123.

At any time, the commission may require persons, firms, associations, or corporations, so far as they may be subject to its jurisdiction under the terms of this act, to furnish any information which may be in his, her, its, or their possession respecting the rates, tolls, fares, charges, or practices in conducting his, hers, its, or their service. They may also be required to furnish the commission at all times for its inspection any books or papers or reports and statements. The reports and statements shall be under oath when required by the commission. The form of all reports required under this act shall be prescribed by the commission.

Acts 1919, No. 571, § 11; C. & M. Dig., §§ 1663, 1664, 1686, 1687; Acts 1921, No. 124, § 8; Pope's Dig., §§ 1980, 1990, 1991, 2007; A.S.A. 1947, § 73-123.
Ark. Code Ann. § 23-4-1103 — AR Code / Title 23 / Chapter 4 / Subchapter 11 / Section 23-4-1103
Notification of proposed rate and charge modification
Status: in_force

(a) (1) A generation and transmission cooperative shall notify the Arkansas Public Service Commission, the Attorney General, and the member cooperatives in writing at least sixty (60) days before the board votes on a proposed modification of its rates and charges under § 23-4-1102 . (2) (A) The notice under subdivision (a)(1) of this section shall: (i) Be in writing; (ii) Include a schedule of the proposed modification of rates and charges; and (iii) Include the effective date of the proposed change. (B) However, if the board subsequently reduces a proposed increase in rates and charges after providing notice under subdivision (a)(1) of this section, the board does not have to provide any additional notice under this subsection. (b) (1) The generation and transmission cooperative shall provide notice of its proposed modification of its rates and charges to the public not less than forty (40) days before the board votes on the proposed change in its rates and charges. (2) The notice under subdivision (b)(1) of this section shall: (A) Be substantially similar to the public notice required by the commission's Rules of Practice and Procedure for general rate case procedures; (B) Be published in: (i) A newspaper of general circulation in the service territory of the generation and transmission cooperative; or (ii) Either of the following: (a) Any publication that is regularly provided to the retail cooperative members by the member cooperatives; or (b) The generation and transmission cooperative's newsletter to retail cooperative members; and (C) Include a statement estimating: (i) The retail impact of the proposed change in rates and charges on: (a) A per-kilowatt-hour basis; and (b) An average residential retail cooperative member's monthly bill; and (ii) The effective date of the proposed change in rates and charges. Acts 2009, No. 676, § 1.

(a) (1) A generation and transmission cooperative shall notify the Arkansas Public Service Commission, the Attorney General, and the member cooperatives in writing at least sixty (60) days before the board votes on a proposed modification of its rates and charges under § 23-4-1102 . (2) (A) The notice under subdivision (a)(1) of this section shall: (i) Be in writing; (ii) Include a schedule of the proposed modification of rates and charges; and (iii) Include the effective date of the proposed change. (B) However, if the board subsequently reduces a proposed increase in rates and charges after providing notice under subdivision (a)(1) of this section, the board does not have to provide any additional notice under this subsection.

(1) A generation and transmission cooperative shall notify the Arkansas Public Service Commission, the Attorney General, and the member cooperatives in writing at least sixty (60) days before the board votes on a proposed modification of its rates and charges under § 23-4-1102 .

(2) (A) The notice under subdivision (a)(1) of this section shall: (i) Be in writing; (ii) Include a schedule of the proposed modification of rates and charges; and (iii) Include the effective date of the proposed change. (B) However, if the board subsequently reduces a proposed increase in rates and charges after providing notice under subdivision (a)(1) of this section, the board does not have to provide any additional notice under this subsection.

(A) The notice under subdivision (a)(1) of this section shall: (i) Be in writing; (ii) Include a schedule of the proposed modification of rates and charges; and (iii) Include the effective date of the proposed change.

(i) Be in writing;

(ii) Include a schedule of the proposed modification of rates and charges; and

(iii) Include the effective date of the proposed change.

(B) However, if the board subsequently reduces a proposed increase in rates and charges after providing notice under subdivision (a)(1) of this section, the board does not have to provide any additional notice under this subsection.

(b) (1) The generation and transmission cooperative shall provide notice of its proposed modification of its rates and charges to the public not less than forty (40) days before the board votes on the proposed change in its rates and charges. (2) The notice under subdivision (b)(1) of this section shall: (A) Be substantially similar to the public notice required by the commission's Rules of Practice and Procedure for general rate case procedures; (B) Be published in: (i) A newspaper of general circulation in the service territory of the generation and transmission cooperative; or (ii) Either of the following: (a) Any publication that is regularly provided to the retail cooperative members by the member cooperatives; or (b) The generation and transmission cooperative's newsletter to retail cooperative members; and (C) Include a statement estimating: (i) The retail impact of the proposed change in rates and charges on: (a) A per-kilowatt-hour basis; and (b) An average residential retail cooperative member's monthly bill; and (ii) The effective date of the proposed change in rates and charges.

(1) The generation and transmission cooperative shall provide notice of its proposed modification of its rates and charges to the public not less than forty (40) days before the board votes on the proposed change in its rates and charges.

(2) The notice under subdivision (b)(1) of this section shall: (A) Be substantially similar to the public notice required by the commission's Rules of Practice and Procedure for general rate case procedures; (B) Be published in: (i) A newspaper of general circulation in the service territory of the generation and transmission cooperative; or (ii) Either of the following: (a) Any publication that is regularly provided to the retail cooperative members by the member cooperatives; or (b) The generation and transmission cooperative's newsletter to retail cooperative members; and (C) Include a statement estimating: (i) The retail impact of the proposed change in rates and charges on: (a) A per-kilowatt-hour basis; and (b) An average residential retail cooperative member's monthly bill; and (ii) The effective date of the proposed change in rates and charges.

(A) Be substantially similar to the public notice required by the commission's Rules of Practice and Procedure for general rate case procedures;

(B) Be published in: (i) A newspaper of general circulation in the service territory of the generation and transmission cooperative; or (ii) Either of the following: (a) Any publication that is regularly provided to the retail cooperative members by the member cooperatives; or (b) The generation and transmission cooperative's newsletter to retail cooperative members; and

(i) A newspaper of general circulation in the service territory of the generation and transmission cooperative; or

(ii) Either of the following: (a) Any publication that is regularly provided to the retail cooperative members by the member cooperatives; or (b) The generation and transmission cooperative's newsletter to retail cooperative members; and

(a) Any publication that is regularly provided to the retail cooperative members by the member cooperatives; or

(b) The generation and transmission cooperative's newsletter to retail cooperative members; and

(C) Include a statement estimating: (i) The retail impact of the proposed change in rates and charges on: (a) A per-kilowatt-hour basis; and (b) An average residential retail cooperative member's monthly bill; and (ii) The effective date of the proposed change in rates and charges.

(i) The retail impact of the proposed change in rates and charges on: (a) A per-kilowatt-hour basis; and (b) An average residential retail cooperative member's monthly bill; and

(a) A per-kilowatt-hour basis; and

(b) An average residential retail cooperative member's monthly bill; and

(ii) The effective date of the proposed change in rates and charges.

Acts 2009, No. 676, § 1.
Ark. Code Ann. § 23-79-2103 — AR Code / Title 23 / Chapter 79 / Subchapter 21 / Section 23-79-2103
Clinical review criteria
Status: in_force

(a) (1) Clinical review criteria used to establish a step therapy protocol shall be based on clinical practice guidelines that: (A) Are developed and endorsed by a multidisciplinary panel of experts that manages conflicts of interest among the members of the writing and review groups by: (i) (a) Requiring members to disclose any potential conflicts of interest with entities, including healthcare insurers, health benefit plans, and pharmaceutical manufacturers. (b) A member shall recuse himself or herself from voting if the member has a conflict of interest; (ii) Using a methodologist to work with writing groups to provide objectivity in data analysis and ranking of evidence through the preparation of evidence tables and facilitating consensus; and (iii) Offering opportunities for public review and comments; (B) Are based on high-quality studies, research, and medical practice; (C) Are created by an explicit and transparent process that: (i) Minimizes biases and conflicts of interest; (ii) Explains the relationship between treatment options and outcomes; (iii) Rates the quality of the evidence supporting recommendations; and (iv) Considers relevant patient subgroups and preferences; and (D) Are continually updated through a review of new evidence, research, and newly developed treatments. (2) Peer-reviewed published medical literature may be substituted for clinical practice guidelines to establish clinical review criteria if the peer-reviewed published medical literature meets the requirements of subdivisions (a)(1)(B) and (C) of this section, when those requirements apply to the available peer-reviewed published medical literature. (3) If establishing a step therapy protocol, a utilization review agent shall take into account the needs of atypical patient populations and diagnoses when establishing clinical review criteria. (4) A healthcare insurer, pharmacy benefit manager, or utilization review organization shall: (A) Upon written request, provide all specific written clinical review criteria relating to the particular condition or disease, including clinical review criteria relating to a step therapy protocol override determination; and (B) Make available such clinical review criteria and other clinical information on its website and to a healthcare professional on behalf of an insured upon written request. (b) This section does not require healthcare insurers, health benefit plans, or the state to set up a new entity to develop clinical review criteria used for step therapy protocols. Added by Act 2021, No. 97,§ 2, eff. 1/1/2022.

(a) (1) Clinical review criteria used to establish a step therapy protocol shall be based on clinical practice guidelines that: (A) Are developed and endorsed by a multidisciplinary panel of experts that manages conflicts of interest among the members of the writing and review groups by: (i) (a) Requiring members to disclose any potential conflicts of interest with entities, including healthcare insurers, health benefit plans, and pharmaceutical manufacturers. (b) A member shall recuse himself or herself from voting if the member has a conflict of interest; (ii) Using a methodologist to work with writing groups to provide objectivity in data analysis and ranking of evidence through the preparation of evidence tables and facilitating consensus; and (iii) Offering opportunities for public review and comments; (B) Are based on high-quality studies, research, and medical practice; (C) Are created by an explicit and transparent process that: (i) Minimizes biases and conflicts of interest; (ii) Explains the relationship between treatment options and outcomes; (iii) Rates the quality of the evidence supporting recommendations; and (iv) Considers relevant patient subgroups and preferences; and (D) Are continually updated through a review of new evidence, research, and newly developed treatments. (2) Peer-reviewed published medical literature may be substituted for clinical practice guidelines to establish clinical review criteria if the peer-reviewed published medical literature meets the requirements of subdivisions (a)(1)(B) and (C) of this section, when those requirements apply to the available peer-reviewed published medical literature. (3) If establishing a step therapy protocol, a utilization review agent shall take into account the needs of atypical patient populations and diagnoses when establishing clinical review criteria. (4) A healthcare insurer, pharmacy benefit manager, or utilization review organization shall: (A) Upon written request, provide all specific written clinical review criteria relating to the particular condition or disease, including clinical review criteria relating to a step therapy protocol override determination; and (B) Make available such clinical review criteria and other clinical information on its website and to a healthcare professional on behalf of an insured upon written request.

(1) Clinical review criteria used to establish a step therapy protocol shall be based on clinical practice guidelines that: (A) Are developed and endorsed by a multidisciplinary panel of experts that manages conflicts of interest among the members of the writing and review groups by: (i) (a) Requiring members to disclose any potential conflicts of interest with entities, including healthcare insurers, health benefit plans, and pharmaceutical manufacturers. (b) A member shall recuse himself or herself from voting if the member has a conflict of interest; (ii) Using a methodologist to work with writing groups to provide objectivity in data analysis and ranking of evidence through the preparation of evidence tables and facilitating consensus; and (iii) Offering opportunities for public review and comments; (B) Are based on high-quality studies, research, and medical practice; (C) Are created by an explicit and transparent process that: (i) Minimizes biases and conflicts of interest; (ii) Explains the relationship between treatment options and outcomes; (iii) Rates the quality of the evidence supporting recommendations; and (iv) Considers relevant patient subgroups and preferences; and (D) Are continually updated through a review of new evidence, research, and newly developed treatments.

(A) Are developed and endorsed by a multidisciplinary panel of experts that manages conflicts of interest among the members of the writing and review groups by: (i) (a) Requiring members to disclose any potential conflicts of interest with entities, including healthcare insurers, health benefit plans, and pharmaceutical manufacturers. (b) A member shall recuse himself or herself from voting if the member has a conflict of interest; (ii) Using a methodologist to work with writing groups to provide objectivity in data analysis and ranking of evidence through the preparation of evidence tables and facilitating consensus; and (iii) Offering opportunities for public review and comments;

(i) (a) Requiring members to disclose any potential conflicts of interest with entities, including healthcare insurers, health benefit plans, and pharmaceutical manufacturers. (b) A member shall recuse himself or herself from voting if the member has a conflict of interest;

(a) Requiring members to disclose any potential conflicts of interest with entities, including healthcare insurers, health benefit plans, and pharmaceutical manufacturers.

(b) A member shall recuse himself or herself from voting if the member has a conflict of interest;

(ii) Using a methodologist to work with writing groups to provide objectivity in data analysis and ranking of evidence through the preparation of evidence tables and facilitating consensus; and

(iii) Offering opportunities for public review and comments;

(B) Are based on high-quality studies, research, and medical practice;

(C) Are created by an explicit and transparent process that: (i) Minimizes biases and conflicts of interest; (ii) Explains the relationship between treatment options and outcomes; (iii) Rates the quality of the evidence supporting recommendations; and (iv) Considers relevant patient subgroups and preferences; and

(i) Minimizes biases and conflicts of interest;

(ii) Explains the relationship between treatment options and outcomes;

(iii) Rates the quality of the evidence supporting recommendations; and

(iv) Considers relevant patient subgroups and preferences; and

(D) Are continually updated through a review of new evidence, research, and newly developed treatments.

(2) Peer-reviewed published medical literature may be substituted for clinical practice guidelines to establish clinical review criteria if the peer-reviewed published medical literature meets the requirements of subdivisions (a)(1)(B) and (C) of this section, when those requirements apply to the available peer-reviewed published medical literature.

(3) If establishing a step therapy protocol, a utilization review agent shall take into account the needs of atypical patient populations and diagnoses when establishing clinical review criteria.

(4) A healthcare insurer, pharmacy benefit manager, or utilization review organization shall: (A) Upon written request, provide all specific written clinical review criteria relating to the particular condition or disease, including clinical review criteria relating to a step therapy protocol override determination; and (B) Make available such clinical review criteria and other clinical information on its website and to a healthcare professional on behalf of an insured upon written request.

(A) Upon written request, provide all specific written clinical review criteria relating to the particular condition or disease, including clinical review criteria relating to a step therapy protocol override determination; and

(B) Make available such clinical review criteria and other clinical information on its website and to a healthcare professional on behalf of an insured upon written request.

(b) This section does not require healthcare insurers, health benefit plans, or the state to set up a new entity to develop clinical review criteria used for step therapy protocols.

Added by Act 2021, No. 97,§ 2, eff. 1/1/2022.
Ark. Code Ann. § 23-103-413 — AR Code / Title 23 / Chapter 103 / Subchapter 4 / Section 23-103-413
Policyholder rights and disclosure
Status: in_force

(a) (1) When a title insurance report includes an offer to issue an owner's title insurance policy covering the resale of owner-occupied residential property, the title insurance report shall be furnished to the purchaser or mortgagor or to the representative of the purchaser-mortgagor as soon as reasonably possible before closing. (2) The title insurance report furnished to the purchaser-mortgagor shall incorporate the following statement on the first page in bold type: "Please read the exceptions and the terms shown or referred to herein carefully. The exceptions are meant to provide you with notice of matters that are not covered under the terms of the title insurance policy and should be carefully considered. This report is a written representation as to the condition of title for purposes of providing title insurance and lists all liens, defects, and encumbrances filed of record within the last thirty (30) years that have not been released of record or that are not statutorily expired. No title insurance agent or any other person other than a licensed Arkansas attorney may provide legal advice concerning the status of title to the property described in the title commitment." (b) (1) When an owner's title insurance policy has not been requested, a title insurer or a title insurance agency issuing a title insurance policy to a lender in conjunction with a mortgage loan involving real property made simultaneously with the purchase of all or part of the real property securing the loan shall give written notice on a form prescribed or approved by the Insurance Commissioner to the purchaser-mortgagor at the closing. (2) The notice required by subdivision (b)(1) of this section shall explain: (A) That a title insurance policy for the lender involving real property is issued for the protection of the mortgage lender and that the policy does not provide title insurance protection to the purchaser-mortgagor as the owner of the real property being purchased; (B) The coverage that a title insurance policy relating to real property insures and that risks exist for the purchaser-mortgagor of real property that could be insured through the purchase of an owner's title policy involving real property; and (C) That the purchaser-mortgagor may obtain an owner's title insurance policy at a specified premium. (3) A copy of the notice signed by the purchaser-mortgagor shall be retained in the closing file for at least five (5) years after the effective date of the lender's title insurance policy. Acts 2007, No. 684, § 6; 2009, No. 1190, § 10.

(a) (1) When a title insurance report includes an offer to issue an owner's title insurance policy covering the resale of owner-occupied residential property, the title insurance report shall be furnished to the purchaser or mortgagor or to the representative of the purchaser-mortgagor as soon as reasonably possible before closing. (2) The title insurance report furnished to the purchaser-mortgagor shall incorporate the following statement on the first page in bold type: "Please read the exceptions and the terms shown or referred to herein carefully. The exceptions are meant to provide you with notice of matters that are not covered under the terms of the title insurance policy and should be carefully considered. This report is a written representation as to the condition of title for purposes of providing title insurance and lists all liens, defects, and encumbrances filed of record within the last thirty (30) years that have not been released of record or that are not statutorily expired. No title insurance agent or any other person other than a licensed Arkansas attorney may provide legal advice concerning the status of title to the property described in the title commitment."

(1) When a title insurance report includes an offer to issue an owner's title insurance policy covering the resale of owner-occupied residential property, the title insurance report shall be furnished to the purchaser or mortgagor or to the representative of the purchaser-mortgagor as soon as reasonably possible before closing.

(2) The title insurance report furnished to the purchaser-mortgagor shall incorporate the following statement on the first page in bold type: "Please read the exceptions and the terms shown or referred to herein carefully. The exceptions are meant to provide you with notice of matters that are not covered under the terms of the title insurance policy and should be carefully considered. This report is a written representation as to the condition of title for purposes of providing title insurance and lists all liens, defects, and encumbrances filed of record within the last thirty (30) years that have not been released of record or that are not statutorily expired. No title insurance agent or any other person other than a licensed Arkansas attorney may provide legal advice concerning the status of title to the property described in the title commitment."

"Please read the exceptions and the terms shown or referred to herein carefully. The exceptions are meant to provide you with notice of matters that are not covered under the terms of the title insurance policy and should be carefully considered.

This report is a written representation as to the condition of title for purposes of providing title insurance and lists all liens, defects, and encumbrances filed of record within the last thirty (30) years that have not been released of record or that are not statutorily expired.

No title insurance agent or any other person other than a licensed Arkansas attorney may provide legal advice concerning the status of title to the property described in the title commitment."

(b) (1) When an owner's title insurance policy has not been requested, a title insurer or a title insurance agency issuing a title insurance policy to a lender in conjunction with a mortgage loan involving real property made simultaneously with the purchase of all or part of the real property securing the loan shall give written notice on a form prescribed or approved by the Insurance Commissioner to the purchaser-mortgagor at the closing. (2) The notice required by subdivision (b)(1) of this section shall explain: (A) That a title insurance policy for the lender involving real property is issued for the protection of the mortgage lender and that the policy does not provide title insurance protection to the purchaser-mortgagor as the owner of the real property being purchased; (B) The coverage that a title insurance policy relating to real property insures and that risks exist for the purchaser-mortgagor of real property that could be insured through the purchase of an owner's title policy involving real property; and (C) That the purchaser-mortgagor may obtain an owner's title insurance policy at a specified premium. (3) A copy of the notice signed by the purchaser-mortgagor shall be retained in the closing file for at least five (5) years after the effective date of the lender's title insurance policy.

(1) When an owner's title insurance policy has not been requested, a title insurer or a title insurance agency issuing a title insurance policy to a lender in conjunction with a mortgage loan involving real property made simultaneously with the purchase of all or part of the real property securing the loan shall give written notice on a form prescribed or approved by the Insurance Commissioner to the purchaser-mortgagor at the closing.

(2) The notice required by subdivision (b)(1) of this section shall explain: (A) That a title insurance policy for the lender involving real property is issued for the protection of the mortgage lender and that the policy does not provide title insurance protection to the purchaser-mortgagor as the owner of the real property being purchased; (B) The coverage that a title insurance policy relating to real property insures and that risks exist for the purchaser-mortgagor of real property that could be insured through the purchase of an owner's title policy involving real property; and (C) That the purchaser-mortgagor may obtain an owner's title insurance policy at a specified premium.

(A) That a title insurance policy for the lender involving real property is issued for the protection of the mortgage lender and that the policy does not provide title insurance protection to the purchaser-mortgagor as the owner of the real property being purchased;

(B) The coverage that a title insurance policy relating to real property insures and that risks exist for the purchaser-mortgagor of real property that could be insured through the purchase of an owner's title policy involving real property; and

(C) That the purchaser-mortgagor may obtain an owner's title insurance policy at a specified premium.

(3) A copy of the notice signed by the purchaser-mortgagor shall be retained in the closing file for at least five (5) years after the effective date of the lender's title insurance policy.

Acts 2007, No. 684, § 6; 2009, No. 1190, § 10.
Ark. Code Ann. § 23-16-412 — AR Code / Title 23 / Chapter 16 / Subchapter 4 / Section 23-16-412
[Repealed]
Status: repealed

Repealed by Act 2021, No. 805,§ 1, eff. 7/28/2021. Acts 2005, No. 2289, § 1.

Repealed by Act 2021, No. 805,§ 1, eff. 7/28/2021.

Acts 2005, No. 2289, § 1.
Ark. Code Ann. § 23-63-824 — AR Code / Title 23 / Chapter 63 / Subchapter 8 / Section 23-63-824
Foreign securities
Status: in_force

(a) An insurer may acquire investments or engage in investment practices with entities or institutions of or in foreign jurisdictions of substantially the same type that an insurer may acquire under this subchapter for investments in the United States if, as a result of and after giving effect to the investment: (1) The aggregate amount of foreign domiciled investments held by the insurer under this subsection does not exceed twenty percent (20%) of the insurer's admitted assets; (2) The aggregate amount of foreign investments held by the insurer under this subsection, domiciled in a single foreign jurisdiction, does not exceed: (A) Ten percent (10%) of its admitted assets to a foreign jurisdiction that has a sovereign debt rating of "1" by the Securities Valuation Office of the National Association of Insurance Commissioners; or (B) Three percent (3%) of its admitted assets to any other foreign jurisdiction; and (3) The insurer does not hold more than three percent (3%) of its admitted assets in investments of any kind issued, assumed, accepted, insured, or guaranteed by a single foreign entity or institution. (b) Except as provided in § 23-63-805 , an insurer may acquire investments or engage in investment practices denominated in foreign currencies when the investments are foreign investments under subsection (a) of this section or the investments are limited to foreign currency exposure as a result of the termination or expiration of a hedging transaction concerning investments denominated in a foreign currency if, as a result of and after giving effect to the investment: (1) The aggregate amount of investments held by the insurer under this subsection denominated in foreign currencies does not exceed ten percent (10%) of its admitted assets; (2) The aggregate amount of investments held by the insurer under this subsection denominated in the foreign currency of a single foreign jurisdiction does not exceed three percent (3%) of its admitted assets as to a foreign jurisdiction that does not have a sovereign debt rating of "1" by the Securities Valuation Office of the National Association of Insurance Commissioners; and (3) An investment shall not be considered denominated in a foreign currency if the acquiring insurer: (A) Enters into at least one (1) transaction under § 23-63-841 ; and (B) The business entity counterparty agrees or contracts to exchange all payments made on the foreign currency denominated investment for United States currency at a rate that effectively insulates the investment cash flows against future fluctuations in currency exchange rates during the time a contract is in effect. (c) Canadian securities that are eligible for investment under other provisions of this subchapter are not subject to this section. Amended by Act 2015, No. 1223,§ 17, eff. 7/22/2015. Acts 1959, No. 148, § 120; A.S.A. 1947, § 66-2624; Acts 1991, No. 1123, § 20; 1993, No. 527, § 11.

(a) An insurer may acquire investments or engage in investment practices with entities or institutions of or in foreign jurisdictions of substantially the same type that an insurer may acquire under this subchapter for investments in the United States if, as a result of and after giving effect to the investment: (1) The aggregate amount of foreign domiciled investments held by the insurer under this subsection does not exceed twenty percent (20%) of the insurer's admitted assets; (2) The aggregate amount of foreign investments held by the insurer under this subsection, domiciled in a single foreign jurisdiction, does not exceed: (A) Ten percent (10%) of its admitted assets to a foreign jurisdiction that has a sovereign debt rating of "1" by the Securities Valuation Office of the National Association of Insurance Commissioners; or (B) Three percent (3%) of its admitted assets to any other foreign jurisdiction; and (3) The insurer does not hold more than three percent (3%) of its admitted assets in investments of any kind issued, assumed, accepted, insured, or guaranteed by a single foreign entity or institution.

(1) The aggregate amount of foreign domiciled investments held by the insurer under this subsection does not exceed twenty percent (20%) of the insurer's admitted assets;

(2) The aggregate amount of foreign investments held by the insurer under this subsection, domiciled in a single foreign jurisdiction, does not exceed: (A) Ten percent (10%) of its admitted assets to a foreign jurisdiction that has a sovereign debt rating of "1" by the Securities Valuation Office of the National Association of Insurance Commissioners; or (B) Three percent (3%) of its admitted assets to any other foreign jurisdiction; and

(A) Ten percent (10%) of its admitted assets to a foreign jurisdiction that has a sovereign debt rating of "1" by the Securities Valuation Office of the National Association of Insurance Commissioners; or

(B) Three percent (3%) of its admitted assets to any other foreign jurisdiction; and

(3) The insurer does not hold more than three percent (3%) of its admitted assets in investments of any kind issued, assumed, accepted, insured, or guaranteed by a single foreign entity or institution.

(b) Except as provided in § 23-63-805 , an insurer may acquire investments or engage in investment practices denominated in foreign currencies when the investments are foreign investments under subsection (a) of this section or the investments are limited to foreign currency exposure as a result of the termination or expiration of a hedging transaction concerning investments denominated in a foreign currency if, as a result of and after giving effect to the investment: (1) The aggregate amount of investments held by the insurer under this subsection denominated in foreign currencies does not exceed ten percent (10%) of its admitted assets; (2) The aggregate amount of investments held by the insurer under this subsection denominated in the foreign currency of a single foreign jurisdiction does not exceed three percent (3%) of its admitted assets as to a foreign jurisdiction that does not have a sovereign debt rating of "1" by the Securities Valuation Office of the National Association of Insurance Commissioners; and (3) An investment shall not be considered denominated in a foreign currency if the acquiring insurer: (A) Enters into at least one (1) transaction under § 23-63-841 ; and (B) The business entity counterparty agrees or contracts to exchange all payments made on the foreign currency denominated investment for United States currency at a rate that effectively insulates the investment cash flows against future fluctuations in currency exchange rates during the time a contract is in effect.

(1) The aggregate amount of investments held by the insurer under this subsection denominated in foreign currencies does not exceed ten percent (10%) of its admitted assets;

(2) The aggregate amount of investments held by the insurer under this subsection denominated in the foreign currency of a single foreign jurisdiction does not exceed three percent (3%) of its admitted assets as to a foreign jurisdiction that does not have a sovereign debt rating of "1" by the Securities Valuation Office of the National Association of Insurance Commissioners; and

(3) An investment shall not be considered denominated in a foreign currency if the acquiring insurer: (A) Enters into at least one (1) transaction under § 23-63-841 ; and (B) The business entity counterparty agrees or contracts to exchange all payments made on the foreign currency denominated investment for United States currency at a rate that effectively insulates the investment cash flows against future fluctuations in currency exchange rates during the time a contract is in effect.

(A) Enters into at least one (1) transaction under § 23-63-841 ; and

(B) The business entity counterparty agrees or contracts to exchange all payments made on the foreign currency denominated investment for United States currency at a rate that effectively insulates the investment cash flows against future fluctuations in currency exchange rates during the time a contract is in effect.

(c) Canadian securities that are eligible for investment under other provisions of this subchapter are not subject to this section.

Amended by Act 2015, No. 1223,§ 17, eff. 7/22/2015.

Acts 1959, No. 148, § 120; A.S.A. 1947, § 66-2624; Acts 1991, No. 1123, § 20; 1993, No. 527, § 11.
Ark. Code Ann. § 23-61-110 — AR Code / Title 23 / Chapter 61 / Subchapter 1 / Section 23-61-110
Enforcement generally
Status: in_force

(a) (1) (A) The Insurance Commissioner may institute such suits or other legal proceedings as may be required for enforcement of any provisions of the Arkansas Insurance Code. (B) In addition, the commissioner may intervene in any civil suit or administrative hearing initiated by another party against any person or entity regulated by the commissioner under the Arkansas Insurance Code, which suit or proceeding directly relates to the financial condition and solvency of such a person or entity. (C) Nothing in this subsection shall be construed to limit the commissioner's authority as enumerated in other provisions of the Arkansas Insurance Code. (2) If the commissioner has reason to believe that any person has violated any provision of the Arkansas Insurance Code for which criminal prosecution would be in order, he or she shall so inform the prosecuting attorney in whose district any purported violation may have occurred or the Criminal Investigation Division. (3) If the commissioner finds that any person has violated any provision of the Arkansas Insurance Code, he or she may order restitution of actual losses to affected persons in addition to the denial, suspension, or revocation of any license or certificate or the imposition of any administrative or civil penalty. (b) The commissioner may proceed in the courts of this state or any reciprocal state to enforce an order or decision in any court proceeding or in any administrative proceeding before the commissioner. Acts 1959, No. 148, § 28; 1979, No. 942, § 1; A.S.A. 1947, § 66-2113; Acts 2001, No. 610, § 2; 2005, No. 1697, § 3.

(a) (1) (A) The Insurance Commissioner may institute such suits or other legal proceedings as may be required for enforcement of any provisions of the Arkansas Insurance Code. (B) In addition, the commissioner may intervene in any civil suit or administrative hearing initiated by another party against any person or entity regulated by the commissioner under the Arkansas Insurance Code, which suit or proceeding directly relates to the financial condition and solvency of such a person or entity. (C) Nothing in this subsection shall be construed to limit the commissioner's authority as enumerated in other provisions of the Arkansas Insurance Code. (2) If the commissioner has reason to believe that any person has violated any provision of the Arkansas Insurance Code for which criminal prosecution would be in order, he or she shall so inform the prosecuting attorney in whose district any purported violation may have occurred or the Criminal Investigation Division. (3) If the commissioner finds that any person has violated any provision of the Arkansas Insurance Code, he or she may order restitution of actual losses to affected persons in addition to the denial, suspension, or revocation of any license or certificate or the imposition of any administrative or civil penalty.

(1) (A) The Insurance Commissioner may institute such suits or other legal proceedings as may be required for enforcement of any provisions of the Arkansas Insurance Code. (B) In addition, the commissioner may intervene in any civil suit or administrative hearing initiated by another party against any person or entity regulated by the commissioner under the Arkansas Insurance Code, which suit or proceeding directly relates to the financial condition and solvency of such a person or entity. (C) Nothing in this subsection shall be construed to limit the commissioner's authority as enumerated in other provisions of the Arkansas Insurance Code.

(A) The Insurance Commissioner may institute such suits or other legal proceedings as may be required for enforcement of any provisions of the Arkansas Insurance Code.

(B) In addition, the commissioner may intervene in any civil suit or administrative hearing initiated by another party against any person or entity regulated by the commissioner under the Arkansas Insurance Code, which suit or proceeding directly relates to the financial condition and solvency of such a person or entity.

(C) Nothing in this subsection shall be construed to limit the commissioner's authority as enumerated in other provisions of the Arkansas Insurance Code.

(2) If the commissioner has reason to believe that any person has violated any provision of the Arkansas Insurance Code for which criminal prosecution would be in order, he or she shall so inform the prosecuting attorney in whose district any purported violation may have occurred or the Criminal Investigation Division.

(3) If the commissioner finds that any person has violated any provision of the Arkansas Insurance Code, he or she may order restitution of actual losses to affected persons in addition to the denial, suspension, or revocation of any license or certificate or the imposition of any administrative or civil penalty.

(b) The commissioner may proceed in the courts of this state or any reciprocal state to enforce an order or decision in any court proceeding or in any administrative proceeding before the commissioner.

Acts 1959, No. 148, § 28; 1979, No. 942, § 1; A.S.A. 1947, § 66-2113; Acts 2001, No. 610, § 2; 2005, No. 1697, § 3.
Ark. Code Ann. § 23-89-208 — AR Code / Title 23 / Chapter 89 / Subchapter 2 / Section 23-89-208
Payments
Status: in_force

(a) Payment under the coverages enumerated in § 23-89-202(1) and (2) shall be made on a monthly basis as benefits accrue. (b) Benefits for any period are overdue if not paid within thirty (30) days after the insurer received reasonable proof of the amount of all benefits accruing during that period. (c) If reasonable proof is not supplied as to all benefits accrued, the portion supported by reasonable proof is overdue if not paid within thirty (30) days after the proof is received by the insurer. (d) Any part or all of the remainder of the benefits that is later supported by reasonable proof is overdue if not paid within thirty (30) days after the proof is received by the insurer. (e) In the event the insurer fails to pay the benefits when due, the person entitled to the benefits may bring an action in contract to recover them. (f) In the event the insurer is required by the action to pay the overdue benefits, the insurer shall, in addition to the benefits received, be required to pay the reasonable attorney's fees incurred by the other party, plus twelve percent (12%) penalty, plus interest thereon from the date these sums became overdue. Acts 1973, No. 138, § 8; A.S.A. 1947, § 66-4021.

(a) Payment under the coverages enumerated in § 23-89-202(1) and (2) shall be made on a monthly basis as benefits accrue.

(b) Benefits for any period are overdue if not paid within thirty (30) days after the insurer received reasonable proof of the amount of all benefits accruing during that period.

(c) If reasonable proof is not supplied as to all benefits accrued, the portion supported by reasonable proof is overdue if not paid within thirty (30) days after the proof is received by the insurer.

(d) Any part or all of the remainder of the benefits that is later supported by reasonable proof is overdue if not paid within thirty (30) days after the proof is received by the insurer.

(e) In the event the insurer fails to pay the benefits when due, the person entitled to the benefits may bring an action in contract to recover them.

(f) In the event the insurer is required by the action to pay the overdue benefits, the insurer shall, in addition to the benefits received, be required to pay the reasonable attorney's fees incurred by the other party, plus twelve percent (12%) penalty, plus interest thereon from the date these sums became overdue.

Acts 1973, No. 138, § 8; A.S.A. 1947, § 66-4021.
Ark. Code Ann. § 23-93-205 — AR Code / Title 23 / Chapter 93 / Subchapter 2 / Section 23-93-205
Violations
Status: in_force

(a) The license of a provider shall remain in effect until revoked after notice and hearing upon written finding of fact by the State Insurance Department that the provider has: (1) Willfully violated any provision of this subchapter, or any rule promulgated under this subchapter; (2) Failed to file an annual disclosure statement or standard form of contract as required by the Continuing Care Provider Regulation Act, § 23-93-101 et seq.; (3) Delivered to a prospective resident a disclosure statement that makes an untrue statement or omits a material fact, and the provider, at the time of the delivery of the disclosure statement, had actual knowledge of the misstatement or omission; (4) Failed to comply with the terms of a cease and desist order issued pursuant to § 23-93-104 ; or (5) Has been determined by the department to be in a hazardous financial condition. (b) Findings of fact in support of revocation shall be accompanied by an explicit statement of the underlying facts supporting the finding. Amended by Act 2019, No. 315,§ 2783, eff. 7/24/2019. Acts 1993, No. 787, § 8.

(a) The license of a provider shall remain in effect until revoked after notice and hearing upon written finding of fact by the State Insurance Department that the provider has: (1) Willfully violated any provision of this subchapter, or any rule promulgated under this subchapter; (2) Failed to file an annual disclosure statement or standard form of contract as required by the Continuing Care Provider Regulation Act, § 23-93-101 et seq.; (3) Delivered to a prospective resident a disclosure statement that makes an untrue statement or omits a material fact, and the provider, at the time of the delivery of the disclosure statement, had actual knowledge of the misstatement or omission; (4) Failed to comply with the terms of a cease and desist order issued pursuant to § 23-93-104 ; or (5) Has been determined by the department to be in a hazardous financial condition.

(1) Willfully violated any provision of this subchapter, or any rule promulgated under this subchapter;

(2) Failed to file an annual disclosure statement or standard form of contract as required by the Continuing Care Provider Regulation Act, § 23-93-101 et seq.;

(3) Delivered to a prospective resident a disclosure statement that makes an untrue statement or omits a material fact, and the provider, at the time of the delivery of the disclosure statement, had actual knowledge of the misstatement or omission;

(4) Failed to comply with the terms of a cease and desist order issued pursuant to § 23-93-104 ; or

(5) Has been determined by the department to be in a hazardous financial condition.

(b) Findings of fact in support of revocation shall be accompanied by an explicit statement of the underlying facts supporting the finding.

Amended by Act 2019, No. 315,§ 2783, eff. 7/24/2019.

Acts 1993, No. 787, § 8.
Ark. Code Ann. § 23-17-106 — AR Code / Title 23 / Chapter 17 / Subchapter 1 / Section 23-17-106
Priority of dispatch of messages - Confidentiality
Status: in_force

(a) (1) In consideration of the right-of-way over the public property conceded in this section and §§ 23-17-101 - 23-17-105 , 23-17-107 , 23-17-108 , and 23-17-113 , every telephone corporation in the case of war, insurrection, or civil commotion of any kind and for the arrest of criminals shall give immediate dispatch at the usual rates of charge to any message connected therewith of any officer of the state or of the United States. (2) Any officer or agent of a telephone company who fails or refuses to carry out the provisions of subdivision (a)(1) of this section is guilty of a Class A misdemeanor. (b) (1) All other messages, including those received from other telephone companies, shall be transmitted in order of their delivery, correctly and without unreasonable delay, and shall be strictly confidential. However, arrangements may be made with the publishers of newspapers for the transmission of intelligence of general and public interest. (2) Any officer or agent of a telephone company who willfully violates this subsection is guilty of a Class A misdemeanor. (3) The telephone company so violating this section is liable in damages to the party aggrieved. Amended by Act 2023, No. 180,§ 9, eff. 8/1/2023. Acts 1885, No. 107, §§ 5-8, p. 176; C. & M. Dig., §§ 10242-10245; Pope's Dig., §§ 14251-14254; A.S.A. 1947, §§ 73-1806 -- 73-1809; Acts 2005, No. 1994, § 204.

(a) (1) In consideration of the right-of-way over the public property conceded in this section and §§ 23-17-101 - 23-17-105 , 23-17-107 , 23-17-108 , and 23-17-113 , every telephone corporation in the case of war, insurrection, or civil commotion of any kind and for the arrest of criminals shall give immediate dispatch at the usual rates of charge to any message connected therewith of any officer of the state or of the United States. (2) Any officer or agent of a telephone company who fails or refuses to carry out the provisions of subdivision (a)(1) of this section is guilty of a Class A misdemeanor.

(1) In consideration of the right-of-way over the public property conceded in this section and §§ 23-17-101 - 23-17-105 , 23-17-107 , 23-17-108 , and 23-17-113 , every telephone corporation in the case of war, insurrection, or civil commotion of any kind and for the arrest of criminals shall give immediate dispatch at the usual rates of charge to any message connected therewith of any officer of the state or of the United States.

(2) Any officer or agent of a telephone company who fails or refuses to carry out the provisions of subdivision (a)(1) of this section is guilty of a Class A misdemeanor.

(b) (1) All other messages, including those received from other telephone companies, shall be transmitted in order of their delivery, correctly and without unreasonable delay, and shall be strictly confidential. However, arrangements may be made with the publishers of newspapers for the transmission of intelligence of general and public interest. (2) Any officer or agent of a telephone company who willfully violates this subsection is guilty of a Class A misdemeanor. (3) The telephone company so violating this section is liable in damages to the party aggrieved.

(1) All other messages, including those received from other telephone companies, shall be transmitted in order of their delivery, correctly and without unreasonable delay, and shall be strictly confidential. However, arrangements may be made with the publishers of newspapers for the transmission of intelligence of general and public interest.

(2) Any officer or agent of a telephone company who willfully violates this subsection is guilty of a Class A misdemeanor.

(3) The telephone company so violating this section is liable in damages to the party aggrieved.

Amended by Act 2023, No. 180,§ 9, eff. 8/1/2023.

Acts 1885, No. 107, §§ 5-8, p. 176; C. & M. Dig., §§ 10242-10245; Pope's Dig., §§ 14251-14254; A.S.A. 1947, §§ 73-1806 -- 73-1809; Acts 2005, No. 1994, § 204.
Ark. Code Ann. § 23-72-105 — AR Code / Title 23 / Chapter 72 / Section 23-72-105
Bond
Status: in_force

(a) Every mutual assessment life and disability insurer shall have and maintain in force and on file with the Insurance Commissioner a bond in favor of the State of Arkansas in the sum of twenty thousand dollars ($20,000), for the use of the policyholders of the insurer and their beneficiaries, with good and sufficient surety approved by the commissioner, and conditioned for the prompt payment of all assessments to parties or beneficiaries entitled thereto. (b) The makers of the bond shall continue to be liable thereon for any violation of the conditions thereof or for any loss accruing to the policyholders of the insurer or their beneficiaries. (c) The bond shall be renewable every two (2) years on March 1. (d) If at any time it appears that the bond has for any cause become insufficient, the commissioner may require the insurer to replace the bond on reasonable notice. Acts 1959, No. 148, § 560; A.S.A. 1947, § 66-4505.

(a) Every mutual assessment life and disability insurer shall have and maintain in force and on file with the Insurance Commissioner a bond in favor of the State of Arkansas in the sum of twenty thousand dollars ($20,000), for the use of the policyholders of the insurer and their beneficiaries, with good and sufficient surety approved by the commissioner, and conditioned for the prompt payment of all assessments to parties or beneficiaries entitled thereto.

(b) The makers of the bond shall continue to be liable thereon for any violation of the conditions thereof or for any loss accruing to the policyholders of the insurer or their beneficiaries.

(c) The bond shall be renewable every two (2) years on March 1.

(d) If at any time it appears that the bond has for any cause become insufficient, the commissioner may require the insurer to replace the bond on reasonable notice.

Acts 1959, No. 148, § 560; A.S.A. 1947, § 66-4505.
Ark. Code Ann. § 23-86-117 — AR Code / Title 23 / Chapter 86 / Subchapter 1 / Section 23-86-117
Standard claim form required
Status: in_force

(a) All accident and health insurers transacting business in this state shall use Form HCFA 1500 and Form UB-92/HCFA 1450 or in the claim format required by the Health Insurance Portability and Accountability Act of 1996 as the standard claim forms until and unless the Insurance Commissioner prescribes otherwise. (b) Pursuant to the applicable provisions of the Arkansas Insurance Code, the commissioner may suspend or revoke the certificate of authority of any insurance company that refuses to use and accept the standard claim form required by this section, or the commissioner may utilize any remedy provided in § 23-66-210 . Acts 1987, No. 736, § 1; 1995, No. 701, § 1; 2001, No. 1063, § 17.

(a) All accident and health insurers transacting business in this state shall use Form HCFA 1500 and Form UB-92/HCFA 1450 or in the claim format required by the Health Insurance Portability and Accountability Act of 1996 as the standard claim forms until and unless the Insurance Commissioner prescribes otherwise.

(b) Pursuant to the applicable provisions of the Arkansas Insurance Code, the commissioner may suspend or revoke the certificate of authority of any insurance company that refuses to use and accept the standard claim form required by this section, or the commissioner may utilize any remedy provided in § 23-66-210 .

Acts 1987, No. 736, § 1; 1995, No. 701, § 1; 2001, No. 1063, § 17.
Ark. Code Ann. § 23-87-117 — AR Code / Title 23 / Chapter 87 / Section 23-87-117
Compensation limited
Status: in_force

(a) (1) In order to assure that the premium rates charged or to be charged for credit life insurance or credit disability insurance are reasonable in relation to benefits provided, the Insurance Commissioner, after due notice and hearing, may issue rules establishing the maximum compensation payable to an agent, a broker, or a creditor or any affiliate, associate, subsidiary, director, officer, employee, or other representative of or for the creditor for writing or handling the insurance, including commission, dividends, premium adjustments, policy writing fees, underwriting gain, or any compensation or remuneration in whatever form. (2) An insurer may disclose the amount of commission or compensation payable to an agent, broker, or creditor under this section. (b) Provided, the term "compensation" as defined and used in this section shall not be deemed to include reinsurance premiums paid to, or underwriting profits generated by, an insurer or reinsurer owned by, controlled by, or under common control with a credit insurer, an agent, broker, creditor, group of creditors, or any affiliate, associate, subsidiary, director, officer, employee, or other representative of, or for such a credit insurer, creditor, or group of creditors, on accounts in existence with such an insurer or reinsurer on January 17, 1989, that have been registered with the commissioner within twenty (20) days of July 3, 1989, in accordance with pertinent rules promulgated by the commissioner. (c) Provided further, any and all payments to all direct and indirect successors in interests whether through purchase, gift, devise, or otherwise, related to all accounts registered under this section shall also not be deemed compensation. Amended by Act 2019, No. 315,§ 2758, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2757, eff. 7/24/2019. Acts 1959, No. 148, § 441; 1985, No. 950, § 1; A.S.A. 1947, § 66-3815; Acts 1989, No. 177, § 1; 1989, No. 843, § 1; 2003, No. 1794, § 6.

(a) (1) In order to assure that the premium rates charged or to be charged for credit life insurance or credit disability insurance are reasonable in relation to benefits provided, the Insurance Commissioner, after due notice and hearing, may issue rules establishing the maximum compensation payable to an agent, a broker, or a creditor or any affiliate, associate, subsidiary, director, officer, employee, or other representative of or for the creditor for writing or handling the insurance, including commission, dividends, premium adjustments, policy writing fees, underwriting gain, or any compensation or remuneration in whatever form. (2) An insurer may disclose the amount of commission or compensation payable to an agent, broker, or creditor under this section.

(1) In order to assure that the premium rates charged or to be charged for credit life insurance or credit disability insurance are reasonable in relation to benefits provided, the Insurance Commissioner, after due notice and hearing, may issue rules establishing the maximum compensation payable to an agent, a broker, or a creditor or any affiliate, associate, subsidiary, director, officer, employee, or other representative of or for the creditor for writing or handling the insurance, including commission, dividends, premium adjustments, policy writing fees, underwriting gain, or any compensation or remuneration in whatever form.

(2) An insurer may disclose the amount of commission or compensation payable to an agent, broker, or creditor under this section.

(b) Provided, the term "compensation" as defined and used in this section shall not be deemed to include reinsurance premiums paid to, or underwriting profits generated by, an insurer or reinsurer owned by, controlled by, or under common control with a credit insurer, an agent, broker, creditor, group of creditors, or any affiliate, associate, subsidiary, director, officer, employee, or other representative of, or for such a credit insurer, creditor, or group of creditors, on accounts in existence with such an insurer or reinsurer on January 17, 1989, that have been registered with the commissioner within twenty (20) days of July 3, 1989, in accordance with pertinent rules promulgated by the commissioner.

(c) Provided further, any and all payments to all direct and indirect successors in interests whether through purchase, gift, devise, or otherwise, related to all accounts registered under this section shall also not be deemed compensation.

Amended by Act 2019, No. 315,§ 2758, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2757, eff. 7/24/2019.

Acts 1959, No. 148, § 441; 1985, No. 950, § 1; A.S.A. 1947, § 66-3815; Acts 1989, No. 177, § 1; 1989, No. 843, § 1; 2003, No. 1794, § 6.
Ark. Code Ann. § 23-64-514 — AR Code / Title 23 / Chapter 64 / Subchapter 5 / Section 23-64-514
Appointments
Status: in_force

(a) An insurance producer shall not act as an agent of an insurer unless the insurance producer becomes an appointed agent of that insurer. An insurance producer who is not acting as an agent of an insurer is not required to become appointed. (b) To appoint a producer as its agent, the appointing insurer shall file, in a format approved by the Insurance Commissioner, a notice of appointment within fifteen (15) days after the date the agency contract is executed or the first insurance application is submitted. An insurer may also elect to appoint a producer to all or some insurers within the insurer's holding company system or group by the filing of a single appointment request. (c) Upon receipt of the notice of appointment, the commissioner shall verify within a reasonable time not to exceed thirty (30) days that the insurance producer is eligible for appointment. If the insurance producer is determined to be ineligible for appointment, the commissioner shall notify the insurer within five (5) days after the commissioner's determination. (d) An insurer shall pay an appointment fee, in the amount and method of payment set forth in § 23-61-401 and any existing or future rule, for each insurance producer appointed by the insurer. (e) An insurer shall remit, in a manner prescribed by the commissioner, a renewal appointment fee in the amount set forth in § 23-61-401 and any existing or future rule. Amended by Act 2019, No. 315,§ 2658, eff. 7/24/2019. Acts 2001, No. 580, § 1.

(a) An insurance producer shall not act as an agent of an insurer unless the insurance producer becomes an appointed agent of that insurer. An insurance producer who is not acting as an agent of an insurer is not required to become appointed.

(b) To appoint a producer as its agent, the appointing insurer shall file, in a format approved by the Insurance Commissioner, a notice of appointment within fifteen (15) days after the date the agency contract is executed or the first insurance application is submitted. An insurer may also elect to appoint a producer to all or some insurers within the insurer's holding company system or group by the filing of a single appointment request.

(c) Upon receipt of the notice of appointment, the commissioner shall verify within a reasonable time not to exceed thirty (30) days that the insurance producer is eligible for appointment. If the insurance producer is determined to be ineligible for appointment, the commissioner shall notify the insurer within five (5) days after the commissioner's determination.

(d) An insurer shall pay an appointment fee, in the amount and method of payment set forth in § 23-61-401 and any existing or future rule, for each insurance producer appointed by the insurer.

(e) An insurer shall remit, in a manner prescribed by the commissioner, a renewal appointment fee in the amount set forth in § 23-61-401 and any existing or future rule.

Amended by Act 2019, No. 315,§ 2658, eff. 7/24/2019.

Acts 2001, No. 580, § 1.
Ark. Code Ann. § 23-84-115 — AR Code / Title 23 / Chapter 84 / Section 23-84-115
Valuation of policy or contract issued on or after operative date of the valuation manual
Status: in_force

(a) Except as provided in this section, for a policy or contract issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under § 23-84-102(b) . (b) The valuation manual shall specify: (1) Minimum valuation standards and definitions for policies or contracts subject to § 23-84-102(b) , including without limitation: (A) The Insurance Commissioner's reserve valuation method for life insurance contracts, other than annuity contracts, subject to § 23-84-102(b) ; (B) The commissioner's annuity reserve valuation method for annuity contracts subject to § 23-84-102(b) ; and (C) Minimum reserves for all other policies or contracts subject to § 23-84-102(b) ; (2) Which policies or contracts or types of policies or contracts are subject to the requirements of a principle-based valuation under § 23-84-116(a) and the minimum valuation standards consistent with those requirements; (3) For policies and contracts subject to a principle-based valuation under § 23-84-116 : (A) Requirements for the format of reports to the commissioner under § 23-84-116(b)(3) , including without limitation information necessary to determine if the valuation is appropriate and in compliance with this chapter; (B) Assumptions for risks over which the company does not have significant control or influence; and (C) Procedures for corporate governance and oversight of the actuarial function and a process for appropriate waiver or modification of those procedures; (4) For policies not subject to a principle-based valuation under § 23-84-116 , a minimum valuation standard: (A) That is consistent with the minimum standard of valuation before the operative date of the valuation manual; or (B) That requires reserves to be developed that quantify the benefits and guarantees and the funding associated with the policy or contract and its risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring; (5) Other requirements, including without limitation those relating to reserve methods, models for measuring risk, generation of economic scenarios, assumptions, margins, use of company experience, risk measurement, disclosure, certifications, reports, actuarial opinions and memorandums, and transition rules and internal controls; and (6) The data and form of the data required under § 23-84-117 , with whom the data must be submitted and, if desired, other requirements, including data analyses and reporting of data analyses. (c) If a specific valuation requirement is not specified in the valuation manual or if in the opinion of the commissioner a specific valuation requirement in the valuation manual is not in compliance with this chapter, then the company shall comply with minimum valuation standards prescribed by the commissioner for the specific valuation requirement. (d) (1) The commissioner may employ or contract with a qualified actuary at the expense of a company to: (A) Perform an actuarial examination of the company and opine on the appropriateness of any reserve assumption or method used by the company; or (B) Review and opine on a company's compliance with any requirement under this chapter. (2) The commissioner may rely upon an opinion regarding provisions contained within this chapter of a qualified actuary employed or contracted with by a public official or regulatory authority responsible for regulating insurance companies of another state, district, or territory of the United States. (e) The commissioner may: (1) Require a company to change any assumption or method that in the opinion of the commissioner is necessary in order to comply with the requirements of the valuation manual or this chapter; (2) Require a company to adjust the company's reserves; and (3) Take other disciplinary action permitted by § 23-60-108 . Added by Act 2015, No. 1223,§ 45, eff. 7/22/2015. See Act 2015, No. 1223, § 26.

(a) Except as provided in this section, for a policy or contract issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under § 23-84-102(b) .

(b) The valuation manual shall specify: (1) Minimum valuation standards and definitions for policies or contracts subject to § 23-84-102(b) , including without limitation: (A) The Insurance Commissioner's reserve valuation method for life insurance contracts, other than annuity contracts, subject to § 23-84-102(b) ; (B) The commissioner's annuity reserve valuation method for annuity contracts subject to § 23-84-102(b) ; and (C) Minimum reserves for all other policies or contracts subject to § 23-84-102(b) ; (2) Which policies or contracts or types of policies or contracts are subject to the requirements of a principle-based valuation under § 23-84-116(a) and the minimum valuation standards consistent with those requirements; (3) For policies and contracts subject to a principle-based valuation under § 23-84-116 : (A) Requirements for the format of reports to the commissioner under § 23-84-116(b)(3) , including without limitation information necessary to determine if the valuation is appropriate and in compliance with this chapter; (B) Assumptions for risks over which the company does not have significant control or influence; and (C) Procedures for corporate governance and oversight of the actuarial function and a process for appropriate waiver or modification of those procedures; (4) For policies not subject to a principle-based valuation under § 23-84-116 , a minimum valuation standard: (A) That is consistent with the minimum standard of valuation before the operative date of the valuation manual; or (B) That requires reserves to be developed that quantify the benefits and guarantees and the funding associated with the policy or contract and its risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring; (5) Other requirements, including without limitation those relating to reserve methods, models for measuring risk, generation of economic scenarios, assumptions, margins, use of company experience, risk measurement, disclosure, certifications, reports, actuarial opinions and memorandums, and transition rules and internal controls; and (6) The data and form of the data required under § 23-84-117 , with whom the data must be submitted and, if desired, other requirements, including data analyses and reporting of data analyses.

(1) Minimum valuation standards and definitions for policies or contracts subject to § 23-84-102(b) , including without limitation: (A) The Insurance Commissioner's reserve valuation method for life insurance contracts, other than annuity contracts, subject to § 23-84-102(b) ; (B) The commissioner's annuity reserve valuation method for annuity contracts subject to § 23-84-102(b) ; and (C) Minimum reserves for all other policies or contracts subject to § 23-84-102(b) ;

(A) The Insurance Commissioner's reserve valuation method for life insurance contracts, other than annuity contracts, subject to § 23-84-102(b) ;

(B) The commissioner's annuity reserve valuation method for annuity contracts subject to § 23-84-102(b) ; and

(C) Minimum reserves for all other policies or contracts subject to § 23-84-102(b) ;

(2) Which policies or contracts or types of policies or contracts are subject to the requirements of a principle-based valuation under § 23-84-116(a) and the minimum valuation standards consistent with those requirements;

(3) For policies and contracts subject to a principle-based valuation under § 23-84-116 : (A) Requirements for the format of reports to the commissioner under § 23-84-116(b)(3) , including without limitation information necessary to determine if the valuation is appropriate and in compliance with this chapter; (B) Assumptions for risks over which the company does not have significant control or influence; and (C) Procedures for corporate governance and oversight of the actuarial function and a process for appropriate waiver or modification of those procedures;

(A) Requirements for the format of reports to the commissioner under § 23-84-116(b)(3) , including without limitation information necessary to determine if the valuation is appropriate and in compliance with this chapter;

(B) Assumptions for risks over which the company does not have significant control or influence; and

(C) Procedures for corporate governance and oversight of the actuarial function and a process for appropriate waiver or modification of those procedures;

(4) For policies not subject to a principle-based valuation under § 23-84-116 , a minimum valuation standard: (A) That is consistent with the minimum standard of valuation before the operative date of the valuation manual; or (B) That requires reserves to be developed that quantify the benefits and guarantees and the funding associated with the policy or contract and its risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring;

(A) That is consistent with the minimum standard of valuation before the operative date of the valuation manual; or

(B) That requires reserves to be developed that quantify the benefits and guarantees and the funding associated with the policy or contract and its risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring;

(5) Other requirements, including without limitation those relating to reserve methods, models for measuring risk, generation of economic scenarios, assumptions, margins, use of company experience, risk measurement, disclosure, certifications, reports, actuarial opinions and memorandums, and transition rules and internal controls; and

(6) The data and form of the data required under § 23-84-117 , with whom the data must be submitted and, if desired, other requirements, including data analyses and reporting of data analyses.

(c) If a specific valuation requirement is not specified in the valuation manual or if in the opinion of the commissioner a specific valuation requirement in the valuation manual is not in compliance with this chapter, then the company shall comply with minimum valuation standards prescribed by the commissioner for the specific valuation requirement.

(d) (1) The commissioner may employ or contract with a qualified actuary at the expense of a company to: (A) Perform an actuarial examination of the company and opine on the appropriateness of any reserve assumption or method used by the company; or (B) Review and opine on a company's compliance with any requirement under this chapter. (2) The commissioner may rely upon an opinion regarding provisions contained within this chapter of a qualified actuary employed or contracted with by a public official or regulatory authority responsible for regulating insurance companies of another state, district, or territory of the United States.

(1) The commissioner may employ or contract with a qualified actuary at the expense of a company to: (A) Perform an actuarial examination of the company and opine on the appropriateness of any reserve assumption or method used by the company; or (B) Review and opine on a company's compliance with any requirement under this chapter.

(A) Perform an actuarial examination of the company and opine on the appropriateness of any reserve assumption or method used by the company; or

(B) Review and opine on a company's compliance with any requirement under this chapter.

(2) The commissioner may rely upon an opinion regarding provisions contained within this chapter of a qualified actuary employed or contracted with by a public official or regulatory authority responsible for regulating insurance companies of another state, district, or territory of the United States.

(e) The commissioner may: (1) Require a company to change any assumption or method that in the opinion of the commissioner is necessary in order to comply with the requirements of the valuation manual or this chapter; (2) Require a company to adjust the company's reserves; and (3) Take other disciplinary action permitted by § 23-60-108 .

(1) Require a company to change any assumption or method that in the opinion of the commissioner is necessary in order to comply with the requirements of the valuation manual or this chapter;

(2) Require a company to adjust the company's reserves; and

(3) Take other disciplinary action permitted by § 23-60-108 .

Added by Act 2015, No. 1223,§ 45, eff. 7/22/2015.

See Act 2015, No. 1223, § 26.
Ark. Code Ann. § 23-87-108 — AR Code / Title 23 / Chapter 87 / Section 23-87-108
Amount
Status: in_force

(a) Credit Life Insurance. The amount of credit life insurance shall not exceed the original amount of the indebtedness and any interest included therein. (b) Credit Disability Insurance. The amount of periodic indemnity payable by credit disability insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of indebtedness and shall not exceed the original indebtedness and any interest included therein divided by the number of periodic installments. Acts 1959, No. 148, § 432; A.S.A. 1947, § 66-3806; Acts 2003, No. 1794, § 1.

(a) Credit Life Insurance. The amount of credit life insurance shall not exceed the original amount of the indebtedness and any interest included therein.

(b) Credit Disability Insurance. The amount of periodic indemnity payable by credit disability insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of indebtedness and shall not exceed the original indebtedness and any interest included therein divided by the number of periodic installments.

Acts 1959, No. 148, § 432; A.S.A. 1947, § 66-3806; Acts 2003, No. 1794, § 1.
Ark. Code Ann. § 23-48-510 — AR Code / Title 23 / Chapter 48 / Subchapter 5 / Section 23-48-510
Purchases or assumptions by a state bank
Status: in_force

(a) (1) With the approval of the State Banking Board and the concurrence of the Bank Commissioner and subject to the provisions of this subchapter and provided that no party to a proposed transaction has a de novo charter, a state bank may purchase all or a majority of the assets or assume all or a majority of the liabilities of another depository institution. (2) (A) The agreement of purchase and sale shall be authorized and approved by the boards of directors of the purchasing state bank and selling depository institution. (B) The agreement shall be approved by the affirmative vote of the holders of at least a simple majority of the outstanding shares of the selling depository institution entitled to vote thereon, at a meeting called for the purpose in like manner as meetings to approve mergers are called, and an application containing the information that the commissioner may require shall be filed with the commissioner. (3) The commissioner shall cause the application to be investigated as soon as practicable, and the application and the results of the investigation shall be forwarded to the board. (4) The board shall hold a public hearing on the application pursuant to notice and procedure required for the applications. (5) The commissioner shall approve the application if, at the hearing, both the commissioner and the board find that the proposed purchase or assumption: (A) Provides adequate capital structure; (B) Is fair; (C) It is not contrary to public interest; and (D) Adequately provides for dissenters' rights for the stockholders of any selling state bank. (b) (1) With the approval of the commissioner, a state bank may assume less than a majority of the liabilities of another depository institution. (2) The agreement of purchase and sale for the assumption of the liabilities referred to in subdivision (b)(1) of this section shall be authorized and approved by the boards of directors of the assuming state bank and selling depository institution. (3) (A) A state bank seeking to assume less than a majority of the liabilities of another depository institution shall file with the commissioner an application containing the information that the commissioner may require. (B) The commissioner shall have the application investigated as soon as practicable and shall approve the application if he or she is satisfied that the proposed assumption: (i) Provides adequate capital structure; (ii) Is fair; and (iii) Is not contrary to public interest. (c) No approval by the commissioner or the board is required for the purchase by a state bank of less than a majority of the assets of another depository institution. Acts 1997, No. 89, § 1.

(a) (1) With the approval of the State Banking Board and the concurrence of the Bank Commissioner and subject to the provisions of this subchapter and provided that no party to a proposed transaction has a de novo charter, a state bank may purchase all or a majority of the assets or assume all or a majority of the liabilities of another depository institution. (2) (A) The agreement of purchase and sale shall be authorized and approved by the boards of directors of the purchasing state bank and selling depository institution. (B) The agreement shall be approved by the affirmative vote of the holders of at least a simple majority of the outstanding shares of the selling depository institution entitled to vote thereon, at a meeting called for the purpose in like manner as meetings to approve mergers are called, and an application containing the information that the commissioner may require shall be filed with the commissioner. (3) The commissioner shall cause the application to be investigated as soon as practicable, and the application and the results of the investigation shall be forwarded to the board. (4) The board shall hold a public hearing on the application pursuant to notice and procedure required for the applications. (5) The commissioner shall approve the application if, at the hearing, both the commissioner and the board find that the proposed purchase or assumption: (A) Provides adequate capital structure; (B) Is fair; (C) It is not contrary to public interest; and (D) Adequately provides for dissenters' rights for the stockholders of any selling state bank.

(1) With the approval of the State Banking Board and the concurrence of the Bank Commissioner and subject to the provisions of this subchapter and provided that no party to a proposed transaction has a de novo charter, a state bank may purchase all or a majority of the assets or assume all or a majority of the liabilities of another depository institution.

(2) (A) The agreement of purchase and sale shall be authorized and approved by the boards of directors of the purchasing state bank and selling depository institution. (B) The agreement shall be approved by the affirmative vote of the holders of at least a simple majority of the outstanding shares of the selling depository institution entitled to vote thereon, at a meeting called for the purpose in like manner as meetings to approve mergers are called, and an application containing the information that the commissioner may require shall be filed with the commissioner.

(A) The agreement of purchase and sale shall be authorized and approved by the boards of directors of the purchasing state bank and selling depository institution.

(B) The agreement shall be approved by the affirmative vote of the holders of at least a simple majority of the outstanding shares of the selling depository institution entitled to vote thereon, at a meeting called for the purpose in like manner as meetings to approve mergers are called, and an application containing the information that the commissioner may require shall be filed with the commissioner.

(3) The commissioner shall cause the application to be investigated as soon as practicable, and the application and the results of the investigation shall be forwarded to the board.

(4) The board shall hold a public hearing on the application pursuant to notice and procedure required for the applications.

(5) The commissioner shall approve the application if, at the hearing, both the commissioner and the board find that the proposed purchase or assumption: (A) Provides adequate capital structure; (B) Is fair; (C) It is not contrary to public interest; and (D) Adequately provides for dissenters' rights for the stockholders of any selling state bank.

(A) Provides adequate capital structure;

(B) Is fair;

(C) It is not contrary to public interest; and

(D) Adequately provides for dissenters' rights for the stockholders of any selling state bank.

(b) (1) With the approval of the commissioner, a state bank may assume less than a majority of the liabilities of another depository institution. (2) The agreement of purchase and sale for the assumption of the liabilities referred to in subdivision (b)(1) of this section shall be authorized and approved by the boards of directors of the assuming state bank and selling depository institution. (3) (A) A state bank seeking to assume less than a majority of the liabilities of another depository institution shall file with the commissioner an application containing the information that the commissioner may require. (B) The commissioner shall have the application investigated as soon as practicable and shall approve the application if he or she is satisfied that the proposed assumption: (i) Provides adequate capital structure; (ii) Is fair; and (iii) Is not contrary to public interest.

(1) With the approval of the commissioner, a state bank may assume less than a majority of the liabilities of another depository institution.

(2) The agreement of purchase and sale for the assumption of the liabilities referred to in subdivision (b)(1) of this section shall be authorized and approved by the boards of directors of the assuming state bank and selling depository institution.

(3) (A) A state bank seeking to assume less than a majority of the liabilities of another depository institution shall file with the commissioner an application containing the information that the commissioner may require. (B) The commissioner shall have the application investigated as soon as practicable and shall approve the application if he or she is satisfied that the proposed assumption: (i) Provides adequate capital structure; (ii) Is fair; and (iii) Is not contrary to public interest.

(A) A state bank seeking to assume less than a majority of the liabilities of another depository institution shall file with the commissioner an application containing the information that the commissioner may require.

(B) The commissioner shall have the application investigated as soon as practicable and shall approve the application if he or she is satisfied that the proposed assumption: (i) Provides adequate capital structure; (ii) Is fair; and (iii) Is not contrary to public interest.

(i) Provides adequate capital structure;

(ii) Is fair; and

(iii) Is not contrary to public interest.

(c) No approval by the commissioner or the board is required for the purchase by a state bank of less than a majority of the assets of another depository institution.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-70-107 — AR Code / Title 23 / Chapter 70 / Section 23-70-107
Certificate of authority
Status: in_force

(a) The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer. (b) The Insurance Commissioner may refuse, suspend, or revoke the certificate of authority, in addition to other grounds therefor, for failure of the attorney to comply with any provision of the Arkansas Insurance Code. Acts 1959, No. 148, § 518; A.S.A. 1947, § 66-4309.

(a) The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer.

(b) The Insurance Commissioner may refuse, suspend, or revoke the certificate of authority, in addition to other grounds therefor, for failure of the attorney to comply with any provision of the Arkansas Insurance Code.

Acts 1959, No. 148, § 518; A.S.A. 1947, § 66-4309.
Ark. Code Ann. § 23-69-104 — AR Code / Title 23 / Chapter 69 / Subchapter 1 / Section 23-69-104
Powers of company not enlarged
Status: in_force

Nothing in §§ 23-69-101 - 23-69-103 , 23-69-105 - 23-69-141 , 23-69-143 , and 23-69-149 - 23-69-156 shall be construed to authorize any company to engage in any kind of insurance business not authorized by its articles of incorporation nor to authorize any foreign or alien company to engage in any kind of insurance business in this state not covered by its certificate of authority to do business in this state. Acts 1971, No. 301, § 2; A.S.A. 1947, § 66-4245.1.

Nothing in §§ 23-69-101 - 23-69-103 , 23-69-105 - 23-69-141 , 23-69-143 , and 23-69-149 - 23-69-156 shall be construed to authorize any company to engage in any kind of insurance business not authorized by its articles of incorporation nor to authorize any foreign or alien company to engage in any kind of insurance business in this state not covered by its certificate of authority to do business in this state.

Acts 1971, No. 301, § 2; A.S.A. 1947, § 66-4245.1.
Ark. Code Ann. § 23-18-320 — AR Code / Title 23 / Chapter 18 / Subchapter 3 / Section 23-18-320
Meetings of members
Status: in_force

(a) Meetings of members may be held at such place as may be provided in the bylaws. In the absence of any such provision, all meetings shall be held in the principal office of the corporation in this state. (b) An annual meeting of the members shall be held at such time as may be provided in the bylaws. Failure to hold the annual meeting at the designated time shall not work forfeiture or dissolution of the corporation. (c) Special meetings of the members may be called by the president, by the board of directors, by a petition signed by not less than one-tenth ( 1 / 10 ) of all the members, or by such other officers or persons as may be provided in the articles of incorporation or the bylaws. (d) (1) Written or printed notice stating the place, day, and hour of the meeting of members and, in the case of a special meeting, the purposes for which the meeting is called shall be delivered not fewer than (10) days nor more than thirty (30) days before the date of the meeting, either personally or by mail, by or at the direction of the president or the secretary or the officers or persons calling the meeting, to each member of record entitled to vote at the meeting. If mailed, the notice shall be deemed to be delivered when deposited into the United States mails in a sealed envelope addressed to the member at his or her address as it appears on the records of the corporation with postage thereon prepaid. (2) Notice of meetings of members may be waived in writing. (e) Each member present shall be entitled to one (1) and only one (1) vote on each matter submitted to a vote at a meeting of members, but voting by proxy or by mail may be provided for in the bylaws. (f) Unless otherwise provided in the articles of incorporation or bylaws, a majority of the members present in person or represented by proxy shall constitute a quorum for the transaction of business at a meeting of members, but if voting by mail is provided for in the bylaws, members so voting shall be counted as if present. Acts 1937, No. 342, §§ 13-15, 17; Pope's Dig., §§ 2327-2329, 2331; A.S.A. 1947, §§ 77-1113 -- 77-1115, 77-1117.

(a) Meetings of members may be held at such place as may be provided in the bylaws. In the absence of any such provision, all meetings shall be held in the principal office of the corporation in this state.

(b) An annual meeting of the members shall be held at such time as may be provided in the bylaws. Failure to hold the annual meeting at the designated time shall not work forfeiture or dissolution of the corporation.

(c) Special meetings of the members may be called by the president, by the board of directors, by a petition signed by not less than one-tenth ( 1 / 10 ) of all the members, or by such other officers or persons as may be provided in the articles of incorporation or the bylaws.

(d) (1) Written or printed notice stating the place, day, and hour of the meeting of members and, in the case of a special meeting, the purposes for which the meeting is called shall be delivered not fewer than (10) days nor more than thirty (30) days before the date of the meeting, either personally or by mail, by or at the direction of the president or the secretary or the officers or persons calling the meeting, to each member of record entitled to vote at the meeting. If mailed, the notice shall be deemed to be delivered when deposited into the United States mails in a sealed envelope addressed to the member at his or her address as it appears on the records of the corporation with postage thereon prepaid. (2) Notice of meetings of members may be waived in writing.

(1) Written or printed notice stating the place, day, and hour of the meeting of members and, in the case of a special meeting, the purposes for which the meeting is called shall be delivered not fewer than (10) days nor more than thirty (30) days before the date of the meeting, either personally or by mail, by or at the direction of the president or the secretary or the officers or persons calling the meeting, to each member of record entitled to vote at the meeting. If mailed, the notice shall be deemed to be delivered when deposited into the United States mails in a sealed envelope addressed to the member at his or her address as it appears on the records of the corporation with postage thereon prepaid.

(2) Notice of meetings of members may be waived in writing.

(e) Each member present shall be entitled to one (1) and only one (1) vote on each matter submitted to a vote at a meeting of members, but voting by proxy or by mail may be provided for in the bylaws.

(f) Unless otherwise provided in the articles of incorporation or bylaws, a majority of the members present in person or represented by proxy shall constitute a quorum for the transaction of business at a meeting of members, but if voting by mail is provided for in the bylaws, members so voting shall be counted as if present.

Acts 1937, No. 342, §§ 13-15, 17; Pope's Dig., §§ 2327-2329, 2331; A.S.A. 1947, §§ 77-1113 -- 77-1115, 77-1117.
Ark. Code Ann. § 23-89-514 — AR Code / Title 23 / Chapter 89 / Subchapter 5 / Section 23-89-514
Patron safety
Status: in_force

(a) All patrons on any amusement ride or amusement attraction subject to this subchapter, at a minimum, shall: (1) Obey the posted safety rules and oral instructions issued by the amusement ride owner or manager or such owner's employee or agent; (2) Refrain from acting in any manner that may cause or contribute to injuring the patron or others, including: (A) Interfering with the safe operation of the amusement ride; (B) Not engaging any safety devices provided; (C) Disconnecting or disabling a safety device except at the express instruction of the operator; (D) Altering or enhancing the intended speed, course, or direction of the amusement ride; (E) Extending arms and legs beyond the carrier or seating area; (F) Throwing, dropping, or expelling an object from or toward an amusement ride; and (G) Getting on or off an amusement ride or amusement attraction except at the designated time and area, unless directed to do otherwise by an operator due to an emergency. (b) Parents or guardians of patrons under eighteen (18) years of age have a duty to ensure that the patron complies with the provisions of this section. (c) Any person eighteen (18) years of age or older who violates the provisions of this section may be charged with a Class A misdemeanor. Acts 2001, No. 1365, § 10.

(a) All patrons on any amusement ride or amusement attraction subject to this subchapter, at a minimum, shall: (1) Obey the posted safety rules and oral instructions issued by the amusement ride owner or manager or such owner's employee or agent; (2) Refrain from acting in any manner that may cause or contribute to injuring the patron or others, including: (A) Interfering with the safe operation of the amusement ride; (B) Not engaging any safety devices provided; (C) Disconnecting or disabling a safety device except at the express instruction of the operator; (D) Altering or enhancing the intended speed, course, or direction of the amusement ride; (E) Extending arms and legs beyond the carrier or seating area; (F) Throwing, dropping, or expelling an object from or toward an amusement ride; and (G) Getting on or off an amusement ride or amusement attraction except at the designated time and area, unless directed to do otherwise by an operator due to an emergency.

(1) Obey the posted safety rules and oral instructions issued by the amusement ride owner or manager or such owner's employee or agent;

(2) Refrain from acting in any manner that may cause or contribute to injuring the patron or others, including: (A) Interfering with the safe operation of the amusement ride; (B) Not engaging any safety devices provided; (C) Disconnecting or disabling a safety device except at the express instruction of the operator; (D) Altering or enhancing the intended speed, course, or direction of the amusement ride; (E) Extending arms and legs beyond the carrier or seating area; (F) Throwing, dropping, or expelling an object from or toward an amusement ride; and (G) Getting on or off an amusement ride or amusement attraction except at the designated time and area, unless directed to do otherwise by an operator due to an emergency.

(A) Interfering with the safe operation of the amusement ride;

(B) Not engaging any safety devices provided;

(C) Disconnecting or disabling a safety device except at the express instruction of the operator;

(D) Altering or enhancing the intended speed, course, or direction of the amusement ride;

(E) Extending arms and legs beyond the carrier or seating area;

(F) Throwing, dropping, or expelling an object from or toward an amusement ride; and

(G) Getting on or off an amusement ride or amusement attraction except at the designated time and area, unless directed to do otherwise by an operator due to an emergency.

(b) Parents or guardians of patrons under eighteen (18) years of age have a duty to ensure that the patron complies with the provisions of this section.

(c) Any person eighteen (18) years of age or older who violates the provisions of this section may be charged with a Class A misdemeanor.

Acts 2001, No. 1365, § 10.
Ark. Code Ann. § 23-69-105 — AR Code / Title 23 / Chapter 69 / Subchapter 1 / Section 23-69-105
Incorporation
Status: in_force

(a) This section applies to stock and mutual insurers hereafter incorporated in this state. (b) One (1) or more persons may act as the incorporator or incorporators of a stock or mutual insurer by delivering articles of incorporation to the Insurance Commissioner for filing. (c) The incorporator or incorporators shall execute articles of incorporation in duplicate and acknowledge their execution thereof in the same manner as provided by law for the acknowledgment of deeds. The articles of incorporation shall state and show: (1) The name of the corporation. If a mutual, the word "mutual" may be a part of the name. An alternative name may be specified for use in jurisdictions wherein conflict of name with that of another insurer or organization might otherwise prevent the corporation from being authorized to transact insurance therein; (2) The duration of its existence, which may be perpetual; (3) The kinds of insurance, as defined in the Arkansas Insurance Code, which the corporation is formed to transact; (4) If a stock corporation, its authorized capital stock, the number of shares of stock into which divided, the par value of each share, which par value shall be at least one dollar ($1.00). Shares without par value shall not be authorized; (5) If a stock corporation, the extent, if any, to which shares of its stock shall be subject to assessment; (6) If a mutual corporation, other than a life insurer, the maximum contingent liability of its members, other than as to nonassessable policies, for payment of losses and expenses incurred. The liability shall be as stated in the articles of incorporation but shall not be less than one (1) nor more than six (6) times the premium for the member's policy at the annual premium rate for a term of one (1) year; (7) The number of directors, not less than three (3), who shall constitute the board of directors and conduct the affairs of the corporation and the names, addresses, and terms of the members of the initial board of directors. The term of office of initial directors shall be for not more than one (1) year after the date of incorporation; (8) The name of the city or town and county in this state in which is to be located its home office and principal place of business; (9) Such other provisions, not inconsistent with law, deemed appropriate by the incorporator or incorporators; and (10) The name and residence address of each incorporator. Acts 1959, No. 148, § 457; A.S.A. 1947, § 66-4205; Acts 2001, No. 1604, §§ 47, 48.

(a) This section applies to stock and mutual insurers hereafter incorporated in this state.

(b) One (1) or more persons may act as the incorporator or incorporators of a stock or mutual insurer by delivering articles of incorporation to the Insurance Commissioner for filing.

(c) The incorporator or incorporators shall execute articles of incorporation in duplicate and acknowledge their execution thereof in the same manner as provided by law for the acknowledgment of deeds. The articles of incorporation shall state and show: (1) The name of the corporation. If a mutual, the word "mutual" may be a part of the name. An alternative name may be specified for use in jurisdictions wherein conflict of name with that of another insurer or organization might otherwise prevent the corporation from being authorized to transact insurance therein; (2) The duration of its existence, which may be perpetual; (3) The kinds of insurance, as defined in the Arkansas Insurance Code, which the corporation is formed to transact; (4) If a stock corporation, its authorized capital stock, the number of shares of stock into which divided, the par value of each share, which par value shall be at least one dollar ($1.00). Shares without par value shall not be authorized; (5) If a stock corporation, the extent, if any, to which shares of its stock shall be subject to assessment; (6) If a mutual corporation, other than a life insurer, the maximum contingent liability of its members, other than as to nonassessable policies, for payment of losses and expenses incurred. The liability shall be as stated in the articles of incorporation but shall not be less than one (1) nor more than six (6) times the premium for the member's policy at the annual premium rate for a term of one (1) year; (7) The number of directors, not less than three (3), who shall constitute the board of directors and conduct the affairs of the corporation and the names, addresses, and terms of the members of the initial board of directors. The term of office of initial directors shall be for not more than one (1) year after the date of incorporation; (8) The name of the city or town and county in this state in which is to be located its home office and principal place of business; (9) Such other provisions, not inconsistent with law, deemed appropriate by the incorporator or incorporators; and (10) The name and residence address of each incorporator.

(1) The name of the corporation. If a mutual, the word "mutual" may be a part of the name. An alternative name may be specified for use in jurisdictions wherein conflict of name with that of another insurer or organization might otherwise prevent the corporation from being authorized to transact insurance therein;

(2) The duration of its existence, which may be perpetual;

(3) The kinds of insurance, as defined in the Arkansas Insurance Code, which the corporation is formed to transact;

(4) If a stock corporation, its authorized capital stock, the number of shares of stock into which divided, the par value of each share, which par value shall be at least one dollar ($1.00). Shares without par value shall not be authorized;

(5) If a stock corporation, the extent, if any, to which shares of its stock shall be subject to assessment;

(6) If a mutual corporation, other than a life insurer, the maximum contingent liability of its members, other than as to nonassessable policies, for payment of losses and expenses incurred. The liability shall be as stated in the articles of incorporation but shall not be less than one (1) nor more than six (6) times the premium for the member's policy at the annual premium rate for a term of one (1) year;

(7) The number of directors, not less than three (3), who shall constitute the board of directors and conduct the affairs of the corporation and the names, addresses, and terms of the members of the initial board of directors. The term of office of initial directors shall be for not more than one (1) year after the date of incorporation;

(8) The name of the city or town and county in this state in which is to be located its home office and principal place of business;

(9) Such other provisions, not inconsistent with law, deemed appropriate by the incorporator or incorporators; and

(10) The name and residence address of each incorporator.

Acts 1959, No. 148, § 457; A.S.A. 1947, § 66-4205; Acts 2001, No. 1604, §§ 47, 48.
Ark. Code Ann. § 23-79-204 — AR Code / Title 23 / Chapter 79 / Subchapter 2 / Section 23-79-204
Venue
Status: in_force

(a) An action brought in this state by or in behalf of the insured or beneficiary against an insurer as to a loss occurring or benefits or rights provided under an insurance policy or annuity contract shall be brought in either: (1) The county in which the loss occurred, or the insured died, in the case of life insurance; or (2) The county of the insured's residence at the time of the loss or death. (b) Actions brought in this state against an insurer under § 23-79-210 , which provides that the liability insurer may be sued directly where the insured is legally immune, shall be brought either in the county where the injury or damage occurred or where one (1) or more of the plaintiffs resided at the time of the injury or damage. (c) The venue of all other actions against a domestic insurer shall be as provided in § 16-60-101 . Amended by Act 2015, No. 830,§ 3, eff. 7/22/2015. Acts 1959, No. 148, § 301; A.S.A. 1947, § 66-3234.

(a) An action brought in this state by or in behalf of the insured or beneficiary against an insurer as to a loss occurring or benefits or rights provided under an insurance policy or annuity contract shall be brought in either: (1) The county in which the loss occurred, or the insured died, in the case of life insurance; or (2) The county of the insured's residence at the time of the loss or death.

(1) The county in which the loss occurred, or the insured died, in the case of life insurance; or

(2) The county of the insured's residence at the time of the loss or death.

(b) Actions brought in this state against an insurer under § 23-79-210 , which provides that the liability insurer may be sued directly where the insured is legally immune, shall be brought either in the county where the injury or damage occurred or where one (1) or more of the plaintiffs resided at the time of the injury or damage.

(c) The venue of all other actions against a domestic insurer shall be as provided in § 16-60-101 .

Amended by Act 2015, No. 830,§ 3, eff. 7/22/2015.

Acts 1959, No. 148, § 301; A.S.A. 1947, § 66-3234.
Ark. Code Ann. § 23-38-209 — AR Code / Title 23 / Chapter 38 / Subchapter 2 / Section 23-38-209
[Repealed]
Status: repealed

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013. Acts 1929, No. 128, § 44, as added by Acts 1931, No. 236, § 17; Pope's Dig., § 1021; A.S.A. 1947, § 67-826.

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.

Acts 1929, No. 128, § 44, as added by Acts 1931, No. 236, § 17; Pope's Dig., § 1021; A.S.A. 1947, § 67-826.
Ark. Code Ann. § 23-87-116 — AR Code / Title 23 / Chapter 87 / Section 23-87-116
Debtor's choice of insurer as additional security
Status: in_force

When credit life insurance or credit disability insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or her or of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this state. Acts 1959, No. 148, § 440; A.S.A. 1947, § 66-3814.

When credit life insurance or credit disability insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or her or of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this state.

Acts 1959, No. 148, § 440; A.S.A. 1947, § 66-3814.
Ark. Code Ann. § 23-51-171 — AR Code / Title 23 / Chapter 51 / Section 23-51-171
Branches and offices of state trust institutions
Status: in_force

(a) A state trust institution may act as a fiduciary and engage in a trust business at each trust office as permitted by this chapter and at a branch. (b) Notwithstanding the foregoing subsection (a) of this section, a state bank or a state trust company may not engage at an out-of-state office in any trust business not permitted to be conducted at such an office by the laws of the host state applicable to trust institutions chartered by the host state. Acts 1997, No. 940, § 71.

(a) A state trust institution may act as a fiduciary and engage in a trust business at each trust office as permitted by this chapter and at a branch.

(b) Notwithstanding the foregoing subsection (a) of this section, a state bank or a state trust company may not engage at an out-of-state office in any trust business not permitted to be conducted at such an office by the laws of the host state applicable to trust institutions chartered by the host state.

Acts 1997, No. 940, § 71.
Ark. Code Ann. § 23-51-118 — AR Code / Title 23 / Chapter 51 / Section 23-51-118
Private trust company
Status: in_force

(a) A private trust company engaging in the trust business in this state shall comply with each and every provision of this chapter applicable to a trust company unless expressly exempted therefrom in writing by the Bank Commissioner pursuant to this section or by rule adopted by the commissioner. (b) A private trust company or proposed private trust company may request in writing that it be exempted from specified provisions of §§ 23-51-105(11) , 23-51-106(b) , 23-51-107 , 23-51-110(a) , 23-51-122 , 23-51-126(b), (c), and (d) , 23-51-127 , and 23-51-128 . The commissioner may grant the exemption in whole or in part if the commissioner finds that the private trust company does not and will not transact business with the general public. For purposes of this section: (1) "Transact business with the general public" means any sales, solicitations, arrangements, agreements, or transactions to provide trust or other business services, whether or not for a fee, commission, or any other type of remuneration, with any client that is not a family member or a sole proprietorship, partnership, joint venture, association, trust, estate, business trust, or other company that is not one hundred percent (100%) owned by one or more family members; (2) "Family member" means any individual who is related within the fourth degree of affinity or consanguinity to an individual or individuals who control a private trust company or which is controlled by one (1) or more trusts or charitable organizations established by the individual or individuals; and (3) All individuals who control a private trust company or establish trusts or charitable organizations controlling the private trust company must be related within the second degree of affinity or consanguinity. (c) At the expense of the private trust company, the commissioner may examine or investigate the private trust company in connection with an application for exemption. Unless the application presents novel or unusual questions, the commissioner shall approve the application for exemption or set the application for hearing not later than sixty (60) days after the date the commissioner considers the application complete and accepted for filing. The commissioner may require the submission of additional information as considered necessary to an informed decision. (d) Any exemption granted under this section may be made subject to conditions or limitations imposed by the commissioner consistent with this chapter. (e) The commissioner may adopt rules defining other circumstances that do not constitute transaction of business with the public, specifying the provisions of this chapter that are subject to an exemption request, and establishing procedures and requirements for obtaining, maintaining, or revoking exempt status. Amended by Act 2019, No. 315,§ 2575, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2574, eff. 7/24/2019. Acts 1997, No. 940, § 18.

(a) A private trust company engaging in the trust business in this state shall comply with each and every provision of this chapter applicable to a trust company unless expressly exempted therefrom in writing by the Bank Commissioner pursuant to this section or by rule adopted by the commissioner.

(b) A private trust company or proposed private trust company may request in writing that it be exempted from specified provisions of §§ 23-51-105(11) , 23-51-106(b) , 23-51-107 , 23-51-110(a) , 23-51-122 , 23-51-126(b), (c), and (d) , 23-51-127 , and 23-51-128 . The commissioner may grant the exemption in whole or in part if the commissioner finds that the private trust company does not and will not transact business with the general public. For purposes of this section: (1) "Transact business with the general public" means any sales, solicitations, arrangements, agreements, or transactions to provide trust or other business services, whether or not for a fee, commission, or any other type of remuneration, with any client that is not a family member or a sole proprietorship, partnership, joint venture, association, trust, estate, business trust, or other company that is not one hundred percent (100%) owned by one or more family members; (2) "Family member" means any individual who is related within the fourth degree of affinity or consanguinity to an individual or individuals who control a private trust company or which is controlled by one (1) or more trusts or charitable organizations established by the individual or individuals; and (3) All individuals who control a private trust company or establish trusts or charitable organizations controlling the private trust company must be related within the second degree of affinity or consanguinity.

(1) "Transact business with the general public" means any sales, solicitations, arrangements, agreements, or transactions to provide trust or other business services, whether or not for a fee, commission, or any other type of remuneration, with any client that is not a family member or a sole proprietorship, partnership, joint venture, association, trust, estate, business trust, or other company that is not one hundred percent (100%) owned by one or more family members;

(2) "Family member" means any individual who is related within the fourth degree of affinity or consanguinity to an individual or individuals who control a private trust company or which is controlled by one (1) or more trusts or charitable organizations established by the individual or individuals; and

(3) All individuals who control a private trust company or establish trusts or charitable organizations controlling the private trust company must be related within the second degree of affinity or consanguinity.

(c) At the expense of the private trust company, the commissioner may examine or investigate the private trust company in connection with an application for exemption. Unless the application presents novel or unusual questions, the commissioner shall approve the application for exemption or set the application for hearing not later than sixty (60) days after the date the commissioner considers the application complete and accepted for filing. The commissioner may require the submission of additional information as considered necessary to an informed decision.

(d) Any exemption granted under this section may be made subject to conditions or limitations imposed by the commissioner consistent with this chapter.

(e) The commissioner may adopt rules defining other circumstances that do not constitute transaction of business with the public, specifying the provisions of this chapter that are subject to an exemption request, and establishing procedures and requirements for obtaining, maintaining, or revoking exempt status.

Amended by Act 2019, No. 315,§ 2575, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2574, eff. 7/24/2019.

Acts 1997, No. 940, § 18.
Ark. Code Ann. § 23-4-626 — AR Code / Title 23 / Chapter 4 / Subchapter 6 / Section 23-4-626
Authority of department to fix rates - Apportionment of increase
Status: in_force

(a) If, after the investigation and hearing thereon, the Arkansas Department of Transportation finds the new rate to be unjust, unreasonable, discriminatory, or otherwise in violation of the law or rules of the department, it shall determine and fix the just and reasonable rate to be charged or applied by the utility for the service in question, from and after the time the new rate took effect. (b) Until rate schedules in compliance with the department's order can be filed and approved, any rate increase allowed in the department's order shall be apportioned among all classes of customers and shall become effective on all bills rendered thereafter through a temporary surcharge or other equitable means, as shall be prescribed in the order. Amended by Act 2017, No. 707,§ 124, eff. 8/1/2017. Acts 1935, No. 324, § 18; Pope's Dig., § 2081; Acts 1955, No. 31, § 1; 1975 (Extended Sess., 1976), No. 1181, § 1; 1980 (2nd Ex. Sess.), No. 4, § 1; 1981 (Ex. Sess.), No. 30, § 2; 1983, No. 911, § 1; A.S.A. 1947, § 73-217; reen. Acts 1987, No. 994, § 1.

(a) If, after the investigation and hearing thereon, the Arkansas Department of Transportation finds the new rate to be unjust, unreasonable, discriminatory, or otherwise in violation of the law or rules of the department, it shall determine and fix the just and reasonable rate to be charged or applied by the utility for the service in question, from and after the time the new rate took effect.

(b) Until rate schedules in compliance with the department's order can be filed and approved, any rate increase allowed in the department's order shall be apportioned among all classes of customers and shall become effective on all bills rendered thereafter through a temporary surcharge or other equitable means, as shall be prescribed in the order.

Amended by Act 2017, No. 707,§ 124, eff. 8/1/2017.

Acts 1935, No. 324, § 18; Pope's Dig., § 2081; Acts 1955, No. 31, § 1; 1975 (Extended Sess., 1976), No. 1181, § 1; 1980 (2nd Ex. Sess.), No. 4, § 1; 1981 (Ex. Sess.), No. 30, § 2; 1983, No. 911, § 1; A.S.A. 1947, § 73-217; reen. Acts 1987, No. 994, § 1.
Ark. Code Ann. § 23-99-1124 — AR Code / Title 23 / Chapter 99 / Subchapter 11 / Section 23-99-1124
Effect of appeal of independent review organization determination
Status: in_force

(a) A healthcare insurer is bound by an appeal or independent review organization determination that does not affirm the determination made by the healthcare insurer to rescind a prior authorization exemption. (b) A healthcare insurer shall not retroactively deny a healthcare service on the basis of a rescission of an exemption, even if the healthcare insurer's determination to rescind the prior authorization exemption is affirmed by an independent review organization. (c) If a determination of a prior authorization exemption made by the healthcare insurer is overturned on review by an independent review organization, the healthcare insurer: (1) Shall not attempt to rescind the exemption before the end of the next evaluation period; and (2) May only rescind the exemption if the healthcare insurer complies with §§ 23-99-1122 and 23-99-1123 . Added by Act 2023, No. 575,§ 5, eff. 8/1/2023.

(a) A healthcare insurer is bound by an appeal or independent review organization determination that does not affirm the determination made by the healthcare insurer to rescind a prior authorization exemption.

(b) A healthcare insurer shall not retroactively deny a healthcare service on the basis of a rescission of an exemption, even if the healthcare insurer's determination to rescind the prior authorization exemption is affirmed by an independent review organization.

(c) If a determination of a prior authorization exemption made by the healthcare insurer is overturned on review by an independent review organization, the healthcare insurer: (1) Shall not attempt to rescind the exemption before the end of the next evaluation period; and (2) May only rescind the exemption if the healthcare insurer complies with §§ 23-99-1122 and 23-99-1123 .

(1) Shall not attempt to rescind the exemption before the end of the next evaluation period; and

(2) May only rescind the exemption if the healthcare insurer complies with §§ 23-99-1122 and 23-99-1123 .

Added by Act 2023, No. 575,§ 5, eff. 8/1/2023.
Ark. Code Ann. § 23-81-801 — AR Code / Title 23 / Chapter 81 / Subchapter 8 / Section 23-81-801
Short title
Status: in_force

This subchapter shall be known and may be cited as the "Life Settlements Act". Acts 2009, No. 796, § 1.

This subchapter shall be known and may be cited as the "Life Settlements Act".

Acts 2009, No. 796, § 1.
Ark. Code Ann. § 23-94-206 — AR Code / Title 23 / Chapter 94 / Subchapter 2 / Section 23-94-206
Compulsory associations
Status: in_force

(a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued by a risk retention group. (b) When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, no such risks, wherever resident or located, shall be covered by any insurance guaranty fund or similar mechanism in this state. (c) When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state shall be covered by the appropriate state guaranty fund. Acts 1995, No. 623, § 1.

(a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued by a risk retention group.

(b) When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, no such risks, wherever resident or located, shall be covered by any insurance guaranty fund or similar mechanism in this state.

(c) When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state shall be covered by the appropriate state guaranty fund.

Acts 1995, No. 623, § 1.
Ark. Code Ann. § 23-3-307 — AR Code / Title 23 / Chapter 3 / Subchapter 3 / Section 23-3-307
Statement filed with commission - Contents - Amendments
Status: in_force

(a) The statement to be filed with the Arkansas Public Service Commission as required by § 23-3-306 shall be made under oath or affirmation and shall contain the following information: (1) The name and address of each acquiring party and all affiliates thereof, and: (A) If the acquiring party is an individual, his or her principal occupation and all offices and positions held during the past five (5) years, and any conviction of crimes other than minor traffic violations during the past ten (10) years; or (B) If the acquiring party is not an individual, a report of the nature of its business and its affiliates' operations during the past five (5) years or for such lesser period as the acquiring party and any predecessors thereof shall have been in existence, an informative description of the business intended to be done by the acquiring party and its subsidiaries, and a list of all individuals who are or who have been selected to become directors or officers of the acquiring party or who perform or will perform functions appropriate or similar to those positions. The list shall include for each individual the information required by subdivision (a)(1)(A) of this section; (2) The source, nature, and amount of the consideration used or to be used in effecting the merger or other acquisition of control, a detailed description of any transaction wherein funds were or are to be obtained for that purpose, and the identity of persons furnishing the consideration. However, where a source of the consideration is a loan made in the lender's ordinary course of business, the identity of the lender shall remain confidential if the person filing the statement so requests; (3) Audited financial information in a form acceptable to the commission as to the financial condition of each acquiring party for the preceding three (3) fiscal years, or for such lesser period as the acquiring party and any predecessors thereof shall have been in existence, and similar information as of a date not earlier than one hundred thirty-five (135) days prior to the filing of the statement; (4) (A) Any plans or proposals which an acquiring party may have to liquidate the public utility, to sell its assets, or a substantial part thereof, to merge or consolidate it with any person, or to make any other material change in its investment policy, business or corporate structure, or management. (B) If any change is contemplated in the investment policy, business, or corporate structure, the contemplated changes and the rationale for them shall be explained in detail. (C) If any changes in the management of the domestic public utility or person controlling the domestic public utility are contemplated, the acquiring party shall provide a resume of the qualifications and the names and addresses of the individuals who have been selected or are being considered to replace the then-current management personnel of the domestic public utility or the person controlling the domestic public utility; (5) The number of shares of any voting securities which each acquiring party proposes to acquire, and the terms of the offer, request, invitation, agreement, or acquisition referred to in § 23-3-306 ; (6) The amount of each class of any voting security which is beneficially owned or concerning which there is a right to acquire beneficial ownership by each acquiring party; (7) A full description of any contracts, arrangements, or understandings with respect to any voting securities in which any acquiring party is involved including, but not limited to, transfer of any securities, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss or guarantees of profits, division of losses or profits, or the giving or withholding of proxies. The description shall identify the persons with whom the contracts, arrangements, or understandings have been entered into; (8) A description of the purchase of any voting securities during the twelve (12) calendar months preceding the filing of the statement by any acquiring party, including the dates of purchase, names of the purchasers, and consideration paid or agreed to be paid for the voting securities; (9) Copies of all tender offers for, requests for, advertisements for, invitations for tenders of, exchange offers for, and agreements to acquire or exchange any voting securities and, if distributed, of additional soliciting material relating thereto; and (10) Any additional information which the commission may by rule prescribe as necessary or appropriate for the protection of ratepayers of the domestic public utility or in the public interest. (b) (1) If a person required to file the statement referred to in § 23-3-306 is a partnership, limited partnership, syndicate, or other group, the commission may require that the information called for in subdivisions (a)(1)-(10) of this section shall be given with respect to each partner of the partnership or limited partnership, each member of the syndicate or group, and each person who controls a partner or member. (2) If any partner, member, person, or acquiring party is a corporation, or if a person required to file the statement referred to in § 23-3-306 is a corporation, the commission may require that the information called for by subdivisions (a)(1)-(10) of this section be given with respect to the corporation, each officer and director of the corporation, and each person who is directly or indirectly the beneficial owner of more than ten percent (10%) of the outstanding voting securities of the corporation and each affiliate of such a corporation. (c) If any material change occurs in the facts set forth in the statement filed with the commission and sent to the domestic public utility pursuant to this subchapter, an amendment setting forth the change, together with copies of all documents and other material relevant to the change, shall be filed with the commission and sent by the person filing the statement to the domestic public utility within two (2) business days after the person learns of the change. Amended by Act 2019, No. 315,§ 2384, eff. 7/24/2019. Acts 1985, No. 343, § 3; A.S.A. 1947, § 73-142.3.

(a) The statement to be filed with the Arkansas Public Service Commission as required by § 23-3-306 shall be made under oath or affirmation and shall contain the following information: (1) The name and address of each acquiring party and all affiliates thereof, and: (A) If the acquiring party is an individual, his or her principal occupation and all offices and positions held during the past five (5) years, and any conviction of crimes other than minor traffic violations during the past ten (10) years; or (B) If the acquiring party is not an individual, a report of the nature of its business and its affiliates' operations during the past five (5) years or for such lesser period as the acquiring party and any predecessors thereof shall have been in existence, an informative description of the business intended to be done by the acquiring party and its subsidiaries, and a list of all individuals who are or who have been selected to become directors or officers of the acquiring party or who perform or will perform functions appropriate or similar to those positions. The list shall include for each individual the information required by subdivision (a)(1)(A) of this section; (2) The source, nature, and amount of the consideration used or to be used in effecting the merger or other acquisition of control, a detailed description of any transaction wherein funds were or are to be obtained for that purpose, and the identity of persons furnishing the consideration. However, where a source of the consideration is a loan made in the lender's ordinary course of business, the identity of the lender shall remain confidential if the person filing the statement so requests; (3) Audited financial information in a form acceptable to the commission as to the financial condition of each acquiring party for the preceding three (3) fiscal years, or for such lesser period as the acquiring party and any predecessors thereof shall have been in existence, and similar information as of a date not earlier than one hundred thirty-five (135) days prior to the filing of the statement; (4) (A) Any plans or proposals which an acquiring party may have to liquidate the public utility, to sell its assets, or a substantial part thereof, to merge or consolidate it with any person, or to make any other material change in its investment policy, business or corporate structure, or management. (B) If any change is contemplated in the investment policy, business, or corporate structure, the contemplated changes and the rationale for them shall be explained in detail. (C) If any changes in the management of the domestic public utility or person controlling the domestic public utility are contemplated, the acquiring party shall provide a resume of the qualifications and the names and addresses of the individuals who have been selected or are being considered to replace the then-current management personnel of the domestic public utility or the person controlling the domestic public utility; (5) The number of shares of any voting securities which each acquiring party proposes to acquire, and the terms of the offer, request, invitation, agreement, or acquisition referred to in § 23-3-306 ; (6) The amount of each class of any voting security which is beneficially owned or concerning which there is a right to acquire beneficial ownership by each acquiring party; (7) A full description of any contracts, arrangements, or understandings with respect to any voting securities in which any acquiring party is involved including, but not limited to, transfer of any securities, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss or guarantees of profits, division of losses or profits, or the giving or withholding of proxies. The description shall identify the persons with whom the contracts, arrangements, or understandings have been entered into; (8) A description of the purchase of any voting securities during the twelve (12) calendar months preceding the filing of the statement by any acquiring party, including the dates of purchase, names of the purchasers, and consideration paid or agreed to be paid for the voting securities; (9) Copies of all tender offers for, requests for, advertisements for, invitations for tenders of, exchange offers for, and agreements to acquire or exchange any voting securities and, if distributed, of additional soliciting material relating thereto; and (10) Any additional information which the commission may by rule prescribe as necessary or appropriate for the protection of ratepayers of the domestic public utility or in the public interest.

(1) The name and address of each acquiring party and all affiliates thereof, and: (A) If the acquiring party is an individual, his or her principal occupation and all offices and positions held during the past five (5) years, and any conviction of crimes other than minor traffic violations during the past ten (10) years; or (B) If the acquiring party is not an individual, a report of the nature of its business and its affiliates' operations during the past five (5) years or for such lesser period as the acquiring party and any predecessors thereof shall have been in existence, an informative description of the business intended to be done by the acquiring party and its subsidiaries, and a list of all individuals who are or who have been selected to become directors or officers of the acquiring party or who perform or will perform functions appropriate or similar to those positions. The list shall include for each individual the information required by subdivision (a)(1)(A) of this section;

(A) If the acquiring party is an individual, his or her principal occupation and all offices and positions held during the past five (5) years, and any conviction of crimes other than minor traffic violations during the past ten (10) years; or

(B) If the acquiring party is not an individual, a report of the nature of its business and its affiliates' operations during the past five (5) years or for such lesser period as the acquiring party and any predecessors thereof shall have been in existence, an informative description of the business intended to be done by the acquiring party and its subsidiaries, and a list of all individuals who are or who have been selected to become directors or officers of the acquiring party or who perform or will perform functions appropriate or similar to those positions. The list shall include for each individual the information required by subdivision (a)(1)(A) of this section;

(2) The source, nature, and amount of the consideration used or to be used in effecting the merger or other acquisition of control, a detailed description of any transaction wherein funds were or are to be obtained for that purpose, and the identity of persons furnishing the consideration. However, where a source of the consideration is a loan made in the lender's ordinary course of business, the identity of the lender shall remain confidential if the person filing the statement so requests;

(3) Audited financial information in a form acceptable to the commission as to the financial condition of each acquiring party for the preceding three (3) fiscal years, or for such lesser period as the acquiring party and any predecessors thereof shall have been in existence, and similar information as of a date not earlier than one hundred thirty-five (135) days prior to the filing of the statement;

(4) (A) Any plans or proposals which an acquiring party may have to liquidate the public utility, to sell its assets, or a substantial part thereof, to merge or consolidate it with any person, or to make any other material change in its investment policy, business or corporate structure, or management. (B) If any change is contemplated in the investment policy, business, or corporate structure, the contemplated changes and the rationale for them shall be explained in detail. (C) If any changes in the management of the domestic public utility or person controlling the domestic public utility are contemplated, the acquiring party shall provide a resume of the qualifications and the names and addresses of the individuals who have been selected or are being considered to replace the then-current management personnel of the domestic public utility or the person controlling the domestic public utility;

(A) Any plans or proposals which an acquiring party may have to liquidate the public utility, to sell its assets, or a substantial part thereof, to merge or consolidate it with any person, or to make any other material change in its investment policy, business or corporate structure, or management.

(B) If any change is contemplated in the investment policy, business, or corporate structure, the contemplated changes and the rationale for them shall be explained in detail.

(C) If any changes in the management of the domestic public utility or person controlling the domestic public utility are contemplated, the acquiring party shall provide a resume of the qualifications and the names and addresses of the individuals who have been selected or are being considered to replace the then-current management personnel of the domestic public utility or the person controlling the domestic public utility;

(5) The number of shares of any voting securities which each acquiring party proposes to acquire, and the terms of the offer, request, invitation, agreement, or acquisition referred to in § 23-3-306 ;

(6) The amount of each class of any voting security which is beneficially owned or concerning which there is a right to acquire beneficial ownership by each acquiring party;

(7) A full description of any contracts, arrangements, or understandings with respect to any voting securities in which any acquiring party is involved including, but not limited to, transfer of any securities, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss or guarantees of profits, division of losses or profits, or the giving or withholding of proxies. The description shall identify the persons with whom the contracts, arrangements, or understandings have been entered into;

(8) A description of the purchase of any voting securities during the twelve (12) calendar months preceding the filing of the statement by any acquiring party, including the dates of purchase, names of the purchasers, and consideration paid or agreed to be paid for the voting securities;

(9) Copies of all tender offers for, requests for, advertisements for, invitations for tenders of, exchange offers for, and agreements to acquire or exchange any voting securities and, if distributed, of additional soliciting material relating thereto; and

(10) Any additional information which the commission may by rule prescribe as necessary or appropriate for the protection of ratepayers of the domestic public utility or in the public interest.

(b) (1) If a person required to file the statement referred to in § 23-3-306 is a partnership, limited partnership, syndicate, or other group, the commission may require that the information called for in subdivisions (a)(1)-(10) of this section shall be given with respect to each partner of the partnership or limited partnership, each member of the syndicate or group, and each person who controls a partner or member. (2) If any partner, member, person, or acquiring party is a corporation, or if a person required to file the statement referred to in § 23-3-306 is a corporation, the commission may require that the information called for by subdivisions (a)(1)-(10) of this section be given with respect to the corporation, each officer and director of the corporation, and each person who is directly or indirectly the beneficial owner of more than ten percent (10%) of the outstanding voting securities of the corporation and each affiliate of such a corporation.

(1) If a person required to file the statement referred to in § 23-3-306 is a partnership, limited partnership, syndicate, or other group, the commission may require that the information called for in subdivisions (a)(1)-(10) of this section shall be given with respect to each partner of the partnership or limited partnership, each member of the syndicate or group, and each person who controls a partner or member.

(2) If any partner, member, person, or acquiring party is a corporation, or if a person required to file the statement referred to in § 23-3-306 is a corporation, the commission may require that the information called for by subdivisions (a)(1)-(10) of this section be given with respect to the corporation, each officer and director of the corporation, and each person who is directly or indirectly the beneficial owner of more than ten percent (10%) of the outstanding voting securities of the corporation and each affiliate of such a corporation.

(c) If any material change occurs in the facts set forth in the statement filed with the commission and sent to the domestic public utility pursuant to this subchapter, an amendment setting forth the change, together with copies of all documents and other material relevant to the change, shall be filed with the commission and sent by the person filing the statement to the domestic public utility within two (2) business days after the person learns of the change.

Amended by Act 2019, No. 315,§ 2384, eff. 7/24/2019.

Acts 1985, No. 343, § 3; A.S.A. 1947, § 73-142.3.
Ark. Code Ann. § 23-2-112 — AR Code / Title 23 / Chapter 2 / Subchapter 1 / Section 23-2-112
Rural and Community Liaison - General job responsibilities
Status: in_force

(a) The Rural and Community Liaison will serve as a two-way communication link between the Arkansas Public Service Commission and utility customers in Arkansas, particularly those in rural areas. (b) (1) The liaison is responsible for: (A) Providing information to communities and rural utility customers concerning utility matters within the jurisdiction of the commission; and (B) Identifying questions and concerns that rural utility customers may have concerning utility issues and relaying those concerns to the members of the commission and to the commission staff. (2) In the performance of these duties, the liaison will work with stakeholders in rural areas and communities, including legislators, civic and community leaders, customers and customer groups, and rural utility personnel. Acts 2003, No. 1321, § 14.

(a) The Rural and Community Liaison will serve as a two-way communication link between the Arkansas Public Service Commission and utility customers in Arkansas, particularly those in rural areas.

(b) (1) The liaison is responsible for: (A) Providing information to communities and rural utility customers concerning utility matters within the jurisdiction of the commission; and (B) Identifying questions and concerns that rural utility customers may have concerning utility issues and relaying those concerns to the members of the commission and to the commission staff. (2) In the performance of these duties, the liaison will work with stakeholders in rural areas and communities, including legislators, civic and community leaders, customers and customer groups, and rural utility personnel.

(1) The liaison is responsible for: (A) Providing information to communities and rural utility customers concerning utility matters within the jurisdiction of the commission; and (B) Identifying questions and concerns that rural utility customers may have concerning utility issues and relaying those concerns to the members of the commission and to the commission staff.

(A) Providing information to communities and rural utility customers concerning utility matters within the jurisdiction of the commission; and

(B) Identifying questions and concerns that rural utility customers may have concerning utility issues and relaying those concerns to the members of the commission and to the commission staff.

(2) In the performance of these duties, the liaison will work with stakeholders in rural areas and communities, including legislators, civic and community leaders, customers and customer groups, and rural utility personnel.

Acts 2003, No. 1321, § 14.
Ark. Code Ann. § 23-37-502 — AR Code / Title 23 / Chapter 37 / Subchapter 5 / Section 23-37-502
Accounts in the names of two or more persons
Status: in_force

Savings accounts may be opened in any association or a federal association in the names of two (2) or more persons, either minor or adult, or a combination of minor and adult, and the savings accounts may be held as follows: (1) (A) If the person opening the savings account fails to designate in writing the type of account intended, or if he or she designates in writing to the association that the account is to be a "joint tenancy" account or a "joint tenancy with right of survivorship" account, or that the account shall be payable to the survivors of the persons named in the account, then the account and all additions thereto shall be the property of those persons as joint tenants with right of survivorship. (B) These savings accounts may be paid to or on the order of any one (1) of the persons during his or her lifetime, unless a contrary written designation is given the association, or to or on the order of any one (1) of the survivors of them after the death of any one (1) or more of them. (C) The opening of the account in this form shall be conclusive evidence in any action or proceeding to which either the association or the surviving parties is a party, of the intention of all of the parties to the account to vest title to the account and the additions thereto in the survivors. (D) No association paying any survivor in accordance with the provisions of this section shall thereby be liable for any estate, inheritance, or succession taxes which may be due this state; (2) If the savings account is opened in the names of persons who designate themselves to the association as husband and wife, whether or not they are at the time in fact husband and wife, then the account and all additions thereto shall be the property of those persons as tenants by the entirety. Upon the death of one (1) of the persons, the account shall be payable to the survivor; (3) If the person opening a savings account designates in writing to the association that the account is to be a "tenants in common" account, then the account and all additions thereto shall be the property of those persons as tenants in common. The association, upon receipt of a specific written notice addressed to the association of the death of either party shall pay, upon the written order of the survivor, to the survivor, his or her pro rata part of the account and to the estate of the deceased owner, the deceased's pro rata part of the account. However, the association may pay the entire account and all additions thereto upon the receipt or acquittance of either party to the account prior to the time that a specific written notice of death is received as provided herein unless there has been filed with the association a written designation that more than one (1) signature is required to deal with the account. In the absence of any written designation to the contrary filed with the association, all tenants in common accounts shall be deemed to be owned pro rata by the persons named in the account; (4) If a savings account is opened in the name of two (2) or more persons, whether as joint tenants, tenants by the entirety, tenants in common, or otherwise, an association shall pay withdrawal requests, accept pledges of the account, recognize the granting of proxies to vote as members of the association, and otherwise deal in any manner with the account upon the direction of any one (1) of the persons named in the account, whether the other persons named in the account are living or not, unless one (1) of the persons named in the account shall, by written instructions delivered to the association, designate that the signature of more than one (1) person shall be required to deal with the savings account; or (5) If a person opening or holding a savings account shall execute and file with the association a designation that on the death of the person named as holder the account shall be paid to or held by another person, the account and any balance thereof which exists from time to time shall be held as a payment on death account and unless otherwise agreed between the persons opening the account and the association: (A) Upon the death of the holder of the account, the persons designated by him or her and who have survived him or her shall be the owners of the account as joint tenants with right of survivorship, if more than one (1). Any payment made by the association to any of those persons shall be a complete discharge of the association as to the amount paid; (B) The person to whom the account is issued may change during his or her lifetime the designation of any of the persons who are to be holders at his or her death, by a written direction accepted by the association; (C) The person to whom the account is issued may pledge, withdraw, or receive payment. Any payment made by the association shall be a complete discharge as to the amount paid. Acts 1963, No. 227, § 38; A.S.A. 1947, § 67-1838.

Savings accounts may be opened in any association or a federal association in the names of two (2) or more persons, either minor or adult, or a combination of minor and adult, and the savings accounts may be held as follows:

(1) (A) If the person opening the savings account fails to designate in writing the type of account intended, or if he or she designates in writing to the association that the account is to be a "joint tenancy" account or a "joint tenancy with right of survivorship" account, or that the account shall be payable to the survivors of the persons named in the account, then the account and all additions thereto shall be the property of those persons as joint tenants with right of survivorship. (B) These savings accounts may be paid to or on the order of any one (1) of the persons during his or her lifetime, unless a contrary written designation is given the association, or to or on the order of any one (1) of the survivors of them after the death of any one (1) or more of them. (C) The opening of the account in this form shall be conclusive evidence in any action or proceeding to which either the association or the surviving parties is a party, of the intention of all of the parties to the account to vest title to the account and the additions thereto in the survivors. (D) No association paying any survivor in accordance with the provisions of this section shall thereby be liable for any estate, inheritance, or succession taxes which may be due this state;

(A) If the person opening the savings account fails to designate in writing the type of account intended, or if he or she designates in writing to the association that the account is to be a "joint tenancy" account or a "joint tenancy with right of survivorship" account, or that the account shall be payable to the survivors of the persons named in the account, then the account and all additions thereto shall be the property of those persons as joint tenants with right of survivorship.

(B) These savings accounts may be paid to or on the order of any one (1) of the persons during his or her lifetime, unless a contrary written designation is given the association, or to or on the order of any one (1) of the survivors of them after the death of any one (1) or more of them.

(C) The opening of the account in this form shall be conclusive evidence in any action or proceeding to which either the association or the surviving parties is a party, of the intention of all of the parties to the account to vest title to the account and the additions thereto in the survivors.

(D) No association paying any survivor in accordance with the provisions of this section shall thereby be liable for any estate, inheritance, or succession taxes which may be due this state;

(2) If the savings account is opened in the names of persons who designate themselves to the association as husband and wife, whether or not they are at the time in fact husband and wife, then the account and all additions thereto shall be the property of those persons as tenants by the entirety. Upon the death of one (1) of the persons, the account shall be payable to the survivor;

(3) If the person opening a savings account designates in writing to the association that the account is to be a "tenants in common" account, then the account and all additions thereto shall be the property of those persons as tenants in common. The association, upon receipt of a specific written notice addressed to the association of the death of either party shall pay, upon the written order of the survivor, to the survivor, his or her pro rata part of the account and to the estate of the deceased owner, the deceased's pro rata part of the account. However, the association may pay the entire account and all additions thereto upon the receipt or acquittance of either party to the account prior to the time that a specific written notice of death is received as provided herein unless there has been filed with the association a written designation that more than one (1) signature is required to deal with the account. In the absence of any written designation to the contrary filed with the association, all tenants in common accounts shall be deemed to be owned pro rata by the persons named in the account;

(4) If a savings account is opened in the name of two (2) or more persons, whether as joint tenants, tenants by the entirety, tenants in common, or otherwise, an association shall pay withdrawal requests, accept pledges of the account, recognize the granting of proxies to vote as members of the association, and otherwise deal in any manner with the account upon the direction of any one (1) of the persons named in the account, whether the other persons named in the account are living or not, unless one (1) of the persons named in the account shall, by written instructions delivered to the association, designate that the signature of more than one (1) person shall be required to deal with the savings account; or

(5) If a person opening or holding a savings account shall execute and file with the association a designation that on the death of the person named as holder the account shall be paid to or held by another person, the account and any balance thereof which exists from time to time shall be held as a payment on death account and unless otherwise agreed between the persons opening the account and the association: (A) Upon the death of the holder of the account, the persons designated by him or her and who have survived him or her shall be the owners of the account as joint tenants with right of survivorship, if more than one (1). Any payment made by the association to any of those persons shall be a complete discharge of the association as to the amount paid; (B) The person to whom the account is issued may change during his or her lifetime the designation of any of the persons who are to be holders at his or her death, by a written direction accepted by the association; (C) The person to whom the account is issued may pledge, withdraw, or receive payment. Any payment made by the association shall be a complete discharge as to the amount paid.

(A) Upon the death of the holder of the account, the persons designated by him or her and who have survived him or her shall be the owners of the account as joint tenants with right of survivorship, if more than one (1). Any payment made by the association to any of those persons shall be a complete discharge of the association as to the amount paid;

(B) The person to whom the account is issued may change during his or her lifetime the designation of any of the persons who are to be holders at his or her death, by a written direction accepted by the association;

(C) The person to whom the account is issued may pledge, withdraw, or receive payment. Any payment made by the association shall be a complete discharge as to the amount paid.

Acts 1963, No. 227, § 38; A.S.A. 1947, § 67-1838.