Ark. Code Ann. § 23-112-311 — AR Code / Title 23 / Chapter 112 / Subchapter 3 / Section 23-112-311
Addition or relocation of new motor vehicle dealer
Status: in_force

(a) (1) In all instances, when a manufacturer or distributor seeks to enter into a franchise establishing an additional new motor vehicle dealer or relocating an existing new motor vehicle dealer within or into a relevant market area where the same line make is then represented, the manufacturer or distributor shall in writing first notify the Arkansas Motor Vehicle Commission and each new motor vehicle dealer in that line make in the relevant market area of the intention to establish an additional dealer or to relocate an existing dealer within or into that market area. (2) (A) Within twenty (20) days of receiving the notice or within twenty (20) days after the end of any appeal procedure provided by the manufacturer or distributor, any new motor vehicle dealer may file with the commission to protest the establishing or relocating of the new motor vehicle dealer. (B) When a protest is filed, the commission shall inform the manufacturer or distributor that a timely protest has been filed and that the manufacturer or distributor shall not establish or relocate the proposed new motor vehicle dealer until the commission has held a hearing, nor thereafter if the commission has determined that there is good cause for not permitting the addition or relocation of the new motor vehicle dealer. (C) In the event that a protest is filed with the commission, the party desiring the addition or relocation of a new motor vehicle dealer pursuant to this subsection shall pay for and provide a copy of a survey showing the proposed location of the additional or relocated new motor vehicle dealer in relation to other existing dealers of the same line make in the relevant market area. (b) This section does not apply: (1) To the relocation of an existing new motor vehicle dealer, other than a new motor vehicle dealer of motorcycles, motorized cycles, and all-terrain vehicles, within that dealer's relevant market area, provided that the relocation not be at a site within ten (10) miles of a licensed new motor vehicle dealer for the same line make of motor vehicles; (2) If the proposed new motor vehicle dealer, other than a new motor vehicle dealer of motorcycles, motorized cycles, and all-terrain vehicles, is to be established at or within two (2) miles of a location at which a former licensed new motor vehicle dealer for the same line make of new motor vehicle has ceased operating within the previous two (2) years; or (3) To the relocation of an existing new motor vehicle dealer of motorcycles, motorized cycles, and all-terrain vehicles within that dealer's relevant market area, provided that the relocation not be at a site within twenty-five (25) miles of a licensed new motor vehicle dealer for the same line make of motor vehicles. (c) (1) In determining whether good cause has been established for not entering into a franchise establishing or relocating an additional new motor vehicle dealer for the same line make, the commission shall take into consideration the existing circumstances, including without limitation: (A) Permanency of the investment of both the existing and proposed new motor vehicle dealers; (B) Growth or decline in population and new motor vehicle registrations in the relevant market area; (C) Effect on the consuming public in the relevant market area; (D) Whether it is injurious or beneficial to the public welfare for an additional new motor vehicle dealer to be established; (E) Whether the new motor vehicle dealers of the same line make in that relevant market area are providing adequate competition and convenient customer care for the motor vehicles of the line make in the market area, which shall include the adequacy of motor vehicle sales and service facilities, equipment, supply of motor vehicle parts, and qualified service personnel; and (F) Whether the establishment of an additional new motor vehicle dealer would increase competition and, therefore, be in the public interest. (2) In determining whether good cause has been established for not entering into a franchise establishing or relocating an additional new motor vehicle dealer for the same line make, the burden of proof is on the manufacturer or distributor to show it has good cause for granting the new franchise, except when an existing franchisee initiated the relocation. (d) (1) The commission shall conduct the hearing and render its final determination within one hundred eighty (180) days after a protest is filed. (2) Unless waived by the parties, failure to do so shall be deemed the equivalent of a determination that good cause does not exist for refusing to permit the proposed additional or relocated new motor vehicle dealer, unless the delay is caused by acts of the manufacturer or distributor or the relocating or additional dealer. (e) Any parties to a hearing by the commission concerning the establishing or relocating of a new motor vehicle dealer shall have a right of review of the decision in a court of competent jurisdiction pursuant to the Arkansas Administrative Procedure Act, § 25-15-201 et seq. Acts 1975, No. 388, § 5; 1985, No. 1032, § 3; 1985, No. 1058, § 3; A.S.A. 1947, § 75-2305; Acts 1997, No. 1154, § 12; 1999, No. 1042, § 6; 2001, No. 1053, § 12; 2009, No. 756, § 11; 2011, No. 1005, § 8.

(a) (1) In all instances, when a manufacturer or distributor seeks to enter into a franchise establishing an additional new motor vehicle dealer or relocating an existing new motor vehicle dealer within or into a relevant market area where the same line make is then represented, the manufacturer or distributor shall in writing first notify the Arkansas Motor Vehicle Commission and each new motor vehicle dealer in that line make in the relevant market area of the intention to establish an additional dealer or to relocate an existing dealer within or into that market area. (2) (A) Within twenty (20) days of receiving the notice or within twenty (20) days after the end of any appeal procedure provided by the manufacturer or distributor, any new motor vehicle dealer may file with the commission to protest the establishing or relocating of the new motor vehicle dealer. (B) When a protest is filed, the commission shall inform the manufacturer or distributor that a timely protest has been filed and that the manufacturer or distributor shall not establish or relocate the proposed new motor vehicle dealer until the commission has held a hearing, nor thereafter if the commission has determined that there is good cause for not permitting the addition or relocation of the new motor vehicle dealer. (C) In the event that a protest is filed with the commission, the party desiring the addition or relocation of a new motor vehicle dealer pursuant to this subsection shall pay for and provide a copy of a survey showing the proposed location of the additional or relocated new motor vehicle dealer in relation to other existing dealers of the same line make in the relevant market area.

(1) In all instances, when a manufacturer or distributor seeks to enter into a franchise establishing an additional new motor vehicle dealer or relocating an existing new motor vehicle dealer within or into a relevant market area where the same line make is then represented, the manufacturer or distributor shall in writing first notify the Arkansas Motor Vehicle Commission and each new motor vehicle dealer in that line make in the relevant market area of the intention to establish an additional dealer or to relocate an existing dealer within or into that market area.

(2) (A) Within twenty (20) days of receiving the notice or within twenty (20) days after the end of any appeal procedure provided by the manufacturer or distributor, any new motor vehicle dealer may file with the commission to protest the establishing or relocating of the new motor vehicle dealer. (B) When a protest is filed, the commission shall inform the manufacturer or distributor that a timely protest has been filed and that the manufacturer or distributor shall not establish or relocate the proposed new motor vehicle dealer until the commission has held a hearing, nor thereafter if the commission has determined that there is good cause for not permitting the addition or relocation of the new motor vehicle dealer. (C) In the event that a protest is filed with the commission, the party desiring the addition or relocation of a new motor vehicle dealer pursuant to this subsection shall pay for and provide a copy of a survey showing the proposed location of the additional or relocated new motor vehicle dealer in relation to other existing dealers of the same line make in the relevant market area.

(A) Within twenty (20) days of receiving the notice or within twenty (20) days after the end of any appeal procedure provided by the manufacturer or distributor, any new motor vehicle dealer may file with the commission to protest the establishing or relocating of the new motor vehicle dealer.

(B) When a protest is filed, the commission shall inform the manufacturer or distributor that a timely protest has been filed and that the manufacturer or distributor shall not establish or relocate the proposed new motor vehicle dealer until the commission has held a hearing, nor thereafter if the commission has determined that there is good cause for not permitting the addition or relocation of the new motor vehicle dealer.

(C) In the event that a protest is filed with the commission, the party desiring the addition or relocation of a new motor vehicle dealer pursuant to this subsection shall pay for and provide a copy of a survey showing the proposed location of the additional or relocated new motor vehicle dealer in relation to other existing dealers of the same line make in the relevant market area.

(b) This section does not apply: (1) To the relocation of an existing new motor vehicle dealer, other than a new motor vehicle dealer of motorcycles, motorized cycles, and all-terrain vehicles, within that dealer's relevant market area, provided that the relocation not be at a site within ten (10) miles of a licensed new motor vehicle dealer for the same line make of motor vehicles; (2) If the proposed new motor vehicle dealer, other than a new motor vehicle dealer of motorcycles, motorized cycles, and all-terrain vehicles, is to be established at or within two (2) miles of a location at which a former licensed new motor vehicle dealer for the same line make of new motor vehicle has ceased operating within the previous two (2) years; or (3) To the relocation of an existing new motor vehicle dealer of motorcycles, motorized cycles, and all-terrain vehicles within that dealer's relevant market area, provided that the relocation not be at a site within twenty-five (25) miles of a licensed new motor vehicle dealer for the same line make of motor vehicles.

(1) To the relocation of an existing new motor vehicle dealer, other than a new motor vehicle dealer of motorcycles, motorized cycles, and all-terrain vehicles, within that dealer's relevant market area, provided that the relocation not be at a site within ten (10) miles of a licensed new motor vehicle dealer for the same line make of motor vehicles;

(2) If the proposed new motor vehicle dealer, other than a new motor vehicle dealer of motorcycles, motorized cycles, and all-terrain vehicles, is to be established at or within two (2) miles of a location at which a former licensed new motor vehicle dealer for the same line make of new motor vehicle has ceased operating within the previous two (2) years; or

(3) To the relocation of an existing new motor vehicle dealer of motorcycles, motorized cycles, and all-terrain vehicles within that dealer's relevant market area, provided that the relocation not be at a site within twenty-five (25) miles of a licensed new motor vehicle dealer for the same line make of motor vehicles.

(c) (1) In determining whether good cause has been established for not entering into a franchise establishing or relocating an additional new motor vehicle dealer for the same line make, the commission shall take into consideration the existing circumstances, including without limitation: (A) Permanency of the investment of both the existing and proposed new motor vehicle dealers; (B) Growth or decline in population and new motor vehicle registrations in the relevant market area; (C) Effect on the consuming public in the relevant market area; (D) Whether it is injurious or beneficial to the public welfare for an additional new motor vehicle dealer to be established; (E) Whether the new motor vehicle dealers of the same line make in that relevant market area are providing adequate competition and convenient customer care for the motor vehicles of the line make in the market area, which shall include the adequacy of motor vehicle sales and service facilities, equipment, supply of motor vehicle parts, and qualified service personnel; and (F) Whether the establishment of an additional new motor vehicle dealer would increase competition and, therefore, be in the public interest. (2) In determining whether good cause has been established for not entering into a franchise establishing or relocating an additional new motor vehicle dealer for the same line make, the burden of proof is on the manufacturer or distributor to show it has good cause for granting the new franchise, except when an existing franchisee initiated the relocation.

(1) In determining whether good cause has been established for not entering into a franchise establishing or relocating an additional new motor vehicle dealer for the same line make, the commission shall take into consideration the existing circumstances, including without limitation: (A) Permanency of the investment of both the existing and proposed new motor vehicle dealers; (B) Growth or decline in population and new motor vehicle registrations in the relevant market area; (C) Effect on the consuming public in the relevant market area; (D) Whether it is injurious or beneficial to the public welfare for an additional new motor vehicle dealer to be established; (E) Whether the new motor vehicle dealers of the same line make in that relevant market area are providing adequate competition and convenient customer care for the motor vehicles of the line make in the market area, which shall include the adequacy of motor vehicle sales and service facilities, equipment, supply of motor vehicle parts, and qualified service personnel; and (F) Whether the establishment of an additional new motor vehicle dealer would increase competition and, therefore, be in the public interest.

(A) Permanency of the investment of both the existing and proposed new motor vehicle dealers;

(B) Growth or decline in population and new motor vehicle registrations in the relevant market area;

(C) Effect on the consuming public in the relevant market area;

(D) Whether it is injurious or beneficial to the public welfare for an additional new motor vehicle dealer to be established;

(E) Whether the new motor vehicle dealers of the same line make in that relevant market area are providing adequate competition and convenient customer care for the motor vehicles of the line make in the market area, which shall include the adequacy of motor vehicle sales and service facilities, equipment, supply of motor vehicle parts, and qualified service personnel; and

(F) Whether the establishment of an additional new motor vehicle dealer would increase competition and, therefore, be in the public interest.

(2) In determining whether good cause has been established for not entering into a franchise establishing or relocating an additional new motor vehicle dealer for the same line make, the burden of proof is on the manufacturer or distributor to show it has good cause for granting the new franchise, except when an existing franchisee initiated the relocation.

(d) (1) The commission shall conduct the hearing and render its final determination within one hundred eighty (180) days after a protest is filed. (2) Unless waived by the parties, failure to do so shall be deemed the equivalent of a determination that good cause does not exist for refusing to permit the proposed additional or relocated new motor vehicle dealer, unless the delay is caused by acts of the manufacturer or distributor or the relocating or additional dealer.

(1) The commission shall conduct the hearing and render its final determination within one hundred eighty (180) days after a protest is filed.

(2) Unless waived by the parties, failure to do so shall be deemed the equivalent of a determination that good cause does not exist for refusing to permit the proposed additional or relocated new motor vehicle dealer, unless the delay is caused by acts of the manufacturer or distributor or the relocating or additional dealer.

(e) Any parties to a hearing by the commission concerning the establishing or relocating of a new motor vehicle dealer shall have a right of review of the decision in a court of competent jurisdiction pursuant to the Arkansas Administrative Procedure Act, § 25-15-201 et seq.

Acts 1975, No. 388, § 5; 1985, No. 1032, § 3; 1985, No. 1058, § 3; A.S.A. 1947, § 75-2305; Acts 1997, No. 1154, § 12; 1999, No. 1042, § 6; 2001, No. 1053, § 12; 2009, No. 756, § 11; 2011, No. 1005, § 8.
Ark. Code Ann. § 23-74-301 — AR Code / Title 23 / Chapter 74 / Subchapter 3 / Section 23-74-301
Organization
Status: in_force

A domestic society organized on or after January 1, 1990, shall be formed as follows: (1) Ten (10) or more citizens of the United States, a majority of whom are citizens of this state, who desire to form a fraternal benefit society, may make, sign, and acknowledge before some officer competent to take acknowledgment of deeds, articles of incorporation, in which shall be stated: (A) The proposed corporate name of the society, which shall not so closely resemble the name of any society or insurance company as to be misleading or confusing; (B) The purposes for which it is being formed and the mode in which its corporate powers are to be exercised. Such purposes shall not include more liberal powers than are granted by this chapter; and (C) The names and residences of the incorporators and the names, residences, and official titles of all the officers, trustees, directors, or other persons who are to have and exercise the general control of the management of the affairs and funds of the society for the first year or until the ensuing election, at which all such officers shall be elected by the supreme governing body. The election shall be held not later than one (1) year from the date of issuance of the permanent certificate of authority; (2) (A) (i) The articles of incorporation, duly certified copies of the society's bylaws and rules, copies of all proposed forms of certificates, applications therefor, and circulars to be issued by the society and a bond conditioned upon the return to applicants of the advanced payments if the organization is not completed within one (1) year shall be filed with the Insurance Commissioner, who may require such further information as the commissioner deems necessary. (ii) The bond with sureties approved by the commissioner shall be in such amount, not less than three hundred thousand dollars ($300,000) nor more than one million five hundred thousand dollars ($1,500,000), as required by the commissioner. (iii) All documents filed are to be in the English language. (B) If the purposes of the society conform to the requirements of this chapter and all provisions of the law have been complied with, the commissioner shall so certify, retain, and file the articles of incorporation and furnish the incorporators a preliminary certificate of authority authorizing the society to solicit members as provided in this section; (3) (A) No preliminary certificate of authority granted under the provisions of this section shall be valid after one (1) year from its date or after such further period, not exceeding one (1) year, as may be authorized by the commissioner upon cause shown, unless the five hundred (500) applicants required by this section have been secured and the organization has been completed as provided in this section. (B) The articles of incorporation and all other proceedings thereunder shall become null and void in one (1) year from the date of the preliminary certificate of authority, or at the expiration of the extended period, unless the society shall have completed its organization and received a certificate of authority to do business as provided in this section; (4) Upon receipt of a preliminary certificate of authority from the commissioner, the society may solicit members for the purpose of completing its organization, shall collect from each applicant the amount of not less than one (1) regular monthly premium in accordance with its table of rates, and shall issue to each such applicant a receipt for the amount collected. No society shall incur any liability other than for the return of such an advance premium, nor issue any certificate, nor pay, allow, or offer or promise to pay or allow, any benefit to any person until: (A) Actual bona fide applications for benefits have been secured on not less than five hundred (500) applicants and any necessary evidence of insurability has been furnished to and approved by the society; (B) At least ten (10) subordinate lodges have been established into which the five hundred (500) applicants have been admitted; (C) There has been submitted to the commissioner, under oath of the president or secretary, or corresponding officer of the society, a list of such applicants, giving their names, addresses, date each was admitted, name and number of the subordinate lodge of which each applicant is a member, amount of benefits to be granted, and premiums therefor; and (D) (i) It shall have been shown to the commissioner, by sworn statement of the treasurer, or corresponding officer of such a society, that at least five hundred (500) applicants have each paid in cash at least one (1) regular monthly premium as provided in this section. The premiums in the aggregate shall amount to at least one hundred fifty thousand dollars ($150,000). (ii) The advance premiums shall be held in trust during the period of organization, and if the society has not qualified for a certificate of authority within one (1) year, as provided in this section, the premiums shall be returned to the applicants; (5) (A) The commissioner may make such examination and require such further information as the commissioner deems advisable. (B) (i) Upon presentation of satisfactory evidence that the society has complied with all the provisions of law, the commissioner shall issue to the society a certificate of authority to that effect and that the society is authorized to transact business pursuant to the provisions of this chapter. (ii) The certificate of authority shall be prima facie evidence of the existence of the society at the date of the certificate. (iii) The commissioner shall cause a record of the certificate of authority to be made. (iv) A certified copy of such a record may be given in evidence with like effect as the original certificate of authority; and (6) Any incorporated society authorized to transact business in this state on January 1, 1990, shall not be required to reincorporate. Acts 1989, No. 881, § 1.

A domestic society organized on or after January 1, 1990, shall be formed as follows:

(1) Ten (10) or more citizens of the United States, a majority of whom are citizens of this state, who desire to form a fraternal benefit society, may make, sign, and acknowledge before some officer competent to take acknowledgment of deeds, articles of incorporation, in which shall be stated: (A) The proposed corporate name of the society, which shall not so closely resemble the name of any society or insurance company as to be misleading or confusing; (B) The purposes for which it is being formed and the mode in which its corporate powers are to be exercised. Such purposes shall not include more liberal powers than are granted by this chapter; and (C) The names and residences of the incorporators and the names, residences, and official titles of all the officers, trustees, directors, or other persons who are to have and exercise the general control of the management of the affairs and funds of the society for the first year or until the ensuing election, at which all such officers shall be elected by the supreme governing body. The election shall be held not later than one (1) year from the date of issuance of the permanent certificate of authority;

(A) The proposed corporate name of the society, which shall not so closely resemble the name of any society or insurance company as to be misleading or confusing;

(B) The purposes for which it is being formed and the mode in which its corporate powers are to be exercised. Such purposes shall not include more liberal powers than are granted by this chapter; and

(C) The names and residences of the incorporators and the names, residences, and official titles of all the officers, trustees, directors, or other persons who are to have and exercise the general control of the management of the affairs and funds of the society for the first year or until the ensuing election, at which all such officers shall be elected by the supreme governing body. The election shall be held not later than one (1) year from the date of issuance of the permanent certificate of authority;

(2) (A) (i) The articles of incorporation, duly certified copies of the society's bylaws and rules, copies of all proposed forms of certificates, applications therefor, and circulars to be issued by the society and a bond conditioned upon the return to applicants of the advanced payments if the organization is not completed within one (1) year shall be filed with the Insurance Commissioner, who may require such further information as the commissioner deems necessary. (ii) The bond with sureties approved by the commissioner shall be in such amount, not less than three hundred thousand dollars ($300,000) nor more than one million five hundred thousand dollars ($1,500,000), as required by the commissioner. (iii) All documents filed are to be in the English language. (B) If the purposes of the society conform to the requirements of this chapter and all provisions of the law have been complied with, the commissioner shall so certify, retain, and file the articles of incorporation and furnish the incorporators a preliminary certificate of authority authorizing the society to solicit members as provided in this section;

(A) (i) The articles of incorporation, duly certified copies of the society's bylaws and rules, copies of all proposed forms of certificates, applications therefor, and circulars to be issued by the society and a bond conditioned upon the return to applicants of the advanced payments if the organization is not completed within one (1) year shall be filed with the Insurance Commissioner, who may require such further information as the commissioner deems necessary. (ii) The bond with sureties approved by the commissioner shall be in such amount, not less than three hundred thousand dollars ($300,000) nor more than one million five hundred thousand dollars ($1,500,000), as required by the commissioner. (iii) All documents filed are to be in the English language.

(i) The articles of incorporation, duly certified copies of the society's bylaws and rules, copies of all proposed forms of certificates, applications therefor, and circulars to be issued by the society and a bond conditioned upon the return to applicants of the advanced payments if the organization is not completed within one (1) year shall be filed with the Insurance Commissioner, who may require such further information as the commissioner deems necessary.

(ii) The bond with sureties approved by the commissioner shall be in such amount, not less than three hundred thousand dollars ($300,000) nor more than one million five hundred thousand dollars ($1,500,000), as required by the commissioner.

(iii) All documents filed are to be in the English language.

(B) If the purposes of the society conform to the requirements of this chapter and all provisions of the law have been complied with, the commissioner shall so certify, retain, and file the articles of incorporation and furnish the incorporators a preliminary certificate of authority authorizing the society to solicit members as provided in this section;

(3) (A) No preliminary certificate of authority granted under the provisions of this section shall be valid after one (1) year from its date or after such further period, not exceeding one (1) year, as may be authorized by the commissioner upon cause shown, unless the five hundred (500) applicants required by this section have been secured and the organization has been completed as provided in this section. (B) The articles of incorporation and all other proceedings thereunder shall become null and void in one (1) year from the date of the preliminary certificate of authority, or at the expiration of the extended period, unless the society shall have completed its organization and received a certificate of authority to do business as provided in this section;

(A) No preliminary certificate of authority granted under the provisions of this section shall be valid after one (1) year from its date or after such further period, not exceeding one (1) year, as may be authorized by the commissioner upon cause shown, unless the five hundred (500) applicants required by this section have been secured and the organization has been completed as provided in this section.

(B) The articles of incorporation and all other proceedings thereunder shall become null and void in one (1) year from the date of the preliminary certificate of authority, or at the expiration of the extended period, unless the society shall have completed its organization and received a certificate of authority to do business as provided in this section;

(4) Upon receipt of a preliminary certificate of authority from the commissioner, the society may solicit members for the purpose of completing its organization, shall collect from each applicant the amount of not less than one (1) regular monthly premium in accordance with its table of rates, and shall issue to each such applicant a receipt for the amount collected. No society shall incur any liability other than for the return of such an advance premium, nor issue any certificate, nor pay, allow, or offer or promise to pay or allow, any benefit to any person until: (A) Actual bona fide applications for benefits have been secured on not less than five hundred (500) applicants and any necessary evidence of insurability has been furnished to and approved by the society; (B) At least ten (10) subordinate lodges have been established into which the five hundred (500) applicants have been admitted; (C) There has been submitted to the commissioner, under oath of the president or secretary, or corresponding officer of the society, a list of such applicants, giving their names, addresses, date each was admitted, name and number of the subordinate lodge of which each applicant is a member, amount of benefits to be granted, and premiums therefor; and (D) (i) It shall have been shown to the commissioner, by sworn statement of the treasurer, or corresponding officer of such a society, that at least five hundred (500) applicants have each paid in cash at least one (1) regular monthly premium as provided in this section. The premiums in the aggregate shall amount to at least one hundred fifty thousand dollars ($150,000). (ii) The advance premiums shall be held in trust during the period of organization, and if the society has not qualified for a certificate of authority within one (1) year, as provided in this section, the premiums shall be returned to the applicants;

(A) Actual bona fide applications for benefits have been secured on not less than five hundred (500) applicants and any necessary evidence of insurability has been furnished to and approved by the society;

(B) At least ten (10) subordinate lodges have been established into which the five hundred (500) applicants have been admitted;

(C) There has been submitted to the commissioner, under oath of the president or secretary, or corresponding officer of the society, a list of such applicants, giving their names, addresses, date each was admitted, name and number of the subordinate lodge of which each applicant is a member, amount of benefits to be granted, and premiums therefor; and

(D) (i) It shall have been shown to the commissioner, by sworn statement of the treasurer, or corresponding officer of such a society, that at least five hundred (500) applicants have each paid in cash at least one (1) regular monthly premium as provided in this section. The premiums in the aggregate shall amount to at least one hundred fifty thousand dollars ($150,000). (ii) The advance premiums shall be held in trust during the period of organization, and if the society has not qualified for a certificate of authority within one (1) year, as provided in this section, the premiums shall be returned to the applicants;

(i) It shall have been shown to the commissioner, by sworn statement of the treasurer, or corresponding officer of such a society, that at least five hundred (500) applicants have each paid in cash at least one (1) regular monthly premium as provided in this section. The premiums in the aggregate shall amount to at least one hundred fifty thousand dollars ($150,000).

(ii) The advance premiums shall be held in trust during the period of organization, and if the society has not qualified for a certificate of authority within one (1) year, as provided in this section, the premiums shall be returned to the applicants;

(5) (A) The commissioner may make such examination and require such further information as the commissioner deems advisable. (B) (i) Upon presentation of satisfactory evidence that the society has complied with all the provisions of law, the commissioner shall issue to the society a certificate of authority to that effect and that the society is authorized to transact business pursuant to the provisions of this chapter. (ii) The certificate of authority shall be prima facie evidence of the existence of the society at the date of the certificate. (iii) The commissioner shall cause a record of the certificate of authority to be made. (iv) A certified copy of such a record may be given in evidence with like effect as the original certificate of authority; and

(A) The commissioner may make such examination and require such further information as the commissioner deems advisable.

(B) (i) Upon presentation of satisfactory evidence that the society has complied with all the provisions of law, the commissioner shall issue to the society a certificate of authority to that effect and that the society is authorized to transact business pursuant to the provisions of this chapter. (ii) The certificate of authority shall be prima facie evidence of the existence of the society at the date of the certificate. (iii) The commissioner shall cause a record of the certificate of authority to be made. (iv) A certified copy of such a record may be given in evidence with like effect as the original certificate of authority; and

(i) Upon presentation of satisfactory evidence that the society has complied with all the provisions of law, the commissioner shall issue to the society a certificate of authority to that effect and that the society is authorized to transact business pursuant to the provisions of this chapter.

(ii) The certificate of authority shall be prima facie evidence of the existence of the society at the date of the certificate.

(iii) The commissioner shall cause a record of the certificate of authority to be made.

(iv) A certified copy of such a record may be given in evidence with like effect as the original certificate of authority; and

(6) Any incorporated society authorized to transact business in this state on January 1, 1990, shall not be required to reincorporate.

Acts 1989, No. 881, § 1.
Ark. Code Ann. § 23-18-516 — AR Code / Title 23 / Chapter 18 / Subchapter 5 / Section 23-18-516
Hearing on application or amendment
Status: in_force

(a) (1) Upon receipt of an application complying with §§ 23-18-511 - 23-18-514 , the Arkansas Public Service Commission shall promptly fix a date for the commencement of a public hearing thereon, which date shall be not fewer than forty (40) days nor more than one hundred eighty (180) days after the receipt of the application, and shall conclude the proceedings as expeditiously as practicable. (2) The testimony presented at such hearing may be presented in writing or orally, provided that the commission may make rules designed to exclude repetitive, redundant, or irrelevant testimony. (b) (1) On an application for an amendment of a certificate, the commission shall hold a hearing in the same manner as a hearing is held on an application for a certificate if the commission affirmatively finds from the application, within thirty (30) days from the date of filing, that the proposed change in the facility would result in any material increase in any environmental or economic impact of the facility or that a substantial change will occur in the location of all or a portion of the facility other than as provided in the alternates set forth in the original application. (2) If the commission does not make such a finding by order within thirty (30) days after filing the application for amendment, the amendment shall become effective and the certificate shall be deemed to be amended as requested. Acts 1973, No. 164, § 6; 1977, No. 866, § 1; A.S.A. 1947, § 73-276.5; Acts 2007, No. 658, § 4.

(a) (1) Upon receipt of an application complying with §§ 23-18-511 - 23-18-514 , the Arkansas Public Service Commission shall promptly fix a date for the commencement of a public hearing thereon, which date shall be not fewer than forty (40) days nor more than one hundred eighty (180) days after the receipt of the application, and shall conclude the proceedings as expeditiously as practicable. (2) The testimony presented at such hearing may be presented in writing or orally, provided that the commission may make rules designed to exclude repetitive, redundant, or irrelevant testimony.

(1) Upon receipt of an application complying with §§ 23-18-511 - 23-18-514 , the Arkansas Public Service Commission shall promptly fix a date for the commencement of a public hearing thereon, which date shall be not fewer than forty (40) days nor more than one hundred eighty (180) days after the receipt of the application, and shall conclude the proceedings as expeditiously as practicable.

(2) The testimony presented at such hearing may be presented in writing or orally, provided that the commission may make rules designed to exclude repetitive, redundant, or irrelevant testimony.

(b) (1) On an application for an amendment of a certificate, the commission shall hold a hearing in the same manner as a hearing is held on an application for a certificate if the commission affirmatively finds from the application, within thirty (30) days from the date of filing, that the proposed change in the facility would result in any material increase in any environmental or economic impact of the facility or that a substantial change will occur in the location of all or a portion of the facility other than as provided in the alternates set forth in the original application. (2) If the commission does not make such a finding by order within thirty (30) days after filing the application for amendment, the amendment shall become effective and the certificate shall be deemed to be amended as requested.

(1) On an application for an amendment of a certificate, the commission shall hold a hearing in the same manner as a hearing is held on an application for a certificate if the commission affirmatively finds from the application, within thirty (30) days from the date of filing, that the proposed change in the facility would result in any material increase in any environmental or economic impact of the facility or that a substantial change will occur in the location of all or a portion of the facility other than as provided in the alternates set forth in the original application.

(2) If the commission does not make such a finding by order within thirty (30) days after filing the application for amendment, the amendment shall become effective and the certificate shall be deemed to be amended as requested.

Acts 1973, No. 164, § 6; 1977, No. 866, § 1; A.S.A. 1947, § 73-276.5; Acts 2007, No. 658, § 4.
Ark. Code Ann. § 23-79-110 — AR Code / Title 23 / Chapter 79 / Subchapter 1 / Section 23-79-110
Forms and premium rates - Grounds for disapproval - Definitions
Status: in_force

(a) The Insurance Commissioner shall disapprove a form filed under § 23-79-109 , or withdraw a previous approval, only if the form: (1) Violates or does not comply with state law; (2) Contains or incorporates by reference, when the incorporation is otherwise permissible, an inconsistent, ambiguous, or misleading clause, or an exception and a condition that deceptively affect the risk purported to be assumed in the general coverage of the contract; (3) Has a title, heading, or other indication of its provisions that is misleading; or (4) Is printed or otherwise reproduced in such a manner that makes a provision of the form substantially illegible or not easily legible to persons of normal vision. (b) (1) The commissioner shall disapprove a premium rate filed with an individual accident and health contract if the commissioner finds that the rate is not actuarially sound, is excessive, is inadequate, or is unfairly discriminatory. (2) A rate is actuarially sound if it is: (A) Supported by an actuarial analysis made by a member of the American Academy of Actuaries; and (B) Based on generally accepted actuarial principles and methodologies that show the rate to be reasonable. (3) An insurer's submission of an actuarially sound rate shall not foreclose the commissioner from relying upon a contrary opinion made by a member of the American Academy of Actuaries who utilized generally accepted actuarial principles and methodologies to contest the rate filed by the insurer. (4) A rate is excessive if it is likely to produce a profit that is unreasonably high in relation to past and prospective loss experience for the form which the filing affects or if expenses are unreasonably high in relation to services given. (5) A rate is not unfairly discriminatory if: (A) It shows equitably the differences in expected losses and expenses; or (B) Different premiums result for policyholders with like loss exposures but different expense factors or with like expense factors but different loss exposures, if the rates show the differences with reasonable accuracy. (6) A rate is inadequate if the investment income attributable to the rate fails to satisfy projected losses and expenses for the form which the filing affects. (c) (1) A rate on a particular policy form is approved when filed with the commissioner if the insurer has filed a loss ratio guarantee with the commissioner and complied with the terms of the loss ratio guarantee. (2) A benefit is reasonable in relation to the premium so long as the insurer complies with the terms of the loss ratio guarantee. (3) (A) The loss ratio guarantee shall be in writing, signed by an officer of the insurer, and contain at least the following: (i) A recitation of the anticipated target loss ratio standards contained in the original actuarial memorandum filed with the policy form when it was originally approved; (ii) A guarantee that if the new rate takes effect, the loss ratios in this state for the experience period in which the new rate takes effect and for each experience period thereafter until a new rate is filed shall meet or exceed the loss ratio standards referred to in subdivision (c)(3)(A)(i) of this section; and (iii) A statement or guarantee that affected policyholders in this state shall be issued a proportional refund based on premium earned of the amount necessary to bring the total loss ratio up to the loss ratio standards referred to in subdivision (c)(3)(A)(i) of this section. (B) If nationwide loss ratios are used, then the total amount refunded in this state shall equal the dollar amount necessary to achieve the loss ratio standards multiplied by the total premium earned in this state on the policy form and divided by the total premium earned in a state on the policy form. (C) The refund shall be made to a policyholder in this state who is insured under the applicable policy form on the last day of the experience period and whose refund would equal ten dollars ($10.00) or more. (D) The refund shall include interest from the end of the experience period until the date of payment. (E) The payment of the refund shall be made during the third quarter of the year following the experience period for which a refund is determined to be due. (F) Refunds of less than ten dollars ($10.00) shall be aggregated by the insurer and paid to the State Insurance Department. (4) (A) If the annual earned premium volume in this state under a policy form is less than one million dollars ($1,000,000) and therefore not actuarially credible, the loss ratio guarantee shall be based on the nationwide loss ratio for the policy form. (B) If the total earned premium in this state is less than one million dollars ($1,000,000), the experience period shall be extended until the end of the calendar year in which one million dollars ($1,000,000) of earned premium is attained. (5) (A) An insurer shall submit a guarantee that the loss ratio in this state or nationally, if applicable, for the year at issue shall be independently audited at the insurer's expense. (B) An audit shall be made in the second quarter of the year following the end of the experience period and the audited results reported to the commissioner at or before the date for filing the policy experience exhibit. (6) As used in this section: (A) (i) "Experience period" means the period for a given rate filing for which a loss ratio guarantee is made beginning on the first day of the calendar year during which the rate first takes effect and ending on the last day of the calendar year during which the insurer earns one million dollars ($1,000,000) in premium on the form in this state or if the annual premium earned on the form in Arkansas is less than one million dollars ($1,000,000) nationally. (ii) Successive experience periods shall be determined beginning on the first day following the end of the preceding experience period; and (B) "Loss ratio" means the ratio of incurred claims to earned premium by number of years of policy duration for the combined durations. (7) (A) An insurer whose rates on a policy form are approved according to a loss ratio guarantee shall provide a notice to an affected policyholder that advises that rates may be increased more than one (1) time a year. (B) The notice shall be delivered to a new policyholder with policies subject to the loss ratio guarantee at or before the time of delivery of the policy. (d) This section does not require an insurer to provide the notice required by this section on more than one (1) occasion to a policyholder while the policyholder is insured under the guaranteed form. Amended by Act 2015, No. 1210,§ 3, eff. 7/22/2015. Amended by Act 2015, No. 1164,§ 5, eff. 7/22/2015. Amended by Act 2015, No. 231,§ 6, eff. 7/22/2015. Amended by Act 2013, No. 1187,§ 2, eff. 8/16/2013. Acts 1959, No. 148, § 277; 1975, No. 841, § 2; 1985, No. 530, § 1; A.S.A. 1947, § 66-3210; Acts 1991, No. 398, § 1; 2001, No. 1604, §§ 88, 89.

(a) The Insurance Commissioner shall disapprove a form filed under § 23-79-109 , or withdraw a previous approval, only if the form: (1) Violates or does not comply with state law; (2) Contains or incorporates by reference, when the incorporation is otherwise permissible, an inconsistent, ambiguous, or misleading clause, or an exception and a condition that deceptively affect the risk purported to be assumed in the general coverage of the contract; (3) Has a title, heading, or other indication of its provisions that is misleading; or (4) Is printed or otherwise reproduced in such a manner that makes a provision of the form substantially illegible or not easily legible to persons of normal vision.

(1) Violates or does not comply with state law;

(2) Contains or incorporates by reference, when the incorporation is otherwise permissible, an inconsistent, ambiguous, or misleading clause, or an exception and a condition that deceptively affect the risk purported to be assumed in the general coverage of the contract;

(3) Has a title, heading, or other indication of its provisions that is misleading; or

(4) Is printed or otherwise reproduced in such a manner that makes a provision of the form substantially illegible or not easily legible to persons of normal vision.

(b) (1) The commissioner shall disapprove a premium rate filed with an individual accident and health contract if the commissioner finds that the rate is not actuarially sound, is excessive, is inadequate, or is unfairly discriminatory. (2) A rate is actuarially sound if it is: (A) Supported by an actuarial analysis made by a member of the American Academy of Actuaries; and (B) Based on generally accepted actuarial principles and methodologies that show the rate to be reasonable. (3) An insurer's submission of an actuarially sound rate shall not foreclose the commissioner from relying upon a contrary opinion made by a member of the American Academy of Actuaries who utilized generally accepted actuarial principles and methodologies to contest the rate filed by the insurer. (4) A rate is excessive if it is likely to produce a profit that is unreasonably high in relation to past and prospective loss experience for the form which the filing affects or if expenses are unreasonably high in relation to services given. (5) A rate is not unfairly discriminatory if: (A) It shows equitably the differences in expected losses and expenses; or (B) Different premiums result for policyholders with like loss exposures but different expense factors or with like expense factors but different loss exposures, if the rates show the differences with reasonable accuracy. (6) A rate is inadequate if the investment income attributable to the rate fails to satisfy projected losses and expenses for the form which the filing affects.

(1) The commissioner shall disapprove a premium rate filed with an individual accident and health contract if the commissioner finds that the rate is not actuarially sound, is excessive, is inadequate, or is unfairly discriminatory.

(2) A rate is actuarially sound if it is: (A) Supported by an actuarial analysis made by a member of the American Academy of Actuaries; and (B) Based on generally accepted actuarial principles and methodologies that show the rate to be reasonable.

(A) Supported by an actuarial analysis made by a member of the American Academy of Actuaries; and

(B) Based on generally accepted actuarial principles and methodologies that show the rate to be reasonable.

(3) An insurer's submission of an actuarially sound rate shall not foreclose the commissioner from relying upon a contrary opinion made by a member of the American Academy of Actuaries who utilized generally accepted actuarial principles and methodologies to contest the rate filed by the insurer.

(4) A rate is excessive if it is likely to produce a profit that is unreasonably high in relation to past and prospective loss experience for the form which the filing affects or if expenses are unreasonably high in relation to services given.

(5) A rate is not unfairly discriminatory if: (A) It shows equitably the differences in expected losses and expenses; or (B) Different premiums result for policyholders with like loss exposures but different expense factors or with like expense factors but different loss exposures, if the rates show the differences with reasonable accuracy.

(A) It shows equitably the differences in expected losses and expenses; or

(B) Different premiums result for policyholders with like loss exposures but different expense factors or with like expense factors but different loss exposures, if the rates show the differences with reasonable accuracy.

(6) A rate is inadequate if the investment income attributable to the rate fails to satisfy projected losses and expenses for the form which the filing affects.

(c) (1) A rate on a particular policy form is approved when filed with the commissioner if the insurer has filed a loss ratio guarantee with the commissioner and complied with the terms of the loss ratio guarantee. (2) A benefit is reasonable in relation to the premium so long as the insurer complies with the terms of the loss ratio guarantee. (3) (A) The loss ratio guarantee shall be in writing, signed by an officer of the insurer, and contain at least the following: (i) A recitation of the anticipated target loss ratio standards contained in the original actuarial memorandum filed with the policy form when it was originally approved; (ii) A guarantee that if the new rate takes effect, the loss ratios in this state for the experience period in which the new rate takes effect and for each experience period thereafter until a new rate is filed shall meet or exceed the loss ratio standards referred to in subdivision (c)(3)(A)(i) of this section; and (iii) A statement or guarantee that affected policyholders in this state shall be issued a proportional refund based on premium earned of the amount necessary to bring the total loss ratio up to the loss ratio standards referred to in subdivision (c)(3)(A)(i) of this section. (B) If nationwide loss ratios are used, then the total amount refunded in this state shall equal the dollar amount necessary to achieve the loss ratio standards multiplied by the total premium earned in this state on the policy form and divided by the total premium earned in a state on the policy form. (C) The refund shall be made to a policyholder in this state who is insured under the applicable policy form on the last day of the experience period and whose refund would equal ten dollars ($10.00) or more. (D) The refund shall include interest from the end of the experience period until the date of payment. (E) The payment of the refund shall be made during the third quarter of the year following the experience period for which a refund is determined to be due. (F) Refunds of less than ten dollars ($10.00) shall be aggregated by the insurer and paid to the State Insurance Department. (4) (A) If the annual earned premium volume in this state under a policy form is less than one million dollars ($1,000,000) and therefore not actuarially credible, the loss ratio guarantee shall be based on the nationwide loss ratio for the policy form. (B) If the total earned premium in this state is less than one million dollars ($1,000,000), the experience period shall be extended until the end of the calendar year in which one million dollars ($1,000,000) of earned premium is attained. (5) (A) An insurer shall submit a guarantee that the loss ratio in this state or nationally, if applicable, for the year at issue shall be independently audited at the insurer's expense. (B) An audit shall be made in the second quarter of the year following the end of the experience period and the audited results reported to the commissioner at or before the date for filing the policy experience exhibit. (6) As used in this section: (A) (i) "Experience period" means the period for a given rate filing for which a loss ratio guarantee is made beginning on the first day of the calendar year during which the rate first takes effect and ending on the last day of the calendar year during which the insurer earns one million dollars ($1,000,000) in premium on the form in this state or if the annual premium earned on the form in Arkansas is less than one million dollars ($1,000,000) nationally. (ii) Successive experience periods shall be determined beginning on the first day following the end of the preceding experience period; and (B) "Loss ratio" means the ratio of incurred claims to earned premium by number of years of policy duration for the combined durations. (7) (A) An insurer whose rates on a policy form are approved according to a loss ratio guarantee shall provide a notice to an affected policyholder that advises that rates may be increased more than one (1) time a year. (B) The notice shall be delivered to a new policyholder with policies subject to the loss ratio guarantee at or before the time of delivery of the policy.

(1) A rate on a particular policy form is approved when filed with the commissioner if the insurer has filed a loss ratio guarantee with the commissioner and complied with the terms of the loss ratio guarantee.

(2) A benefit is reasonable in relation to the premium so long as the insurer complies with the terms of the loss ratio guarantee.

(3) (A) The loss ratio guarantee shall be in writing, signed by an officer of the insurer, and contain at least the following: (i) A recitation of the anticipated target loss ratio standards contained in the original actuarial memorandum filed with the policy form when it was originally approved; (ii) A guarantee that if the new rate takes effect, the loss ratios in this state for the experience period in which the new rate takes effect and for each experience period thereafter until a new rate is filed shall meet or exceed the loss ratio standards referred to in subdivision (c)(3)(A)(i) of this section; and (iii) A statement or guarantee that affected policyholders in this state shall be issued a proportional refund based on premium earned of the amount necessary to bring the total loss ratio up to the loss ratio standards referred to in subdivision (c)(3)(A)(i) of this section. (B) If nationwide loss ratios are used, then the total amount refunded in this state shall equal the dollar amount necessary to achieve the loss ratio standards multiplied by the total premium earned in this state on the policy form and divided by the total premium earned in a state on the policy form. (C) The refund shall be made to a policyholder in this state who is insured under the applicable policy form on the last day of the experience period and whose refund would equal ten dollars ($10.00) or more. (D) The refund shall include interest from the end of the experience period until the date of payment. (E) The payment of the refund shall be made during the third quarter of the year following the experience period for which a refund is determined to be due. (F) Refunds of less than ten dollars ($10.00) shall be aggregated by the insurer and paid to the State Insurance Department.

(A) The loss ratio guarantee shall be in writing, signed by an officer of the insurer, and contain at least the following: (i) A recitation of the anticipated target loss ratio standards contained in the original actuarial memorandum filed with the policy form when it was originally approved; (ii) A guarantee that if the new rate takes effect, the loss ratios in this state for the experience period in which the new rate takes effect and for each experience period thereafter until a new rate is filed shall meet or exceed the loss ratio standards referred to in subdivision (c)(3)(A)(i) of this section; and (iii) A statement or guarantee that affected policyholders in this state shall be issued a proportional refund based on premium earned of the amount necessary to bring the total loss ratio up to the loss ratio standards referred to in subdivision (c)(3)(A)(i) of this section.

(i) A recitation of the anticipated target loss ratio standards contained in the original actuarial memorandum filed with the policy form when it was originally approved;

(ii) A guarantee that if the new rate takes effect, the loss ratios in this state for the experience period in which the new rate takes effect and for each experience period thereafter until a new rate is filed shall meet or exceed the loss ratio standards referred to in subdivision (c)(3)(A)(i) of this section; and

(iii) A statement or guarantee that affected policyholders in this state shall be issued a proportional refund based on premium earned of the amount necessary to bring the total loss ratio up to the loss ratio standards referred to in subdivision (c)(3)(A)(i) of this section.

(B) If nationwide loss ratios are used, then the total amount refunded in this state shall equal the dollar amount necessary to achieve the loss ratio standards multiplied by the total premium earned in this state on the policy form and divided by the total premium earned in a state on the policy form.

(C) The refund shall be made to a policyholder in this state who is insured under the applicable policy form on the last day of the experience period and whose refund would equal ten dollars ($10.00) or more.

(D) The refund shall include interest from the end of the experience period until the date of payment.

(E) The payment of the refund shall be made during the third quarter of the year following the experience period for which a refund is determined to be due.

(F) Refunds of less than ten dollars ($10.00) shall be aggregated by the insurer and paid to the State Insurance Department.

(4) (A) If the annual earned premium volume in this state under a policy form is less than one million dollars ($1,000,000) and therefore not actuarially credible, the loss ratio guarantee shall be based on the nationwide loss ratio for the policy form. (B) If the total earned premium in this state is less than one million dollars ($1,000,000), the experience period shall be extended until the end of the calendar year in which one million dollars ($1,000,000) of earned premium is attained.

(A) If the annual earned premium volume in this state under a policy form is less than one million dollars ($1,000,000) and therefore not actuarially credible, the loss ratio guarantee shall be based on the nationwide loss ratio for the policy form.

(B) If the total earned premium in this state is less than one million dollars ($1,000,000), the experience period shall be extended until the end of the calendar year in which one million dollars ($1,000,000) of earned premium is attained.

(5) (A) An insurer shall submit a guarantee that the loss ratio in this state or nationally, if applicable, for the year at issue shall be independently audited at the insurer's expense. (B) An audit shall be made in the second quarter of the year following the end of the experience period and the audited results reported to the commissioner at or before the date for filing the policy experience exhibit.

(A) An insurer shall submit a guarantee that the loss ratio in this state or nationally, if applicable, for the year at issue shall be independently audited at the insurer's expense.

(B) An audit shall be made in the second quarter of the year following the end of the experience period and the audited results reported to the commissioner at or before the date for filing the policy experience exhibit.

(6) As used in this section: (A) (i) "Experience period" means the period for a given rate filing for which a loss ratio guarantee is made beginning on the first day of the calendar year during which the rate first takes effect and ending on the last day of the calendar year during which the insurer earns one million dollars ($1,000,000) in premium on the form in this state or if the annual premium earned on the form in Arkansas is less than one million dollars ($1,000,000) nationally. (ii) Successive experience periods shall be determined beginning on the first day following the end of the preceding experience period; and (B) "Loss ratio" means the ratio of incurred claims to earned premium by number of years of policy duration for the combined durations.

(A) (i) "Experience period" means the period for a given rate filing for which a loss ratio guarantee is made beginning on the first day of the calendar year during which the rate first takes effect and ending on the last day of the calendar year during which the insurer earns one million dollars ($1,000,000) in premium on the form in this state or if the annual premium earned on the form in Arkansas is less than one million dollars ($1,000,000) nationally. (ii) Successive experience periods shall be determined beginning on the first day following the end of the preceding experience period; and

(i) "Experience period" means the period for a given rate filing for which a loss ratio guarantee is made beginning on the first day of the calendar year during which the rate first takes effect and ending on the last day of the calendar year during which the insurer earns one million dollars ($1,000,000) in premium on the form in this state or if the annual premium earned on the form in Arkansas is less than one million dollars ($1,000,000) nationally.

(ii) Successive experience periods shall be determined beginning on the first day following the end of the preceding experience period; and

(B) "Loss ratio" means the ratio of incurred claims to earned premium by number of years of policy duration for the combined durations.

(7) (A) An insurer whose rates on a policy form are approved according to a loss ratio guarantee shall provide a notice to an affected policyholder that advises that rates may be increased more than one (1) time a year. (B) The notice shall be delivered to a new policyholder with policies subject to the loss ratio guarantee at or before the time of delivery of the policy.

(A) An insurer whose rates on a policy form are approved according to a loss ratio guarantee shall provide a notice to an affected policyholder that advises that rates may be increased more than one (1) time a year.

(B) The notice shall be delivered to a new policyholder with policies subject to the loss ratio guarantee at or before the time of delivery of the policy.

(d) This section does not require an insurer to provide the notice required by this section on more than one (1) occasion to a policyholder while the policyholder is insured under the guaranteed form.

Amended by Act 2015, No. 1210,§ 3, eff. 7/22/2015.

Amended by Act 2015, No. 1164,§ 5, eff. 7/22/2015.

Amended by Act 2015, No. 231,§ 6, eff. 7/22/2015.

Amended by Act 2013, No. 1187,§ 2, eff. 8/16/2013.

Acts 1959, No. 148, § 277; 1975, No. 841, § 2; 1985, No. 530, § 1; A.S.A. 1947, § 66-3210; Acts 1991, No. 398, § 1; 2001, No. 1604, §§ 88, 89.
Ark. Code Ann. § 23-79-1001 — AR Code / Title 23 / Chapter 79 / Subchapter 10 / Section 23-79-1001
Findings and purpose
Status: in_force

(a) The General Assembly finds that: (1) Many Arkansans have no health insurance; (2) Increasing the number of persons with health insurance will improve the overall health of the people of the state; and (3) The United States Department of Health and Human Services created the Health Insurance Flexibility and Accountability demonstration initiative to give states more flexibility in creating approaches to maximize private healthcare options. (b) The Arkansas Safety-net Benefit Program is intended to provide safety-net health care for qualifying uninsured employed individuals. Acts 2003, No. 1044, § 1.

(a) The General Assembly finds that: (1) Many Arkansans have no health insurance; (2) Increasing the number of persons with health insurance will improve the overall health of the people of the state; and (3) The United States Department of Health and Human Services created the Health Insurance Flexibility and Accountability demonstration initiative to give states more flexibility in creating approaches to maximize private healthcare options.

(1) Many Arkansans have no health insurance;

(2) Increasing the number of persons with health insurance will improve the overall health of the people of the state; and

(3) The United States Department of Health and Human Services created the Health Insurance Flexibility and Accountability demonstration initiative to give states more flexibility in creating approaches to maximize private healthcare options.

(b) The Arkansas Safety-net Benefit Program is intended to provide safety-net health care for qualifying uninsured employed individuals.

Acts 2003, No. 1044, § 1.
Ark. Code Ann. § 23-78-121 — AR Code / Title 23 / Chapter 78 / Section 23-78-121
Rules
Status: in_force

(a) The State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services shall make and promulgate reasonable rules for the administration of this chapter and for the purpose of carrying out the intent of this chapter. (b) The rules promulgated under subsection (a) of this section have the full force and effect of statute. Amended by Act 2017, No. 788,§ 84, eff. 7/1/2018. Acts 1953, No. 91, § 23; A.S.A. 1947, § 66-1823.

(a) The State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services shall make and promulgate reasonable rules for the administration of this chapter and for the purpose of carrying out the intent of this chapter.

(b) The rules promulgated under subsection (a) of this section have the full force and effect of statute.

Amended by Act 2017, No. 788,§ 84, eff. 7/1/2018.

Acts 1953, No. 91, § 23; A.S.A. 1947, § 66-1823.
Ark. Code Ann. § 23-37-307 — AR Code / Title 23 / Chapter 37 / Subchapter 3 / Section 23-37-307
Bylaws
Status: in_force

In addition to any provisions which may be adopted by the incorporators and approved by the Supervisor of Savings and Loan Associations, the bylaws of every association shall provide: (1) For an annual meeting of the membership of the association, or of the owners of permanent capital stock, for the purpose of electing directors; (2) For not fewer than five (5) nor more than twenty-one (21) members of the board of directors; (3) For not less than ten (10) days' written notice to all members, or holders of permanent capital stock, of any special meeting of the association. Provided, no notice of an annual meeting of an association shall be required; (4) For a term of office not to exceed one (1) year for each member of the board of directors; and (5) For the amendment of the bylaws, with the approval of the supervisor, by a majority of the members present, or holders of permanent capital stock, at any annual or special meeting of the association. Acts 1963, No. 227, § 17; 1975, No. 531, § 2; A.S.A. 1947, § 67-1817.

In addition to any provisions which may be adopted by the incorporators and approved by the Supervisor of Savings and Loan Associations, the bylaws of every association shall provide:

(1) For an annual meeting of the membership of the association, or of the owners of permanent capital stock, for the purpose of electing directors;

(2) For not fewer than five (5) nor more than twenty-one (21) members of the board of directors;

(3) For not less than ten (10) days' written notice to all members, or holders of permanent capital stock, of any special meeting of the association. Provided, no notice of an annual meeting of an association shall be required;

(4) For a term of office not to exceed one (1) year for each member of the board of directors; and

(5) For the amendment of the bylaws, with the approval of the supervisor, by a majority of the members present, or holders of permanent capital stock, at any annual or special meeting of the association.

Acts 1963, No. 227, § 17; 1975, No. 531, § 2; A.S.A. 1947, § 67-1817.
Ark. Code Ann. § 23-117-101 — AR Code / Title 23 / Chapter 117 / Section 23-117-101
Letter of support for casino applicant
Status: in_force

(a) Pursuant to The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, the Arkansas Racing Commission shall require a casino applicant for a casino license in Pope County and Jefferson County to submit: (1) Either a letter of support from the county judge or a resolution from the quorum court in the county where the proposed casino is to be located; and (2) If the proposed casino is to be located within a city or town, a letter of support from the mayor in the city or town where the proposed casino is to be located. (b) A letter of support from the county judge or a resolution of support from the quorum court, and from the mayor, if appropriate, required under subsection (a) of this section shall be dated and signed by the county judge, quorum court, or mayor holding office at the time of the submission of an application for a casino license. Added by Act 2019, No. 371,§ 2, eff. 3/8/2019.

(a) Pursuant to The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, the Arkansas Racing Commission shall require a casino applicant for a casino license in Pope County and Jefferson County to submit: (1) Either a letter of support from the county judge or a resolution from the quorum court in the county where the proposed casino is to be located; and (2) If the proposed casino is to be located within a city or town, a letter of support from the mayor in the city or town where the proposed casino is to be located.

(1) Either a letter of support from the county judge or a resolution from the quorum court in the county where the proposed casino is to be located; and

(2) If the proposed casino is to be located within a city or town, a letter of support from the mayor in the city or town where the proposed casino is to be located.

(b) A letter of support from the county judge or a resolution of support from the quorum court, and from the mayor, if appropriate, required under subsection (a) of this section shall be dated and signed by the county judge, quorum court, or mayor holding office at the time of the submission of an application for a casino license.

Added by Act 2019, No. 371,§ 2, eff. 3/8/2019.
Ark. Code Ann. § 23-78-122 — AR Code / Title 23 / Chapter 78 / Section 23-78-122
Disposition of collections
Status: in_force

(a) (1) (A) Seventy-five percent (75%) of the collections of any burial association or society shall be solely for the payment of benefits provided by membership certificates and shall not be used for the payment of operating expenses. (B) The annual license fee shall not be considered an operating expense, and the annual license fee may be paid from the mortuary fund. (2) However, subject to the reserve requirements established by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services, the association or society may invest any portion of the seventy-five percent (75%) of the collections not needed for the immediate payment of benefits or not needed for the reasonably anticipated payment of benefits in: (A) United States Treasury bonds, direct or indirect obligations of the United States Government; (B) Bonds, notes, debentures, or other obligations issued by an agency of the United States Government, the principal and interest of which are fully guaranteed by the United States Government, and mortgages on real estate which are fully guaranteed as to principal and interest by the United States Government or agency thereof; (C) (i) Preferred stocks of corporations created or existing under the laws of the United States or any state thereof. (ii) However, the funds shall be invested only in preferred stocks designated as "A" rated or the equivalent by one (1) or more nationally recognized investment services, and approved by the board. (iii) Further, no more than fifteen percent (15%) of the total funds of any burial association or society available for investment shall be invested in preferred stocks; (D) (i) Certificates of deposit of any state or national bank in Arkansas which are insured by the Federal Deposit Insurance Corporation. (ii) (a) However, if the certificates of deposit issued by the bank exceed the amount of the certificates of deposit insured by the Federal Deposit Insurance Corporation, the bank shall furnish to the association or secretary and the board or the Insurance Commissioner evidence of the assignment of bonds or other securities issued by the State of Arkansas or the United States to secure the payment of the certificates. (b) This may be done by making the assignment through a federal reserve bank or through a correspondent bank. (c) In the alternative, the issuing bank may make such assignment in such other form or manner as may be approved by the board or the executive secretary; (E) (i) Savings accounts of any savings and loan association which are insured by the Federal Deposit Insurance Corporation. (ii) (a) However, if the savings account of the association exceeds the amount of the savings account insured by the Federal Deposit Insurance Corporation, the association shall furnish to the depositing burial association or secretary and the board or the executive secretary evidence of the assignment of bonds, or other securities issued by the State of Arkansas or the United States, to secure payment of the accounts. (b) The savings and loan association in which the accounts exist shall make the assignment in a form and manner approved by the board or the commissioner; (F) "A" rated or better corporate bonds, as designated by one (1) or more nationally recognized investment services; or (G) (i) "A" rated state and municipal bonds as designated by one (1) or more nationally recognized investment services. (ii) However, the bonds must be issued by governmental entities in the State of Arkansas, and no more than thirty percent (30%) of the total funds of any burial association or society available for investment shall be invested in state or municipal bonds. (b) Seventy-five percent (75%) of the interest derived from the investments shall also not be usable for the payment of operating expenses. Amended by Act 2017, No. 788,§ 87, eff. 7/1/2018. Amended by Act 2017, No. 788,§ 86, eff. 7/1/2018. Amended by Act 2017, No. 788,§ 85, eff. 7/1/2018. Acts 1953, No. 91, § 14; 1973, No. 515, § 1; 1975, No. 380, § 1; 1977, No. 861, § 1; 1981, No. 360, § 3; 1985, No. 679, § 4; A.S.A. 1947, § 66-1814; Acts 1987, No. 443, § 3.

(a) (1) (A) Seventy-five percent (75%) of the collections of any burial association or society shall be solely for the payment of benefits provided by membership certificates and shall not be used for the payment of operating expenses. (B) The annual license fee shall not be considered an operating expense, and the annual license fee may be paid from the mortuary fund. (2) However, subject to the reserve requirements established by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services, the association or society may invest any portion of the seventy-five percent (75%) of the collections not needed for the immediate payment of benefits or not needed for the reasonably anticipated payment of benefits in: (A) United States Treasury bonds, direct or indirect obligations of the United States Government; (B) Bonds, notes, debentures, or other obligations issued by an agency of the United States Government, the principal and interest of which are fully guaranteed by the United States Government, and mortgages on real estate which are fully guaranteed as to principal and interest by the United States Government or agency thereof; (C) (i) Preferred stocks of corporations created or existing under the laws of the United States or any state thereof. (ii) However, the funds shall be invested only in preferred stocks designated as "A" rated or the equivalent by one (1) or more nationally recognized investment services, and approved by the board. (iii) Further, no more than fifteen percent (15%) of the total funds of any burial association or society available for investment shall be invested in preferred stocks; (D) (i) Certificates of deposit of any state or national bank in Arkansas which are insured by the Federal Deposit Insurance Corporation. (ii) (a) However, if the certificates of deposit issued by the bank exceed the amount of the certificates of deposit insured by the Federal Deposit Insurance Corporation, the bank shall furnish to the association or secretary and the board or the Insurance Commissioner evidence of the assignment of bonds or other securities issued by the State of Arkansas or the United States to secure the payment of the certificates. (b) This may be done by making the assignment through a federal reserve bank or through a correspondent bank. (c) In the alternative, the issuing bank may make such assignment in such other form or manner as may be approved by the board or the executive secretary; (E) (i) Savings accounts of any savings and loan association which are insured by the Federal Deposit Insurance Corporation. (ii) (a) However, if the savings account of the association exceeds the amount of the savings account insured by the Federal Deposit Insurance Corporation, the association shall furnish to the depositing burial association or secretary and the board or the executive secretary evidence of the assignment of bonds, or other securities issued by the State of Arkansas or the United States, to secure payment of the accounts. (b) The savings and loan association in which the accounts exist shall make the assignment in a form and manner approved by the board or the commissioner; (F) "A" rated or better corporate bonds, as designated by one (1) or more nationally recognized investment services; or (G) (i) "A" rated state and municipal bonds as designated by one (1) or more nationally recognized investment services. (ii) However, the bonds must be issued by governmental entities in the State of Arkansas, and no more than thirty percent (30%) of the total funds of any burial association or society available for investment shall be invested in state or municipal bonds.

(1) (A) Seventy-five percent (75%) of the collections of any burial association or society shall be solely for the payment of benefits provided by membership certificates and shall not be used for the payment of operating expenses. (B) The annual license fee shall not be considered an operating expense, and the annual license fee may be paid from the mortuary fund.

(A) Seventy-five percent (75%) of the collections of any burial association or society shall be solely for the payment of benefits provided by membership certificates and shall not be used for the payment of operating expenses.

(B) The annual license fee shall not be considered an operating expense, and the annual license fee may be paid from the mortuary fund.

(2) However, subject to the reserve requirements established by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services, the association or society may invest any portion of the seventy-five percent (75%) of the collections not needed for the immediate payment of benefits or not needed for the reasonably anticipated payment of benefits in: (A) United States Treasury bonds, direct or indirect obligations of the United States Government; (B) Bonds, notes, debentures, or other obligations issued by an agency of the United States Government, the principal and interest of which are fully guaranteed by the United States Government, and mortgages on real estate which are fully guaranteed as to principal and interest by the United States Government or agency thereof; (C) (i) Preferred stocks of corporations created or existing under the laws of the United States or any state thereof. (ii) However, the funds shall be invested only in preferred stocks designated as "A" rated or the equivalent by one (1) or more nationally recognized investment services, and approved by the board. (iii) Further, no more than fifteen percent (15%) of the total funds of any burial association or society available for investment shall be invested in preferred stocks; (D) (i) Certificates of deposit of any state or national bank in Arkansas which are insured by the Federal Deposit Insurance Corporation. (ii) (a) However, if the certificates of deposit issued by the bank exceed the amount of the certificates of deposit insured by the Federal Deposit Insurance Corporation, the bank shall furnish to the association or secretary and the board or the Insurance Commissioner evidence of the assignment of bonds or other securities issued by the State of Arkansas or the United States to secure the payment of the certificates. (b) This may be done by making the assignment through a federal reserve bank or through a correspondent bank. (c) In the alternative, the issuing bank may make such assignment in such other form or manner as may be approved by the board or the executive secretary; (E) (i) Savings accounts of any savings and loan association which are insured by the Federal Deposit Insurance Corporation. (ii) (a) However, if the savings account of the association exceeds the amount of the savings account insured by the Federal Deposit Insurance Corporation, the association shall furnish to the depositing burial association or secretary and the board or the executive secretary evidence of the assignment of bonds, or other securities issued by the State of Arkansas or the United States, to secure payment of the accounts. (b) The savings and loan association in which the accounts exist shall make the assignment in a form and manner approved by the board or the commissioner; (F) "A" rated or better corporate bonds, as designated by one (1) or more nationally recognized investment services; or (G) (i) "A" rated state and municipal bonds as designated by one (1) or more nationally recognized investment services. (ii) However, the bonds must be issued by governmental entities in the State of Arkansas, and no more than thirty percent (30%) of the total funds of any burial association or society available for investment shall be invested in state or municipal bonds.

(A) United States Treasury bonds, direct or indirect obligations of the United States Government;

(B) Bonds, notes, debentures, or other obligations issued by an agency of the United States Government, the principal and interest of which are fully guaranteed by the United States Government, and mortgages on real estate which are fully guaranteed as to principal and interest by the United States Government or agency thereof;

(C) (i) Preferred stocks of corporations created or existing under the laws of the United States or any state thereof. (ii) However, the funds shall be invested only in preferred stocks designated as "A" rated or the equivalent by one (1) or more nationally recognized investment services, and approved by the board. (iii) Further, no more than fifteen percent (15%) of the total funds of any burial association or society available for investment shall be invested in preferred stocks;

(i) Preferred stocks of corporations created or existing under the laws of the United States or any state thereof.

(ii) However, the funds shall be invested only in preferred stocks designated as "A" rated or the equivalent by one (1) or more nationally recognized investment services, and approved by the board.

(iii) Further, no more than fifteen percent (15%) of the total funds of any burial association or society available for investment shall be invested in preferred stocks;

(D) (i) Certificates of deposit of any state or national bank in Arkansas which are insured by the Federal Deposit Insurance Corporation. (ii) (a) However, if the certificates of deposit issued by the bank exceed the amount of the certificates of deposit insured by the Federal Deposit Insurance Corporation, the bank shall furnish to the association or secretary and the board or the Insurance Commissioner evidence of the assignment of bonds or other securities issued by the State of Arkansas or the United States to secure the payment of the certificates. (b) This may be done by making the assignment through a federal reserve bank or through a correspondent bank. (c) In the alternative, the issuing bank may make such assignment in such other form or manner as may be approved by the board or the executive secretary;

(i) Certificates of deposit of any state or national bank in Arkansas which are insured by the Federal Deposit Insurance Corporation.

(ii) (a) However, if the certificates of deposit issued by the bank exceed the amount of the certificates of deposit insured by the Federal Deposit Insurance Corporation, the bank shall furnish to the association or secretary and the board or the Insurance Commissioner evidence of the assignment of bonds or other securities issued by the State of Arkansas or the United States to secure the payment of the certificates. (b) This may be done by making the assignment through a federal reserve bank or through a correspondent bank. (c) In the alternative, the issuing bank may make such assignment in such other form or manner as may be approved by the board or the executive secretary;

(a) However, if the certificates of deposit issued by the bank exceed the amount of the certificates of deposit insured by the Federal Deposit Insurance Corporation, the bank shall furnish to the association or secretary and the board or the Insurance Commissioner evidence of the assignment of bonds or other securities issued by the State of Arkansas or the United States to secure the payment of the certificates.

(b) This may be done by making the assignment through a federal reserve bank or through a correspondent bank.

(c) In the alternative, the issuing bank may make such assignment in such other form or manner as may be approved by the board or the executive secretary;

(E) (i) Savings accounts of any savings and loan association which are insured by the Federal Deposit Insurance Corporation. (ii) (a) However, if the savings account of the association exceeds the amount of the savings account insured by the Federal Deposit Insurance Corporation, the association shall furnish to the depositing burial association or secretary and the board or the executive secretary evidence of the assignment of bonds, or other securities issued by the State of Arkansas or the United States, to secure payment of the accounts. (b) The savings and loan association in which the accounts exist shall make the assignment in a form and manner approved by the board or the commissioner;

(i) Savings accounts of any savings and loan association which are insured by the Federal Deposit Insurance Corporation.

(ii) (a) However, if the savings account of the association exceeds the amount of the savings account insured by the Federal Deposit Insurance Corporation, the association shall furnish to the depositing burial association or secretary and the board or the executive secretary evidence of the assignment of bonds, or other securities issued by the State of Arkansas or the United States, to secure payment of the accounts. (b) The savings and loan association in which the accounts exist shall make the assignment in a form and manner approved by the board or the commissioner;

(a) However, if the savings account of the association exceeds the amount of the savings account insured by the Federal Deposit Insurance Corporation, the association shall furnish to the depositing burial association or secretary and the board or the executive secretary evidence of the assignment of bonds, or other securities issued by the State of Arkansas or the United States, to secure payment of the accounts.

(b) The savings and loan association in which the accounts exist shall make the assignment in a form and manner approved by the board or the commissioner;

(F) "A" rated or better corporate bonds, as designated by one (1) or more nationally recognized investment services; or

(G) (i) "A" rated state and municipal bonds as designated by one (1) or more nationally recognized investment services. (ii) However, the bonds must be issued by governmental entities in the State of Arkansas, and no more than thirty percent (30%) of the total funds of any burial association or society available for investment shall be invested in state or municipal bonds.

(i) "A" rated state and municipal bonds as designated by one (1) or more nationally recognized investment services.

(ii) However, the bonds must be issued by governmental entities in the State of Arkansas, and no more than thirty percent (30%) of the total funds of any burial association or society available for investment shall be invested in state or municipal bonds.

(b) Seventy-five percent (75%) of the interest derived from the investments shall also not be usable for the payment of operating expenses.

Amended by Act 2017, No. 788,§ 87, eff. 7/1/2018.

Amended by Act 2017, No. 788,§ 86, eff. 7/1/2018.

Amended by Act 2017, No. 788,§ 85, eff. 7/1/2018.

Acts 1953, No. 91, § 14; 1973, No. 515, § 1; 1975, No. 380, § 1; 1977, No. 861, § 1; 1981, No. 360, § 3; 1985, No. 679, § 4; A.S.A. 1947, § 66-1814; Acts 1987, No. 443, § 3.
Ark. Code Ann. § 23-10-211 — AR Code / Title 23 / Chapter 10 / Subchapter 2 / Section 23-10-211
Handling of baggage
Status: in_force

(a) (1) All railroad and express companies in this state are required to provide each and every one of its trains with one (1) or more stage-planks, of not less than eight feet (8') in length and three feet (3') in width, or trucks to be used in unloading trunks and baggage from their trains to the depot platforms. (2) All railroads and express companies in this state and their agents and employees are required to use the stage-planks or trucks provided for in subdivision (a)(1) of this section while they are unloading baggage and trunks from their trains, except where platforms are as high as the car doors. (b) All railroads and express companies in this state and their agents and employees are prohibited from tumbling trunks and baggage from their car doors into the depot platforms, thereby breaking, injuring, or in anywise damaging the trunk or baggage or contents thereof. (c) Any railroad or express company violating this section or handling trunks or baggage in such a rough and careless manner as to injure the trunks or baggage shall be liable to the owner of the damaged trunks or baggage, in addition to the value of the trunks or baggage, in the sum of not less than twenty-five dollars ($25.00) nor more than two hundred dollars ($200). This sum shall be recovered by an action against the railroad or express company in any court having jurisdiction of such causes in any county in which the railroad or express company may do business, and the court may consolidate as many separate injuries as may have occurred in any counties in this state within twelve (12) months prior to the bringing of the action. Acts 1891, No. 43, §§ 1-3, p. 72; 1899, No. 86, § 1, p. 142; C. & M. Dig., §§ 973-975; Pope's Dig., §§ 1177-1179, A.S.A. 1947, §§ 73-1226 -- 73-1228.

(a) (1) All railroad and express companies in this state are required to provide each and every one of its trains with one (1) or more stage-planks, of not less than eight feet (8') in length and three feet (3') in width, or trucks to be used in unloading trunks and baggage from their trains to the depot platforms. (2) All railroads and express companies in this state and their agents and employees are required to use the stage-planks or trucks provided for in subdivision (a)(1) of this section while they are unloading baggage and trunks from their trains, except where platforms are as high as the car doors.

(1) All railroad and express companies in this state are required to provide each and every one of its trains with one (1) or more stage-planks, of not less than eight feet (8') in length and three feet (3') in width, or trucks to be used in unloading trunks and baggage from their trains to the depot platforms.

(2) All railroads and express companies in this state and their agents and employees are required to use the stage-planks or trucks provided for in subdivision (a)(1) of this section while they are unloading baggage and trunks from their trains, except where platforms are as high as the car doors.

(b) All railroads and express companies in this state and their agents and employees are prohibited from tumbling trunks and baggage from their car doors into the depot platforms, thereby breaking, injuring, or in anywise damaging the trunk or baggage or contents thereof.

(c) Any railroad or express company violating this section or handling trunks or baggage in such a rough and careless manner as to injure the trunks or baggage shall be liable to the owner of the damaged trunks or baggage, in addition to the value of the trunks or baggage, in the sum of not less than twenty-five dollars ($25.00) nor more than two hundred dollars ($200). This sum shall be recovered by an action against the railroad or express company in any court having jurisdiction of such causes in any county in which the railroad or express company may do business, and the court may consolidate as many separate injuries as may have occurred in any counties in this state within twelve (12) months prior to the bringing of the action.

Acts 1891, No. 43, §§ 1-3, p. 72; 1899, No. 86, § 1, p. 142; C. & M. Dig., §§ 973-975; Pope's Dig., §§ 1177-1179, A.S.A. 1947, §§ 73-1226 -- 73-1228.
Ark. Code Ann. § 23-18-319 — AR Code / Title 23 / Chapter 18 / Subchapter 3 / Section 23-18-319
Certificate of membership
Status: in_force

(a) When a member of a corporation has paid the membership fee in full, a certificate of membership shall be issued to the member. (b) Memberships in the corporation and the certificates shall be nontransferable. (c) The certificate of membership shall be surrendered to the corporation upon the resignation, expulsion, or death of the member. Acts 1937, No. 342, § 16; Pope's Dig., § 2330; A.S.A. 1947, § 77-1116.

(a) When a member of a corporation has paid the membership fee in full, a certificate of membership shall be issued to the member.

(b) Memberships in the corporation and the certificates shall be nontransferable.

(c) The certificate of membership shall be surrendered to the corporation upon the resignation, expulsion, or death of the member.

Acts 1937, No. 342, § 16; Pope's Dig., § 2330; A.S.A. 1947, § 77-1116.
Ark. Code Ann. § 23-63-1705 — AR Code / Title 23 / Chapter 63 / Subchapter 17 / Section 23-63-1705
Use and operation of protected cells
Status: in_force

(a) (1) The protected cell assets of a protected cell may not be charged with liabilities arising out of any other business the protected cell company may conduct. (2) All contracts or other documentation reflecting protected cell liabilities shall clearly indicate that only the protected cell assets are available for the satisfaction of those protected cell liabilities. (b) (1) The income, gains, and losses, realized or unrealized, from protected cell assets and liabilities shall be credited to or charged against the protected cell without regard to other income, gains, or losses of the protected cell company, including income, gains, or losses of other protected cells. (2) (A) Amounts attributed to any protected cell and accumulations on the attributed amounts may be invested and reinvested without regard to any requirements or limitations of § 23-63-801 et seq. (B) The investments in a protected cell or protected cells shall not be taken into account in applying the investment limitations applicable to the investments of the protected cell company. (c) Assets attributed to a protected cell shall be valued at their fair value on the date of valuation. (d) (1) A protected cell company, in respect to its protected cells, shall engage in fully funded indemnity triggered insurance securitization to support in full the protected cell exposures attributable to that protected cell. (2) A protected cell company insurance securitization that is nonindemnity triggered shall qualify as an insurance securitization after the Insurance Commissioner adopts regulations addressing the methods of funding the portion of the risk that is not indemnity based, accounting, disclosure, risk-based capital treatment, and assessing risks associated with such securitizations. (3) A protected cell company insurance securitization that is not fully funded, whether indemnity triggered or nonindemnity triggered, is prohibited. (4) (A) Protected cell assets may be used to pay interest or other consideration on any outstanding debt or other obligation attributable to that protected cell. (B) Nothing in this subsection shall prevent a protected cell company from entering into a swap agreement or other transaction for the account of the protected cell that has the effect of guaranteeing interest or other consideration. (e) (1) In all protected cell company insurance securitizations, the contracts or other documentation effecting the transaction shall contain provisions identifying the protected cell to which the transaction will be attributed. (2) The contracts or other documentation shall clearly disclose that the assets of that protected cell, and only those assets, are available to pay the obligations of that protected cell. (3) Failure to include the language required by this subsection in the contracts or other documentation shall not be used as the sole basis by creditors, reinsurers, or other claimants to circumvent the provisions of this subchapter. (f) (1) A protected cell company shall be authorized to attribute to a protected cell account only the insurance obligations relating to the protected cell company's general account. (2) A protected cell shall not be authorized to issue insurance or reinsurance contracts directly to policyholders or reinsureds or to have any obligation to the policyholders or reinsureds of the protected cell company's general account. (g) At the cessation of business of a protected cell, the protected cell company shall voluntarily close out the protected cell account. Amended by Act 2021, No. 481,§ 2, eff. 7/28/2021. Acts 2001, No. 1428, § 5.

(a) (1) The protected cell assets of a protected cell may not be charged with liabilities arising out of any other business the protected cell company may conduct. (2) All contracts or other documentation reflecting protected cell liabilities shall clearly indicate that only the protected cell assets are available for the satisfaction of those protected cell liabilities.

(1) The protected cell assets of a protected cell may not be charged with liabilities arising out of any other business the protected cell company may conduct.

(2) All contracts or other documentation reflecting protected cell liabilities shall clearly indicate that only the protected cell assets are available for the satisfaction of those protected cell liabilities.

(b) (1) The income, gains, and losses, realized or unrealized, from protected cell assets and liabilities shall be credited to or charged against the protected cell without regard to other income, gains, or losses of the protected cell company, including income, gains, or losses of other protected cells. (2) (A) Amounts attributed to any protected cell and accumulations on the attributed amounts may be invested and reinvested without regard to any requirements or limitations of § 23-63-801 et seq. (B) The investments in a protected cell or protected cells shall not be taken into account in applying the investment limitations applicable to the investments of the protected cell company.

(1) The income, gains, and losses, realized or unrealized, from protected cell assets and liabilities shall be credited to or charged against the protected cell without regard to other income, gains, or losses of the protected cell company, including income, gains, or losses of other protected cells.

(2) (A) Amounts attributed to any protected cell and accumulations on the attributed amounts may be invested and reinvested without regard to any requirements or limitations of § 23-63-801 et seq. (B) The investments in a protected cell or protected cells shall not be taken into account in applying the investment limitations applicable to the investments of the protected cell company.

(A) Amounts attributed to any protected cell and accumulations on the attributed amounts may be invested and reinvested without regard to any requirements or limitations of § 23-63-801 et seq.

(B) The investments in a protected cell or protected cells shall not be taken into account in applying the investment limitations applicable to the investments of the protected cell company.

(c) Assets attributed to a protected cell shall be valued at their fair value on the date of valuation.

(d) (1) A protected cell company, in respect to its protected cells, shall engage in fully funded indemnity triggered insurance securitization to support in full the protected cell exposures attributable to that protected cell. (2) A protected cell company insurance securitization that is nonindemnity triggered shall qualify as an insurance securitization after the Insurance Commissioner adopts regulations addressing the methods of funding the portion of the risk that is not indemnity based, accounting, disclosure, risk-based capital treatment, and assessing risks associated with such securitizations. (3) A protected cell company insurance securitization that is not fully funded, whether indemnity triggered or nonindemnity triggered, is prohibited. (4) (A) Protected cell assets may be used to pay interest or other consideration on any outstanding debt or other obligation attributable to that protected cell. (B) Nothing in this subsection shall prevent a protected cell company from entering into a swap agreement or other transaction for the account of the protected cell that has the effect of guaranteeing interest or other consideration.

(1) A protected cell company, in respect to its protected cells, shall engage in fully funded indemnity triggered insurance securitization to support in full the protected cell exposures attributable to that protected cell.

(2) A protected cell company insurance securitization that is nonindemnity triggered shall qualify as an insurance securitization after the Insurance Commissioner adopts regulations addressing the methods of funding the portion of the risk that is not indemnity based, accounting, disclosure, risk-based capital treatment, and assessing risks associated with such securitizations.

(3) A protected cell company insurance securitization that is not fully funded, whether indemnity triggered or nonindemnity triggered, is prohibited.

(4) (A) Protected cell assets may be used to pay interest or other consideration on any outstanding debt or other obligation attributable to that protected cell. (B) Nothing in this subsection shall prevent a protected cell company from entering into a swap agreement or other transaction for the account of the protected cell that has the effect of guaranteeing interest or other consideration.

(A) Protected cell assets may be used to pay interest or other consideration on any outstanding debt or other obligation attributable to that protected cell.

(B) Nothing in this subsection shall prevent a protected cell company from entering into a swap agreement or other transaction for the account of the protected cell that has the effect of guaranteeing interest or other consideration.

(e) (1) In all protected cell company insurance securitizations, the contracts or other documentation effecting the transaction shall contain provisions identifying the protected cell to which the transaction will be attributed. (2) The contracts or other documentation shall clearly disclose that the assets of that protected cell, and only those assets, are available to pay the obligations of that protected cell. (3) Failure to include the language required by this subsection in the contracts or other documentation shall not be used as the sole basis by creditors, reinsurers, or other claimants to circumvent the provisions of this subchapter.

(1) In all protected cell company insurance securitizations, the contracts or other documentation effecting the transaction shall contain provisions identifying the protected cell to which the transaction will be attributed.

(2) The contracts or other documentation shall clearly disclose that the assets of that protected cell, and only those assets, are available to pay the obligations of that protected cell.

(3) Failure to include the language required by this subsection in the contracts or other documentation shall not be used as the sole basis by creditors, reinsurers, or other claimants to circumvent the provisions of this subchapter.

(f) (1) A protected cell company shall be authorized to attribute to a protected cell account only the insurance obligations relating to the protected cell company's general account. (2) A protected cell shall not be authorized to issue insurance or reinsurance contracts directly to policyholders or reinsureds or to have any obligation to the policyholders or reinsureds of the protected cell company's general account.

(1) A protected cell company shall be authorized to attribute to a protected cell account only the insurance obligations relating to the protected cell company's general account.

(2) A protected cell shall not be authorized to issue insurance or reinsurance contracts directly to policyholders or reinsureds or to have any obligation to the policyholders or reinsureds of the protected cell company's general account.

(g) At the cessation of business of a protected cell, the protected cell company shall voluntarily close out the protected cell account.

Amended by Act 2021, No. 481,§ 2, eff. 7/28/2021.

Acts 2001, No. 1428, § 5.
Ark. Code Ann. § 23-102-111 — AR Code / Title 23 / Chapter 102 / Section 23-102-111
Administration of Arkansas Earthquake Authority
Status: in_force

(a) The Board of the Arkansas Earthquake Authority may either appoint an Executive Director of the Arkansas Earthquake Authority or may select a Plan Administrator of the Arkansas Earthquake Authority. If an executive director is chosen, he or she shall hire all staff necessary to enable him or her to discharge the duties imposed under this chapter and as may be authorized by law. If a plan administrator is chosen, the board may utilize a competitive bidding process to evaluate applicants and bids submitted under this section, based upon criteria established by the board which shall include, but not be limited to, the following: (1) An estimate of total charges for administering the plan; (2) The financial condition and stability of the plan administrator; and (3) The technical expertise and qualifications of personnel. (b) The plan administrator shall serve for a period of three (3) years subject to removal for cause and subject to the terms, conditions, and limitations of the contract between the board and the plan administrator. The board may advertise for and accept bids to serve as the plan administrator for the succeeding three-year periods. (c) The executive director or plan administrator shall perform functions related to the plan as may be assigned to it including: (1) Determination of eligibility for coverage under the Market Assistance Program or the Arkansas Earthquake Authority; (2) Payment and processing of claims; (3) Establishment of a premium billing procedure for collection of premiums. Billings shall be made on a periodic basis as determined by the board; (4) Other necessary functions to assure timely payment of benefits to covered persons under the plan, including: (A) Making available information relating to the proper manner of submitting a claim for benefits under the plan and distributing forms upon which submissions shall be made; and (B) Evaluating the eligibility of each claim for payment under the plan; and (5) Conduct necessary analyses at reasonable intervals to appropriately evaluate the Arkansas earthquake insurance market and take action necessary to accomplish the purposes of this chapter. (d) The executive director or plan administrator shall submit regular reports to the board regarding the operation of the plan. Frequency, content, and form of the report shall be determined by the board. (e) The executive director or plan administrator shall pay claim expenses from the premium payments or other income received from or on behalf of plan participants and allocated by the board for claim expenses. If the total amount available at any time to the authority is insufficient to make all necessary claims payments, the moneys available shall be prorated, and the unpaid portion shall be paid as soon thereafter as moneys become available. (f) The executive director or plan administrator shall be governed by the requirements of this chapter. (g) The plan administrator shall be compensated as provided in the contract between the board and the plan administrator. Acts 1999, No. 1343, § 11.

(a) The Board of the Arkansas Earthquake Authority may either appoint an Executive Director of the Arkansas Earthquake Authority or may select a Plan Administrator of the Arkansas Earthquake Authority. If an executive director is chosen, he or she shall hire all staff necessary to enable him or her to discharge the duties imposed under this chapter and as may be authorized by law. If a plan administrator is chosen, the board may utilize a competitive bidding process to evaluate applicants and bids submitted under this section, based upon criteria established by the board which shall include, but not be limited to, the following: (1) An estimate of total charges for administering the plan; (2) The financial condition and stability of the plan administrator; and (3) The technical expertise and qualifications of personnel.

(1) An estimate of total charges for administering the plan;

(2) The financial condition and stability of the plan administrator; and

(3) The technical expertise and qualifications of personnel.

(b) The plan administrator shall serve for a period of three (3) years subject to removal for cause and subject to the terms, conditions, and limitations of the contract between the board and the plan administrator. The board may advertise for and accept bids to serve as the plan administrator for the succeeding three-year periods.

(c) The executive director or plan administrator shall perform functions related to the plan as may be assigned to it including: (1) Determination of eligibility for coverage under the Market Assistance Program or the Arkansas Earthquake Authority; (2) Payment and processing of claims; (3) Establishment of a premium billing procedure for collection of premiums. Billings shall be made on a periodic basis as determined by the board; (4) Other necessary functions to assure timely payment of benefits to covered persons under the plan, including: (A) Making available information relating to the proper manner of submitting a claim for benefits under the plan and distributing forms upon which submissions shall be made; and (B) Evaluating the eligibility of each claim for payment under the plan; and (5) Conduct necessary analyses at reasonable intervals to appropriately evaluate the Arkansas earthquake insurance market and take action necessary to accomplish the purposes of this chapter.

(1) Determination of eligibility for coverage under the Market Assistance Program or the Arkansas Earthquake Authority;

(2) Payment and processing of claims;

(3) Establishment of a premium billing procedure for collection of premiums. Billings shall be made on a periodic basis as determined by the board;

(4) Other necessary functions to assure timely payment of benefits to covered persons under the plan, including: (A) Making available information relating to the proper manner of submitting a claim for benefits under the plan and distributing forms upon which submissions shall be made; and (B) Evaluating the eligibility of each claim for payment under the plan; and

(A) Making available information relating to the proper manner of submitting a claim for benefits under the plan and distributing forms upon which submissions shall be made; and

(B) Evaluating the eligibility of each claim for payment under the plan; and

(5) Conduct necessary analyses at reasonable intervals to appropriately evaluate the Arkansas earthquake insurance market and take action necessary to accomplish the purposes of this chapter.

(d) The executive director or plan administrator shall submit regular reports to the board regarding the operation of the plan. Frequency, content, and form of the report shall be determined by the board.

(e) The executive director or plan administrator shall pay claim expenses from the premium payments or other income received from or on behalf of plan participants and allocated by the board for claim expenses. If the total amount available at any time to the authority is insufficient to make all necessary claims payments, the moneys available shall be prorated, and the unpaid portion shall be paid as soon thereafter as moneys become available.

(f) The executive director or plan administrator shall be governed by the requirements of this chapter.

(g) The plan administrator shall be compensated as provided in the contract between the board and the plan administrator.

Acts 1999, No. 1343, § 11.
Ark. Code Ann. § 23-89-512 — AR Code / Title 23 / Chapter 89 / Subchapter 5 / Section 23-89-512
Prohibited bungee operations
Status: in_force

The following bungee operations are prohibited: (1) A bungee operation conducted with balloons, blimps, helicopters, or other aircraft; (2) "Sand bagging", which is the practice of holding onto any object, including another person, while bungee jumping, for the purpose of exerting more force on the bungee cord to stretch it further, and then releasing the object during the jump causing the jumper to rebound with more force than could be created by the jumper's weight alone; (3) Tandem or multiple bungee jumping, except for rides that the manufacturer has designed for multiple patrons; and (4) Bungee jumping from any bridge, overpass, or any other structure not specifically designed as an amusement ride or amusement attraction. Acts 2001, No. 1365, § 8.

The following bungee operations are prohibited:

(1) A bungee operation conducted with balloons, blimps, helicopters, or other aircraft;

(2) "Sand bagging", which is the practice of holding onto any object, including another person, while bungee jumping, for the purpose of exerting more force on the bungee cord to stretch it further, and then releasing the object during the jump causing the jumper to rebound with more force than could be created by the jumper's weight alone;

(3) Tandem or multiple bungee jumping, except for rides that the manufacturer has designed for multiple patrons; and

(4) Bungee jumping from any bridge, overpass, or any other structure not specifically designed as an amusement ride or amusement attraction.

Acts 2001, No. 1365, § 8.
Ark. Code Ann. § 23-2-304 — AR Code / Title 23 / Chapter 2 / Subchapter 3 / Section 23-2-304
Certain powers of commission enumerated
Status: in_force

(a) Upon complaint or upon its own motion and upon reasonable notice and after a hearing, the Arkansas Public Service Commission shall have the power to: (1) Find and fix just, reasonable, and sufficient rates to be thereafter observed, enforced, and demanded by any public utility; (2) Determine the reasonable, safe, adequate, and sufficient service to be observed, furnished, enforced, or employed by any public utility and to fix this service by its order, or rule; (3) Ascertain and fix adequate and reasonable standards, classifications, rules, practices, and services to be furnished, imposed, observed, and followed by any or all public utilities; (4) Ascertain and fix adequate and reasonable standards for the measurement of quantity, quality, pressure, initial voltage, or other conditions pertaining to the supply of all products, commodities, or services furnished or rendered by any and all public utilities; (5) Prescribe reasonable rules for the examination and testing of the production, commodity, or service, and, for the measurement thereof, establish or approve reasonable rules, specifications, and standards to secure the accuracy of all meters or appliances for measurement; (6) Provide for the examination and testing of any and all appliances used for the measurement of any product, commodity, or service of any public utility; (7) (A) Ascertain and fix the value of the whole or any part of the property of any public utility insofar as this value is material to the exercise of the jurisdiction of the commission. (B) The commission may make revaluations of the whole or any part of the property from time to time and may ascertain the value of any new construction, extension, and addition to or retirement from the property of every public utility; (8) (A) Require any or all public utilities to carry a proper and adequate depreciation account in accordance with such rules and forms of account as the commission may prescribe. (B) The commission may ascertain, determine, and by order fix the proper and adequate rates of depreciation of the several classes of property of each public utility. (C) Each public utility shall conform its depreciation accounts to the rates so ascertained, determined, and fixed by the commission; (9) Assure that retail customers should have access to safe, reliable, and affordable electricity, including protection against service disconnections in extreme weather or in cases of medical emergency or nonpayment for unrelated services; (10) (A) Assure that electric utility bills, usage, and payment records should be treated as confidential unless the retail customer consents to their release or the information is provided only in the aggregate. (B) Notwithstanding subdivision (a)(10)(A) of this section, release of such information may be made pursuant to subpoena, court order, or other applicable statute or rule; and (11) (A) (i) Propose, develop, solicit, approve, require, implement, and monitor financial assistance programs for utility customers who are sixty-five (65) years of age or older or who meet the income eligibility qualifications of the Low Income Home Energy Assistance Program administered by the Arkansas Energy Office of the Division of Environmental Quality. (ii) After notice and a hearing, the commission may approve and order a financial assistance program for utility customers if the commission determines that the financial assistance program is beneficial to the ratepayers of a public utility and the public utility. (B) The commission shall not fix rates, charges, or surcharges that recover, directly or indirectly, any portion of the cost of programs authorized under subdivision (a)(11)(A) of this section from a ratepayer that is not in the customer class of ratepayers eligible to participate in the programs. (b) Because of competitive and technological changes relating to the services provided by telephone public utilities, the commission, upon petition by the telephone public utility, after notice and hearing and a finding that it is in the public interest, may deviate from the rate-base rate of return method of regulation in establishing rates and charges for services provided by the telephone public utility. (c) In the discharge of its duties under this act, the commission may cooperate with regulatory commissions of other states and of the United States. It may also hold joint hearings and make joint investigations with such commissions. Amended by Act 2019, No. 315,§ 2375, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2374, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2373, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2372, eff. 7/24/2019. Amended by Act 2019, No. 910,§ 3239, eff. 7/1/2019. Amended by Act 2017, No. 1102,§ 1, eff. 8/1/2017. Acts 1935, No. 324, §§ 8, 19; Pope's Dig., §§ 2071, 2082; A.S.A. 1947, §§ 73-202, 73-218; Acts 1993, No. 238, § 1; 2003, No. 204, § 6.

(a) Upon complaint or upon its own motion and upon reasonable notice and after a hearing, the Arkansas Public Service Commission shall have the power to: (1) Find and fix just, reasonable, and sufficient rates to be thereafter observed, enforced, and demanded by any public utility; (2) Determine the reasonable, safe, adequate, and sufficient service to be observed, furnished, enforced, or employed by any public utility and to fix this service by its order, or rule; (3) Ascertain and fix adequate and reasonable standards, classifications, rules, practices, and services to be furnished, imposed, observed, and followed by any or all public utilities; (4) Ascertain and fix adequate and reasonable standards for the measurement of quantity, quality, pressure, initial voltage, or other conditions pertaining to the supply of all products, commodities, or services furnished or rendered by any and all public utilities; (5) Prescribe reasonable rules for the examination and testing of the production, commodity, or service, and, for the measurement thereof, establish or approve reasonable rules, specifications, and standards to secure the accuracy of all meters or appliances for measurement; (6) Provide for the examination and testing of any and all appliances used for the measurement of any product, commodity, or service of any public utility; (7) (A) Ascertain and fix the value of the whole or any part of the property of any public utility insofar as this value is material to the exercise of the jurisdiction of the commission. (B) The commission may make revaluations of the whole or any part of the property from time to time and may ascertain the value of any new construction, extension, and addition to or retirement from the property of every public utility; (8) (A) Require any or all public utilities to carry a proper and adequate depreciation account in accordance with such rules and forms of account as the commission may prescribe. (B) The commission may ascertain, determine, and by order fix the proper and adequate rates of depreciation of the several classes of property of each public utility. (C) Each public utility shall conform its depreciation accounts to the rates so ascertained, determined, and fixed by the commission; (9) Assure that retail customers should have access to safe, reliable, and affordable electricity, including protection against service disconnections in extreme weather or in cases of medical emergency or nonpayment for unrelated services; (10) (A) Assure that electric utility bills, usage, and payment records should be treated as confidential unless the retail customer consents to their release or the information is provided only in the aggregate. (B) Notwithstanding subdivision (a)(10)(A) of this section, release of such information may be made pursuant to subpoena, court order, or other applicable statute or rule; and (11) (A) (i) Propose, develop, solicit, approve, require, implement, and monitor financial assistance programs for utility customers who are sixty-five (65) years of age or older or who meet the income eligibility qualifications of the Low Income Home Energy Assistance Program administered by the Arkansas Energy Office of the Division of Environmental Quality. (ii) After notice and a hearing, the commission may approve and order a financial assistance program for utility customers if the commission determines that the financial assistance program is beneficial to the ratepayers of a public utility and the public utility. (B) The commission shall not fix rates, charges, or surcharges that recover, directly or indirectly, any portion of the cost of programs authorized under subdivision (a)(11)(A) of this section from a ratepayer that is not in the customer class of ratepayers eligible to participate in the programs.

(1) Find and fix just, reasonable, and sufficient rates to be thereafter observed, enforced, and demanded by any public utility;

(2) Determine the reasonable, safe, adequate, and sufficient service to be observed, furnished, enforced, or employed by any public utility and to fix this service by its order, or rule;

(3) Ascertain and fix adequate and reasonable standards, classifications, rules, practices, and services to be furnished, imposed, observed, and followed by any or all public utilities;

(4) Ascertain and fix adequate and reasonable standards for the measurement of quantity, quality, pressure, initial voltage, or other conditions pertaining to the supply of all products, commodities, or services furnished or rendered by any and all public utilities;

(5) Prescribe reasonable rules for the examination and testing of the production, commodity, or service, and, for the measurement thereof, establish or approve reasonable rules, specifications, and standards to secure the accuracy of all meters or appliances for measurement;

(6) Provide for the examination and testing of any and all appliances used for the measurement of any product, commodity, or service of any public utility;

(7) (A) Ascertain and fix the value of the whole or any part of the property of any public utility insofar as this value is material to the exercise of the jurisdiction of the commission. (B) The commission may make revaluations of the whole or any part of the property from time to time and may ascertain the value of any new construction, extension, and addition to or retirement from the property of every public utility;

(A) Ascertain and fix the value of the whole or any part of the property of any public utility insofar as this value is material to the exercise of the jurisdiction of the commission.

(B) The commission may make revaluations of the whole or any part of the property from time to time and may ascertain the value of any new construction, extension, and addition to or retirement from the property of every public utility;

(8) (A) Require any or all public utilities to carry a proper and adequate depreciation account in accordance with such rules and forms of account as the commission may prescribe. (B) The commission may ascertain, determine, and by order fix the proper and adequate rates of depreciation of the several classes of property of each public utility. (C) Each public utility shall conform its depreciation accounts to the rates so ascertained, determined, and fixed by the commission;

(A) Require any or all public utilities to carry a proper and adequate depreciation account in accordance with such rules and forms of account as the commission may prescribe.

(B) The commission may ascertain, determine, and by order fix the proper and adequate rates of depreciation of the several classes of property of each public utility.

(C) Each public utility shall conform its depreciation accounts to the rates so ascertained, determined, and fixed by the commission;

(9) Assure that retail customers should have access to safe, reliable, and affordable electricity, including protection against service disconnections in extreme weather or in cases of medical emergency or nonpayment for unrelated services;

(10) (A) Assure that electric utility bills, usage, and payment records should be treated as confidential unless the retail customer consents to their release or the information is provided only in the aggregate. (B) Notwithstanding subdivision (a)(10)(A) of this section, release of such information may be made pursuant to subpoena, court order, or other applicable statute or rule; and

(A) Assure that electric utility bills, usage, and payment records should be treated as confidential unless the retail customer consents to their release or the information is provided only in the aggregate.

(B) Notwithstanding subdivision (a)(10)(A) of this section, release of such information may be made pursuant to subpoena, court order, or other applicable statute or rule; and

(11) (A) (i) Propose, develop, solicit, approve, require, implement, and monitor financial assistance programs for utility customers who are sixty-five (65) years of age or older or who meet the income eligibility qualifications of the Low Income Home Energy Assistance Program administered by the Arkansas Energy Office of the Division of Environmental Quality. (ii) After notice and a hearing, the commission may approve and order a financial assistance program for utility customers if the commission determines that the financial assistance program is beneficial to the ratepayers of a public utility and the public utility. (B) The commission shall not fix rates, charges, or surcharges that recover, directly or indirectly, any portion of the cost of programs authorized under subdivision (a)(11)(A) of this section from a ratepayer that is not in the customer class of ratepayers eligible to participate in the programs.

(A) (i) Propose, develop, solicit, approve, require, implement, and monitor financial assistance programs for utility customers who are sixty-five (65) years of age or older or who meet the income eligibility qualifications of the Low Income Home Energy Assistance Program administered by the Arkansas Energy Office of the Division of Environmental Quality. (ii) After notice and a hearing, the commission may approve and order a financial assistance program for utility customers if the commission determines that the financial assistance program is beneficial to the ratepayers of a public utility and the public utility.

(i) Propose, develop, solicit, approve, require, implement, and monitor financial assistance programs for utility customers who are sixty-five (65) years of age or older or who meet the income eligibility qualifications of the Low Income Home Energy Assistance Program administered by the Arkansas Energy Office of the Division of Environmental Quality.

(ii) After notice and a hearing, the commission may approve and order a financial assistance program for utility customers if the commission determines that the financial assistance program is beneficial to the ratepayers of a public utility and the public utility.

(B) The commission shall not fix rates, charges, or surcharges that recover, directly or indirectly, any portion of the cost of programs authorized under subdivision (a)(11)(A) of this section from a ratepayer that is not in the customer class of ratepayers eligible to participate in the programs.

(b) Because of competitive and technological changes relating to the services provided by telephone public utilities, the commission, upon petition by the telephone public utility, after notice and hearing and a finding that it is in the public interest, may deviate from the rate-base rate of return method of regulation in establishing rates and charges for services provided by the telephone public utility.

(c) In the discharge of its duties under this act, the commission may cooperate with regulatory commissions of other states and of the United States. It may also hold joint hearings and make joint investigations with such commissions.

Amended by Act 2019, No. 315,§ 2375, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2374, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2373, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2372, eff. 7/24/2019.

Amended by Act 2019, No. 910,§ 3239, eff. 7/1/2019.

Amended by Act 2017, No. 1102,§ 1, eff. 8/1/2017.

Acts 1935, No. 324, §§ 8, 19; Pope's Dig., §§ 2071, 2082; A.S.A. 1947, §§ 73-202, 73-218; Acts 1993, No. 238, § 1; 2003, No. 204, § 6.
Ark. Code Ann. § 23-37-305 — AR Code / Title 23 / Chapter 37 / Subchapter 3 / Section 23-37-305
Permanent stock associations - Initial subscriptions to savings accounts
Status: in_force

As a prerequisite to approval of any application for a proposed permanent stock association, the incorporators must show, to the satisfaction of the Savings and Loan Association Board [abolished], subscribed savings accounts from individuals in the aggregate number and amount which, in the opinion of the board, will justify the initial successful operation of the association. Acts 1963, No. 227, § 30; A.S.A. 1947, § 67-1830.

As a prerequisite to approval of any application for a proposed permanent stock association, the incorporators must show, to the satisfaction of the Savings and Loan Association Board [abolished], subscribed savings accounts from individuals in the aggregate number and amount which, in the opinion of the board, will justify the initial successful operation of the association.

Acts 1963, No. 227, § 30; A.S.A. 1947, § 67-1830.
Ark. Code Ann. § 23-63-527 — AR Code / Title 23 / Chapter 63 / Subchapter 5 / Section 23-63-527
Acquisitions involving insurers not otherwise covered - Preacquisition notification, waiting period
Status: in_force

(a) An acquisition covered by § 23-63-526 may be subject to an order pursuant to § 23-63-529 unless the acquiring person files a preacquisition notification and the waiting period has expired. The acquired person may file a preacquisition notification. The Insurance Commissioner shall give confidential treatment to information submitted under this section in the same manner as provided in § 23-63-517 . (b) The preacquisition notification shall be in such form and contain such information as prescribed by the National Association of Insurance Commissioners relating to those markets which, under § 23-63-526(b)(5) , cause the acquisition not to be exempted from the provisions of §§ 23-63-525 - 23-63-528 . The commissioner may require such additional material and information as he or she deems necessary to determine whether the proposed acquisition, if consummated, would violate the competitive standards of § 23-63-528 . The required information may include an opinion of an economist as to the competitive impact of the acquisition in this state accompanied by a summary of the education and experience of such a person indicating his or her ability to render an informed opinion. (c) The waiting period required shall begin on the date of receipt by the commissioner of a preacquisition notification and shall end on the earlier of the thirtieth day after the date of the receipt or termination of the waiting period by the commissioner. Prior to the end of the waiting period, the commissioner on a one-time basis may require the submission of additional needed information relevant to the proposed acquisition, in which event the waiting period shall end on the earlier of the thirtieth day after receipt of the additional information by the commissioner or termination of the waiting period by the commissioner. Acts 1991, No. 723, § 29.

(a) An acquisition covered by § 23-63-526 may be subject to an order pursuant to § 23-63-529 unless the acquiring person files a preacquisition notification and the waiting period has expired. The acquired person may file a preacquisition notification. The Insurance Commissioner shall give confidential treatment to information submitted under this section in the same manner as provided in § 23-63-517 .

(b) The preacquisition notification shall be in such form and contain such information as prescribed by the National Association of Insurance Commissioners relating to those markets which, under § 23-63-526(b)(5) , cause the acquisition not to be exempted from the provisions of §§ 23-63-525 - 23-63-528 . The commissioner may require such additional material and information as he or she deems necessary to determine whether the proposed acquisition, if consummated, would violate the competitive standards of § 23-63-528 . The required information may include an opinion of an economist as to the competitive impact of the acquisition in this state accompanied by a summary of the education and experience of such a person indicating his or her ability to render an informed opinion.

(c) The waiting period required shall begin on the date of receipt by the commissioner of a preacquisition notification and shall end on the earlier of the thirtieth day after the date of the receipt or termination of the waiting period by the commissioner. Prior to the end of the waiting period, the commissioner on a one-time basis may require the submission of additional needed information relevant to the proposed acquisition, in which event the waiting period shall end on the earlier of the thirtieth day after receipt of the additional information by the commissioner or termination of the waiting period by the commissioner.

Acts 1991, No. 723, § 29.
Ark. Code Ann. § 23-99-511 — AR Code / Title 23 / Chapter 99 / Subchapter 5 / Section 23-99-511
Enforcement
Status: in_force

The Insurance Commissioner shall have all the powers to enforce this subchapter as are granted to the commissioner elsewhere in the Arkansas Insurance Code. Acts 1997, No. 1020, § 11.

The Insurance Commissioner shall have all the powers to enforce this subchapter as are granted to the commissioner elsewhere in the Arkansas Insurance Code.

Acts 1997, No. 1020, § 11.
Ark. Code Ann. § 23-55-205 — AR Code / Title 23 / Chapter 55 / Section 23-55-205
Issuance of license
Status: in_force

(a) When an application is filed under this article, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant under this article if the commissioner finds that all of the following conditions have been fulfilled: (1) the applicant has complied with §§ 23-55-202 , 23-55-204 , and 23-55-207 ; (2) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of, the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission; and (3) an applicant, an officer, a person who exercises control over the applicant, or a responsible individual shall not be listed on a specially designated nationals and blocked persons list prepared by the United States Department of the Treasury or as an individual or entity designated by the United States Department of State under Exec. Order No. 13224, issued on September 23, 2001, 66 Fed. Reg. 49079. (b) When an application for an original license under this article is complete, the commissioner shall promptly notify the applicant in a record of the date on which the application was determined to be complete and: (1) the commissioner shall approve or deny the application within 120 days after that date; or (2) if the application is not approved or denied within 120 days after that date: (A) the application is deemed approved; and (B) the commissioner shall issue the license under this article, to take effect as of the first business day after expiration of the 120-day period. (c) The commissioner may for good cause extend the application period. (d) An applicant whose application is denied by the commissioner under this article may appeal, within 30 days after receipt of the notice of the denial, from the denial and request a hearing before the commissioner. (e) A license issued under this article expires annually at the close of business on December 31 unless the license is: (1) renewed according to this article; (2) surrendered by the license holder; (3) suspended; or (4) revoked by the commissioner. (f) (1) A money transmitter licensee may surrender a license by providing the commissioner with a written notice of surrender through the automated licensing system approved by the commissioner. (2) The written notice of surrender shall include notice of where the records of the money transmitter licensee will be stored and the name, address, telephone number, and other contact information of a responsible party who is authorized to provide access to the records. (3) The surrender of a license does not reduce or eliminate the civil or criminal liability of a money transmitter licensee arising from acts or omissions occurring before the surrender of the license, including any administrative actions undertaken by the commissioner to revoke or suspend a license, to assess fines, to order payment of restitution, or to exercise any other authority authorized under this chapter. Amended by Act 2021, No. 532,§ 10, eff. 7/28/2021. Amended by Act 2021, No. 532,§ 9, eff. 7/28/2021. Acts 2007, No. 1595, § 1; 2009, No. 486, § 10; 2011, No. 733, § 5.

(a) When an application is filed under this article, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant under this article if the commissioner finds that all of the following conditions have been fulfilled: (1) the applicant has complied with §§ 23-55-202 , 23-55-204 , and 23-55-207 ; (2) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of, the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission; and (3) an applicant, an officer, a person who exercises control over the applicant, or a responsible individual shall not be listed on a specially designated nationals and blocked persons list prepared by the United States Department of the Treasury or as an individual or entity designated by the United States Department of State under Exec. Order No. 13224, issued on September 23, 2001, 66 Fed. Reg. 49079.

(1) the applicant has complied with §§ 23-55-202 , 23-55-204 , and 23-55-207 ;

(2) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of, the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission; and

(3) an applicant, an officer, a person who exercises control over the applicant, or a responsible individual shall not be listed on a specially designated nationals and blocked persons list prepared by the United States Department of the Treasury or as an individual or entity designated by the United States Department of State under Exec. Order No. 13224, issued on September 23, 2001, 66 Fed. Reg. 49079.

(b) When an application for an original license under this article is complete, the commissioner shall promptly notify the applicant in a record of the date on which the application was determined to be complete and: (1) the commissioner shall approve or deny the application within 120 days after that date; or (2) if the application is not approved or denied within 120 days after that date: (A) the application is deemed approved; and (B) the commissioner shall issue the license under this article, to take effect as of the first business day after expiration of the 120-day period.

(1) the commissioner shall approve or deny the application within 120 days after that date; or

(2) if the application is not approved or denied within 120 days after that date: (A) the application is deemed approved; and (B) the commissioner shall issue the license under this article, to take effect as of the first business day after expiration of the 120-day period.

(A) the application is deemed approved; and

(B) the commissioner shall issue the license under this article, to take effect as of the first business day after expiration of the 120-day period.

(c) The commissioner may for good cause extend the application period.

(d) An applicant whose application is denied by the commissioner under this article may appeal, within 30 days after receipt of the notice of the denial, from the denial and request a hearing before the commissioner.

(e) A license issued under this article expires annually at the close of business on December 31 unless the license is: (1) renewed according to this article; (2) surrendered by the license holder; (3) suspended; or (4) revoked by the commissioner.

(1) renewed according to this article;

(2) surrendered by the license holder;

(3) suspended; or

(4) revoked by the commissioner.

(f) (1) A money transmitter licensee may surrender a license by providing the commissioner with a written notice of surrender through the automated licensing system approved by the commissioner. (2) The written notice of surrender shall include notice of where the records of the money transmitter licensee will be stored and the name, address, telephone number, and other contact information of a responsible party who is authorized to provide access to the records. (3) The surrender of a license does not reduce or eliminate the civil or criminal liability of a money transmitter licensee arising from acts or omissions occurring before the surrender of the license, including any administrative actions undertaken by the commissioner to revoke or suspend a license, to assess fines, to order payment of restitution, or to exercise any other authority authorized under this chapter.

(1) A money transmitter licensee may surrender a license by providing the commissioner with a written notice of surrender through the automated licensing system approved by the commissioner.

(2) The written notice of surrender shall include notice of where the records of the money transmitter licensee will be stored and the name, address, telephone number, and other contact information of a responsible party who is authorized to provide access to the records.

(3) The surrender of a license does not reduce or eliminate the civil or criminal liability of a money transmitter licensee arising from acts or omissions occurring before the surrender of the license, including any administrative actions undertaken by the commissioner to revoke or suspend a license, to assess fines, to order payment of restitution, or to exercise any other authority authorized under this chapter.

Amended by Act 2021, No. 532,§ 10, eff. 7/28/2021.

Amended by Act 2021, No. 532,§ 9, eff. 7/28/2021.

Acts 2007, No. 1595, § 1; 2009, No. 486, § 10; 2011, No. 733, § 5.
Ark. Code Ann. § 23-42-309 — AR Code / Title 23 / Chapter 42 / Subchapter 3 / Section 23-42-309
Protection of vulnerable adults from financial exploitation - Definitions
Status: in_force

(a) As used in this section: (1) "Agencies" means: (A) The Adult Protective Services Unit of the Department of Human Services; and (B) The Securities Commissioner; (2) "Financial exploitation" means: (A) The wrongful or unauthorized taking, withholding, appropriation, or use of funds, assets, or property of a vulnerable adult; or (B) Any act or omission made by a person, including through the use of a vulnerable adult's power of attorney, guardianship, or conservatorship, to: (i) Obtain control, through deception, intimidation, or undue influence, over the vulnerable adult's funds, assets, or property that results in depriving the vulnerable adult of rightful ownership, use, benefit, access to, or possession of his or her money, assets, or property; or (ii) Convert funds, assets, or property of a vulnerable adult to deprive the vulnerable adult of the rightful ownership, use, benefit, access to, or possession of his or her funds, assets, or property; (3) "Person reasonably associated with the vulnerable adult" means: (A) A person permitted to transact business on the account of a vulnerable adult; (B) A person named as a beneficiary on an account of a vulnerable adult; or (C) An immediate family member of a vulnerable adult; (4) "Qualified individual" means an agent, an investment adviser representative, or an individual associated with a broker-dealer or investment adviser who serves in a supervisory, compliance, or legal capacity as part of the job duties of the individual; and (5) "Vulnerable adult" means a person who is: (A) Sixty-five (65) years of age or older; (B) Subject to supervision by the Adult Protective Services Unit of the Department of Human Services; or (C) Otherwise considered susceptible to financial exploitation. (b) If a qualified individual reasonably believes that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted, the qualified individual: (1) Should promptly disclose this information to the agencies; (2) Who in good faith and exercising reasonable care makes a disclosure under subdivision (b)(1) of this section and shares documentation, including books and records, related to the suspected activity shall be immune from administrative or civil liability that might otherwise arise from the disclosure or for any failure to notify the vulnerable adult of the disclosure; and (3) (A) May notify a third party previously designated by the vulnerable adult or a person reasonably associated with the vulnerable adult. (B) Disclosure shall not be made to any designated third party or a person reasonably associated with the vulnerable adult that is suspected of financial exploitation or other abuse of the vulnerable adult. (C) If a qualified individual makes a disclosure under subdivision (b)(3)(A) of this section, the qualified individual is immune from any administrative or civil liability that might otherwise arise from the disclosure. (c) (1) A broker-dealer or investment adviser may delay a disbursement or transaction from an account of a vulnerable adult or an account on which a vulnerable adult is a current beneficiary if: (A) Financial exploitation is suspected; (B) After an internal review of a requested disbursement or transaction, the broker-dealer, investment adviser, or qualified individual reasonably believes that the requested disbursement may result in financial exploitation; and (C) The broker-dealer or investment adviser immediately or within two (2) business days after the requested disbursement or transaction: (i) Provides to all parties authorized to transact business on the account written notification of the delay and the reason for the delay, unless any such party is reasonably believed to have engaged in suspected or attempted financial exploitation; (ii) Notifies the agencies; and (iii) Continues its internal review of the suspected or attempted financial exploitation, as necessary, and reports the investigation's results to the agencies within seven (7) business days after the requested disbursement or transaction. (2) (A) Except as provided under subdivision (c)(2)(B) of this section, a delay of a disbursement or transaction under this section shall expire upon the earliest of: (i) A determination by the broker-dealer or investment adviser that the disbursement or transaction will not result in financial exploitation; or (ii) Fifteen (15) business days after the date on which the broker-dealer or investment adviser first delayed disbursement of the funds or transaction. (B) If either of the agencies requests that the broker-dealer or investment adviser extend the delay of disbursement or transaction, the delay shall expire: (i) No more than twenty-five (25) business days after the date on which the broker-dealer or investment adviser first delayed disbursement or transaction of the funds; (ii) Upon the termination by the agencies of the hold on the disbursement or transaction; or (iii) As directed by an order of a court of competent jurisdiction. (3) A court of competent jurisdiction may enter an order extending the delay of the disbursement or transaction of funds or may order other protective relief upon application by: (A) The agencies; (B) The broker-dealer or investment adviser that initiated the delay of disbursement or transaction under subdivision (c)(1) of this section; or (C) Any other interested party. (4) If a broker-dealer or investment adviser delays a disbursement or transaction under subdivision (c)(1) of this section in good faith and exercising reasonable care and complies with this subsection, the broker-dealer or investment adviser is immune from any administrative or civil liability that might otherwise arise from the delay in a disbursement or transaction. (d) (1) A broker-dealer or investment adviser shall provide access to or copies of records that are relevant to the suspected or attempted financial exploitation, either as part of a referral or pursuant to an investigation, to: (A) The agencies; and (B) A law enforcement agency or entity. (2) The records may include historical records as well as records relating to recent transactions that may comprise financial exploitation. (3) The records, materials, data, and information made available by a broker-dealer or investment adviser under subdivision (d)(1) of this section are confidential and are not subject to examination or disclosure as public information under the Freedom of Information Act of 1967, § 25-19-101 et seq., but may be shared among the agencies and a law enforcement agency or entity in order to investigate or pursue appropriate action in the protection of vulnerable adults from financial exploitation. (e) This section does not limit or otherwise impede the authority of the commissioner to access or examine the books and records of broker-dealers and investment advisers as otherwise provided by this chapter. Amended by Act 2021, No. 533,§ 4, eff. 7/28/2021. Added by Act 2017, No. 668,§ 21, eff. 8/1/2017.

(a) As used in this section: (1) "Agencies" means: (A) The Adult Protective Services Unit of the Department of Human Services; and (B) The Securities Commissioner; (2) "Financial exploitation" means: (A) The wrongful or unauthorized taking, withholding, appropriation, or use of funds, assets, or property of a vulnerable adult; or (B) Any act or omission made by a person, including through the use of a vulnerable adult's power of attorney, guardianship, or conservatorship, to: (i) Obtain control, through deception, intimidation, or undue influence, over the vulnerable adult's funds, assets, or property that results in depriving the vulnerable adult of rightful ownership, use, benefit, access to, or possession of his or her money, assets, or property; or (ii) Convert funds, assets, or property of a vulnerable adult to deprive the vulnerable adult of the rightful ownership, use, benefit, access to, or possession of his or her funds, assets, or property; (3) "Person reasonably associated with the vulnerable adult" means: (A) A person permitted to transact business on the account of a vulnerable adult; (B) A person named as a beneficiary on an account of a vulnerable adult; or (C) An immediate family member of a vulnerable adult; (4) "Qualified individual" means an agent, an investment adviser representative, or an individual associated with a broker-dealer or investment adviser who serves in a supervisory, compliance, or legal capacity as part of the job duties of the individual; and (5) "Vulnerable adult" means a person who is: (A) Sixty-five (65) years of age or older; (B) Subject to supervision by the Adult Protective Services Unit of the Department of Human Services; or (C) Otherwise considered susceptible to financial exploitation.

(1) "Agencies" means: (A) The Adult Protective Services Unit of the Department of Human Services; and (B) The Securities Commissioner;

(A) The Adult Protective Services Unit of the Department of Human Services; and

(B) The Securities Commissioner;

(2) "Financial exploitation" means: (A) The wrongful or unauthorized taking, withholding, appropriation, or use of funds, assets, or property of a vulnerable adult; or (B) Any act or omission made by a person, including through the use of a vulnerable adult's power of attorney, guardianship, or conservatorship, to: (i) Obtain control, through deception, intimidation, or undue influence, over the vulnerable adult's funds, assets, or property that results in depriving the vulnerable adult of rightful ownership, use, benefit, access to, or possession of his or her money, assets, or property; or (ii) Convert funds, assets, or property of a vulnerable adult to deprive the vulnerable adult of the rightful ownership, use, benefit, access to, or possession of his or her funds, assets, or property;

(A) The wrongful or unauthorized taking, withholding, appropriation, or use of funds, assets, or property of a vulnerable adult; or

(B) Any act or omission made by a person, including through the use of a vulnerable adult's power of attorney, guardianship, or conservatorship, to: (i) Obtain control, through deception, intimidation, or undue influence, over the vulnerable adult's funds, assets, or property that results in depriving the vulnerable adult of rightful ownership, use, benefit, access to, or possession of his or her money, assets, or property; or (ii) Convert funds, assets, or property of a vulnerable adult to deprive the vulnerable adult of the rightful ownership, use, benefit, access to, or possession of his or her funds, assets, or property;

(i) Obtain control, through deception, intimidation, or undue influence, over the vulnerable adult's funds, assets, or property that results in depriving the vulnerable adult of rightful ownership, use, benefit, access to, or possession of his or her money, assets, or property; or

(ii) Convert funds, assets, or property of a vulnerable adult to deprive the vulnerable adult of the rightful ownership, use, benefit, access to, or possession of his or her funds, assets, or property;

(3) "Person reasonably associated with the vulnerable adult" means: (A) A person permitted to transact business on the account of a vulnerable adult; (B) A person named as a beneficiary on an account of a vulnerable adult; or (C) An immediate family member of a vulnerable adult;

(A) A person permitted to transact business on the account of a vulnerable adult;

(B) A person named as a beneficiary on an account of a vulnerable adult; or

(C) An immediate family member of a vulnerable adult;

(4) "Qualified individual" means an agent, an investment adviser representative, or an individual associated with a broker-dealer or investment adviser who serves in a supervisory, compliance, or legal capacity as part of the job duties of the individual; and

(5) "Vulnerable adult" means a person who is: (A) Sixty-five (65) years of age or older; (B) Subject to supervision by the Adult Protective Services Unit of the Department of Human Services; or (C) Otherwise considered susceptible to financial exploitation.

(A) Sixty-five (65) years of age or older;

(B) Subject to supervision by the Adult Protective Services Unit of the Department of Human Services; or

(C) Otherwise considered susceptible to financial exploitation.

(b) If a qualified individual reasonably believes that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted, the qualified individual: (1) Should promptly disclose this information to the agencies; (2) Who in good faith and exercising reasonable care makes a disclosure under subdivision (b)(1) of this section and shares documentation, including books and records, related to the suspected activity shall be immune from administrative or civil liability that might otherwise arise from the disclosure or for any failure to notify the vulnerable adult of the disclosure; and (3) (A) May notify a third party previously designated by the vulnerable adult or a person reasonably associated with the vulnerable adult. (B) Disclosure shall not be made to any designated third party or a person reasonably associated with the vulnerable adult that is suspected of financial exploitation or other abuse of the vulnerable adult. (C) If a qualified individual makes a disclosure under subdivision (b)(3)(A) of this section, the qualified individual is immune from any administrative or civil liability that might otherwise arise from the disclosure.

(1) Should promptly disclose this information to the agencies;

(2) Who in good faith and exercising reasonable care makes a disclosure under subdivision (b)(1) of this section and shares documentation, including books and records, related to the suspected activity shall be immune from administrative or civil liability that might otherwise arise from the disclosure or for any failure to notify the vulnerable adult of the disclosure; and

(3) (A) May notify a third party previously designated by the vulnerable adult or a person reasonably associated with the vulnerable adult. (B) Disclosure shall not be made to any designated third party or a person reasonably associated with the vulnerable adult that is suspected of financial exploitation or other abuse of the vulnerable adult. (C) If a qualified individual makes a disclosure under subdivision (b)(3)(A) of this section, the qualified individual is immune from any administrative or civil liability that might otherwise arise from the disclosure.

(A) May notify a third party previously designated by the vulnerable adult or a person reasonably associated with the vulnerable adult.

(B) Disclosure shall not be made to any designated third party or a person reasonably associated with the vulnerable adult that is suspected of financial exploitation or other abuse of the vulnerable adult.

(C) If a qualified individual makes a disclosure under subdivision (b)(3)(A) of this section, the qualified individual is immune from any administrative or civil liability that might otherwise arise from the disclosure.

(c) (1) A broker-dealer or investment adviser may delay a disbursement or transaction from an account of a vulnerable adult or an account on which a vulnerable adult is a current beneficiary if: (A) Financial exploitation is suspected; (B) After an internal review of a requested disbursement or transaction, the broker-dealer, investment adviser, or qualified individual reasonably believes that the requested disbursement may result in financial exploitation; and (C) The broker-dealer or investment adviser immediately or within two (2) business days after the requested disbursement or transaction: (i) Provides to all parties authorized to transact business on the account written notification of the delay and the reason for the delay, unless any such party is reasonably believed to have engaged in suspected or attempted financial exploitation; (ii) Notifies the agencies; and (iii) Continues its internal review of the suspected or attempted financial exploitation, as necessary, and reports the investigation's results to the agencies within seven (7) business days after the requested disbursement or transaction. (2) (A) Except as provided under subdivision (c)(2)(B) of this section, a delay of a disbursement or transaction under this section shall expire upon the earliest of: (i) A determination by the broker-dealer or investment adviser that the disbursement or transaction will not result in financial exploitation; or (ii) Fifteen (15) business days after the date on which the broker-dealer or investment adviser first delayed disbursement of the funds or transaction. (B) If either of the agencies requests that the broker-dealer or investment adviser extend the delay of disbursement or transaction, the delay shall expire: (i) No more than twenty-five (25) business days after the date on which the broker-dealer or investment adviser first delayed disbursement or transaction of the funds; (ii) Upon the termination by the agencies of the hold on the disbursement or transaction; or (iii) As directed by an order of a court of competent jurisdiction. (3) A court of competent jurisdiction may enter an order extending the delay of the disbursement or transaction of funds or may order other protective relief upon application by: (A) The agencies; (B) The broker-dealer or investment adviser that initiated the delay of disbursement or transaction under subdivision (c)(1) of this section; or (C) Any other interested party. (4) If a broker-dealer or investment adviser delays a disbursement or transaction under subdivision (c)(1) of this section in good faith and exercising reasonable care and complies with this subsection, the broker-dealer or investment adviser is immune from any administrative or civil liability that might otherwise arise from the delay in a disbursement or transaction.

(1) A broker-dealer or investment adviser may delay a disbursement or transaction from an account of a vulnerable adult or an account on which a vulnerable adult is a current beneficiary if: (A) Financial exploitation is suspected; (B) After an internal review of a requested disbursement or transaction, the broker-dealer, investment adviser, or qualified individual reasonably believes that the requested disbursement may result in financial exploitation; and (C) The broker-dealer or investment adviser immediately or within two (2) business days after the requested disbursement or transaction: (i) Provides to all parties authorized to transact business on the account written notification of the delay and the reason for the delay, unless any such party is reasonably believed to have engaged in suspected or attempted financial exploitation; (ii) Notifies the agencies; and (iii) Continues its internal review of the suspected or attempted financial exploitation, as necessary, and reports the investigation's results to the agencies within seven (7) business days after the requested disbursement or transaction.

(A) Financial exploitation is suspected;

(B) After an internal review of a requested disbursement or transaction, the broker-dealer, investment adviser, or qualified individual reasonably believes that the requested disbursement may result in financial exploitation; and

(C) The broker-dealer or investment adviser immediately or within two (2) business days after the requested disbursement or transaction: (i) Provides to all parties authorized to transact business on the account written notification of the delay and the reason for the delay, unless any such party is reasonably believed to have engaged in suspected or attempted financial exploitation; (ii) Notifies the agencies; and (iii) Continues its internal review of the suspected or attempted financial exploitation, as necessary, and reports the investigation's results to the agencies within seven (7) business days after the requested disbursement or transaction.

(i) Provides to all parties authorized to transact business on the account written notification of the delay and the reason for the delay, unless any such party is reasonably believed to have engaged in suspected or attempted financial exploitation;

(ii) Notifies the agencies; and

(iii) Continues its internal review of the suspected or attempted financial exploitation, as necessary, and reports the investigation's results to the agencies within seven (7) business days after the requested disbursement or transaction.

(2) (A) Except as provided under subdivision (c)(2)(B) of this section, a delay of a disbursement or transaction under this section shall expire upon the earliest of: (i) A determination by the broker-dealer or investment adviser that the disbursement or transaction will not result in financial exploitation; or (ii) Fifteen (15) business days after the date on which the broker-dealer or investment adviser first delayed disbursement of the funds or transaction. (B) If either of the agencies requests that the broker-dealer or investment adviser extend the delay of disbursement or transaction, the delay shall expire: (i) No more than twenty-five (25) business days after the date on which the broker-dealer or investment adviser first delayed disbursement or transaction of the funds; (ii) Upon the termination by the agencies of the hold on the disbursement or transaction; or (iii) As directed by an order of a court of competent jurisdiction.

(A) Except as provided under subdivision (c)(2)(B) of this section, a delay of a disbursement or transaction under this section shall expire upon the earliest of: (i) A determination by the broker-dealer or investment adviser that the disbursement or transaction will not result in financial exploitation; or (ii) Fifteen (15) business days after the date on which the broker-dealer or investment adviser first delayed disbursement of the funds or transaction.

(i) A determination by the broker-dealer or investment adviser that the disbursement or transaction will not result in financial exploitation; or

(ii) Fifteen (15) business days after the date on which the broker-dealer or investment adviser first delayed disbursement of the funds or transaction.

(B) If either of the agencies requests that the broker-dealer or investment adviser extend the delay of disbursement or transaction, the delay shall expire: (i) No more than twenty-five (25) business days after the date on which the broker-dealer or investment adviser first delayed disbursement or transaction of the funds; (ii) Upon the termination by the agencies of the hold on the disbursement or transaction; or (iii) As directed by an order of a court of competent jurisdiction.

(i) No more than twenty-five (25) business days after the date on which the broker-dealer or investment adviser first delayed disbursement or transaction of the funds;

(ii) Upon the termination by the agencies of the hold on the disbursement or transaction; or

(iii) As directed by an order of a court of competent jurisdiction.

(3) A court of competent jurisdiction may enter an order extending the delay of the disbursement or transaction of funds or may order other protective relief upon application by: (A) The agencies; (B) The broker-dealer or investment adviser that initiated the delay of disbursement or transaction under subdivision (c)(1) of this section; or (C) Any other interested party.

(A) The agencies;

(B) The broker-dealer or investment adviser that initiated the delay of disbursement or transaction under subdivision (c)(1) of this section; or

(C) Any other interested party.

(4) If a broker-dealer or investment adviser delays a disbursement or transaction under subdivision (c)(1) of this section in good faith and exercising reasonable care and complies with this subsection, the broker-dealer or investment adviser is immune from any administrative or civil liability that might otherwise arise from the delay in a disbursement or transaction.

(d) (1) A broker-dealer or investment adviser shall provide access to or copies of records that are relevant to the suspected or attempted financial exploitation, either as part of a referral or pursuant to an investigation, to: (A) The agencies; and (B) A law enforcement agency or entity. (2) The records may include historical records as well as records relating to recent transactions that may comprise financial exploitation. (3) The records, materials, data, and information made available by a broker-dealer or investment adviser under subdivision (d)(1) of this section are confidential and are not subject to examination or disclosure as public information under the Freedom of Information Act of 1967, § 25-19-101 et seq., but may be shared among the agencies and a law enforcement agency or entity in order to investigate or pursue appropriate action in the protection of vulnerable adults from financial exploitation.

(1) A broker-dealer or investment adviser shall provide access to or copies of records that are relevant to the suspected or attempted financial exploitation, either as part of a referral or pursuant to an investigation, to: (A) The agencies; and (B) A law enforcement agency or entity.

(A) The agencies; and

(B) A law enforcement agency or entity.

(2) The records may include historical records as well as records relating to recent transactions that may comprise financial exploitation.

(3) The records, materials, data, and information made available by a broker-dealer or investment adviser under subdivision (d)(1) of this section are confidential and are not subject to examination or disclosure as public information under the Freedom of Information Act of 1967, § 25-19-101 et seq., but may be shared among the agencies and a law enforcement agency or entity in order to investigate or pursue appropriate action in the protection of vulnerable adults from financial exploitation.

(e) This section does not limit or otherwise impede the authority of the commissioner to access or examine the books and records of broker-dealers and investment advisers as otherwise provided by this chapter.

Amended by Act 2021, No. 533,§ 4, eff. 7/28/2021.

Added by Act 2017, No. 668,§ 21, eff. 8/1/2017.
Ark. Code Ann. § 23-69-506 — AR Code / Title 23 / Chapter 69 / Subchapter 5 / Section 23-69-506
Application - Insurance business transfer plan
Status: in_force

(a) An applicant shall file an insurance business transfer plan with the Insurance Commissioner for his or her review and approval. (b) The insurance business transfer plan shall contain the following information or an explanation as to why the information is not included: (1) The name, address, and telephone number of the transferring insurer and the assuming insurer and their respective direct and indirect controlling persons, if any; (2) A summary of the insurance business transfer plan; (3) The identification and description of the subject business; (4) The most recent audited financial statements and annual and quarterly reports of the transferring insurer and assuming insurer filed with their domiciliary regulator; (5) The most recent actuarial report and opinion that quantifies the liabilities associated with the subject business; (6) The pro forma financial statements showing the projected balance sheet, results of operations, and cash flows of the assuming insurer for the three (3) years following the proposed transfer and novation; (7) Officers' certificates of the transferring insurer and the assuming insurer attesting that each has obtained all required internal approvals and authorizations regarding the insurance business transfer plan and completed all necessary and appropriate actions as required; (8) A proposal for implementation and administration of the insurance business transfer plan, including the form of notice to be provided under the insurance business transfer plan to any policyholder whose policy is part of the subject business; (9) A full description of how the notice described in subdivision (b)(8) of this section shall be provided; (10) A description of all reinsurance arrangements that would pass to the assuming insurer under the insurance business transfer plan; (11) A description of any guarantees or additional reinsurance that will cover the subject business following the transfer and novation; (12) A statement describing the assuming insurer's proposed investment policies and any contemplated third-party claims management and administration arrangements; (13) Evidence of approval or nonobjection of the transfer from the chief insurance regulator of the state of the transferring insurer's domicile; (14) (A) An opinion report from an independent expert, selected by the commissioner from a list of at least two (2) nominees submitted jointly by the transferring insurer and the assuming insurer, to assist the commissioner and the Pulaski County Circuit Court in the review of the proposed transaction. (B) If the commissioner, in his or her sole discretion, rejects the nominees described in subdivision (b)(14)(A) of this section, the commissioner may appoint an independent expert; and (15) Any other information the commissioner deems necessary. Added by Act 2021, No. 1018,§ 1, eff. 7/28/2021.

(a) An applicant shall file an insurance business transfer plan with the Insurance Commissioner for his or her review and approval.

(b) The insurance business transfer plan shall contain the following information or an explanation as to why the information is not included: (1) The name, address, and telephone number of the transferring insurer and the assuming insurer and their respective direct and indirect controlling persons, if any; (2) A summary of the insurance business transfer plan; (3) The identification and description of the subject business; (4) The most recent audited financial statements and annual and quarterly reports of the transferring insurer and assuming insurer filed with their domiciliary regulator; (5) The most recent actuarial report and opinion that quantifies the liabilities associated with the subject business; (6) The pro forma financial statements showing the projected balance sheet, results of operations, and cash flows of the assuming insurer for the three (3) years following the proposed transfer and novation; (7) Officers' certificates of the transferring insurer and the assuming insurer attesting that each has obtained all required internal approvals and authorizations regarding the insurance business transfer plan and completed all necessary and appropriate actions as required; (8) A proposal for implementation and administration of the insurance business transfer plan, including the form of notice to be provided under the insurance business transfer plan to any policyholder whose policy is part of the subject business; (9) A full description of how the notice described in subdivision (b)(8) of this section shall be provided; (10) A description of all reinsurance arrangements that would pass to the assuming insurer under the insurance business transfer plan; (11) A description of any guarantees or additional reinsurance that will cover the subject business following the transfer and novation; (12) A statement describing the assuming insurer's proposed investment policies and any contemplated third-party claims management and administration arrangements; (13) Evidence of approval or nonobjection of the transfer from the chief insurance regulator of the state of the transferring insurer's domicile; (14) (A) An opinion report from an independent expert, selected by the commissioner from a list of at least two (2) nominees submitted jointly by the transferring insurer and the assuming insurer, to assist the commissioner and the Pulaski County Circuit Court in the review of the proposed transaction. (B) If the commissioner, in his or her sole discretion, rejects the nominees described in subdivision (b)(14)(A) of this section, the commissioner may appoint an independent expert; and (15) Any other information the commissioner deems necessary.

(1) The name, address, and telephone number of the transferring insurer and the assuming insurer and their respective direct and indirect controlling persons, if any;

(2) A summary of the insurance business transfer plan;

(3) The identification and description of the subject business;

(4) The most recent audited financial statements and annual and quarterly reports of the transferring insurer and assuming insurer filed with their domiciliary regulator;

(5) The most recent actuarial report and opinion that quantifies the liabilities associated with the subject business;

(6) The pro forma financial statements showing the projected balance sheet, results of operations, and cash flows of the assuming insurer for the three (3) years following the proposed transfer and novation;

(7) Officers' certificates of the transferring insurer and the assuming insurer attesting that each has obtained all required internal approvals and authorizations regarding the insurance business transfer plan and completed all necessary and appropriate actions as required;

(8) A proposal for implementation and administration of the insurance business transfer plan, including the form of notice to be provided under the insurance business transfer plan to any policyholder whose policy is part of the subject business;

(9) A full description of how the notice described in subdivision (b)(8) of this section shall be provided;

(10) A description of all reinsurance arrangements that would pass to the assuming insurer under the insurance business transfer plan;

(11) A description of any guarantees or additional reinsurance that will cover the subject business following the transfer and novation;

(12) A statement describing the assuming insurer's proposed investment policies and any contemplated third-party claims management and administration arrangements;

(13) Evidence of approval or nonobjection of the transfer from the chief insurance regulator of the state of the transferring insurer's domicile;

(14) (A) An opinion report from an independent expert, selected by the commissioner from a list of at least two (2) nominees submitted jointly by the transferring insurer and the assuming insurer, to assist the commissioner and the Pulaski County Circuit Court in the review of the proposed transaction. (B) If the commissioner, in his or her sole discretion, rejects the nominees described in subdivision (b)(14)(A) of this section, the commissioner may appoint an independent expert; and

(A) An opinion report from an independent expert, selected by the commissioner from a list of at least two (2) nominees submitted jointly by the transferring insurer and the assuming insurer, to assist the commissioner and the Pulaski County Circuit Court in the review of the proposed transaction.

(B) If the commissioner, in his or her sole discretion, rejects the nominees described in subdivision (b)(14)(A) of this section, the commissioner may appoint an independent expert; and

(15) Any other information the commissioner deems necessary.

Added by Act 2021, No. 1018,§ 1, eff. 7/28/2021.
Ark. Code Ann. § 23-89-301 — AR Code / Title 23 / Chapter 89 / Subchapter 3 / Section 23-89-301
Definitions
Status: in_force

As used in this subchapter: (1) "Automobile collision coverage" includes all coverage of loss or damage to an automobile insured under the policy resulting from collision or upset; (2) "Automobile liability coverage" includes only coverage of bodily injury and property damage liability, medical payments, and uninsured motorists coverage; (3) "Automobile physical damage coverage" includes all coverage of loss or damage to an automobile insured under the policy except loss or damage resulting from collision or upset; (4) "Nonpayment of premium" means failure of the named insured to discharge when due any of his or her obligations in connection with the payment of premiums on a policy, or any installment of the premium, whether the premium is payable directly to the insurer or its agent or indirectly under any premium finance plan or extension of credit; (5) "Policy" means an automobile liability, automobile physical damage, or automobile collision policy, or any combination thereof, delivered or issued for delivery in this state; and (6) (A) "Renewal" or "to renew" means the issuance and delivery by an insurer of a: (i) Policy superseding a policy previously issued and delivered by: (a) The same insurer; or (b) An affiliate or subsidiary, as defined in § 23-63-503 , that has a financial strength rating that is: (1) Issued by an industry-recognized independent insurance rating company; and (2) At least as good as the insurer issuing the superseded policy; or (ii) Certificate or notice extending the term of a policy beyond its policy period or term. (B) However, for the purposes of this subchapter: (i) Any policy with a policy period or term of less than six (6) months shall be considered as if written for a policy period or term of six (6) months; and (ii) Any policy written for a term longer than one (1) year or any policy with no fixed expiration date shall be considered as if written for successive policy periods or terms of one (1) year, and the policy may be terminated at the expiration of any annual period upon giving twenty (20) days' notice of cancellation prior to the anniversary date. This cancellation shall not be subject to any other provisions of this subchapter. (C) This section does not repeal or supersede any requirements of the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., including without limitation the provisions of § 23-63-515 that are applicable to material transactions between an insurer and an insurer's affiliates. Amended by Act 2019, No. 689,§ 5, eff. 7/24/2019. Acts 1969, No. 333, § 1; A.S.A. 1947, § 66-4007; Acts 2007, No. 826, § 1.

As used in this subchapter:

(1) "Automobile collision coverage" includes all coverage of loss or damage to an automobile insured under the policy resulting from collision or upset;

(2) "Automobile liability coverage" includes only coverage of bodily injury and property damage liability, medical payments, and uninsured motorists coverage;

(3) "Automobile physical damage coverage" includes all coverage of loss or damage to an automobile insured under the policy except loss or damage resulting from collision or upset;

(4) "Nonpayment of premium" means failure of the named insured to discharge when due any of his or her obligations in connection with the payment of premiums on a policy, or any installment of the premium, whether the premium is payable directly to the insurer or its agent or indirectly under any premium finance plan or extension of credit;

(5) "Policy" means an automobile liability, automobile physical damage, or automobile collision policy, or any combination thereof, delivered or issued for delivery in this state; and

(6) (A) "Renewal" or "to renew" means the issuance and delivery by an insurer of a: (i) Policy superseding a policy previously issued and delivered by: (a) The same insurer; or (b) An affiliate or subsidiary, as defined in § 23-63-503 , that has a financial strength rating that is: (1) Issued by an industry-recognized independent insurance rating company; and (2) At least as good as the insurer issuing the superseded policy; or (ii) Certificate or notice extending the term of a policy beyond its policy period or term. (B) However, for the purposes of this subchapter: (i) Any policy with a policy period or term of less than six (6) months shall be considered as if written for a policy period or term of six (6) months; and (ii) Any policy written for a term longer than one (1) year or any policy with no fixed expiration date shall be considered as if written for successive policy periods or terms of one (1) year, and the policy may be terminated at the expiration of any annual period upon giving twenty (20) days' notice of cancellation prior to the anniversary date. This cancellation shall not be subject to any other provisions of this subchapter. (C) This section does not repeal or supersede any requirements of the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., including without limitation the provisions of § 23-63-515 that are applicable to material transactions between an insurer and an insurer's affiliates.

(A) "Renewal" or "to renew" means the issuance and delivery by an insurer of a: (i) Policy superseding a policy previously issued and delivered by: (a) The same insurer; or (b) An affiliate or subsidiary, as defined in § 23-63-503 , that has a financial strength rating that is: (1) Issued by an industry-recognized independent insurance rating company; and (2) At least as good as the insurer issuing the superseded policy; or (ii) Certificate or notice extending the term of a policy beyond its policy period or term.

(i) Policy superseding a policy previously issued and delivered by: (a) The same insurer; or (b) An affiliate or subsidiary, as defined in § 23-63-503 , that has a financial strength rating that is: (1) Issued by an industry-recognized independent insurance rating company; and (2) At least as good as the insurer issuing the superseded policy; or

(a) The same insurer; or

(b) An affiliate or subsidiary, as defined in § 23-63-503 , that has a financial strength rating that is: (1) Issued by an industry-recognized independent insurance rating company; and (2) At least as good as the insurer issuing the superseded policy; or

(1) Issued by an industry-recognized independent insurance rating company; and

(2) At least as good as the insurer issuing the superseded policy; or

(ii) Certificate or notice extending the term of a policy beyond its policy period or term.

(B) However, for the purposes of this subchapter: (i) Any policy with a policy period or term of less than six (6) months shall be considered as if written for a policy period or term of six (6) months; and (ii) Any policy written for a term longer than one (1) year or any policy with no fixed expiration date shall be considered as if written for successive policy periods or terms of one (1) year, and the policy may be terminated at the expiration of any annual period upon giving twenty (20) days' notice of cancellation prior to the anniversary date. This cancellation shall not be subject to any other provisions of this subchapter.

(i) Any policy with a policy period or term of less than six (6) months shall be considered as if written for a policy period or term of six (6) months; and

(ii) Any policy written for a term longer than one (1) year or any policy with no fixed expiration date shall be considered as if written for successive policy periods or terms of one (1) year, and the policy may be terminated at the expiration of any annual period upon giving twenty (20) days' notice of cancellation prior to the anniversary date. This cancellation shall not be subject to any other provisions of this subchapter.

(C) This section does not repeal or supersede any requirements of the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., including without limitation the provisions of § 23-63-515 that are applicable to material transactions between an insurer and an insurer's affiliates.

Amended by Act 2019, No. 689,§ 5, eff. 7/24/2019.

Acts 1969, No. 333, § 1; A.S.A. 1947, § 66-4007; Acts 2007, No. 826, § 1.