reglab/housing_qa huggingface dataset:
AR Code § 23-63-912 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 9 - Deposits|§ 23-63-912. Duration and release of deposit of life insurance and annuity reserves

 (a) Deposits of assets and securities representing, and at least equal in amount to, the reserves of a domestic life insurer under certain of its life insurance policies and annuity contracts and deposited under § 23-81-130 shall be held as long as the policies and contracts with respect to which the reserves exist are in force.  (b) With respect to policies and contracts in force, the applicable portion of the deposit shall not be released, whether or not the policies or contracts have been reinsured or the entire liability thereunder assumed by another insurer or the issuing insurer has become insolvent, subject to delinquency proceedings, or has been dissolved.  (c) Upon proof satisfactory to the Insurance Commissioner that certain of the policies or contracts previously in force have lapsed, been surrendered for cash value, matured, or otherwise terminated and that all liabilities of the insurer to policyholders and beneficiaries with respect to those policies or contracts have been fully paid and discharged, the commissioner may release any applicable portion of the deposit if the deposit is then in excess of the amount otherwise required. The commissioner may accept and rely upon records of the insurer as kept, summarized, and reported to him or her in the regular course of its business, as to any such payment and discharge.  (d)  (1) If the issuing insurer, or any insurer which may have assumed direct liability with respect to any policy or contract, becomes insolvent, the commissioner shall make or cause to be made, pursuant to such reasonable procedure therefor as he or she may deem proper, direct payment to persons entitled thereto under the terms of those policies or contracts of the proportionate interest of the person in the assets and securities then held on deposit, after deducting from the deposit the expenses actually incurred by the commissioner, if any, in making the distribution to the extent that the expenses cannot be met out of the insurer's other assets without diminution of the equity therein of other policyholders, contract holders, and creditors of the insurer.  (2) In the event of insolvency, the commissioner shall release to the receiver or rehabilitator of the insurer the excess, if any, of the deposit over the amount thereof necessary to discharge in full the obligations of the insurer as to policies and contracts for which the deposit is so held, together with the reasonable costs and expenses to be incurred by the commissioner in the discharge of the obligations as provided in this subsection.    (e) If the issuing or assuming insurer is insolvent, for the purposes of subsection (d) of this section, the commissioner shall accept and rely upon the records of the insurer as to the identity of persons to whom the deposit is payable under policies and annuity contracts and the amount to which respectively entitled.
AR Code § 23-63-1001 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 10 - Sureties on Bonds|§ 23-63-1001. Court, judicial, and certain other bonds

 (a)  (1) Upon compliance with the provisions of the Arkansas Insurance Code, a surety insurer may become surety upon any bond or other contract of any person and may become surety upon any bond required to be given by any person in the course of judicial proceedings or upon the bonds of administrators, executors, guardians, receivers, assignees, trustees, or other fiduciaries required to give the bond.  (2) The obligation of the insurer as surety upon those bonds or contracts may be accepted by the court, officer, board, or person required to approve the bond or contract as the sole surety upon the bond or contract even though previous laws or customs may have required two (2) sureties upon the bonds or contracts or may have required one (1) or more of the sureties to be residents of any particular territory.    (b) Where these bonds are given by administrators, executors, guardians, receivers, assignees, trustees, or other officers of the court, the court appointing the officers may allow the expense incurred by the officers in securing this bond in the insurer as part of the expenses of the trust to be paid out of the fund.
AR Code § 23-63-1002 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 10 - Sureties on Bonds|§ 23-63-1002. Bonds given by state, county, or municipal officers

 (a) All bonds or other obligations required or desired to be given by any state, county, or municipal officer for the due performance of the duties of his or her office or for the due accounting of money coming to his or her hands or for any other purpose whatever shall be sufficient when executed by a surety insurer authorized to transact business under the Arkansas Insurance Code as sole surety upon the bonds or obligations, whether or not previous laws required the bond to be executed by more than one (1) surety, or, provided that one (1) or more of the sureties upon the bond should be resident of this state, or any particular county therein, or resident of any specified territory.  (b) All officers, courts, and boards of this state, any county therein, or any municipality whose duty it is or shall be to approve the official bonds of any state, county, or municipal officer shall approve the bond as to its sureties when the insurer is the sole surety thereon.
AR Code § 23-63-1003 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 10 - Sureties on Bonds|§ 23-63-1003. Insurer's rights as surety same as individual's

 (a) A surety insurer authorized as such under the Arkansas Insurance Code shall have the same power and authority to become surety upon all bonds required by law or desired by contracting parties and shall be vested with the same rights and be subject to all the liabilities as individuals who become sureties on the bonds or contracts.  (b) A surety insurer which is surety upon any bond or contract may be released from its liability thereon on the same terms and conditions as are by law prescribed for the release of individuals as sureties.
AR Code § 23-63-1004 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 10 - Sureties on Bonds|§ 23-63-1004. Estoppel to deny corporate power to be surety

 In any action brought against a surety insurer to enforce the liability assumed by it under any bond or contract, the insurer is estopped from denying its corporate or other power to execute that bond or guaranty or to assume the liability.
AR Code § 23-63-1101 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 11 - Business Transacted with Producer Controlled Property and Casualty Insurer Act|§ 23-63-1101. Title

 This subchapter may be cited as the “Business Transacted with Producer Controlled Property and Casualty Insurer Act”.
AR Code § 23-63-1102 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 11 - Business Transacted with Producer Controlled Property and Casualty Insurer Act|§ 23-63-1102. Definitions

 As used in this subchapter:   (1) “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners;  (2) “Control” or “controlled” has the meaning set out in § 23-63-503(2);  (3) “Controlled insurer” means a licensed insurer which is controlled, directly or indirectly, by a producer;  (4) “Controlling producer” means a producer who, directly or indirectly, controls an insurer;  (5)  (A) “Licensed insurer” or “insurer” means any person, firm, association, or corporation duly licensed to transact a property and casualty insurance business in this state.  (B) The following, among other things, are not licensed insurers for the purposes of this subchapter:  (i) All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, the Product Liability Risk Retention Act of 1981, and §§ 23-94-101 — 23-94-108 [repealed], 23-94-201 — 23-94-209 [revised], and 23-94-301 — 23-94-303 [repealed];  (ii) All residual market pools and joint underwriting authorities or associations; and  (iii) All captive insurers, that is, insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks of member organizations and group members and their affiliates; and      (6) “Producer” means an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, such a person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation.
AR Code § 23-63-1103 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 11 - Business Transacted with Producer Controlled Property and Casualty Insurer Act|§ 23-63-1103. Date of required compliance

 Compliance with this subchapter shall be required on and after January 1, 1994.
AR Code § 23-63-1104 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 11 - Business Transacted with Producer Controlled Property and Casualty Insurer Act|§ 23-63-1104. Applicability

 (a) This subchapter shall apply to licensed insurers as defined in § 23-63-1102 either domiciled in this state or domiciled in a state that is not an accredited state having in effect a substantially similar law.  (b) All provisions of the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., to the extent they are not superseded by the provisions of this subchapter, shall continue to apply to all parties within holding company systems subject to the provisions of this subchapter.
AR Code § 23-63-1106 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 11 - Business Transacted with Producer Controlled Property and Casualty Insurer Act|§ 23-63-1106. Disclosure

 The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that, if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain in his or her records a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the producer and that the subproducer has or will notify the insured.
AR Code § 23-63-1107 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 11 - Business Transacted with Producer Controlled Property and Casualty Insurer Act|§ 23-63-1107. Penalties

 (a)  (1) If the Insurance Commissioner believes that the controlling producer or any other person has not materially complied with this subchapter, after notice and hearing, the commissioner may order the controlling producer to cease placing business with the controlled insurer.  (2) If it is found that because of such material noncompliance the controlled insurer or any policyholder thereof has suffered any loss or damage, the commissioner may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief.    (b) If an order for liquidation or rehabilitation of the controlled insurer has been entered pursuant to § 23-68-101 et seq., and the receiver appointed under that order believes that the controlling producer or any other person has not materially complied with this subchapter, and the insurer suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.  (c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in the Arkansas Insurance Code.  (d) Nothing contained in this section is intended to or shall in any manner alter or affect the rights of policyholders, claimants, creditors, or other third parties.
AR Code § 23-63-1301 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 13 - Risk-Based Capital Act|§ 23-63-1301. Title

 This subchapter shall be known and may be cited as the “Risk-Based Capital Act”.
AR Code § 23-63-1303 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 13 - Risk-Based Capital Act|§ 23-63-1303. RBC reports

 (a) Annually on or before March 1, each domestic insurer shall prepare and submit to the Insurance Commissioner a report of its RBC levels as of the end of the previous calendar year in a form and containing the information as needed by the RBC instructions. In addition, each domestic insurer shall file its RBC report:  (1) With the NAIC according to the RBC instructions; and  (2) With the insurance commissioner in a state in which the insurer may do business, if the insurance commissioner has notified the insurer of its request in writing, in which case the insurer shall file its RBC report by the later of:  (A) Fifteen (15) days from the receipt of notice to file its RBC report with that state; or  (B) The filing date.      (b) A life or accident and health insurer's or a fraternal benefit society's RBC is determined according to the formula stated in the RBC instructions. The formula shall take into account and may adjust for the covariance among the following factors determined in each case by applying the factors as stated in the RBC instructions:  (1) The risk for the insurer's assets;  (2) The risk of adverse insurance experience for the insurer's liabilities and obligations;  (3) The interest rate risk for the insurer's business; and  (4) Other business and relevant risks as determined in each case by applying RBC instructions.    (c) A property and casualty insurer's RBC is determined according to the formula stated in the RBC instructions. The formula may adjust for the covariance among the following factors determined according to the formula stated in the RBC instructions:  (1) Asset risk;  (2) Credit risk;  (3) Underwriting risk; and  (4) Other business and relevant risks as stated in the RBC instructions.    (d) An excess of capital over the amount produced by the risk-based capital requirements contained in this subchapter and the formulas, schedules, and instructions referenced in this subchapter are desirable in the business of insurance. Insurers should seek to maintain capital above the RBC levels needed by this subchapter. Additional capital is used and useful in the insurance business and helps to secure an insurer against various risks inherent in or affecting the business of insurance and not accounted for or only partially measured by the risk-based capital requirements contained in this subchapter.  (e) If a domestic insurer files an RBC report that in the judgment of the commissioner is inaccurate, the commissioner shall adjust the RBC report to correct the inaccuracy and notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. An RBC report as so adjusted is referred to as an “adjusted RBC report”.
AR Code § 23-63-1306 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 13 - Risk-Based Capital Act|§ 23-63-1306. Authorized control level event

 (a) As used in this subchapter, “authorized control level event” means any of the following events:  (1) The filing of an RBC report by the insurer that shows the insurer's total adjusted capital is more than or equal to its mandatory control level RBC but less than its authorized control level RBC;  (2) The notification by the Insurance Commissioner to the insurer of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section if the insurer does not challenge the adjusted RBC report under § 23-63-1308;  (3) If under § 23-63-1308 the insurer challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, notification by the commissioner to the insurer that the commissioner, after a hearing, has rejected the insurer's challenge;  (4) The failure of the insurer to respond in a way satisfactory to the commissioner to a corrective order if the insurer has not challenged the corrective order under § 23-63-1308; or  (5) If the insurer has challenged a corrective order under § 23-63-1308 and the commissioner, after a hearing, has rejected the challenge or modified the corrective order, the failure of the insurer to respond, in a way satisfactory to the commissioner, to the corrective order after rejection or modification by the commissioner.    (b) In the event of an authorized control level event with respect to an insurer, the commissioner shall:  (1) Take the actions required under § 23-63-1305 regarding an insurer with respect to which a regulatory action level event has occurred; or  (2) If the commissioner considers it to be in the best interests of the policyholders and creditors of the insurer and of the public, take the actions necessary to cause the insurer to be placed under regulatory control under § 23-68-101 et seq. In the event the commissioner takes the actions, the authorized control level event is sufficient grounds for the commissioner to take action under § 23-68-101 et seq., and the commissioner shall have the rights, powers, and duties with respect to the insurer as stated in § 23-68-101 et seq. If the commissioner takes action under this section under an adjusted RBC report, the insurer is entitled to the protections provided to insurers under § 23-68-101 et seq. pertaining to summary proceedings.
AR Code § 23-63-1307 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 13 - Risk-Based Capital Act|§ 23-63-1307. Mandatory control level event — Definition

 (a) As used in this subchapter, “mandatory control level event” means any of the following events:  (1) The filing of an RBC report that shows the insurer's total adjusted capital is less than its mandatory control level RBC;  (2) Notification by the Insurance Commissioner to the insurer of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section if the insurer does not challenge the adjusted RBC report under § 23-63-1308; or  (3) If under § 23-63-1308 the insurer challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, notification by the commissioner to the insurer that the commissioner, after a hearing, has rejected the insurer's challenge.    (b) In the event of a mandatory control level event:  (1)  (A) For a life insurer or a fraternal benefit society, the commissioner shall take action to place the life insurer or the fraternal benefit society under regulatory control under § 23-68-101 et seq.  (B) In that event, the mandatory control level event is sufficient grounds for the commissioner to take action under § 23-68-101 et seq., and the commissioner shall have the rights, powers, and duties to the life insurer or the fraternal benefit society stated in § 23-68-101 et seq.  (C) If the commissioner takes action under an adjusted RBC report, the life insurer or the fraternal benefit society is entitled to the protections of § 23-68-101 et seq. pertaining to summary proceedings.  (D) The commissioner may forego action for up to ninety (90) days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety-day period; and    (2) With respect to a property and casualty insurer, the commissioner shall take the actions necessary to place the insurer under regulatory control under § 23-68-101 et seq., or in the case of an insurer that is writing no business and is running-off its existing business, may allow the insurer to continue its runoff under the supervision of the commissioner. In either event, the mandatory control level event is sufficient grounds for the commissioner to take action under § 23-68-101 et seq., and the commissioner shall have the rights, powers, and duties with respect to the insurer stated in § 23-68-101 et seq. If the commissioner takes action under an adjusted RBC report, the insurer is entitled to the protections of § 23-68-101 et seq. pertaining to summary proceedings. The commissioner may forego action for up to ninety (90) days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety-day period.
AR Code § 23-63-1308 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 13 - Risk-Based Capital Act|§ 23-63-1308. Hearings

 (a)  (1) If any of the events listed in subsection (b) of this section occurs, the insurer shall have the right to a confidential administrative hearing on record, at which the insurer may challenge any determination or action by the Insurance Commissioner.  (2)  (A) The insurer shall notify the commissioner of its request for a hearing within five (5) days after the notification by the commissioner under subsection (b) of this section.  (B) On receipt of the insurer's request for a hearing, the commissioner shall set a date for the hearing. The date shall be no less than ten (10) nor more than thirty (30) days after the date of the insurer's request.      (b) Subsection (a) of this section applies if:  (1) The commissioner notifies an insurer of an adjusted RBC report;  (2) The commissioner notifies an insurer that:  (A) The insurer's RBC plan or revised RBC plan is unsatisfactory; and  (B) The notification constitutes a regulatory action level event with respect to the insurer;    (3) The commissioner notifies an insurer that the insurer has failed to adhere to its RBC plan or revised RBC plan and that the failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event with respect to the insurer according to its RBC plan or revised RBC plan; or  (4) The commissioner notifies an insurer of a corrective order with respect to the insurer.