reglab/housing_qa huggingface dataset:
AR Code § 23-69-114 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-114. Formation of nonlife mutual insurer — Applications for insurance

 (a) Upon receipt of the Insurance Commissioner's approval of the bond or deposit as provided in § 23-69-113, the directors and officers of the proposed domestic mutual insurer may commence solicitation of the requisite applications for insurance policies as they may accept, and they may receive deposits of premiums thereon.  (b) All applications shall be in writing signed by the applicant, covering subjects of insurance resident, located, or to be performed in this state.  (c) All applications shall provide that:  (1) Insurance of the policy is contingent upon the insurer's qualifying for and receiving a certificate of authority;  (2) No insurance is in effect unless and until the certificate of authority has been issued; and  (3) The prepaid premium or deposit, and membership or policy fee, if any, shall be refunded in full to the applicant if organization is not completed and the certificate of authority is not issued and received by the insurer before a specified reasonable date. The date shall be not later than one (1) year after the date of the certificate of incorporation.    (d) All qualifying premiums collected shall be in cash.  (e)  (1) Solicitation for qualifying applications for insurance shall be by licensed agents of the corporation, and upon the corporation's application, the commissioner shall issue temporary agent's licenses expiring on the date specified pursuant to subdivision (c)(3) of this section to individuals qualified as for an agent's or producer's license except as to the taking or passing of an examination.  (2) The commissioner may suspend or revoke any license for any of the causes and pursuant to the same procedures as are applicable to suspension or revocation of licenses of agents and producers in general under § 23-64-101 et seq., § 23-64-201 et seq., and the Producer Licensing Model Act, § 23-64-501 et seq.
AR Code § 23-69-115 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-115. Trust deposit of premiums — Issuance of policies — Mutual insurers

 (a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust in a bank or trust company in this state under a written trust agreement consistent with this section and with § 23-69-114(c)(3). The corporation shall file an executed copy of the trust agreement with the Insurance Commissioner.  (b) Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which the applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall in due course issue and deliver its policies for which premiums had been paid and accepted. The insurance provided by the policies shall be effective as of the date of the certificate of authority, or thereafter as provided by the policies.
AR Code § 23-69-116 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-116. Failure to complete organization — Mutual insurers

 If the proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within one (1) year from and after the date of its certificate of incorporation, the corporation shall be dissolved by the Insurance Commissioner. The commissioner shall then return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums held in trust under § 23-69-115.
AR Code § 23-69-117 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-117. Additional kinds of insurance — Mutual insurers

 A domestic mutual insurer, after being authorized to transact one (1) kind of insurance, may be authorized by the Insurance Commissioner to transact such additional kinds of insurance as are permitted under § 23-63-204, while otherwise in compliance with the Arkansas Insurance Code and while maintaining unimpaired surplus funds in an amount not less than the amount of paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, subject further to the additional expendable surplus requirements of § 23-63-207 applicable to such a stock insurer.
AR Code § 23-69-118 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-118. Membership — Mutual insurers

 (a) Each policyholder of a domestic mutual insurer, other than of a reinsurance contract, is a member of the insurer with all rights and obligations of membership, and the policy shall so specify.  (b) Any person, government, or governmental agency, state or political subdivision thereof, public or private corporation, board, association, firm, estate, trustee, or fiduciary may be a member of a domestic, foreign, or alien mutual insurer. Any officer, stockholder, trustee, or legal representative of a corporation, board, association, or estate may be recognized as acting for or on its behalf for the purpose of the membership and shall not be personally liable upon any contract of insurance for acting in a representative capacity.  (c) Any domestic corporation may participate as a member of a mutual insurer as an incidental purpose for which the corporation is organized and as such granted as the rights and powers expressly conferred by its articles of incorporation.
AR Code § 23-69-119 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-119. Bylaws — Mutual insurers

 (a)  (1) A domestic mutual insurer shall have bylaws consistent with § 23-69-111(b)(7).  (2) The initial board of directors of a domestic mutual insurer shall adopt original bylaws, subject to the approval of the insurer's members at the next succeeding meeting.  (3) The members may make, modify, and revoke bylaws.    (b) The bylaws shall provide:  (1)  (A) That on each matter coming to a vote at meetings of members, each member is entitled to one (1) vote or to more votes according to a reasonable classification of members stated in the bylaws and based on the amount of the insurance in force, the number of policies held, the amount of the premiums paid by the member, or other reasonable factors.  (B)  (i) A member may vote in person or by his or her written proxy.  (ii) A proxy shall not be made irrevocable or for longer than a reasonable period of time;      (2) For election of directors by the members and the number, qualifications, terms of office, and powers of directors;  (3) The time, notice, quorum, and conduct of annual and special meetings of members and voting. The bylaws may provide that the annual meeting shall be held at a place, date, and time to be stated in the policy without giving other notice of the meeting;  (4) The number, designation, election, terms, powers, and duties of the respective corporate officers;  (5) For deposit, custody, disbursement, and accounting for corporate funds; and  (6) For the other reasonable provisions customary, necessary, or convenient for the management or regulation of its corporate affairs.    (c) A provision in the bylaws for determining a quorum of members at a meeting that is less than a majority of the insurer's members shall not be effective unless approved by the Insurance Commissioner. This subsection does not affect other law requiring the vote of a larger percentage of members for a specified purpose.  (d)  (1) The insurer shall promptly file with the commissioner a copy, certified by the insurer's secretary, of its bylaws and of each modification or addition.  (2) The commissioner shall disapprove a bylaw provision that the commissioner deems unlawful, unreasonable, inadequate, unfair, or detrimental to the proper interests or protection of the insurer's members or any other class.  (3) After receiving written notice of the disapproval of the bylaw provision and during the bylaw provision's existence, the insurer shall not effectuate a bylaw provision so disapproved.    (e) Each domestic stock insurer shall provide written notice to the commissioner within fourteen (14) days after a modification of its bylaws.
AR Code § 23-69-121 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-121. Stockholders' voting rights

 (a) Unless otherwise provided in the articles of incorporation or an amendment thereof, every stockholder of record of a domestic stock insurer shall be entitled, at each meeting of stockholders thereof and upon each proposal presented at the meeting, to one (1) vote for each share of stock standing in his or her name on the books of the insurer.  (b)  (1) The board of directors shall have power to close the stock transfer books of the corporation for a period not exceeding forty (40) days preceding the date of any meeting of stockholders or the date for payment of any dividend or the date for the allotment of rights or the date when any change or conversion or exchange of capital stock shall go into effect.  (2) However, in lieu of closing the stock transfer books as described in this section, the bylaws may fix or authorize the board of directors to fix in advance a date, not exceeding forty (40) days preceding the date of any meeting of stockholders, or the date for the payment of any dividend or the date for the allotment of rights, or the date when any change or conversion or exchange of capital stock shall go into effect as a record date for the determination of the stockholders entitled to notice of, and to vote at, the meeting, or entitled to receive payment of any dividend or to any allotment of rights, or to exercise the rights in respect of any change, conversion, or exchange of capital stock. In such cases the stockholders and only such stockholders as shall be stockholders of record on the date so fixed shall be entitled to the notice of, and to vote at, the meeting or to receive payment of such a dividend, or to receive such an allotment of rights, or to exercise those rights, as the case may be, notwithstanding any transfer of any stock on the books of the corporation after any record fixed as described in this section.
AR Code § 23-69-122 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-122. Proxies — Stock insurers

 (a) Every proxy of a stockholder of an insurer shall be revocable at will, and this provision cannot be waived.  (b) The revocation of a proxy shall not be effective until notice thereof has been given to the secretary of the insurer.  (c) The Insurance Commissioner shall have the authority to:  (1) Regulate the solicitation of proxies by any person;  (2) Require the disclosure of information deemed relevant to an understanding of issues and matters with respect to which proxies are, or are proposed to be, solicited;  (3) Specify general requirements as to form and contents of proxies;  (4) Determine the length of time for which proxies may be effective unless sooner revoked;  (5) Prohibit solicitations of proxies which do not comply with such rules as the commissioner may issue hereunder, or as to which disclosures required by the rules are not made;  (6) Prohibit the making or use of false or misleading statements or the distribution of any false or misleading material with respect to the solicitation of any proxy or with respect to any election or election contest; and  (7) Issue such other rules respecting proxies and elections as the commissioner may deem necessary or appropriate in the public interest or for the protection of stockholders of insurers.    (d) Rules issued by the commissioner under authority of this section shall be made or amended as provided in § 23-61-108.  (e) Insofar as may be practical, rules and regulations with respect to proxies, consents, or authorizations then currently approved or formulated by the National Association of Insurance Commissioners, or its successor organization, shall be followed.
AR Code § 23-69-123 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-123. Buying of vote or proxy — Corrupt and dishonest practices prohibited

 (a) No person shall buy or sell a vote or proxy, relative to any meeting of stockholders or members of an insurer, or engage in any corrupt or dishonest practice in or relative to the conduct of any meeting.  (b) Violation of this section shall be punishable as provided in § 23-60-108.
AR Code § 23-69-124 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-124. Contingent liability of nonlife mutual members

 (a)  (1) Each member of a domestic mutual insurer other than a life insurer shall, except as otherwise hereinafter provided with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability shall be expressed in the policy and be in such maximum amount as is specified in the insurer's articles of incorporation.  (2) Termination of the policy of any member shall not relieve the member of contingent liability for his or her proportion, if any, of the obligations of the insurer which accrued while the policy was in force.  (3) Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition.    (b)  (1) If at any time the assets of a domestic mutual insurer other than a life insurer are less than its liabilities and the minimum amount of surplus required to be maintained by it by the Arkansas Insurance Code for authority to transact the kinds of insurance being transacted, and the deficiency is not cured from other sources, its directors shall levy an assessment only upon its members who held policies providing for contingent liability at any time within the twelve (12) months preceding the date notice of the assessment was mailed to them, and the members shall be liable to the insurer for the amount so assessed.  (2) The assessment shall be for such an amount as is required to cure the deficiency and to provide a reasonable amount of working funds above the minimum amount of surplus, but working funds so provided shall not exceed five percent (5%) of the insurer's liabilities as of the date as of which the amount of the deficiency was determined.  (3) In levying an assessment on policies providing for contingent liability, the assessment shall be computed on the basis of premiums earned on the policies.  (4) No member shall have an offset against any assessment for which he or she is liable, on account of any claim for unearned premium or loss payable.
AR Code § 23-69-125 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-125. Contingent liability and assessability of policies — Mutual insurers

 (a)  (1) While possessing surplus funds in amount not less than the paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, a domestic mutual insurer may, upon receipt of the Insurance Commissioner's order so authorizing, extinguish the contingent liability of its members as to all its policies in force and may omit provisions imposing contingent liability in all its policies currently issued.  (2) No domestic mutual legal reserve life insurer shall at any time issue policies providing for or subject to contingent liability or assessment of members.    (b)  (1) The commissioner shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if at any time the insurer's assets are less than the sum of its liabilities and the surplus required for the authority, or if the insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked.  (2) This subsection does not apply to domestic mutual legal reserve life insurers.
AR Code § 23-69-126 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-126. Participating policies

 (a) A domestic stock or domestic mutual insurer may issue any or all of its policies with or without participation in profits, savings, or unabsorbed portions of premiums, may classify policies issued on a participating and nonparticipating basis, and may determine the right to participate and the extent of participation of any class or classes of policies. Any classification or determination shall be reasonable and shall not unfairly discriminate as between policyholders within the same classifications.  (b) No dividend, otherwise earned, shall be made contingent upon the payment of renewal premium on any policy. This subsection shall not apply as to life policy dividends payable for a dividend year in advance, contingent upon payment of the premium for the year.
AR Code § 23-69-127 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-127. Consideration for stock

 (a) Shares of stock of a domestic stock insurer shall be issued for a consideration having a value in the judgment of the insurer's board of directors of not less than the par value of the stock so issued.  (b) In the absence of fraud, or willful over-valuation or under-valuation in the transaction, the judgment of the directors as to the value of any consideration shall be conclusive.
AR Code § 23-69-128 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-128. Transfer of stock

 The provisions of chapter 8 of the Uniform Commercial Code, § 4-8-101 et seq., to the extent applicable, shall apply as to stock of a domestic stock insurer.
AR Code § 23-69-129 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-129. Dividends to stockholders

 (a) A domestic stock insurer shall not pay any dividend to stockholders except out of that part of its available surplus funds which is derived from net profits on its business.  (b) A stock dividend may be paid out of any available surplus funds in excess of the aggregate amount of surplus loaned to the insurer under § 23-69-132.  (c) A dividend otherwise proper may be payable out of the insurer's earned surplus even though its total surplus is then less than the aggregate of its past contributed surplus resulting from issuance of its capital stock at a price in excess of the par value thereof.
AR Code § 23-69-130 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-130. Dividends to mutual policyholders

 (a) The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that part of its surplus funds which represents net realized savings and net realized earnings in excess of the surplus required by law to be maintained.  (b) A dividend otherwise proper may be payable out of the savings and earnings even though the insurer's total surplus is then less than the aggregate of its contributed surplus.
AR Code § 23-69-131 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 69 - Domestic Stock and Mutual Insurers|Subchapter 1 - General Provisions|§ 23-69-131. Unauthorized dividends prohibited

 (a) Any director of a domestic stock or mutual insurer who votes for or concurs in the declaration or payment of a dividend, other than as authorized under § 23-69-129 or § 23-69-130, to stockholders or members shall upon conviction be guilty of a Class A misdemeanor and shall be jointly and severally liable, together with other directors likewise voting for or concurring, for any loss sustained by the insurer.  (b) Any stockholder receiving such a dividend shall be liable in the amount thereof to the insurer.  (c) The Insurance Commissioner may revoke or suspend the certificate of authority of an insurer which has declared or paid a dividend other than as so authorized.