reglab/housing_qa huggingface dataset:
AR Code § 23-69-132 (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|§ 23-69-132. Borrowed surplus

 (a)  (1)  (A) A domestic stock or mutual insurer may borrow cash or other admitted assets satisfactory to the Insurance Commissioner to defray the expenses of its organization, provide it with surplus funds, or for any purpose of its business, upon entering a written agreement that the cash or other admitted assets are required to be repaid only out of the insurer's surplus in excess of that stipulated in the agreement.  (B) The agreement described in subdivision (a)(1)(A) of this section may provide for interest which shall or shall not constitute a liability of the insurer as to its funds other than the excess or surplus, as stipulated in the agreement.    (2) A commission or promotion expense shall not be paid in connection with the loan.    (b)  (1) Cash or other admitted assets satisfactory to the commissioner borrowed under subsection (a) of this section, together with the interest thereon, if stipulated to in the agreement, shall not be:  (A) Included in the insurer's legal liabilities except as to its surplus in excess of the amount thereof stipulated to in the agreement; or  (B) The basis of any setoff.    (2) Until the cash or other admitted assets are repaid, the financial statements filed or published by the insurer shall show as a footnote thereto the amount of surplus borrowed, any remaining balance, and any accrued interest unpaid.    (c)  (1) Any loan to an insurer shall be subject to the Insurance Commissioner's approval.  (2) The insurer shall, in advance of the loan, file with the commissioner a statement of the purpose of the loan and a copy of the proposed loan agreement.  (3) The loan and agreement shall be deemed approved unless, within fifteen (15) days after the date of filing, the insurer is notified of the commissioner's disapproval and the reasons therefor.  (4) The commissioner shall disapprove any proposed loan or agreement if he or she finds the loan is unnecessary or excessive for the purpose intended, or that the terms of the loan agreement are not fair and equitable to the parties, and to other similar lenders, if any, to the insurer, or that the information so filed by the insurer is inadequate.    (d) Any loan to an insurer or substantial portion thereof shall be repaid by the insurer when no longer necessary for the purpose originally intended. No repayment of the loan shall be made by an insurer unless it is approved by the commissioner in advance.  (e) This section shall not apply to loans obtained by the insurer in the ordinary course of business from banks and other financial institutions nor to loans secured by pledge or mortgage of assets.
AR Code § 23-69-133 (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|§ 23-69-133. Stockholders' liability

 (a) Every holder of shares of stock of a domestic stock insurer not fully paid shall be personally liable to the insurer's creditors for the insurer's debts to an amount equal to the amount unpaid on the shares held by him or her.  (b) Anything in §§ 23-69-101 — 23-69-103, 23-69-105 — 23-69-141, 23-69-143, and 23-69-149 — 23-69-156 to the contrary notwithstanding, a holder of shares who has acquired the shares in good faith without knowledge that they were not paid in full or to the extent stated in the certificate for the shares shall not be liable either to the insurer or to its creditors for any amount beyond that shown by the certificate to be unpaid on the shares represented thereby.  (c) Any holder who derives his or her title through such a holder and who is not himself or herself a party to any fraud affecting the issuance of the shares shall have all the rights of the former owner.
AR Code § 23-69-135 (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|§ 23-69-135. Evidence of disbursement required

 (a) No insurer shall make any disbursement of one thousand dollars ($1,000) or more unless evidenced by a voucher, bill, or other document correctly describing the consideration for the payment or evidenced by a check, draft, or receipt endorsed or signed by or on behalf of the person receiving the money.  (b) If the disbursement is for services and reimbursement, the voucher shall describe the services and the expenditures.
AR Code § 23-69-136 (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|§ 23-69-136. Situs of personal property for taxation

 For the purpose of state, county, and municipal taxation, the situs of all personal property belonging to a domestic insurer and located in this state shall be at the home office of the insurer.
AR Code § 23-69-137 (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|§ 23-69-137. Management and exclusive agency contracts

 (a)  (1) No domestic insurer shall make any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors or to have the controlling or preemptive right to produce substantially all insurance business for the insurer unless the contract is filed with and approved by the Insurance Commissioner.  (2) The contract shall be deemed approved unless disapproved by the commissioner within twenty (20) days after the date of filing, subject to such reasonable extension of time as the commissioner may require by notice given within the twenty (20) days.  (3) Any disapproval shall be delivered to the insurer in writing, stating the grounds therefor.    (b) The commissioner shall disapprove any contract if he or she finds that it:  (1) Subjects the insurer to excessive charges;  (2) Is to extend for an unreasonable length of time;  (3) Does not contain fair and adequate standards of performance; or  (4) Contains other inequitable provisions which impair the proper interests of stockholders or members of the insurer.    (c) The provisions of this section shall not apply to contracts of domestic licensees governed by the provisions of:  (1) Sections 23-63-514 and 23-63-515 of the Insurance Holding Company Regulatory Act, § 23-63-501 et seq.;  (2) The Managing General Agents Act, § 23-64-401 et seq.; and  (3) Section 23-63-105 concerning service contracts to perform administrative functions.
AR Code § 23-69-138 (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|§ 23-69-138. Impairment of capital or assets

 (a)  (1)  (A) If a stock or mutual insurer becomes impaired or insolvent, the Insurance Commissioner may:  (i) Determine the amount of the deficiency; and  (ii) Serve notice upon the insurer to make good the deficiency within thirty (30) days after service of the notice.    (B) After a hearing, the commissioner may suspend the insurer from soliciting or writing any new coverages in this state until the deficiency is made good.    (2) For the purposes of this section, “insolvent” or “impairment” means the same as defined in the Uniform Insurers Liquidation Act, §§ 23-68-101, 23-68-102(2)-(13), 23-68-104, 23-68-105, 23-68-113, and 23-68-115 — 23-68-120.    (b) The deficiency may be made good:  (1) In cash;  (2) In assets eligible under § 23-63-801 et seq., which refers to investments, for the investment of the insurer's funds;  (3) If a stock insurer, by:  (A) Reduction of the stock insurer's capital to an amount not below the minimum required for the kinds of insurance thereafter to be transacted; or  (B) Amendment of its certificate of authority to cover only such kinds of insurance thereafter for which the stock insurer has sufficient capital; or    (4) If a mutual insurer, by amendment of its certificate of authority to cover only the kinds of insurance thereafter for which the mutual insurer has sufficient surplus.    (c)  (1) If the deficiency is not made good and proof filed with the commissioner within the thirty-day period:  (A) The insurer shall be deemed insolvent; and  (B) The commissioner shall institute delinquency proceedings against the insurer under the Uniform Insurers Liquidation Act, §§ 23-68-101, 23-68-102(2)-(13), 23-68-104, 23-68-105, 23-68-113, and 23-68-115 — 23-68-120.    (2)  (A) However, the commissioner, upon application and submission of good cause, may extend the period that the deficiency may be made good and proof filed, but for no more than an additional thirty (30) days if the deficiency exists because of:  (i) Increased loss reserves required by the commissioner; or  (ii) Disallowance by the commissioner of certain assets or reduction of the value at which carried in the insurer's accounts.    (B) However, acquisitions or changes of control of an impaired or insolvent domestic insurer that is or has applied to become an affiliate or subsidiary of a depository institution under federal law shall comply with the periods stated to restore capital or surplus.      (d) This section applies in addition to or in conjunction with the insurance laws of this state, including without limitation the Risk-Based Capital Act, § 23-63-1301 et seq., and § 23-63-1501 et seq.
AR Code § 23-69-139 (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|§ 23-69-139. Assessment of stockholders or members

 (a) Any insurer receiving the Insurance Commissioner's notice mentioned in § 23-69-138(a):  (1)  (A) If a stock insurer, by resolution of its board of directors and subject to any limitations upon assessment contained in its articles of incorporation, may assess its stockholders for amounts necessary to cure the deficiency and provide the insurer with a reasonable amount or surplus in addition.  (B) If any stockholder fails to pay a lawful assessment after notice given to him or her in person or by advertisement in such time and manner as approved by the commissioner, the insurer may require the return of the original certificate of stock held by the stockholder, and in cancellation and in lieu thereof issue a new certificate for such number of shares as the stockholder may then be entitled to, upon the basis of the stockholder's proportionate interest in the amount of the insurer's capital stock as determined by the commissioner to be remaining at the time of determination of amount of impairment under § 23-69-138, after deducting from the proportionate interest the amount of the unpaid assessment.  (C) The insurer may pay for or issue fractional shares under this subsection;    (2) If a mutual insurer, shall levy such an assessment upon members as is provided for under § 23-69-124.    (b) Neither this section nor § 23-69-138 shall be deemed to prohibit the insurer from curing any deficiency through any lawful means other than those referred to in those sections.
AR Code § 23-69-140 (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|§ 23-69-140. Mutualization of stock insurers

 (a) A stock insurer other than a title insurer may become a mutual insurer under such plan and procedure as may be approved by the Insurance Commissioner after a hearing thereon.  (b) The commissioner shall not approve any plan, procedure, or mutualization unless:  (1) It is equitable to stockholders and policyholders;  (2) It is subject to approval by the holders of not less than three-fourths (¾) of the insurer's outstanding capital stock having voting rights and by not less than two-thirds (2/3) of the insurer's policyholders who vote on the plan in person, by proxy, or by mail pursuant to such notice and procedure as may be approved by the commissioner;  (3) If a life insurer, the right to vote thereon is limited to holders of policies other than term or group policies and whose policies have been in force for more than one (1) year;  (4) Mutualization will result in retirement of shares of the insurer's capital stock at a price not in excess of the fair market value thereof as determined by competent disinterested appraisers;  (5) The plan provides for the purchase of the shares of any nonconsenting stockholder in the same manner and subject to the same applicable conditions as provided by § 23-69-148 as to rights of nonconsenting stockholders, with respect to consolidation or merger of insurance corporations;  (6) The plan provides for definite conditions to be fulfilled by a designated early date upon which the mutualization will be deemed effective; and  (7) The mutualization leaves the insurer with surplus funds reasonably adequate for the security of its policyholders and to enable it to continue successfully in business in the states in which it is then authorized to transact insurance and for the kinds of insurance included in its certificates of authority in the states.    (c) This section shall not apply to mutualization under order of court pursuant to rehabilitation or reorganization of an insurer under § 23-68-101 et seq., or to formations of or conversions to domestic mutual holding companies under other provisions of this act. Further, with regard to proposed transactions of a domestic insurer which is a subsidiary or affiliate of a depository institution, the hearing shall be concluded and the order issued within the sixty-day period preceding the effective date of the transaction, and the order shall be final upon entry, pursuant to federal law. Further, any restoration of capital or surplus or special surplus required for approval of the transaction affecting the depository institution's affiliate or subsidiary shall also be accomplished within the same sixty-day period.
AR Code § 23-69-143 (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|§ 23-69-143. Mergers and consolidations — Mutual insurers

 (a) A domestic mutual insurer may merge or consolidate with another mutual or stock insurer under the applicable procedures prescribed by § 23-69-144, except as provided in this section.  (b) The plan and agreement for merger or consolidation shall be submitted to and approved by at least two-thirds (2/3) of the members of each mutual insurer involved voting thereon at meetings called for the purpose pursuant to such reasonable notice and procedure as has been approved by the Insurance Commissioner. If a life insurer, the right to vote may be limited to members whose policies are other than term and group policies and have been in effect for more than one (1) year.  (c) No merger or consolidation shall be effectuated unless in advance thereof the plan and agreement therefor have been filed with the commissioner and approved by him or her in writing after a hearing thereon. The commissioner shall give approval within a reasonable time after the filing unless he or she finds such a plan or agreement:  (1) Is inequitable to the policyholders of any domestic insurer involved; or  (2) Would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer in this state and elsewhere.    (d) If it is proposed to merge or consolidate a mutual insurer into or with a stock insurer, the provisions of § 23-69-141, referring to converting a mutual insurer, shall apply as to the rights and equities of the members of the mutual insurer to the fullest extent deemed by the commissioner to be feasible and reasonable.  (e) If the commissioner does not approve the plan or agreement, he or she shall so notify the insurers in writing specifying his or her reasons therefor.  (f) Section 23-69-142(f) shall also apply as to mergers and consolidations of the mutual insurers.  (g) With regard to proposed transactions affecting an affiliate or subsidiary of a depository institution, the hearing shall be concluded and the order issued within the sixty-day period preceding the effective date of the transaction, and these orders shall be final upon entry, pursuant to federal law. Further, any restoration of capital, surplus, or special surplus required for approval of the transaction affecting the depository institution's affiliate or subsidiary shall also be accomplished within the same sixty-day period.  (h) This section shall not apply to formations of, or insurer conversions to, domestic mutual holding companies under other provisions of the Arkansas Insurance Code.
AR Code § 23-69-145 (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|§ 23-69-145. Effect of merger or consolidation

 (a) When the agreement of merger or consolidation as filed with the Insurance Commissioner as required under § 23-69-144 becomes effective, the separate existence of the constituent corporations shall cease, and they shall become a single corporation in accordance with the agreement, possessing all rights, privileges, powers, franchises, and immunities of a public as well as of a private nature and being subject to all the liabilities and duties of each of the corporations so merged or consolidated, and all, and singular, the rights, privileges, powers, franchises, and immunities of each of the corporations and all property, real, personal, and mixed, and all debts owing on whatever account and all other things in action of or belonging to each of the corporations shall be vested in the surviving or consolidated corporation. All property, rights, privileges, powers, franchises, and immunities and all and every other interest shall be thereafter the property of the surviving or consolidated corporation as effectually as they were of the several and respective constituent corporations.  (b) However, all rights of creditors and all liens upon the property of any of the constituent corporations shall be preserved unimpaired, limited in lien to the property affected by the lien at the time of the merger or consolidation. All debts, liabilities, and duties of the respective constituent corporations shall thenceforth attach to the surviving or consolidated corporation and may be enforced against it to the same extent as if the debts, liabilities, and duties had been incurred or contracted by it.
AR Code § 23-69-146 (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|§ 23-69-146. Effect of exchange under plan of exchange

 (a)  (1) When the plan of exchange of shares, as filed with the Insurance Commissioner as required under § 23-69-144, becomes effective, the exchange provided for therein is considered to have been consummated, and each shareholder of the domestic stock insurance company acquired ceases to be a shareholder of the company.  (2) The ownership of all shares of the issued and outstanding stock of the company, except shares payment of the value of which is required to be made by the company under § 23-69-148, vests in the acquiring person automatically without any physical transfer or deposit of certificates representing the shares.  (3) All shares, payment of the value of which is required to be made by the company under § 23-69-148, are considered no longer outstanding shares of the company.  (4) The acquiring person thereupon becomes the sole shareholder of the domestic stock insurance company and has all the rights, privileges, immunities, and powers and, except as otherwise provided, is subject to all of the duties and liabilities to the extent provided by law of a shareholder of an insurance company organized under the laws of this state.    (b)  (1) Certificates representing shares of the domestic insurance company to be acquired prior to the plan of exchange becoming effective, except certificates representing shares payment of the value of which is required under § 23-69-148, shall, after the plan of exchange becomes effective, represent:  (A) Shares of the issued and outstanding capital stock or other securities issued by the acquiring persons; and  (B) The right, if any, to receive cash or other consideration upon such terms as are specified in the plan of exchange.    (2) However, the plan of exchange may specify that all certificates shall, after the plan of exchange becomes effective, represent only the right to receive shares of stock or other securities issued by the acquiring person, or cash or other consideration or any combination thereof upon such terms as are specified in the plan of exchange.
AR Code § 23-69-147 (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|§ 23-69-147. Acquiring and acquired corporations under a plan of exchange to be separate

 The domestic stock insurance company acquired under a plan of exchange and the acquiring person are, in all respects, separate and distinct entities with neither entity having any liability to the creditors or policyholders, if any, or shareholders of the other, for any acts or omissions of the officers, directors, shareholders, or representatives of either or both entities.
AR Code § 23-69-149 (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|§ 23-69-149. Assumption reinsurance — Stock insurers

 (a)  (1) A domestic stock insurer may reinsure all or substantially all of its insurance in force or a major class thereof with another insurer by an agreement of assumption reinsurance.  (2) However, an agreement shall not become effective unless filed with the Insurance Commissioner and approved by him or her in writing.  (3) With regard to proposed transactions between a domestic stock insurer which is a subsidiary or affiliate of a depository institution, and another insurer, the determination of the commissioner shall be issued within the period required by federal law.    (b) The commissioner shall approve the agreement within a reasonable time after the filing unless he or she finds that it is inequitable to the stockholders of the domestic insurer or would substantially reduce the protection or service to its policyholders. If the commissioner does not approve the agreement, he or she shall so notify the insurer in writing specifying his or her reasons therefor.