reglab/housing_qa huggingface dataset:
AR Code § 23-63-1310 (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|§ 23-63-1310. Supplemental provisions — Rules — Exemption

 (a) This subchapter is supplemental to other laws of this state and does not preclude or limit other powers or duties of the Insurance Commissioner under those laws, including without limitation § 23-68-101 et seq.  (b) The commissioner may adopt reasonable rules necessary for the implementation of this subchapter.  (c) The commissioner may exempt a domestic insurer licensed to do business in this state from this subchapter if the domestic insurer:  (1) Writes direct business only in this state;  (2) Writes direct annual premiums of two million dollars ($2,000,000) or less; and  (3) Assumes no reinsurance more than five percent (5%) of direct premium written.
AR Code § 23-63-1311 (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|§ 23-63-1311. Foreign insurers

 (a) Upon the written request of the Insurance Commissioner, a foreign insurer shall submit to the commissioner an RBC report as of the end of the calendar year just ended the later of:  (1) The date an RBC report would be required to be filed by a domestic insurer under this subchapter; or  (2) Fifteen (15) days after the request is received by the foreign insurer. Any foreign insurer, at the written request of the commissioner, promptly shall submit to the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any other state.    (b) In the event of a company action level event, regulatory action level event, or authorized control level event with respect to a foreign insurer as determined under the RBC statute applicable in the state of domicile of the insurer or, if no RBC statute is in force in that state, under this subchapter, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC plan in the way named under that state's RBC statute or, if no RBC statute is in force in that state, under § 23-63-1304 the commissioner may require the foreign insurer to file an RBC plan with the commissioner. In that event, the failure of the foreign insurer to file an RBC plan with the commissioner is grounds to order the insurer to cease and desist from writing new insurance business in this state.  (c) In the event of a mandatory control level event with respect to a foreign insurer, if no domiciliary receiver has been appointed by the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may apply to Pulaski County Circuit Court permitted under § 23-68-101 et seq. with respect to the liquidation of property of foreign insurers found in this state, and the occurrence of the mandatory control level event is adequate grounds for the application.
AR Code § 23-63-1312 (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|§ 23-63-1312. Immunity

 There is no liability by and no cause of action shall arise against the Insurance Commissioner or the State Insurance Department or its employees or agents for action taken by them in the performance of their powers and duties under this subchapter.
AR Code § 23-63-1313 (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|§ 23-63-1313. Authority of commissioner to adopt rules

 The Insurance Commissioner may adopt reasonable rules for the implementation and administration of this subchapter.
AR Code § 23-63-1314 (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|§ 23-63-1314. Penalties and liabilities

 (a) If the Insurance Commissioner, after a hearing conducted according to § 23-61-301 et seq., finds that an insurer or a person has violated this subchapter, the commissioner may order:  (1) For each separate violation, a penalty of one thousand dollars ($1,000) or if the commissioner has found willful misconduct or willful violation, a penalty of five thousand dollars ($5,000); and  (2) Revocation or suspension of the insurer's or person's license.    (b) The decision of the commissioner under subsection (a) of this section is subject to judicial review under § 23-61-307.  (c) This section does not affect the right of the commissioner to impose other penalties provided for in the insurance laws.
AR Code § 23-63-1316 (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|§ 23-63-1316. Notices

 All notices by the Insurance Commissioner to an insurer that may result in regulatory action under this subchapter shall be effective on dispatch if transmitted by certified mail, or in the case of any other transmission shall be effective on the insurer's receipt of the notice.
AR Code § 23-63-1401 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 14 - Disclosure of Material Transactions Act|§ 23-63-1401. Short title

 This subchapter may be cited as the “Disclosure of Material Transactions Act”.
AR Code § 23-63-1402 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 14 - Disclosure of Material Transactions Act|§ 23-63-1402. Report

 (a) Every insurer domiciled in this state shall file a report with the Insurance Commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless the acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements have been submitted to the commissioner for review, approval, or information purposes pursuant to other provisions of the Arkansas Insurance Code, laws, rules, or other requirements.  (b) The report required in subsection A is due within fifteen (15) days after the end of the calendar month in which any of the foregoing transactions occur.  (c) One complete copy of the report, including any exhibits or other attachments, shall be filed with:  (1) The insurance department of the insurer's state of domicile; and  (2) The National Association of Insurance Commissioners.    (d) All reports obtained by or disclosed to the commissioner pursuant to this subchapter, shall be given confidential treatment and shall not be subject to subpoena and shall not be made public by the commissioner, the National Association of Insurance Commissioners, or any other person, except to insurance departments of other states, without the prior written consent of the insurer to which it pertains unless the commissioner, after giving the insurer who would be affected notice and an opportunity to be heard, determines that the interest of policyholders, shareholders or the public will be served by publication, in which event the commissioner may publish all or any part in the manner the commissioner may deem appropriate.
AR Code § 23-63-1403 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 14 - Disclosure of Material Transactions Act|§ 23-63-1403. Acquisitions and dispositions of assets

 (a) Materiality. No acquisitions or dispositions of assets need be reported pursuant to § 23-63-1402 if the acquisitions or dispositions are not material. For purposes of this subchapter, a material acquisition or the aggregate of any series of related acquisitions during any thirty-day period, or disposition, or the aggregate of any series of related dispositions during any thirty-day period, is one that is non-recurring and not in the ordinary course of business and involves more than five percent (5%) of the reporting insurer's total admitted assets as reported in its most recent statutory statement filed with the insurance department of the insurer's state of domicile.  (b) Scope.  (1) Asset acquisitions subject to this subchapter include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such a purpose.  (2) Asset dispositions subject to this subchapter include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment, whether for the benefit of creditors or otherwise, abandonment, destruction, or other disposition.    (c) Information to be Reported.  (1) The following information is required to be disclosed in any report of a material acquisition or disposition of assets:  (A) Date of the transaction;  (B) Manner of acquisition or disposition;  (C) Description of the assets involved;  (D) Nature and amount of the consideration given or received;  (E) Purpose of, or reason for, the transaction;  (F) Manner by which the amount of consideration was determined;  (G) Gain or loss recognized or realized as a result of the transaction; and  (H) Name(s) of the person(s) from whom the assets were acquired or to whom they were disposed.    (2) Insurers are required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or one hundred percent (100%) reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than one million dollars ($1,000,000) total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement represents less than five percent (5%) of the insurer's capital and surplus.
AR Code § 23-63-1405 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 14 - Disclosure of Material Transactions Act|§ 23-63-1405. Rules

 The Insurance Commissioner may adopt reasonable rules for the implementation and administration of the provisions of this subchapter.
AR Code § 23-63-1406 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 14 - Disclosure of Material Transactions Act|§ 23-63-1406. Penalties and liabilities

 (a) If the Insurance Commissioner finds after a hearing conducted in accordance with § 23-61-301 et seq. that any insurer or person has violated any provision of this subchapter, the commissioner may order:  (1) For each separate violation, a penalty in an amount of one thousand dollars ($1,000) or, if the commissioner has found willful misconduct or willful violation, five thousand dollars ($5,000); and  (2) Revocation or suspension of the insurer's or person's license.    (b) The decision, determination, or order of the commissioner pursuant to subsection (a) of this section shall be subject to judicial review pursuant to § 23-61-307.  (c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in the insurance laws.
AR Code § 23-63-1501 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 15 - Risk-Based Capital Requirements for Health Maintenance Organizations|§ 23-63-1501. Definitions

 As used in this subchapter:   (1) “Adjusted RBC report” means an RBC report that has been adjusted by the Insurance Commissioner in accordance with § 23-63-1502(d);  (2) “Corrective order” means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required;  (3) “Domestic health organization” means:  (A) A health maintenance organization domiciled in this state, as established under § 23-76-107; or  (B) A hospital and medical service corporation as defined in § 23-75-101;    (4) “Foreign health organization” means a health organization licensed to do business in this state but is not domiciled in this state;  (5)  (A) “Health organization” means a health maintenance organization, hospital and medical service corporation, limited health service organization, dental or vision plan, hospital, or a medical and dental indemnity or service corporation.  (B) “Health organization” does not include:  (i) An organization that is licensed as either a life and health insurer; or  (ii) A property and casualty insurer that is subject to the life or property and casualty RBC requirements;      (6) “NAIC” means the National Association of Insurance Commissioners;  (7) “RBC instructions” means the RBC report, including risk-based capital instructions adopted by the NAIC, as these RBC instructions may be amended by the NAIC according to the procedures adopted by the NAIC;  (8) “RBC level” means a health organization's company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC when:  (A) “Authorized control level RBC” means the number determined under the risk-based capital formula according to the RBC instructions;  (B) “Company action level RBC” means, with respect to a health organization, the product of two (2) and its authorized control level RBC;  (C) “Mandatory control level RBC” means the product of seven-tenths (0.7) and the authorized control level RBC; and  (D) “Regulatory action level RBC” means the product of one and five-tenths (1.5) and its authorized control level RBC;    (9) “RBC plan” means a comprehensive financial plan containing the elements specified in § 23-63-1503(b). If the commissioner rejects the RBC plan and it is revised by the health organization with or without the commissioner's recommendation, the plan shall be called the “revised RBC plan”;  (10) “RBC report” means the report required in § 23-63-1502; and  (11) “Total adjusted capital” means the sum of:  (A) A health organization's statutory capital and surplus, such as net worth, as determined according to the statutory accounting applicable to the annual financial statements required to be filed; and  (B) Other items that the RBC instructions may provide.
AR Code § 23-63-1502 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 15 - Risk-Based Capital Requirements for Health Maintenance Organizations|§ 23-63-1502. RBC reports

 (a)  (1) On or before each March 1, the “filing date”, a domestic health organization shall prepare and submit to the Insurance Commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing the information required by the RBC instructions.  (2) A domestic health organization shall file its RBC report:  (A) With the NAIC according to the RBC instructions; and  (B) With the insurance commissioner in a state in which the health organization is authorized to do business if the insurance commissioner has notified the health organization of its request in writing, in which case the health organization shall file its RBC report by the later of:  (i) Fifteen (15) days from the receipt of notice to file its RBC report with that state; or  (ii) The filing date.        (b) A health organization's RBC is determined according to the formula stated in the RBC instructions. The formula shall take the following into account and may adjust for the covariance between, determined in each case by applying the factors in the way stated in the RBC instructions:  (1) Asset risk;  (2) Credit risk;  (3) Underwriting risk; and  (4) Other business risks and other relevant risks as are stated in the RBC instructions.    (c) An excess of capital, including net worth, over the amount produced by the risk-based capital requirements contained in this subchapter and the formulas, schedules, and instructions referenced in this subchapter is desirable in the business of health insurance. Accordingly, health organizations should seek to maintain capital above the RBC levels required by this subchapter. Additional capital is useful in the insurance business and helps to secure a health organization 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.  (d) If a domestic health organization files an RBC report that in the judgment of the commissioner is inaccurate, then the commissioner shall adjust the RBC report to correct the inaccuracy and shall notify the health organization of the adjustment. The notice shall contain a statement of the reason for the adjustment. An RBC report as adjusted is referred to as an “adjusted RBC report”.
AR Code § 23-63-1505 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 15 - Risk-Based Capital Requirements for Health Maintenance Organizations|§ 23-63-1505. Authorized control level event

 (a) “Authorized control level event” means any of the following events:  (1) The filing of an RBC report by the health organization that indicates that the health organization's total adjusted capital is greater 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 health organization of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, provided the health organization does not challenge the adjusted RBC report under § 23-63-1507;  (3) If under § 23-63-1507 the health organization challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, notification by the commissioner to the health organization that the commissioner, after a hearing, has rejected the health organization's challenge;  (4) The failure of the health organization to respond to a corrective order in a way satisfactory to the commissioner, provided the health organization has not challenged the corrective order under § 23-63-1507; or  (5) If the health organization has challenged a corrective order under § 23-63-1507 and the commissioner, after a hearing, has rejected the challenge or modified the corrective order, the failure of the health organization to respond to a corrective order in a way satisfactory to the commissioner, after rejection or modification by the commissioner.    (b) In the event of an authorized control level event with respect to a health organization, the commissioner shall:  (1) Take the actions as are required under § 23-63-1504 regarding a health organization with respect to which a regulatory action level event has occurred; or  (2)  (A) If the commissioner deems it to be in the best interests of the policyholders and creditors of the health organization and of the public, take such actions as are necessary to cause the health organization to be placed under regulatory control 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.  (B) The authorized control level event is sufficient grounds for the commissioner to exercise the rights, powers, and duties with respect to the health organization 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.  (C) If the commissioner takes actions under this subdivision (b)(2) pursuant to an adjusted RBC report, the health organization shall be entitled to the protections afforded to health organizations 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.
AR Code § 23-63-1506 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 15 - Risk-Based Capital Requirements for Health Maintenance Organizations|§ 23-63-1506. Mandatory control level event

 (a) “Mandatory control level event” means any of the following events:  (1) The filing of an RBC report that indicates the health organization's total adjusted capital is less than its mandatory control level RBC;  (2) The notification by the Insurance Commissioner to the health organization of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, provided the health organization does not challenge the adjusted RBC report under § 23-63-1507; or  (3) If under § 23-63-1507 the health organization challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, notification by the commissioner to the health organization that the commissioner, after a hearing, has rejected the health organization's challenge.    (b) In the event of a mandatory control level event, the commissioner shall take the actions as are necessary to place the health organization under regulatory control 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. In that event, the mandatory control level event is deemed sufficient grounds for the commissioner to take action 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, and the commissioner shall have the rights, powers, and duties with respect to the health organization as are set forth 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. Notwithstanding any other law, 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 not later than the ninety-day period.