Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 94 - LIABILITY RISK RETENTION (§§ 23-94-201 — 23-94-301) › Subchapter 2 - RISK RETENTION AND PURCHASING GROUPS ACT (§§ 23-94-201 — 23-94-215) › Section 23-94-208 - Notice and registration requirements of purchasing groups

(a)
(1)
A purchasing group that intends to do business in this state shall obtain a certificate of registration from the Insurance Commissioner.
(2)
The commissioner shall issue a certificate of registration to a purchasing group organized and formed under the laws of any state if the commissioner is satisfied that the applicant has complied with this subchapter.
(3)
(A)
Before doing business in this state, a purchasing group shall furnish notice to the commissioner on forms prescribed by the National Association of Insurance Commissioners.
(B)
The notice required under subdivision (a)(3)(A) of this section shall:
(i)
Identify the state in which the purchasing group is domiciled;
(ii)
Identify all other states in which the purchasing group intends to do business;
(iii)
Specify the lines and classifications of liability insurance that the purchasing group intends to purchase;
(iv)
Identify the insurance company or companies from which the purchasing group intends to purchase its insurance and the domicile of the company;
(v)
Specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state;
(vi)
Identify the principal place of business of the purchasing group; and
(vii)
Provide such other information as may be required by the commissioner to verify that the purchasing group is qualified for a certificate of registration.
(b)
A purchasing group shall, within ten (10) days, notify the commissioner of any changes in any of the items set forth in subsection (a) of this section.
(c)
The purchasing group shall register with and designate the commissioner as its agent solely for the purpose of receiving service of legal documents or process, for which a filing fee shall be determined by the commissioner, except that such requirements shall not apply in the case of a purchasing group which only purchases insurance that was authorized under the Product Liability Risk Retention Act of 1981, and:
(1)
Which in any state of the United States:
(A)
Was domiciled before April 1, 1986; and
(B)
Is domiciled on and after October 27, 1986;
(2)
Which:
(A)
Before October 27, 1986, purchased insurance from an insurance carrier licensed in any state; and
(B)
Since October 27, 1986, purchased its insurance from an insurance carrier licensed in any state; or
(3)
Which was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986.
(d)
Each purchasing group that is required to give notice pursuant to subsection (a) of this section shall also furnish such information as may be required by the commissioner to:
(1)
Verify that the entity qualifies as a purchasing group;
(2)
Determine where the purchasing group is located; and
(3)
Determine appropriate tax treatment.
(e)
Any purchasing group which was doing business in this state prior to March 14, 1995, shall, within thirty (30) days after March 14, 1995, furnish notice to the commissioner pursuant to the provisions of subsection (a) of this section and furnish such information as may be required pursuant to subsections (b) and (c) of this section.
Amended by Act 2017, No. 283,§ 21, eff. 8/1/2017.
Acts 1995, No. 623, § 1.