Arkansas Administrative Code › Agency 054 - Arkansas Insurance Department › Rule 054.00.06-005 - Rule 7 - Biographical Affidavits of Company Officers and Directors

Current through Register Vol. 49, No. 6, June, 2024
1.
PURPOSE
This Rule establishes procedures for authorized insurers in the
			 State of Arkansas to use in submitting biographical data relating to their
			 officers and directors.
2.
AUTHORITY
This Rule is issued pursuant to the authority vested in the
			 Commissioner under Ark. Code Ann. §§
								23-61-108,
			 23-63-209,
			 25-15-201,
etseq.,
and other applicable provisions of the Arkansas
			 Insurance Code.
3.
SCOPE
Sections 4, 5, 6, 7, 8 and 11 of this Rule apply to all insurers
			 organized under the laws of this State and to all persons proposing to form an
			 insurer under the laws of this State. Sections 4, 6, 9, 10 and 11 apply to all
			 insurers organized under the laws of jurisdictions other than this
			 State.
4.
REQUIRED FORM
Biographical information shall be submitted to the Commissioner
			 on a biographical affidavit form required by the Commissioner. The required
			 biographical affidavit form is available on the Arkansas Insurance Department's
			 website.
5.
BIOGRAPHICAL INFORMATION REQUIRED IN CONNECTION WITH FORMATION OF A
		  NEW COMPANY
A biographical affidavit shall be furnished to the Insurance
			 Commissioner by all promoters, incorporators, directors, trustees and proposed
			 management personnel of an insurer being formed. Financial and character
			 reports of any such person may be ordered by the Commissioner and the cost or
			 expense of such report shall be paid by the incorporators as an organizational
			 expense or by the insurer when formed.
6.
DEFINITION OF
		  OFFICERS
The term "officers" as used in this Rule shall include the
			 President, Vice President, Secretary, Treasurer, Chief Actuary, General
			 Counsel, Comptroller, Directors, Trustees and any person, however described,
			 who enjoys, in fact, executive authority of any such officers.
7.
REPORTING WITH
		  RESPECT TO NEW OFFICERS/DIRECTORS
A biographical affidavit shall be provided by each insurer
			 domiciled in Arkansas with respect to the appointment or election of any person
			 to any of the offices identified in Section 6 of this Rule and such information
			 shall be filed with the Commissioner within thirty (30) days after such
			 appointment or election.
8.
SUBSEQUENT REPORTS
When a biographical affidavit has been provided to the
			 Commissioner by the insurer in accordance with Section 7 of this Rule, no
			 further report concerning subsequent changes in the status of an officer of the
			 company need be reported to the Commissioner; provided, however, the company
			 shall promptly report to the Commissioner any information concerning conviction
			 of an officer for a felony or the naming of an officer, other than as a party
			 plaintiff or complainant, in a criminal or civil action in which fraud is an
			 issue.
9.
ALTERNATIVE REPORTING
The filing of a biographical affidavit in another state by an
			 insurer organized under the laws of that state, or by alien insurer in the
			 state of entry, that substantially complies with the requirements of this Rule
			 shall be deemed compliance with this Rule, but the Commissioner shall have the
			 right to obtain from the insurance regulatory official of such other state or
			 from the insurer itself a copy of any such biographical affidavit so
			 filed.
10.
FOREIGN INSURERS APPLYING FOR ADMISSION TO ARKANSAS
Any insurer making application with the Commissioner for a
			 Certificate of Authority to transact business in the state of Arkansas shall
			 file biographical affidavits for each of its officers as defined by Section 6
			 of this Rule as a part of the company's application.
11.
ADDITIONAL
		  INFORMATION
The Commissioner may request from an insurer such additional
			 information with respect to any of its officers as deemed necessary and such
			 request shall be promptly complied with by the company to which such request is
			 directed.
12.
EFFECTIVE DATE
This Rule shall be effective on August 10, 2006.
_____________
JULIE BENAFIELD BOWMAN
_____________
DATE
INSURANCE COMMISSIONER
STATE OF ARKANSAS