(a) When newly organized, a domestic mutual insurer may be authorized to transact any one (1) of the kinds of insurance listed in §§ 23-62-101 -- 23-62-108.
(b) When applying for an original certificate of authority, the insurer must be otherwise qualified therefor under the Arkansas Insurance Code and must have received and accepted bona fide applications as to substantial insurable subjects for insurance coverage of a substantial character of the kind of insurance proposed to be transacted, must have collected in cash the full premium therefor at an adequate rate approved by the Insurance Commissioner, and must have surplus funds on hand as of the date the insurance coverages are to become effective in amounts equal to or exceeding those surplus funds required of a foreign mutual insurer in §§ 23-63-205 and 23-63-207.
Section: Previous 23-69-105 23-69-106 23-69-107 23-69-108 23-69-109 23-69-110 23-69-111 23-69-112 23-69-113 23-69-114 23-69-115 23-69-116 23-69-117 23-69-118 23-69-119 NextLast modified: November 15, 2016