Arkansas Code § 23-96-112 - Insolvent Insurers

(a) If a member insurer is an insolvent insurer, the Arkansas Life and Health Insurance Guaranty Association shall, in its discretion, either:

(1) (A) Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the policies or contracts of the insolvent insurer; or

(B) Assure payment of the contractual obligations of the insolvent insurer; and

(C) Provide such moneys, pledges, loans, notes, guarantees, or other means as are reasonably necessary to discharge such duties; or

(2) Provide benefits and coverages in accordance with ยง 23-96-113.

(b) All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed sixty (60) days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the association on any matters germane to its powers or duties. As to judgment under any decision, order, verdict, or finding based on default, the association may apply to have such judgment set aside by the same court that made such judgment and shall be permitted to defend against such suit on the merits.

Section: Previous  23-96-105  23-96-106  23-96-107  23-96-108  23-96-109  23-96-110  23-96-111  23-96-112  23-96-113  23-96-114  23-96-115  23-96-116  23-96-117  23-96-118  23-96-119  Next

Last modified: November 15, 2016