Arkansas Code Title 23, Subtitle 3, Chapter 68 - Rehabilitation and Liquidation of Insurance Companies
- § 23-68-101 - Uniform Insurers Liquidation Act.
(1) Section 23-68-102(2)-(13), together with §§ 23-68-101, 23-68-104, 23-68-105, 23-68-113, and 23-68-115 -- 23-68-120, constitute and may be referred to as the "Uniform Insurers...
- § 23-68-102 - Definitions.
For the purpose of this chapter: (1) "Impairment" or "insolvency". The capital of a stock insurer or the surplus of a mutual or reciprocal...
- § 23-68-103 - Delinquency Proceedings Generally.
(a) The Pulaski County Circuit Court shall have original jurisdiction of delinquency proceedings under this chapter, and that court is authorized to make all...
- § 23-68-104 - Commencement of Delinquency Proceedings.
The Insurance Commissioner shall commence any such proceedings by application to the court for an order directing the insurer to show cause why the...
- § 23-68-105 - Injunctions -- Commissioner As Party to Suits.
(1) Upon application by the Insurance Commissioner for such an order to show cause, or at any time thereafter, the court may without notice...
- § 23-68-106 - Grounds for Rehabilitation -- Domestic Insurers.
The Insurance Commissioner may apply to the court for an order appointing him or her in his or her official capacity and his or...
- § 23-68-107 - Grounds for Liquidation.
The Insurance Commissioner may apply to the court for an order appointing him or her as receiver, if his or her appointment as receiver...
- § 23-68-108 - Grounds for Conservation -- Domestic, Foreign, and Alien Insurers.
(a) The Insurance Commissioner may apply to the court for an order appointing him or her as receiver and directing him or her to...
- § 23-68-109 - Grounds for Ancillary Liquidation -- Foreign Insurers.
The Insurance Commissioner may apply to the court for an order appointing him or her as ancillary receiver of and directing him or her...
- § 23-68-110 - Order of Rehabilitation.
(a) An order to rehabilitate a domestic insurer shall direct the Insurance Commissioner forthwith to take possession of the property of the insurer and...
- § 23-68-111 - Order of Liquidation -- Domestic and Alien Insurers.
(a) (1) An order to liquidate the business of a domestic insurer shall direct the Insurance Commissioner forthwith to take possession of the property...
- § 23-68-112 - Order of Conservation or Liquidation -- Foreign and Alien Insurers.
(a) An order to conserve the assets of a foreign or alien insurer shall require the Insurance Commissioner forthwith to take possession of the...
- § 23-68-113 - Conduct of Delinquency Proceedings Against Domestic and Alien Insurers.
(1) Whenever under this chapter a receiver is to be appointed in delinquency proceedings for a domestic or alien insurer, the court shall appoint...
- § 23-68-114 - Disposition of Funds Held Pursuant to § 23-68-113.
(a) (1) The Liquidation Division of the State Insurance Department is authorized to deposit funds now held pursuant to the provisions of § 23-68-113,...
- § 23-68-115 - Conduct of Delinquency Proceedings Against Foreign Insurers.
(1) Whenever under this chapter an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this state, the...
- § 23-68-116 - Claims of Nonresidents Against Domestic Insurers.
(1) In a delinquency proceeding begun in this state against a domestic insurer, claimants residing in reciprocal states may file claims either with the...
- § 23-68-117 - Claims Against Foreign Insurers.
(1) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against such insurer who reside within this...
- § 23-68-118 - Form of Claim -- Notice -- Hearing.
(1) All claims against an insurer against which delinquency proceedings have been begun shall set forth in reasonable detail the amount of the claim,...
- § 23-68-119 - Priority of Certain Claims.
(1) In a delinquency proceeding against an insurer domiciled in this state, claims owing to residents of ancillary states shall be preferred claims if...
- § 23-68-120 - Attachment and Garnishment of Assets.
During the pendency of delinquency proceedings in this or any reciprocal state, no action or proceeding in the nature of an attachment, garnishment, or...
- § 23-68-121 - Disposition of Moneys Collected.
(a) The moneys collected by the Insurance Commissioner in a proceeding under this chapter shall be from time to time deposited in one (1)...
- § 23-68-122 - Exemption From Fees.
The Insurance Commissioner shall not be required to pay any fee to any public officer in this state for filing, recording, issuing a transcript...
- § 23-68-123 - Borrowing on Pledge of Assets.
(a) For the purpose of facilitating the rehabilitation, liquidation, conservation, or dissolution of an insurer pursuant to this chapter, the Insurance Commissioner may, subject...
- § 23-68-124 - Date of Rights and Liabilities Upon Liquidation.
The rights and liabilities of the insurer and of its creditors, policyholders, stockholders, members, subscribers, and all other persons interested in its estate shall,...
- § 23-68-125 - Voidable Transfers and Liens.
(a) Any transfer of, or lien upon, the property of an insurer which is made or created within four (4) months prior to the...
- § 23-68-126 - Priority of Distribution of General Assets.
(a) (1) The priority of distribution of claims from the general assets of the insurer's estate shall be in accordance with the order in...
- § 23-68-127 - Offsets.
(a) In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under...
- § 23-68-128 - Allowance of Certain Claims.
(a) No contingent and unliquidated claim shall share in a distribution of the assets of an insurer which has been adjudicated to be insolvent...
- § 23-68-129 - Time for Filing Claims.
(a) If, upon the entry of an order of liquidation under this chapter or at any time thereafter during liquidation proceedings, the insurer shall...
- § 23-68-130 - Report and Petition for Assessment.
Within three (3) years after the date of the entry of an order of rehabilitation or liquidation of a domestic mutual insurer or a...
- § 23-68-131 - Order and Levy of Assessment.
(a) (1) Upon the filing and reading of the report and petition provided for in § 23-68-130, the court, ex parte, may order the...
- § 23-68-132 - Assessment Prima Facie Correct -- Procedures to Collect Assessment.
(a) Any assessment of a subscriber or member of an insurer made by the Insurance Commissioner pursuant to an order of the court fixing...
- § 23-68-133 - Reinsurer's Liability.
(a) The amount recoverable by the liquidator from reinsurers shall not be reduced as a result of the delinquency proceedings, regardless of any provision...
- § 23-68-134 - Priority of Distribution of Claims -- Legislative Intent.
It is the intent of the General Assembly that § 23-68-126 as amended by this act apply to pending and future claims in existing...
- § 23-68-135 - Early Distribution.
(a) As used in this section, "distributable asset" means the general assets of an insurer in a liquidation estate except: (1) Amounts reserved to...
Last modified: November 15, 2016