Arkansas Code Title 23, Subtitle 3, Chapter 69, Subchapter 1 - General Provisions

• § 23-69-101 - Scope.
  Sections 23-69-101 -- 23-69-103, 23-69-105 -- 23-69-141, 23-69-143, and 23-69-149 -- 23-69-156 shall apply only to domestic stock insurers and domestic mutual insurers transacting,...
• § 23-69-102 - Definitions.
  As used in §§ 23-69-101 -- 23-69-103, 23-69-105 -- 23-69-141, 23-69-143, and 23-69-149 -- 23-69-156, unless the context otherwise requires: (1) A "stock" insurer...
• § 23-69-103 - Inapplicability of General Corporation Statutes.
  The statutes of this state relating to the powers and procedures of corporations other than insurance corporations shall not apply to domestic stock insurers...
• § 23-69-104 - Powers of Company Not Enlarged.
  Nothing in §§ 23-69-101 -- 23-69-103, 23-69-105 -- 23-69-141, 23-69-143, and 23-69-149 -- 23-69-156 shall be construed to authorize any company to engage in...
• § 23-69-105 - Incorporation.
  (a) This section applies to stock and mutual insurers hereafter incorporated in this state.(b) One (1) or more persons may act as the incorporator...
• § 23-69-106 - Articles of Incorporation -- Filing and Approval.
  (a) (1) The incorporator or incorporators of a proposed domestic insurer incorporated under this subchapter, particularly §§ 23-69-101 -- 23-69-103, 23-69-105 -- 23-69-141, 23-69-143,...
• § 23-69-107 - Articles of Incorporation -- Amendment.
  (a) A domestic stock insurer may amend its articles of incorporation for any lawful purpose by written authorization of the holders of a majority...
• § 23-69-108 - Officers.
  (a) (1) (A) Every domestic stock or mutual insurer shall have: (i) (a) A chief executive officer or a president, or both. (b) The...
• § 23-69-109 - Pecuniary Interest of Officers, Directors, Employees, Etc.
  (a) Any officer or director, any member of any committee, or any employee of a domestic insurer who is charged with the duty of...
• § 23-69-110 - Vacancies on the Board of Directors.
  (a) Vacancies on the board of directors may be filled by the remaining members of the board, and each person so elected shall be...
• § 23-69-111 - Corporate Powers and Duties.
  (a) An insurance corporation formed under §§ 23-69-101 -- 23-69-103, 23-69-105 -- 23-69-141, 23-69-143, and 23-69-149 -- 23-69-156, or existing on January 1, 1960,...
• § 23-69-112 - Initial Qualifications -- Domestic Mutuals.
  (a) When newly organized, a domestic mutual insurer may be authorized to transact any one (1) of the kinds of insurance listed in §§...
• § 23-69-113 - Formation of Nonlife Mutual Insurer -- Deposit Required.
  (a) Before soliciting any applications for insurance as required under § 23-69-112 as a qualification for the certificate of authority, the incorporator or incorporators...
• § 23-69-114 - Formation of Nonlife Mutual Insurer -- Applications for Insurance.
  (a) Upon receipt of the Insurance Commissioner's approval of the bond or deposit as provided in § 23-69-113, the directors and officers of the...
• § 23-69-115 - Trust Deposit of Premiums -- Issuance of Policies -- Mutual Insurers.
  (a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust...
• § 23-69-116 - Failure to Complete Organization -- Mutual Insurers.
  If the proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within one (1) year from...
• § 23-69-117 - Additional Kinds of Insurance -- Mutual Insurers.
  A domestic mutual insurer, after being authorized to transact one (1) kind of insurance, may be authorized by the Insurance Commissioner to transact such...
• § 23-69-118 - Membership -- Mutual Insurers.
  (a) Each policyholder of a domestic mutual insurer, other than of a reinsurance contract, is a member of the insurer with all rights and...
• § 23-69-119 - Bylaws -- Mutual Insurers.
  (a) (1) A domestic mutual insurer shall have bylaws consistent with § 23-69-111(b)(7). (2) The initial board of directors of a domestic mutual insurer...
• § 23-69-120 - Meetings of Stockholders or Members.
  (a) Meetings of stockholders or members of a domestic insurer shall be held in the city or town of its principal office or place...
• § 23-69-121 - Stockholders' Voting Rights.
  (a) Unless otherwise provided in the articles of incorporation or an amendment thereof, every stockholder of record of a domestic stock insurer shall be...
• § 23-69-122 - Proxies -- Stock Insurers.
  (a) Every proxy of a stockholder of an insurer shall be revocable at will, and this provision cannot be waived.(b) The revocation of a...
• § 23-69-123 - Buying of Vote or Proxy -- Corrupt and Dishonest Practices Prohibited.
  (a) No person shall buy or sell a vote or proxy, relative to any meeting of stockholders or members of an insurer, or engage...
• § 23-69-124 - Contingent Liability of Nonlife Mutual Members.
  (a) (1) Each member of a domestic mutual insurer other than a life insurer shall, except as otherwise hereinafter provided with respect to nonassessable...
• § 23-69-125 - Contingent Liability and Assessability of Policies -- Mutual Insurers.
  (a) (1) While possessing surplus funds in amount not less than the paid-in capital stock required of a domestic stock insurer transacting like kinds...
• § 23-69-126 - Participating Policies.
  (a) A domestic stock or domestic mutual insurer may issue any or all of its policies with or without participation in profits, savings, or...
• § 23-69-127 - Consideration for Stock.
  (a) Shares of stock of a domestic stock insurer shall be issued for a consideration having a value in the judgment of the insurer's...
• § 23-69-128 - Transfer of Stock.
  The provisions of chapter 8 of the Uniform Commercial Code, § 4-8-101 et seq., to the extent applicable, shall apply as to stock of...
• § 23-69-129 - Dividends to Stockholders.
  (a) A domestic stock insurer shall not pay any dividend to stockholders except out of that part of its available surplus funds which is...
• § 23-69-130 - Dividends to Mutual Policyholders.
  (a) The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out...
• § 23-69-131 - Unauthorized Dividends Prohibited.
  (a) Any director of a domestic stock or mutual insurer who votes for or concurs in the declaration or payment of a dividend, other...
• § 23-69-132 - Borrowed Surplus.
  (a) (1) (A) A domestic stock or mutual insurer may borrow cash or other admitted assets satisfactory to the Insurance Commissioner to defray the...
• § 23-69-133 - Stockholders' Liability.
  (a) Every holder of shares of stock of a domestic stock insurer not fully paid shall be personally liable to the insurer's creditors for...
• § 23-69-134 - Maintenance of Home Office and Records.
  (a) Every domestic insurer shall have and maintain its principal place of business and home office in this state and shall keep therein complete...
• § 23-69-135 - Evidence of Disbursement Required.
  (a) No insurer shall make any disbursement of one thousand dollars ($1,000) or more unless evidenced by a voucher, bill, or other document correctly...
• § 23-69-136 - Situs of Personal Property for Taxation.
  For the purpose of state, county, and municipal taxation, the situs of all personal property belonging to a domestic insurer and located in this...
• § 23-69-137 - Management and Exclusive Agency Contracts.
  (a) (1) No domestic insurer shall make any contract whereby any person is granted or is to enjoy in fact the management of the...
• § 23-69-138 - Impairment of Capital or Assets.
  (a) (1) (A) If a stock or mutual insurer becomes impaired or insolvent, the Insurance Commissioner may: (i) Determine the amount of the deficiency;...
• § 23-69-139 - Assessment of Stockholders or Members.
  (a) Any insurer receiving the Insurance Commissioner's notice mentioned in § 23-69-138(a): (1) (A) If a stock insurer, by resolution of its board of...
• § 23-69-140 - Mutualization of Stock Insurers.
  (a) A stock insurer other than a title insurer may become a mutual insurer under such plan and procedure as may be approved by...
• § 23-69-141 - Converting Mutual Insurer to Stock Insurer.
  (a) A mutual insurer may become a stock insurer under such plan and procedure as may be approved by the Insurance Commissioner after a...
• § 23-69-142 - Mergers and Consolidations and Acquisition by Exchange of Stock.
  (a) (1) A domestic stock insurer may merge or consolidate with one (1) or more domestic or foreign stock insurers authorized to transact insurance...
• § 23-69-143 - Mergers and Consolidations -- Mutual Insurers.
  (a) A domestic mutual insurer may merge or consolidate with another mutual or stock insurer under the applicable procedures prescribed by § 23-69-144, except...
• § 23-69-144 - Agreement or Adoption of Plan for Merger, Consolidation, or Plan of Exchange of Shares.
  (a) The directors, or a majority of them, of the corporations as desire to merge or consolidate or adopt a plan of exchange of...
• § 23-69-145 - Effect of Merger or Consolidation.
  (a) When the agreement of merger or consolidation as filed with the Insurance Commissioner as required under § 23-69-144 becomes effective, the separate existence...
• § 23-69-146 - Effect of Exchange Under Plan of Exchange.
  (a) (1) When the plan of exchange of shares, as filed with the Insurance Commissioner as required under § 23-69-144, becomes effective, the exchange...
• § 23-69-147 - Acquiring and Acquired Corporations Under a Plan of Exchange to Be Separate.
  The domestic stock insurance company acquired under a plan of exchange and the acquiring person are, in all respects, separate and distinct entities with...
• § 23-69-148 - Nonconsenting Stockholders.
  (a) If any stockholder entitled to vote in any domestic insurer on a proposal to merge or consolidate, or on a proposal to adopt...
• § 23-69-149 - Assumption Reinsurance -- Stock Insurers.
  (a) A domestic stock insurer may reinsure all or substantially all of its insurance in force or a major class thereof with another insurer...
• § 23-69-150 - Assumption Reinsurance -- Mutual Insurers.
  (a) A domestic mutual insurer may reinsure all or substantially all of its insurance in force, or a major class thereof, with another insurer,...
• § 23-69-151 - Voluntary Dissolution -- Procedure.
  (a) (1) If while a domestic stock or mutual insurer is fully solvent and it is deemed by its board of directors to be...
• § 23-69-152 - Dissolution -- Directors to Act As Trustees.
  (a) Upon the dissolution of a domestic stock or mutual insurance corporation under the provisions of § 23-69-151, or upon the expiration of the...
• § 23-69-153 - Dissolution -- Continuation for Suits and Settling Business.
  (a) All domestic stock and mutual insurance corporations, whether they expire by their own limitation or are otherwise dissolved, shall nevertheless be continued for...
• § 23-69-154 - Voluntary Dissolution -- Distribution of Assets to Stockholders.
  (a) The trustees in dissolution of a domestic stock insurer under § 23-69-151, after payment of all special and general liens upon the funds...
• § 23-69-155 - Liquidation -- Mutual Member's Share of Assets.
  (a) Upon any liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed...
• § 23-69-156 - Nonactive Corporate Charter -- Nullification.
  (a) As used in this section, a corporation shall be deemed to have engaged in the business of insurance as a domestic insurer if...

Last modified: November 15, 2016