Arkansas Code Title 23, Subtitle 3, Chapter 69, Subchapter 3 - Mutual Insurance Holding Company Act

• § 23-69-301 - Title.
  This subchapter shall be known and may be cited as the "Mutual Insurance Holding Company Act".
• § 23-69-302 - Purpose.
  (a) (1) The General Assembly finds and declares that it is in the public interest that a domestic mutual insurer be permitted to reorganize...
• § 23-69-303 - Definitions.
  For purposes of this subchapter, unless the context requires otherwise: (1) "Commissioner" means the Insurance Commissioner; (2) "Intermediate stock holding company" means a holding...
• § 23-69-304 - Formation of Mutual Insurance Holding Company.
  (a) A domestic mutual insurer, upon approval of the Insurance Commissioner, may reorganize by: (1) Forming a mutual insurance holding company; (2) Merging its...
• § 23-69-305 - Filing of Proposed Reorganization Plan.
  A domestic mutual insurer shall file a proposed plan of reorganization approved by a vote of not less than two-thirds (2/3) of the members...
• § 23-69-306 - Hearings on Proposed Reorganization Plan.
  The Insurance Commissioner shall conduct a public hearing regarding a proposed plan of reorganization within one hundred twenty (120) days after the date the...
• § 23-69-307 - Approval of Proposed Reorganization Plan.
  (a) The Insurance Commissioner shall issue an order approving or disapproving a proposed plan of reorganization within thirty (30) days after the close of...
• § 23-69-308 - Approval of Reorganization Plan by Policyholders.
  (a) (1) Within forty-five (45) days after the date of the Insurance Commissioner's approval of a plan of reorganization under § 23-69-307, unless extended...
• § 23-69-309 - Issuance of Certificate.
  (a) The Insurance Commissioner shall issue a certificate of authority to a reorganized stock insurer when the mutual insurer files with the commissioner a:...
• § 23-69-310 - Appeal of Final Order.
  Any person affected by a final order issued under this subchapter shall have the right to appeal the order to the Pulaski County Circuit...
• § 23-69-311 - Continuation of Corporate Existence.
  Corporate existence of a mutual insurer reorganizing under this subchapter shall not terminate, but the reorganized stock insurer shall be deemed to be a...
• § 23-69-312 - Abandonment of Reorganization Plan.
  By not less than a two-thirds (2/3) vote of the members of its board of directors and with the approval of the Insurance Commissioner,...
• § 23-69-313 - Mergers and Acquisitions.
  (a) Subject to applicable requirements of this subchapter and the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., a mutual insurance holding company...
• § 23-69-314 - Membership in a Mutual Insurance Holding Company.
  A membership interest in a mutual insurance holding company does not constitute a security under the laws of this state.
• § 23-69-315 - Annual Statements.
  A mutual insurance holding company shall: (1) File with the Insurance Commissioner by March 1 of each year an annual statement consisting of an...
• § 23-69-316 - Power of Insurance Commissioner to Order Production of Documents.
  The Insurance Commissioner shall have the power to order production of any records, books, or other information and papers in the possession of a...
• § 23-69-317 - Applicability of Provisions.
  Nothing contained in this subchapter shall be construed to prohibit demutualization of a mutual insurance holding company under § 23-69-141.
• § 23-69-318 - Payment of Compensation.
  (a) (1) No director, officer, employee, or agent of the mutual insurer and no other person shall receive any fee, commission, or other valuable...
• § 23-69-319 - Hiring of Experts.
  For purposes of determining whether a plan of reorganization meets the requirements of this subchapter or in connection with any other matters relating to...
• § 23-69-320 - Disclosure of Confidential Information.
  All information, documents, and copies obtained by or disclosed to the Insurance Commissioner or any other person in the course of preparing, filing, and...
• § 23-69-321 - Injunctive Orders.
  Whenever it appears to the Insurance Commissioner that any person or any director, officer, employee, or agent of the person has committed or is...
• § 23-69-322 - Promulgation of Rules and Regulations.
  The Insurance Commissioner may adopt and promulgate rules and regulations and issue orders to carry out this subchapter.
• § 23-69-323 - Construction.
  This subchapter is intended to supplement the Arkansas Insurance Code. Further, this subchapter is not intended to and shall not be construed to conflict...

Last modified: November 15, 2016