Arkansas Code Title 23, Subtitle 3, Chapter 70 - Reciprocal Insurers

• § 23-70-101 - Definitions.
  As used in this chapter, unless the context otherwise requires: (1) "Attorney" refers to the attorney in fact of a reciprocal insurer. The attorney...
• § 23-70-102 - Scope.
  (a) All authorized reciprocal insurers shall be governed by those sections of this chapter not expressly made applicable to domestic reciprocals.(b) Existing authorized reciprocal...
• § 23-70-103 - Insuring Powers.
  (a) A reciprocal insurer, upon qualifying therefor as provided for by the Arkansas Insurance Code, may transact any kinds of insurance defined by the...
• § 23-70-104 - Name Used in Suits.
  A reciprocal insurer shall: (1) Have and use a business name. The name shall include the word "reciprocal", "interinsurer", "interinsurance", "exchange", "underwriters", or "underwriting";...
• § 23-70-105 - Surplus Funds Required.
  (a) A domestic reciprocal insurer formed pursuant to this chapter, if it has otherwise complied with the applicable provisions of the Arkansas Insurance Code,...
• § 23-70-106 - Organization.
  (a) Twenty-five (25) or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the Insurance Commissioner for...
• § 23-70-107 - Certificate of Authority.
  (a) The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer.(b) The Insurance Commissioner...
• § 23-70-108 - Power of Attorney.
  (a) The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by...
• § 23-70-109 - Modifications.
  (a) Modifications of the terms of the subscribers' agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly...
• § 23-70-110 - Attorney's Bond Required -- Exception.
  (a) (1) Concurrently with the filing of the declaration provided for in § 23-70-106, the attorney of a domestic reciprocal insurer shall file with...
• § 23-70-111 - Service of Process -- Judgment.
  (a) Legal process shall be served upon a domestic reciprocal insurer by serving the insurer's attorney at his or her principal offices. Alternatively, service...
• § 23-70-112 - Contributions to Insurer.
  (a) The attorney or other parties may advance to a domestic reciprocal insurer, upon reasonable terms, such funds as it may require from time...
• § 23-70-113 - Annual Statement.
  (a) The annual statement of a reciprocal insurer shall be made and filed by its attorney.(b) The statement shall be supplemented by such information...
• § 23-70-114 - Method of Determining Financial Condition.
  In determining the financial condition of a reciprocal insurer, the Insurance Commissioner shall apply the following rules: (1) He or she shall charge as...
• § 23-70-115 - Subscribers Generally.
  (a) Individuals, partnerships, and corporations of this state may make application, enter into agreement for, and hold policies or contracts in or with, and...
• § 23-70-116 - Subscribers' Advisory Committee.
  (a) The advisory committee of a domestic reciprocal insurer exercising the subscribers' rights shall be selected under such rules as the subscribers adopt.(b) Not...
• § 23-70-117 - Subscribers' Liability.
  (a) The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual,...
• § 23-70-118 - Assessments.
  (a) Assessments may be levied from time to time upon subscribers of a domestic reciprocal insurer, liable therefor under the terms of their policies,...
• § 23-70-119 - Aggregate Liability.
  No one (1) policy or subscriber as to the policy shall be assessed or charged with an aggregate of contingent liability as to obligations...
• § 23-70-120 - Nonassessable Policies.
  (a) If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock required of a...
• § 23-70-121 - Distribution of Savings.
  (a) A reciprocal insurer may return to its subscribers from time to time any unused premiums, savings, or credits accruing to their accounts.(b) Any...
• § 23-70-122 - Subscribers' Share in Assets.
  Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions...
• § 23-70-123 - Merger or Conversion.
  (a) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds (2/3) of its subscribers who vote on the merger pursuant to...
• § 23-70-124 - Impaired Reciprocals.
  (a) If the assets of a reciprocal insurer are at any time insufficient to discharge its liabilities, other than any liability on account of...

Last modified: November 15, 2016