Arkansas Code Title 23, Subtitle 3, Chapter 72 - Mutual Assessment Life and Disability Insurers

• § 23-72-101 - Definitions.
  As used in this chapter, unless the context otherwise requires: (1) "Level or stipulated rate assessment" insurers are those incorporated mutual insurers granting insurance...
• § 23-72-102 - Scope.
  (a) This chapter applies only to domestic and foreign mutual insurers transacting life and disability insurance on the mutual assessment plan.(b) No provision of...
• § 23-72-103 - Other Provisions Applicable.
  In addition to the provisions contained in this chapter, other chapters and provisions of the Arkansas Insurance Code shall apply to mutual assessment life...
• § 23-72-104 - Minimum Requirements for New Insurers.
  (a) No insurer shall transact mutual assessment life or disability insurance in this state unless it lawfully had authority to transact the insurance on...
• § 23-72-105 - Bond.
  (a) Every mutual assessment life and disability insurer shall have and maintain in force and on file with the Insurance Commissioner a bond in...
• § 23-72-106 - Refusal, Suspension, or Revocation of Certificate of Authority.
  The Insurance Commissioner shall refuse to continue or shall suspend or revoke the certificate of authority of any such insurer for any of the...
• § 23-72-107 - Pro Rata or Level Assessment Plans.
  (a) Except as provided in § 23-72-118, a mutual assessment insurer may transact insurance on either the pro rata assessment plan only or on...
• § 23-72-108 - Insuring Powers.
  (a) Mutual assessment insurers are prohibited from transacting any insurance except the granting of indemnity against or providing benefits upon death, disability, or accident.(b)...
• § 23-72-109 - Bylaws Generally.
  (a) The insurer shall have bylaws which are not in conflict with the law of this state, to regulate and govern its affairs. Bylaws...
• § 23-72-110 - Filing and Amendment of Bylaws.
  (a) The insurer shall promptly file a copy of its bylaws, duly certified by its president and secretary, with the Insurance Commissioner.(b) No amendment...
• § 23-72-111 - Special Provisions of Pro Rata Assessment Plan.
  In addition to the requirements under § 23-72-109, the bylaws of a pro rata assessment plan insurer: (1) Shall clearly provide the plan of...
• § 23-72-112 - Additional Assessments or Adjustments of Rates or Benefits.
  An insurer has power to provide in its bylaws for the calling of extra, increased, or additional assessments or for adjustment of rates and...
• § 23-72-113 - Benefits and Payment -- Level or Stipulated Plan Insurers.
  (a) A level or stipulated rate plan insurer shall specify in its policy or membership certificate the contingencies insured against, the sum of money...
• § 23-72-114 - Benefits Not Subject to Attachment.
  No money or other benefits to be paid, provided, or rendered by any insurer, not to exceed one thousand dollars ($1,000), shall be liable...
• § 23-72-115 - Notice to Members of Scaled and Reduced Claims.
  (a) Each insurer shall, on or before March 1 as to the preceding calendar year, give written notice thereof by mail to those of...
• § 23-72-116 - Pro Rata Plan Insurer -- Reclassification and Rearrangement of Members.
  A pro rata assessment plan insurer has power at any time to reclassify, transfer, or rearrange its members, to merge or unite circles or...
• § 23-72-117 - Reinsurance.
  (a) A mutual assessment insurer may reinsure in any authorized life insurer any single risk or part of any single risk which it may...
• § 23-72-118 - Conversion to Level Premium Plan.
  (a) A pro rata assessment insurer, by resolution of its board of directors approved by the Insurance Commissioner, may convert the whole or any...
• § 23-72-119 - Merger or Bulk Reinsurance or Conversion.
  (a) (1) Any mutual assessment domestic insurer may merge or reinsure its outstanding policies in bulk with any domestic stipulated premium insurer operating under...
• § 23-72-120 - Venue and Service of Process.
  (a) Any action by a policy or certificate holder or beneficiary against an insurer or against its bond or bondsmen on any claim arising...
• § 23-72-121 - Insolvency.
  An insurer is insolvent when its reserves, its matured death claims, and its other due and unpaid obligations exceed its assets and death assessments...
• § 23-72-122 - Officers and Members Not Individually Liable.
  Officers and members of a domestic insurer shall not be individually liable for the payment of any disability or death benefit provided for in...

Last modified: November 15, 2016