Arkansas § 23-63-2002 Purpose - Intent

Arkansas Statutes

§ 23-63-2002 — Purpose - Intent

Arkansas § 23-63-2002

Title23

This text of Arkansas § 23-63-2002 (Purpose - Intent) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 23-63-2002 (2026).

Text

(a)The purpose of this subchapter is to:

(1)Provide the Insurance Commissioner a summary of the corporate governance structure, policies, and practices of an insurer or insurance group to allow the commissioner an opportunity to gain and maintain a better understanding of the corporate governance framework of an insurer operating in this state;

(2)Outline the requirements for completing a corporate governance annual disclosure; and (3) Provide assurance for the confidential treatment of the corporate governance annual disclosure and related information due to the confidential and sensitive information it will reveal as it relates to the internal operations and proprietary and trade secret information of an insurer or insurance group which, if made public, could potentially cause the ins

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(a) The purpose of this subchapter is to: (1) Provide the Insurance Commissioner a summary of the corporate governance structure, policies, and practices of an insurer or insurance group to allow the commissioner an opportunity to gain and maintain a better understanding of the corporate governance framework of an insurer operating in this state; (2) Outline the requirements for completing a corporate governance annual disclosure; and (3) Provide assurance for the confidential treatment of the corporate governance annual disclosure and related information due to the confidential and sensitive information it will reveal as it relates to the internal operations and proprietary and trade secret information of an insurer or insurance group which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage. (b) It is the intent of the General Assembly that this subchapter: (1) Not be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable state corporate law; (2) Not be construed to limit the commissioner's authority or the rights or obligations under § 23-61-201 et seq.; and (3) Apply only to a multistate insurer domiciled in this state.