Arkansas § 23-63-215 Certificate of authority - Period of suspension - Reinstatement

Arkansas Statutes

§ 23-63-215 — Certificate of authority - Period of suspension - Reinstatement

(a)The suspension of an insurer's certificate of authority is indefinite unless:

(1)A specific period is fixed by the Insurance Commissioner in the order of suspension; or (2) The commissioner shortens or rescinds the suspension.

(b)(1) Unless in the order of suspension the commissioner waives payment of any fees, licenses, and taxes during the suspension, the insurer shall file its annual statement and pay fees, licenses, and taxes during the suspension as required under the Arkansas Insurance Code as if the certificate of authority had continued in full force.

(2)Upon reinstatement of a suspended insurer's certificate of authority, all fees, licenses, and taxes accumulated during the suspension are immediately due and payable.

(c)(1) If a suspension ends within the period a certific

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(a) The suspension of an insurer's certificate of authority is indefinite unless: (1) A specific period is fixed by the Insurance Commissioner in the order of suspension; or (2) The commissioner shortens or rescinds the suspension. (b) (1) Unless in the order of suspension the commissioner waives payment of any fees, licenses, and taxes during the suspension, the insurer shall file its annual statement and pay fees, licenses, and taxes during the suspension as required under the Arkansas Insurance Code as if the certificate of authority had continued in full force. (2) Upon reinstatement of a suspended insurer's certificate of authority, all fees, licenses, and taxes accumulated during the suspension are immediately due and payable. (c) (1) If a suspension ends within the period a certificate of authority has not otherwise terminated, the certificate of authority shall automatically reinstate unless the commissioner finds that: (A) The causes of the suspension have not been removed; or (B) The insurer is not in compliance with the Arkansas Insurance Code. (2) If the commissioner finds that the certificate of authority does not automatically reinstate, the commissioner shall provide written notice and give the insurer thirty (30) days to remove the cause for suspension or otherwise comply with the Arkansas Insurance Code. (3) If the certificate of authority is not automatically reinstated, the certificate of authority shall be deemed to have expired upon the earliest of: (A) Thirty (30) days after the commissioner gives notice under subdivision (c)(2) of this section; or (B) The failure of the insurer to continue the certificate of authority during the suspension. (d) Upon reinstatement of the insurer's certificate of authority: (1) The authority of the insurer's agents in this state to represent the insurer is reinstated; and (2) The commissioner shall promptly notify the insurer and its agents in this state of the reinstatement.

Arkansas § 23-63-215 (Certificate of authority - Period of suspension - Reinstatement) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.