Arkansas § 23-69-115 Trust deposit of premiums - Issuance of policies - Mutual insurers

Arkansas Statutes

§ 23-69-115 — Trust deposit of premiums - Issuance of policies - Mutual insurers

Arkansas § 23-69-115

Title23

This text of Arkansas § 23-69-115 (Trust deposit of premiums - Issuance of policies - Mutual insurers) 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. § 23-69-115 (2026).

Text

(a)All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust into a bank or trust company in this state under a written trust agreement consistent with this section and with § 23-69-114(c)(3) . The corporation shall file an executed copy of the trust agreement with the Insurance Commissioner.

(b)Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which the applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall in due course issue and deliver its policies for which premiums had been paid and accepted. The insurance provided by the policies shall be effective as of the date of the cert

Free access — add to your briefcase to read the full text and ask questions with AI

(a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust into a bank or trust company in this state under a written trust agreement consistent with this section and with § 23-69-114(c)(3) . The corporation shall file an executed copy of the trust agreement with the Insurance Commissioner. (b) Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which the applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall in due course issue and deliver its policies for which premiums had been paid and accepted. The insurance provided by the policies shall be effective as of the date of the certificate of authority, or thereafter as provided by the policies.