Arkansas Statutes
§ 23-69-115 — Trust deposit of premiums - Issuance of policies - Mutual insurers
Arkansas·Title 23
(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
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Legislative History
Acts 1959, No. 148, § 465; A.S.A. 1947, § 66-4213.
Nearby Sections
15
§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
Penalties cumulative - Recovery of penalty not bar to further penalty or criminal prosecution§ 23-1-108
Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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