§ 23-69-502 — Legislative findings - Purpose

(a) The General Assembly finds that: (1) There is not a basis or procedure for the transfer and novation of insurance policies from a transferring insurer to an assuming insurer by way of an insurance business transfer without the affirmative consent of policyholders or reinsureds; and (2) There is a need to provide a basis and procedures for the transfer and novation of insurance policies from a transferring insurer to an assuming insurer by way of an insurance business transfer without the affirmative consent of policyholders or reinsureds if the transfer and novation is conducted by a court order. (b) (1) The purpose of this subchapter is to establish the requirements for notice and disclosure and standards and procedures for the approval of a transfer and novation by the Insurance Commissioner and the Pulaski County Circuit Court under an insurance business transfer plan. (2) However, it is not the purpose of this subchapter to limit or restrict other means of effecting a transfer or novation.

Legislative History

Added by Act 2021, No. 1018,§ 1, eff. 7/28/2021.