§ 23-69-506 — Application - Insurance business transfer plan

Arkansas § 23-69-506

• Jurisdiction: Arkansas
• Title: 23

Text

(a) An applicant shall file an insurance business transfer plan with the Insurance Commissioner for his or her review and approval. (b) The insurance business transfer plan shall contain the following information or an explanation as to why the information is not included: (1) The name, address, and telephone number of the transferring insurer and the assuming insurer and their respective direct and indirect controlling persons, if any; (2) A summary of the insurance business transfer plan; (3) The identification and description of the subject business; (4) The most recent audited financial statements and annual and quarterly reports of the transferring insurer and assuming insurer filed with their domiciliary regulator; (5) The most recent actuarial report and opinion that quantifies the liabilities associated with the subject business; (6) The pro forma financial statements showing the projected balance sheet, results of operations, and cash flows of the assuming insurer for the three (3) years following the proposed transfer and novation; (7) Officers' certificates of the transferring insurer and the assuming insurer attesting that each has obtained all required internal approvals and authorizations regarding the insurance business transfer plan and completed all necessary and appropriate actions as required; (8) A proposal for implementation and administration of the insurance business transfer plan, including the form of notice to be provided under the insurance business transfer plan to any policyholder whose policy is part of the subject business; (9) A full description of how the notice described in subdivision (b)(8) of this section shall be provided; (10) A description of all reinsurance arrangements that would pass to the assuming insurer under the insurance business transfer plan; (11) A description of any guarantees or additional reinsurance that will cover the subject business following the transfer and novation; (12) A statement describing the assuming insurer's proposed investment policies and any contemplated third-party claims management and administration arrangements; (13) Evidence of approval or nonobjection of the transfer from the chief insurance regulator of the state of the transferring insurer's domicile; (14) (A) An opinion report from an independent expert, selected by the commissioner from a list of at least two (2) nominees submitted jointly by the transferring insurer and the assuming insurer, to assist the commissioner and the Pulaski County Circuit Court in the review of the proposed transaction. (B) If the commissioner, in his or her sole discretion, rejects the nominees described in subdivision (b)(14)(A) of this section, the commissioner may appoint an independent expert; and (15) Any other information the commissioner deems necessary.

Legislative History

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