§ 23-69-508 — Insurance business transfer plan - Review - Insurance Commissioner

Arkansas § 23-69-508

• Jurisdiction: Arkansas
• Title: 23

Text

(a) (1) The Insurance Commissioner shall have sixty (60) business days from the date of receipt of a completed application for an insurance business transfer plan filed under § 23-69-506 to review the insurance business transfer plan to determine if the applicant is authorized to submit it to the Pulaski County Circuit Court. (2) The commissioner may extend the sixty-day review period for an additional thirty (30) business days. (b) The commissioner shall authorize the submission of the insurance business transfer plan to the court unless he or she finds that the insurance business transfer would have an adverse material impact on the interests of policyholders or claimants that are part of the subject business. (c) The commissioner shall not authorize the submission of the insurance business transfer plan to the court unless: (1) The assuming insurer is licensed in each line of business in each state where the transferring insurer is licensed or the assuming insurer demonstrates an extraordinary circumstance preventing the assuming insurer from obtaining the license or licenses; and (2) The commissioner determines that the lack of the license or licenses under subdivision (c)(1) of this section would not result in an adverse material impact on the interests of policyholders, contract holders, or reinsurers. (d) If the commissioner determines that the insurance business transfer would have an adverse material impact on the interests of policyholders or claimants that are part of the subject business, the commissioner shall notify the applicant and specify any modifications, supplements, or amendments and any additional information or documentation with respect to the insurance business transfer plan that shall be provided to the commissioner before he or she allows the applicant to proceed with the court filing. (e) (1) The applicant shall have thirty (30) days from the date the commissioner notifies him or her or it under subsection (d) of this section of the need to file an amended insurance business transfer plan providing the modifications, supplements, amendments, or additional information or documentation as requested by the commissioner. (2) The applicant may request in writing an extension of time of thirty (30) days. (3) If the applicant does not make an amended filing within the time period provided for in this subsection, including any extension of time granted by the commissioner under subdivision (e)(2) of this section, the insurance business transfer plan filing shall terminate, and a subsequent filing by the applicant shall be considered a new filing that shall require compliance with this subchapter as if the prior filing had never been made. (f) The commissioner's review period shall recommence when the modification, supplement, amendment, or additional information or documentation is received. (g) If the commissioner determines that the insurance business transfer plan may proceed with the court filing, the commissioner shall confirm that fact in writing to the applicant.

Legislative History

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