Arkansas Statutes
§ 23-71-113 — Insolvency
Arkansas·Title 23
(a)From and after January 1, 1968, the capital of a stipulated premium plan insurer shall be deemed to be impaired and the insurer shall be deemed to be insolvent when the insurer is not possessed of assets equal to all liabilities including the reserves set forth in § 23-71-105(a) together with its total issued and outstanding capital stock.
(b)(1) If the Insurance Commissioner finds a stipulated premium plan insurer to be insolvent, the commissioner shall notify the insurer of the insolvency, stating the amount thereof and allowing the insurer a reasonable period of not less than sixty (60) days in which to cure the insolvency.
(2)If the insurer fails to cure the insolvency within the period so allowed by the commissioner, then the commissioner shall immediately revoke its certificate
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Legislative History
Acts 1959, No. 148, §§ 550, 551; 1967, No. 393, § 3; A.S.A. 1947, §§ 66-4411, 66-4412.
Nearby Sections
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Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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