§ 23-74-605 — Foreign or alien society - Admission

Arkansas § 23-74-605

• Jurisdiction: Arkansas
• Title: 23

Text

(a) No foreign or alien society shall transact business in this state without a license issued by the Insurance Commissioner. Any such society desiring admission to this state shall comply substantially with the requirements and limitations of this chapter applicable to domestic societies. Any such society may be licensed to transact business in this state: (1) Upon filing with the commissioner: (A) A duly certified copy of its articles of incorporation; (B) A copy of its bylaws, certified by its secretary or corresponding officer; (C) A power of attorney as prescribed in § 23-74-701 ; (D) A statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the commissioner, duly verified by an examination made by the supervising insurance official of its home state or other state, territory, province, or country, satisfactory to the commissioner of this state; (E) Certification from the proper official of its home state, territory, province, or country that the society is legally incorporated and licensed to transact business therein; (F) Copies of its certificate forms; and (G) Such other information as the commissioner may deem necessary; and (2) Upon showing that its assets are invested in accordance with the provisions of this chapter. (b) Any foreign or alien society desiring admission to the state shall have the qualifications required of domestic societies organized under this chapter.

Legislative History

Acts 1989, No. 881, § 1; 2001, No. 1604, § 73.