Arkansas § 23-90-108 Arkansas Property and Casualty Advisory Association - Powers and duties

Arkansas Statutes

§ 23-90-108 — Arkansas Property and Casualty Advisory Association - Powers and duties

(a)(1) The Arkansas Property and Casualty Advisory Association shall advise and counsel with the Insurance Commissioner upon matters relating to the solvency of insurers.

(2)The commissioner may call a meeting of the association when a court of competent jurisdiction determines that an insurer is insolvent and may call a meeting of the association when he or she determines that a danger of insolvency of an insurer exists.

(3)Upon majority vote, the association shall notify the commissioner of any information indicating that an insurer may be unable or potentially unable to fulfill its contractual obligations and request a meeting with the commissioner.

(4)At the meetings, the commissioner may divulge to the association any information in his or her possession and any records of the Sta

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(a) (1) The Arkansas Property and Casualty Advisory Association shall advise and counsel with the Insurance Commissioner upon matters relating to the solvency of insurers. (2) The commissioner may call a meeting of the association when a court of competent jurisdiction determines that an insurer is insolvent and may call a meeting of the association when he or she determines that a danger of insolvency of an insurer exists. (3) Upon majority vote, the association shall notify the commissioner of any information indicating that an insurer may be unable or potentially unable to fulfill its contractual obligations and request a meeting with the commissioner. (4) At the meetings, the commissioner may divulge to the association any information in his or her possession and any records of the State Insurance Department, including examination reports or preliminary reports from examiners relating to the insurer. (5) The commissioner may summon officers, directors, and employees of an insolvent insurer, or an insurer the commissioner considers to be in danger of insolvency, to appear before the association for conference or for the taking of testimony. (6) Members of the association shall not reveal information received in the meetings to anyone unless authorized by the commissioner or when required as witness in court. (b) Upon request by the commissioner, the association shall attend hearings before the commissioner and meet with and advise the commissioner and his or her representatives on matters relating to the affairs of an insolvent insurer and relating to action that may be taken by the commissioner and his or her representatives to best protect the interests of persons holding covered claims against an insolvent insurer and relating to the amount and timing of partial assessments, the marshalling of assets, and the processing and handling of covered claims.

Arkansas § 23-90-108 (Arkansas Property and Casualty Advisory Association - Powers and duties) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.