(a) If, upon the entry of an order of liquidation under this chapter or at any time thereafter during liquidation proceedings, the insurer shall not be clearly solvent, the court shall, upon hearing after such notice as it deems proper, make and enter an order adjudging the insurer to be insolvent.
(b)
(1) After the entry of the order of insolvency, regardless of any prior notice that may have been given to creditors, the Insurance Commissioner shall notify all persons who may have claims against the insurer to file the claims with him or her, at a place and within the time specified in the notice, or that the claims shall be forever barred.
(2) The time specified in the notice shall be as fixed by the court for filing of claims and which shall be not less than six (6) months after the entry of the order of insolvency.
(3) The notice shall be given in such manner and for such reasonable period of time as may be ordered by the court.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 68 - Rehabilitation and Liquidation of Insurance Companies
§ 23-68-101. Uniform Insurers Liquidation Act
§ 23-68-103. Delinquency proceedings generally
§ 23-68-104. Commencement of delinquency proceedings
§ 23-68-105. Injunctions — Commissioner as party to suits
§ 23-68-106. Grounds for rehabilitation — Domestic insurers
§ 23-68-107. Grounds for liquidation
§ 23-68-108. Grounds for conservation — Domestic, foreign, and alien insurers
§ 23-68-109. Grounds for ancillary liquidation — Foreign insurers
§ 23-68-110. Order of rehabilitation
§ 23-68-111. Order of liquidation — Domestic and alien insurers
§ 23-68-112. Order of conservation or liquidation — Foreign and alien insurers
§ 23-68-113. Conduct of delinquency proceedings against domestic and alien insurers
§ 23-68-114. Disposition of funds held pursuant to § 23-68-113
§ 23-68-115. Conduct of delinquency proceedings against foreign insurers
§ 23-68-116. Claims of nonresidents against domestic insurers
§ 23-68-117. Claims against foreign insurers
§ 23-68-118. Form of claim — Notice — Hearing
§ 23-68-119. Priority of certain claims
§ 23-68-120. Attachment and garnishment of assets
§ 23-68-121. Disposition of moneys collected
§ 23-68-122. Exemption from fees
§ 23-68-123. Borrowing on pledge of assets
§ 23-68-124. Date of rights and liabilities upon liquidation
§ 23-68-125. Voidable transfers and liens
§ 23-68-126. Priority of distribution of general assets
§ 23-68-128. Allowance of certain claims
§ 23-68-129. Time for filing claims
§ 23-68-130. Report and petition for assessment
§ 23-68-131. Order and levy of assessment
§ 23-68-132. Assessment prima facie correct — Procedures to collect assessment
§ 23-68-133. Reinsurer's liability
§ 23-68-134. Priority of distribution of claims — Legislative intent