(a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust in a bank or trust company in this state under a written trust agreement consistent with this section and with § 23-69-114(c)(3). The corporation shall file an executed copy of the trust agreement with the Insurance Commissioner.
(b) Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which the applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall in due course issue and deliver its policies for which premiums had been paid and accepted. The insurance provided by the policies shall be effective as of the date of the certificate of authority, or thereafter as provided by the policies.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 69 - Domestic Stock and Mutual Insurers
Subchapter 1 - General Provisions
§ 23-69-103. Inapplicability of general corporation statutes
§ 23-69-104. Powers of company not enlarged
§ 23-69-106. Articles of incorporation — Filing and approval
§ 23-69-107. Articles of incorporation — Amendment
§ 23-69-109. Pecuniary interest of officers, directors, employees, etc
§ 23-69-110. Vacancies on the board of directors
§ 23-69-111. Corporate powers and duties
§ 23-69-112. Initial qualifications — Domestic mutuals
§ 23-69-113. Formation of nonlife mutual insurer — Deposit required
§ 23-69-114. Formation of nonlife mutual insurer — Applications for insurance
§ 23-69-115. Trust deposit of premiums — Issuance of policies — Mutual insurers
§ 23-69-116. Failure to complete organization — Mutual insurers
§ 23-69-117. Additional kinds of insurance — Mutual insurers
§ 23-69-118. Membership — Mutual insurers
§ 23-69-119. Bylaws — Mutual insurers
§ 23-69-120. Meetings of stockholders or members
§ 23-69-121. Stockholders' voting rights
§ 23-69-122. Proxies — Stock insurers
§ 23-69-123. Buying of vote or proxy — Corrupt and dishonest practices prohibited
§ 23-69-124. Contingent liability of nonlife mutual members
§ 23-69-125. Contingent liability and assessability of policies — Mutual insurers
§ 23-69-126. Participating policies
§ 23-69-127. Consideration for stock
§ 23-69-128. Transfer of stock
§ 23-69-129. Dividends to stockholders
§ 23-69-130. Dividends to mutual policyholders
§ 23-69-131. Unauthorized dividends prohibited
§ 23-69-133. Stockholders' liability
§ 23-69-134. Maintenance of home office and records
§ 23-69-135. Evidence of disbursement required
§ 23-69-136. Situs of personal property for taxation
§ 23-69-137. Management and exclusive agency contracts
§ 23-69-138. Impairment of capital or assets
§ 23-69-139. Assessment of stockholders or members
§ 23-69-140. Mutualization of stock insurers
§ 23-69-141. Converting mutual insurer to stock insurer
§ 23-69-142. Mergers and consolidations and acquisition by exchange of stock
§ 23-69-143. Mergers and consolidations — Mutual insurers
§ 23-69-144. Agreement or adoption of plan for merger, consolidation, or plan of exchange of shares
§ 23-69-145. Effect of merger or consolidation
§ 23-69-146. Effect of exchange under plan of exchange
§ 23-69-147. Acquiring and acquired corporations under a plan of exchange to be separate
§ 23-69-148. Nonconsenting stockholders
§ 23-69-149. Assumption reinsurance — Stock insurers
§ 23-69-150. Assumption reinsurance — Mutual insurers
§ 23-69-151. Voluntary dissolution — Procedure
§ 23-69-152. Dissolution — Directors to act as trustees
§ 23-69-153. Dissolution — Continuation for suits and settling business
§ 23-69-154. Voluntary dissolution — Distribution of assets to stockholders