(a) The legal existence of the association begins from the date of the Insurance Commissioner's certificate authorizing it to begin business.
(b) Thereupon the board of directors named in its articles may:
(1) Adopt bylaws which shall be filed with the commissioner within thirty (30) days after adoption;
(2) Accept applications for insurance; and
(3) Transact business of the association, except that it shall not insure any property or issue any policies until it has received a certificate of authority to transact insurance as provided for in this chapter.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 73 - Farmers' Mutual Aid Associations
§ 23-73-103. Associations existing as of January 1, 1960
§ 23-73-104. Other provisions applicable
§ 23-73-105. Organization — Membership — Insurance coverage
§ 23-73-106. Articles of association
§ 23-73-107. Adoption of similar name prohibited
§ 23-73-111. Amendment of articles and bylaws
§ 23-73-112. Qualifications for certificate of authority
§ 23-73-113. Continuance of certificate of authority
§ 23-73-114. Application — Sections 23-61-201 et seq. and 23-61-301 et seq. applicable
§ 23-73-115. Management and exclusive agency contracts
§ 23-73-117. Conversion to mutual insurer
§ 23-73-118. Membership requirements
§ 23-73-119. Prohibited formation