(a) The purpose of this chapter is to protect, subject to certain limitations, the persons specified in § 23-96-107(a) against failure in the performance of contractual obligations under life and health and annuity policies, plans, or contracts specified in § 23-96-107(b) because of the impairment or insolvency of the member insurer that issued the policies, plans, or contracts.
(b) To provide this protection, an association of member insurers is created to pay benefits and to continue coverages as limited in this chapter, and members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 96 - Arkansas Life and Health Insurance Guaranty Association Act
§ 23-96-103. Construction — Applicability
§ 23-96-105. Advertisement of association act in insurance sales — Notice to policy owners
§ 23-96-110. Powers and duties of association
§ 23-96-111. Impaired insurers
§ 23-96-112. Insolvent insurers
§ 23-96-113. Authority of association when proceeding under § 23-96-111 or § 23-96-112
§ 23-96-114. Liability for benefits — Assignment or subrogation of rights — Definition
§ 23-96-115. Assessments — Tax credits
§ 23-96-116. Plan of operation
§ 23-96-117. Detection and prevention of insolvencies or impairments
§ 23-96-118. Duties and powers of Insurance Commissioner
§ 23-96-119. Distributions of ownership rights