If a member insurer is an impaired insurer, the Arkansas Life and Health Insurance Guaranty Association, in its discretion and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer and that are approved by the Insurance Commissioner, may:
(1) Guarantee, assume, reissue, or reinsure, or cause to be guaranteed, assumed, reissued, or reinsured, any or all of the policies or contracts of the impaired insurer; or
(2) Provide the moneys, pledges, loans, notes, guarantees, or other means as are proper to effectuate subdivision (1) of this section and assure payment of the contractual obligations of the impaired insurer pending action under subdivision (1) of this section.
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