§ 23-96-111 - Impaired insurers. - Arkansas Statutes

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Statutes > Arkansas > Title-23 > Subtitle-3 > Chapter-96 > 23-96-111

23-96-111. Impaired insurers.

If a member insurer is an impaired insurer, the Association may, 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 commissioner:

(1) Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, any or all of the policies or contracts of the impaired insurer; or

(2) Provide such moneys, pledges, loans, notes, guarantees, or other means as are proper to effectuate paragraph (1) of this section and assure payment of the contractual obligations of the impaired insurer pending action under paragraph (1) of this section.

State Codes and Statutes

Statutes > Arkansas > Title-23 > Subtitle-3 > Chapter-96 > 23-96-111

23-96-111. Impaired insurers.

If a member insurer is an impaired insurer, the Association may, 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 commissioner:

(1) Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, any or all of the policies or contracts of the impaired insurer; or

(2) Provide such moneys, pledges, loans, notes, guarantees, or other means as are proper to effectuate paragraph (1) of this section and assure payment of the contractual obligations of the impaired insurer pending action under paragraph (1) of this section.

State Codes and Statutes

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State Codes and Statutes

Statutes > Arkansas > Title-23 > Subtitle-3 > Chapter-96 > 23-96-111

23-96-111. Impaired insurers.

If a member insurer is an impaired insurer, the Association may, 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 commissioner:

(1) Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, any or all of the policies or contracts of the impaired insurer; or

(2) Provide such moneys, pledges, loans, notes, guarantees, or other means as are proper to effectuate paragraph (1) of this section and assure payment of the contractual obligations of the impaired insurer pending action under paragraph (1) of this section.