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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-68-108. Conservation of assets

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) The Insurance Commissioner may apply to the court for an order appointing him or her as receiver and directing him or her to conserve the assets of a domestic insurer upon any of the grounds specified in § 23-68-106 or § 23-68-107.

(b) The commissioner may apply to the court for an order appointing him or her as receiver or ancillary receiver and directing him or her to conserve the assets within this state of a foreign insurer upon any of the following grounds:

(1) Upon any of the grounds specified in § 23-68-106 or § 23-68-107; or

(2) Upon the ground that its property has been sequestered in its domiciliary sovereignty or in any other sovereignty.

(c) The commissioner may apply to the court for an order appointing him or her as receiver or ancillary receiver and directing him or her to conserve the assets within this state of any alien insurer upon any of the following grounds:

(1) Upon any of the grounds specified in § 23-68-106 or § 23-68-107;

(2) Upon the ground that the insurer has failed to comply within the time designated by the commissioner with an order made by him or her to make good an impairment of its trusteed funds; or

(3) Upon the ground that the property of the insurer has been sequestered in its domiciliary sovereignty or elsewhere.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-68-108. Conservation of assets - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-68-108/

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