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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-68-129. Order declaring insolvency--Notification

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

(a) If, upon the entry of an order of liquidation under this chapter or at any time thereafter during liquidation proceedings, the insurer shall not be clearly solvent, the court shall, upon hearing after such notice as it deems proper, make and enter an order adjudging the insurer to be insolvent.

(b)(1) After the entry of the order of insolvency, regardless of any prior notice that may have been given to creditors, the Insurance Commissioner shall notify all persons who may have claims against the insurer to file the claims with him or her, at a place and within the time specified in the notice, or that the claims shall be forever barred.

(2) The time specified in the notice shall be as fixed by the court for filing of claims and which shall be not less than six (6) months after the entry of the order of insolvency.

(3) The notice shall be given in such manner and for such reasonable period of time as may be ordered by the court.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-68-129. Order declaring insolvency--Notification - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-68-129/

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