Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-69-302. Purpose

(a)(1) The General Assembly finds and declares that it is in the public interest that a domestic mutual insurer be permitted to reorganize in a manner that preserves attributes of its mutuality while facilitating capital-raising abilities and corporate affiliations on terms and conditions that are fair and equitable to the mutual insurer's policyholders.

(2) The General Assembly further finds that because policyholders of a mutual insurer have membership interests in the mutual insurer, the Insurance Commissioner should have broad authority in reviewing a reorganization, and the procedures and criteria to be applied by the commissioner should be flexible within the parameters of this subchapter.