Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-69-508. Insurance business transfer plan--Review--Insurance Commissioner

(a)(1) The Insurance Commissioner shall have sixty (60) business days from the date of receipt of a completed application for an insurance business transfer plan filed under § 23-69-506 to review the insurance business transfer plan to determine if the applicant is authorized to submit it to the Pulaski County Circuit Court.

(2) The commissioner may extend the sixty-day review period for an additional thirty (30) business days.

(1) The assuming insurer is licensed in each line of business in each state where the transferring insurer is licensed or the assuming insurer demonstrates an extraordinary circumstance preventing the assuming insurer from obtaining the license or licenses; and

(2) The commissioner determines that the lack of the license or licenses under subdivision (c)(1) of this section would not result in an adverse material impact on the interests of policyholders, contract holders, or reinsurers.

(e)(1) The applicant shall have thirty (30) days from the date the commissioner notifies him or her or it under subsection (d) of this section of the need to file an amended insurance business transfer plan providing the modifications, supplements, amendments, or additional information or documentation as requested by the commissioner.

(2) The applicant may request in writing an extension of time of thirty (30) days.

(3) If the applicant does not make an amended filing within the time period provided for in this subsection, including any extension of time granted by the commissioner under subdivision (e)(2) of this section, the insurance business transfer plan filing shall terminate, and a subsequent filing by the applicant shall be considered a new filing that shall require compliance with this subchapter as if the prior filing had never been made.