Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-75-108. Issuance of certificate of authority

(1) The applicant is established as a bona fide nonprofit hospital service corporation or medical service corporation or combination of the two;

(2) The contracts, if any, between the applicant and the participating hospitals or physicians obligate each hospital or physician executing the contracts to render service to which each subscriber may be entitled under the terms of the contracts to be issued to the subscribers;

(3) The amounts provided as working capital of the corporation are repayable, without interest, out of operating expenses;

(4) The amount of money actually available for working capital is sufficient to carry on the plan for a period of six (6) months from the date of issuance of the certificate of authority; and

(5) The applicant has secured contracts of participation from sufficient hospitals or physicians, or both, to provide ample protection for its subscribers within the area proposed to be served by the applicant.