§ 23-70-105. Surplus funds required

AR Code § 23-70-105 (2018) (N/A)

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(a) A domestic reciprocal insurer formed pursuant to this chapter, if it has otherwise complied with the applicable provisions of the Arkansas Insurance Code, may be authorized to transact insurance if it has and maintains surplus funds as follows:

(1) To transact property insurance, surplus funds of not less than the amount required of a foreign reciprocal insurer under § 23-63-205;

(2) To transact casualty insurance, surplus funds of not less than the amount required of a foreign reciprocal insurer under § 23-63-205; and

(3) The surplus funds required in this subsection shall be deposited or adjusted by the July 1 following the filing of the annual statement.

(b) In addition to surplus required to be maintained under subsection (a) of this section, the insurer shall have, when first so authorized, expendable surplus in an amount as required of a like foreign reciprocal insurer under § 23-63-207.

(c) A domestic reciprocal insurer may be authorized to transact additional kinds of insurance if it has otherwise complied with the provisions of the Arkansas Insurance Code therefor and possesses and so maintains surplus funds in an amount equal to the minium capital stock required of a stock insurer for authority to transact a like combination of kinds of insurance.

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