(a) Except as otherwise ordered by the Pulaski County Circuit Court or the Insurance Commissioner, if notice is required to be given by the applicant under this subchapter, the applicant, within fifteen (15) days of the event triggering the requirement, shall cause transmittal of the notice: (1) By first class mail, postage prepaid, to the chief insurance regulator in each jurisdiction in which the applicant holds or has ever held a certificate of authority, and in which policies that are part of the subject business were issued or where policyholders currently reside;(2) By certified first class mail, postage prepaid, to the National Conference of Insurance Guaranty Funds, the National Organization of Life and Health Insurance Guaranty Associations, and all state insurance guaranty associations for the states in which the applicant holds or has ever held a certificate of authority, and in which policies that are part of the subject business were issued or where policyholders currently reside;(3) To reinsurers of the applicant under the notice requirements of the reinsurance agreements applicable to the policies that are part of the subject business, or if an agreement does not tly reside;(3) To reinsurers of the applicant under the notice requirements of the reinsurance agreements applicable to the policies that are part of the subject business, or if an agreement does not require notice, by an internationally recognized delivery service;(4)(A) By United States mail, first class postage prepaid, to all policyholders holding policies that are part of the subject business, at their last known address as indicated by the records of the applicant or to the address to which premium notices or other policy documents are sent.(B) A notice of transfer shall be sent to the transferring insurer's agents or brokers of record on the subject business; and(5) By publication in a newspaper of general circulation in the state in which the applicant has its principal place of business and in such other publications that the commissioner requires.(b) If notice is given under subsection (a) of this section, an order under this subchapter shall be conclusive with respect to all intended recipients of the notice, whether or not they receive actual notice.(c) If the commissioner has been named receiver of the applicant, the commissioner shall provide the required notice o all intended recipients of the notice, whether or not they receive actual notice.(c) If the commissioner has been named receiver of the applicant, the commissioner shall provide the required notice under this subchapter.Added by Act 2021, No. 1018,§ 1, eff. 7/28/2021. (a) Except as otherwise ordered by the Pulaski County Circuit Court or the Insurance Commissioner, if notice is required to be given by the applicant under this subchapter, the applicant, within fifteen (15) days of the event triggering the requirement, shall cause transmittal of the notice: (1) By first class mail, postage prepaid, to the chief insurance regulator in each jurisdiction in which the applicant holds or has ever held a certificate of authority, and in which policies that are part of the subject business were issued or where policyholders currently reside;(2) By certified first class mail, postage prepaid, to the National Conference of Insurance Guaranty Funds, the National Organization of Life and Health Insurance Guaranty Associations, and all state insurance guaranty associations for the states in which the applicant holds or has ever held a certificate of authority, and in which policies that are part of the subject business were issued or where policyholders currently reside;(3) To reinsurers of the applicant under the notice requirements of the reinsurance agreements applicable to the policies that are part of the subject business, or if an agreement does not tly reside;(3) To reinsurers of the applicant under the notice requirements of the reinsurance agreements applicable to the policies that are part of the subject business, or if an agreement does not require notice, by an internationally recognized delivery service;(4)(A) By United States mail, first class postage prepaid, to all policyholders holding policies that are part of the subject business, at their last known address as indicated by the records of the applicant or to the address to which premium notices or other policy documents are sent.(B) A notice of transfer shall be sent to the transferring insurer's agents or brokers of record on the subject business; and(5) By publication in a newspaper of general circulation in the state in which the applicant has its principal place of business and in such other publications that the commissioner requires.(b) If notice is given under subsection (a) of this section, an order under this subchapter shall be conclusive with respect to all intended recipients of the notice, whether or not they receive actual notice.(c) If the commissioner has been named receiver of the applicant, the commissioner shall provide the required notice o all intended recipients of the notice, whether or not they receive actual notice.(c) If the commissioner has been named receiver of the applicant, the commissioner shall provide the required notice under this subchapter.Added by Act 2021, No. 1018,§ 1, eff. 7/28/2021.
Arkansas Legal Code