§ 23-66-203 - Definitions. - Arkansas Statutes

23-66-203. Definitions.

As used in this subchapter:

(1) "Commissioner" means the Insurance Commissioner of this state;

(2) (A) "Depository institution" means a bank or savings association.

(B) The terms "depository institution" or "depository corporation" do not include an insurance company;

(3) "Insurance policy" or "insurance contract" means any contract of insurance, indemnity, medical or hospital service, suretyship, or annuity which is issued, proposed for issuance, or intended for issuance by any person; and

(4) (A) "Person" means any individual, corporation, association, partnership, reciprocal exchange, interinsurer, Lloyd's insurer, fraternal benefit society, and any other legal entity engaged in the business of insurance, including agents, brokers, and adjusters.

(B) (i) "Person" also means medical service plans and hospital service plans as defined in 23-75-101.

(ii) For purposes of this subchapter, medical and hospital service plans shall be deemed to be engaged in the business of insurance.