§ 23-68-108 - Grounds for conservation -- Domestic, foreign, and alien insurers. - Arkansas Statutes

23-68-108. Grounds for conservation -- Domestic, foreign, and alien insurers.

(a) The Insurance Commissioner may apply to the court for an order appointing him as receiver and directing him to conserve the assets of a domestic insurer upon any of the grounds specified in 23-68-106 or 23-68-107.

(b) The commissioner may apply to the court for an order appointing him as receiver or ancillary receiver and directing him to conserve the assets within this state of a foreign insurer upon any of the following grounds:

(1) Upon any of the grounds specified in 23-68-106 or 23-68-107; or

(2) Upon the ground that its property has been sequestered in its domiciliary sovereignty or in any other sovereignty.

(c) The commissioner may apply to the court for an order appointing him as receiver or ancillary receiver and directing him to conserve the assets within this state of any alien insurer upon any of the following grounds:

(1) Upon any of the grounds specified in 23-68-106 or 23-68-107;

(2) Upon the ground that the insurer has failed to comply within the time designated by the commissioner with an order made by him to make good an impairment of its trusteed funds; or

(3) Upon the ground that the property of the insurer has been sequestered in its domiciliary sovereignty or elsewhere.