§ 23-69-108 - Officers. - Arkansas Statutes

23-69-108. Officers.

(a) (1) (A) Every domestic stock or mutual insurer shall have:

(i) (a) A chief executive officer or a president, or both.

(b) The chief executive officer or president shall also serve as a member of the board of directors;

(ii) A secretary; and

(iii) A treasurer.

(B) The chief executive officer, president, secretary, and treasurer shall be chosen by the board of directors and shall hold their offices until their respective successors are chosen and qualify.

(2) Every domestic stock insurer or mutual insurer may also have one (1) or more vice presidents, who need not be directors; assistant secretaries and assistant treasurers, who need not be directors; and such other officers, agents, and factors as may be deemed necessary.

(b) All officers, agents, and factors shall be chosen in such manner, hold their offices for such terms, and have powers and duties as may be prescribed by the bylaws or determined by the board of directors.

(c) Any person may hold two (2) or more offices, except that the president shall not be also the secretary or an assistant secretary of the insurer.