§ 23-69-303 - Definitions. - Arkansas Statutes

23-69-303. Definitions.

For purposes of this subchapter, unless the context requires otherwise:

(1) "Commissioner" means the Insurance Commissioner;

(2) "Intermediate stock holding company" means a holding company of which at least a majority of the voting securities are owned by a mutual insurance holding company and which directly owns all the voting securities of a reorganized stock insurer;

(3) "Mutual insurance holding company" means a holding company based on a mutual plan which at all times owns a majority of the voting securities of a single intermediate stock holding company or, if no such intermediate stock holding company exists, which owns a majority of the voting securities of a reorganized stock insurer;

(4) "Reorganized stock insurer" means a stock insurer subsidiary which results from a reorganization of a domestic mutual insurer under 23-69-304(a)(1) or (2) and in compliance with this subchapter; and

(5) "Voting securities" means securities of any class or any ownership interest having voting power for the election of directors, trustees, or management, other than securities having voting power only because of the occurrence of a contingency.