(a) Foreign Lloyd's plan insurers which held certificates of authority to transact insurance in this state immediately prior to January 1, 1960, may continue to be so authorized while maintaining surplus as required under § 23-63-205(b) of foreign mutual insurers transacting like kinds of insurance and while otherwise in compliance with the Arkansas Insurance Code.
(b) Any other foreign Lloyd's plan insurer may hereafter be authorized to transact in this state any or all kinds of insurance other than life, title, or surety insurance while otherwise in compliance with the Arkansas Insurance Code and while maintaining trusteed assets within the United States for the protection of its United States policyholders or policyholders and creditors, under trust arrangements and with a trust institution satisfactory to the Insurance Commissioner, of not less than five million dollars ($5,000,000), and of which at least one million dollars ($1,000,000) represents an excess of such assets over the liabilities of the insurer as to its insurance transactions in the United States.
History. Acts 1959, No. 148, § 52; A.S.A. 1947, § 66-2210.