23 CAR Part 38 — Noninsurance Subsidiary

Chapter I

Subchapter A

Subpart 1

23 CAR § 38-101 Purpose {#sec-23-car-38-101 omnilex-key=us-ar-regs-official--title-23-part-38--23 CAR § 38-101}

23 CAR § 38-101. Purpose.

(a) The purpose of this part is to define the term “noninsurance subsidiary”, a term that was introduced in Section 11 of Acts 2007, No. 496, without definition.

(b) Section 11 is codified at Arkansas Code § 23-63-818(b).

23 CAR § 38-102 Definition of noninsurance subsidiary {#sec-23-car-38-102 omnilex-key=us-ar-regs-official--title-23-part-38--23 CAR § 38-102}

23 CAR § 38-102. Definition of noninsurance subsidiary.

“Noninsurance subsidiary” means a corporation or other entity in which an insurer has, directly or indirectly, a majority ownership, and such corporation or other entity:

(1) Is not necessary and incidental to the convenient operation of the insurer’s insurance business;

(2) Does not administer any of the insurer’s lawful investments; and

(3) Is not subject to licensure by or registration with the Insurance Commissioner.