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Ark. Code Ann. § 23-72-111

Special provisions of pro rata assessment plan

Acts 1959, No. 148, § 566; A.S.A. 1947, § 66-4511.

In addition to the requirements under § 23-72-109, the bylaws of a pro rata assessment plan insurer:

(1) Shall clearly provide the plan of calling assessments. They may provide for assessment of each group or circle for payment of its own claims, for the assessing of groups or circles in rotation, or for assessing any group or circle, or the entire membership, for the payment of any matured claim; and

(2) May provide for the collection of assessments in advance to be used for the payment of claims and expenses.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.