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29.0306 Continuance, expiration, or reinstatement.

Cite as [A.S.C.A. § 29.0306]

(a) A certificate of authority shall continue in force as long as the insurer is entitled thereto under the insurance law and until suspended or revoked by the Commissioner or terminated at the request of the insurer; subject, however, to continuance of the certificate by the insurer each year by:

(1) payment prior to 1 April of the continuation fee provided in 29.0320;

(2) due filing by the insurer of its annual statement for the calendar year preceding.

(b) If not so continued by the insurer, its certificate of authority shall expire at midnight on 30 April next following failure of the insurer to continue it in force. The Commissioner promptly shall notify the insurer of impending expiration of its certificate of authority.

(c) The Commissioner, in his discretion, upon the insurer’s request made within 3 months after expiration, may reinstate a certificate of authority which the insurer has permitted to expire after the insurer has cured all its failures which resulted in the expiration and has paid the fee for reinstatement specified in 29.0320. Otherwise the insurer shall be granted another certificate of authority only after filing application therefor and meeting all other requirements as for an original certificate of authority.

History: 1974, PL 13-58 § 1.