§ 23-60-103 - Application of code.
23-60-103. Application of code.
Unless otherwise expressly provided for in the Arkansas Insurance Code, no provision of the Arkansas Insurance Code shall apply with respect to the following entities:
(1) Domestic stipulated premium insurers, as identified in 23-70-101 et seq., concerning stipulated premium insurers except as stated in those sections;
(2) Assessment life, health, and accident insurers, as identified in 23-72-102 et seq., concerning assessment life and disability insurers except as stated in those sections;
(3) Farmers' mutual aid associations or companies, as identified in 23-73-102 et seq., concerning farmers' mutual aid associations or companies except as stated in those sections, but excepting the requirements for fraudulent insurance acts prevention, codified in 23-66-501 et seq., and including the payment of assessments due from insurers and other licensees under the State Insurance Department Criminal Investigation Division Trust Fund Act, 23-100-101 et seq., which shall apply to farmers' mutual aid associations or companies;
(4) Fraternal benefit societies, as identified in 23-74-101 et seq., concerning fraternal benefit societies except as stated in those sections; and
(5) Nonprofit vision service plan corporations composed of at least fifty (50) participating optometrists or ophthalmologists licensed by the State of Arkansas to provide vision care services on a prepaid basis when each licensed optometrist or ophthalmologist is subject to the rules and regulations of the professional's respective state board and when each participating licensed optometrist or ophthalmologist agrees to assume responsibility for completion of the provisions of the vision care services contracted for so that no element of risk is incurred by any subscriber group or person.