- (a) There is hereby established a fund to ensure the solvency of “new business”, as that term is used in this part, which shall be known as the “New Business Emergency Guaranty Fund”.
(b)
- (1) The assessments for the fund paid to the board shall be maintained in an interest-bearing account in a financial institution organized and operating under the laws of the State of Arkansas.
- (2) The fund shall be under the exclusive control of the board.
- (c) The fund shall be used at the board’s sole discretion to pay claims if any that arise from new business written pursuant to the board’s rules prior to an association’s having sufficient funds in its new business account to satisfy such claims.
- (d) The board specifically reserves the right to make such additional assessments for the fund as it deems reasonable and necessary based on its experience in administering the fund.