(a) This section applies to stock and mutual insurers hereafter incorporated in this state.

(b) One (1) or more persons may act as the incorporator or incorporators of a stock or mutual insurer by delivering articles of incorporation to the Insurance Commissioner for filing.

(c) The incorporator or incorporators shall execute articles of incorporation in duplicate and acknowledge their execution thereof in the same manner as provided by law for the acknowledgment of deeds. The articles of incorporation shall state and show:

(1) The name of the corporation. If a mutual, the word "mutual" may be a part of the name. An alternative name may be specified for use in jurisdictions wherein conflict of name with that of another insurer or organization might otherwise prevent the corporation from being authorized to transact insurance therein;

(2) The duration of its existence, which may be perpetual;

(3) The kinds of insurance, as defined in the Arkansas Insurance Code, which the corporation is formed to transact;

(4) If a stock corporation, its authorized capital stock, the number of shares of stock into which divided, the par value of each share, which par value shall be at least one dollar ($1.00). Shares without par value shall not be authorized;

(5) If a stock corporation, the extent, if any, to which shares of its stock shall be subject to assessment;

(6) If a mutual corporation, other than a life insurer, the maximum contingent liability of its members, other than as to nonassessable policies, for payment of losses and expenses incurred. The liability shall be as stated in the articles of incorporation but shall not be less than one (1) nor more than six (6) times the premium for the member's policy at the annual premium rate for a term of one (1) year;

(7) The number of directors, not less than three (3), who shall constitute the board of directors and conduct the affairs of the corporation and the names, addresses, and terms of the members of the initial board of directors. The term of office of initial directors shall be for not more than one (1) year after the date of incorporation;

(8) The name of the city or town and county in this state in which is to be located its home office and principal place of business;

(9) Such other provisions, not inconsistent with law, deemed appropriate by the incorporator or incorporators; and

(10) The name and residence address of each incorporator.