Browse Arkansas Code titles and sections
2-17-209. Bond requirements.
Arkansas Code — all titles (historical 2020) · legal_authorities
2-17-209. Bond requirements.
(a)(1)(A)(i) Before any license is issued to any warehouseman, the warehouseman shall file with the Public Grain Warehouse Commissioner a surety bond executed by the public grain warehouseman as principal and by a corporate surety licensed to do business in this state as surety.
(ii) The bond shall run to the State of Arkansas and be for the benefit of all depositors or storers of grain, their legal representatives, attorneys, or assigns.
(B)(i) No bond shall be accepted for the purposes of this subchapter until it has been approved by the commissioner.
(ii) The bond shall be conditioned upon the warehouseman delivering all stored grain or payment of the value thereof upon the surrender of the warehouse receipt.
(iii) The commissioner may require the increases in the amount of the bond, from time to time, as he or she may deem necessary for the protection of the storage receipt holders.
(2)(A) The aggregate liability of the surety to all depositors or storers of grain shall not exceed the sum of the bond.
(B) The bond may be cancelled at any time by the surety by giving written notice to the commissioner of its intention to cancel the bond. All liability thereunder shall terminate thirty (30) days after the receipt of the notice by the commissioner, except that the notice shall not affect any claims arising under the bond, whether presented or not, before the effective date of the cancellation notice.
(b) In lieu of the bond required in subsection (a) of this section, an applicant for a license may be a self-insurer by posting with the commissioner cash or any combination of securities, the market value of which is readily ascertainable and, if negotiable, by delivery or assignment, of the kinds described in § 23-63-806, Unit
Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-17-209
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:2-17-209
Source file: gov.ar.code.title.02.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 788dee8b9c5ed7e80cd9c736e48ec6620b9be19381d7e09926d4eaa8c82fb5bf
Source location: content.xml paragraph 4072
Stored source content
2-17-209. Bond requirements.
(a)(1)(A)(i) Before any license is issued to any warehouseman, the warehouseman shall file with the Public Grain Warehouse Commissioner a surety bond executed by the public grain warehouseman as principal and by a corporate surety licensed to do business in this state as surety.
(ii) The bond shall run to the State of Arkansas and be for the benefit of all depositors or storers of grain, their legal representatives, attorneys, or assigns.
(B)(i) No bond shall be accepted for the purposes of this subchapter until it has been approved by the commissioner.
(ii) The bond shall be conditioned upon the warehouseman delivering all stored grain or payment of the value thereof upon the surrender of the warehouse receipt.
(iii) The commissioner may require the increases in the amount of the bond, from time to time, as he or she may deem necessary for the protection of the storage receipt holders.
(2)(A) The aggregate liability of the surety to all depositors or storers of grain shall not exceed the sum of the bond.
(B) The bond may be cancelled at any time by the surety by giving written notice to the commissioner of its intention to cancel the bond. All liability thereunder shall terminate thirty (30) days after the receipt of the notice by the commissioner, except that the notice shall not affect any claims arising under the bond, whether presented or not, before the effective date of the cancellation notice.
(b) In lieu of the bond required in subsection (a) of this section, an applicant for a license may be a self-insurer by posting with the commissioner cash or any combination of securities, the market value of which is readily ascertainable and, if negotiable, by delivery or assignment, of the kinds described in § 23-63-806, United States Government obligations, § 23-63-809, municipal or county utilities, § 23-63-813, international banks, and § 23-63-814, corporate bonds and debentures.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-806. United States Government obligations.
An insurer may invest in bonds, notes, warrants, and other evidences of indebtedness which are direct obligations of the United States or for which the full faith and credit of the United States is pledged for the payment of principal and interest.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-806
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-806. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-809. Municipal or county utilities.
An insurer may invest in bonds, notes, or evidences of indebtedness of any municipal or county utility within the United States or Canada, which are payable from revenues or earnings specifically pledged for the payment of the principal and interest on the obligations, and for the payment of which a lawful sinking fund or reserve fund has been established and is being maintained, but only if no default in payment of principal or interest on the obligations to be purchased has occurred within five (5) years of the investment.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-809
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-809. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-813. International banks.
Any insurer may invest in obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, or the African Development Bank.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-813
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-813. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-814. Corporate bonds and debentures.
(a) An insurer may invest in bonds, debentures, notes, and other evidences of indebtedness issued, assumed, or guaranteed by any solvent institution existing under the laws of the United States or of Canada, or any state or province thereof, which are not in default as to principal or interest and which are secured by collateral worth at least fifty percent (50%) more than the par value of the entire issue of such obligations, but only if not more than one-third (1/3) of the total value of the required collateral consists of common stock.
(b) An insurer may invest in secured and unsecured obligations of the institutions, other than obligations described in subsection (a) of this section, that are not in default as to principal or interest, if the obligations:
(1) Are rated or expected to be rated by the Securities Valuation Office of the National Association of Insurance Commissioners, if not otherwise exempt under the Purposes and Procedures Manual of the Securities Valuation Office of the National Association of Insurance Commissioners; or
(2) Bear interest at a fixed rate, with mandatory principal and interest due at specified times, and if the net earnings of the issuing, assuming, or guaranteeing institution available for its fixed charges for five (5) fiscal years next preceding the date of acquisition by the insurer have averaged per year not less than one and one-half (1½) times its average annual fixed charges applicable to the period and if, during either of the last two (2) years of the period, the net earnings have been not less than one and one-half (1½) times its fixed charges for the year.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-814
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-814. This identifies an authority to review, not proof of applicability.