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23-62-309. Applicability — Reinsurance agreements.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-62-309. Applicability — Reinsurance agreements.
Sections 23-62-305 — 23-62-307 apply to any cession of a reinsurance agreement if that reinsurance agreement has an inception, anniversary, or renewal date not less than six (6) months after July 22, 2015.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-62-309
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:23-62-309
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: cb2bd7a5f25e1a18f96631d83f0eef7615a3459b86847b470663b4c5706a0b91
Source location: content.xml paragraph 30475
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23-62-309. Applicability — Reinsurance agreements.
Sections 23-62-305 — 23-62-307 apply to any cession of a reinsurance agreement if that reinsurance agreement has an inception, anniversary, or renewal date not less than six (6) months after July 22, 2015.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-62-305. Credit allowed a domestic ceding insurer.
(a)(1) A domestic ceding insurer shall be allowed credit for reinsurance as an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of this section.
(2) Credit shall be allowed under subsection (b), subsection (c), or subsection (d) of this section only for cessions of the kinds or classes of business that the assuming insurer is licensed or otherwise permitted to write or assume in:
(A) Its state of domicile; or
(B) In the case of a United States branch of an alien assuming insurer, in the state through which it is entered and licensed to transact insurance or reinsurance.
(3) Credit shall be allowed under subsection (d) or subsection (e) of this section only if the applicable requirements of subsection (i) of this section have been satisfied.
(b) Credit shall be allowed if the reinsurance is ceded to an assuming insurer that is licensed to transact insurance or reinsurance in this state.
(c)(1) Credit shall be allowed when the reinsurance is ceded to an assuming insurer that is accredited by the Insurance Commissioner as a reinsurer in this state.
(2) To be eligible for accreditation by the Insurance Commissioner under subdivision (c)(1) of this section, a reinsurer shall:
(A) File with the Insurance Commissioner evidence of its submission to this state's jurisdiction;
(B) Submit to this state's authority to examine its books and records;
(C) Be licensed to transact insurance or reinsurance in at least one (1) state, or, in the case of a United States branch of an alien assuming insurer, be entered through and licensed to transact insurance or reinsurance in at least one (1) state;
(D) File annually with the Insurance Commissioner
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-62-305
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 23-62-305. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-62-307. Qualified United States financial institutions.
(a) For purposes of § 23-62-306(c)(3), a “qualified United States financial institution” means an institution that:
(1) Is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state thereof;
(2) Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and
(3) Has been determined by either the Insurance Commissioner or the Securities Valuation Office of the National Association of Insurance Commissioners to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.
(b) A “qualified United States financial institution” means, for purposes of those provisions of this law specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:
(1) Is organized, or, in the case of a United States branch or agency office of a foreign banking organization, licensed under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and
(2) Is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-62-307
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 23-62-307. This identifies an authority to review, not proof of applicability.