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23-63-206. Certificate of authority — Deposit of securities required.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-206. Certificate of authority — Deposit of securities required.
(a) All insurers authorized to transact insurance in this state shall make and maintain a deposit of securities as follows:
(1)(A)(i) All insurers authorized to transact only life or accident and health insurance, or both, shall deposit through the Insurance Commissioner and subject to the conditions specified in § 23-63-909 securities eligible for deposit under § 23-63-903 and having at all times a market value of not less than one hundred thousand dollars ($100,000), conditioned for the payment of policyholders and creditors of the insurer in this state and the prompt payment of all claims arising and accruing to any person in this state.
(ii)(a) On and after January 1, 2002, the provisions of subdivision (a)(1)(A)(i) of this section shall apply only to domestic insurers licensed or hereafter licensed.
(b) Foreign and alien insurers licensed or hereafter licensed shall be exempt upon filing evidence with the commissioner of a satisfactory deposit for continued licensure in the state of domicile, Canada, Mexico, or a port-of-entry state.
(B) On and after January 1, 2002, licensed foreign and alien insurers may apply for release of an Arkansas deposit upon filing of evidence of a satisfactory deposit in the state or country of domicile;
(2)(A)(i) Insurers applying for an original certificate of authority in Arkansas for kinds of insurance other than life, accident and health, surety, or any combination thereof, and insurers holding a valid certificate of authority who thereafter apply to transact any other or additional kinds of insurance, excluding life, accident and health, surety, or any combination thereof, shall deposit through the commissioner and subject to the conditions specified
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-206
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:23-63-206
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c7186b8ce680a14598e16ffd2a0a6b0a16144ccddddd845d04567810c83313e9
Source location: content.xml paragraph 31111
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23-63-206. Certificate of authority — Deposit of securities required.
(a) All insurers authorized to transact insurance in this state shall make and maintain a deposit of securities as follows:
(1)(A)(i) All insurers authorized to transact only life or accident and health insurance, or both, shall deposit through the Insurance Commissioner and subject to the conditions specified in § 23-63-909 securities eligible for deposit under § 23-63-903 and having at all times a market value of not less than one hundred thousand dollars ($100,000), conditioned for the payment of policyholders and creditors of the insurer in this state and the prompt payment of all claims arising and accruing to any person in this state.
(ii)(a) On and after January 1, 2002, the provisions of subdivision (a)(1)(A)(i) of this section shall apply only to domestic insurers licensed or hereafter licensed.
(b) Foreign and alien insurers licensed or hereafter licensed shall be exempt upon filing evidence with the commissioner of a satisfactory deposit for continued licensure in the state of domicile, Canada, Mexico, or a port-of-entry state.
(B) On and after January 1, 2002, licensed foreign and alien insurers may apply for release of an Arkansas deposit upon filing of evidence of a satisfactory deposit in the state or country of domicile;
(2)(A)(i) Insurers applying for an original certificate of authority in Arkansas for kinds of insurance other than life, accident and health, surety, or any combination thereof, and insurers holding a valid certificate of authority who thereafter apply to transact any other or additional kinds of insurance, excluding life, accident and health, surety, or any combination thereof, shall deposit through the commissioner and subject to the conditions specified in § 23-63-909 securities eligible for deposit under § 23-63-903 and having at all times a market value of not less than one hundred thousand dollars ($100,000), conditioned for the payment of policyholders and creditors of the insurer in this state and the prompt payment of all claims arising and accruing to any person in this state.
(ii)(a) On and after January 1, 2002, the provisions of subdivision (a)(2)(A)(i) of this section shall apply only to domestic insurers licensed or hereafter licensed.
(b) Foreign and alien insurers licensed or hereafter licensed shall be exempt upon filing evidence with the commissioner of a satisfactory deposit for continued licensure in the state of domicile, Canada, Mexico, or a port-of-entry state.
(B) On and after January 1, 2002, licensed foreign and alien insurers may apply for release of an Arkansas deposit upon filing of evidence of a satisfactory deposit in the state or country of domicile;
(3)(A) An insurer authorized to transact solely surety insurance in this state shall deposit through the commissioner and subject to the conditions provided in § 23-63-909 securities eligible for deposit under § 23-63-903 and having at all times a market value of not less than one hundred thousand dollars ($100,000), conditioned for the payment of policyholders and creditors of the insurer in this state and prompt payment of policyholders and creditors of the insurer in this state and prompt payment of all claims arising and accruing to any obligee in this state.
(B) All insurers authorized to transact the lines or classes of insurance under subdivision (a)(2) of this section or any combination thereof may also be authorized to transact surety insurance by depositing in accordance with this subsection additional securities with a market value of fifty thousand dollars ($50,000).
(C) Any authorized surety insurer also licensed as a professional bail bond company shall make and maintain an additional deposit, as required in § 17-19-101 et seq., applicable to bail bond transactions.
(D)(i)(a) On and after January 1, 2002, the provisions of this subdivision (a)(3) shall apply only to domestic insurers licensed or hereafter licensed.
(b) Foreign and alien insurers licensed or hereafter licensed shall be exempt upon filing evidence with the commissioner of a satisfactory deposit for continued licensure in the state of domicile, Canada, Mexico, or a port-of-entry state.
(ii) On and after January 1, 2002, licensed foreign and alien insurers may apply for release of an Arkansas deposit upon filing of evidence of a satisfactory deposit in the state or country of domicile.
(b) All deposits made through the commissioner and held in this state shall be subject to the applicable provisions of § 23-63-901 et seq., which refer to the administration of deposits.
(c)(1) The application of a foreign or alien insurer to obtain a release of deposited assets under this section shall demonstrate by special filing the adequacy and sufficiency of the deposit in the state of domicile, Canada, Mexico, or port-of-entry state for continued Arkansas licensure.
(2) Applicants shall:
(A)(i) Agree to maintain deposits at all times adequate to cover Arkansas deposit obligations.
(ii) The deposits shall be certificate of authority lines of insurance in this state as reflected on the uniform certificate of authority application; and
(B) File with the commissioner an updated certificate of deposit issued by the insurance regulator in the state of domicile, Canada, Mexico, or port-of-entry state.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
17-19-101. Definitions.
As used in this chapter, unless the context otherwise requires:
(1) “Bail bond or appearance bond” means a bond for a specified monetary amount which is executed by the defendant and a qualified licensee under this chapter and which is issued to a court, magistrate, or authorized officer as security for the subsequent court appearance of the defendant upon his or her release from actual custody pending the appearance;
(2) “Insurer” means any surety company which has qualified to transact surety business in this state;
(3) “Licensee” means a professional bail bond company or a professional bail bondsman;
(4) “Professional bail bond company” means an individual who is a resident of this state, an Arkansas firm, partnership, or corporation, or a foreign corporation registered and authorized to conduct business in the State of Arkansas that pledges a bail bond in connection with a judicial proceeding and receives or is promised therefor money or other things of value; and
(5) “Professional bail bondsman” means an individual who is a resident of this state and who acts through authority of a professional bail bond company in pledging a bail bond as security in a judicial proceeding.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-19-101
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 17-19-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-901. Authorized deposits of insurers.
The following deposits of insurers when made through the Insurance Commissioner shall be accepted and held, and shall be subject to the provisions of this subchapter:
(1) Deposits required under the Arkansas Insurance Code for authority to transact insurance in this state;
(2) Deposits of domestic insurers when made pursuant to the laws of other states, provinces, and countries as requirement for authority to transact insurance in that state, province, or country;
(3) Deposits of reserves made by domestic life insurers under § 23-81-130;
(4) Deposits in such additional amounts as are permitted to be made under § 23-63-908.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-901
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 23-63-901. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-903. Eligible securities.
(a) All deposits required under § 23-63-206 for authority to transact insurance in this state shall consist of certified checks or certificates of deposit, 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 the following sections of the Arkansas Insurance Code:
(1) Section 23-63-806, United States Government obligations;
(2) Section 23-63-808, state, county, municipal, and school obligations;
(3) Section 23-63-809, municipal or county utilities;
(4) Section 23-63-811, local industrial development bonds;
(5) Section 23-63-813, international banks; and
(6) Section 23-63-814, corporate bonds and debentures.
(b) All deposits required of a domestic insurer pursuant to the laws of another state, province, or country shall be composed of securities, if negotiable by delivery or assignment, of the kinds required or permitted by the laws of the state, province, or country, except common stocks, mortgages of any kind, and real estate.
(c) Deposits of the reserves of a domestic life insurer under § 23-81-130 shall consist of securities, if negotiable by delivery or assignment, and assets eligible for investment of the insurer's reserves under § 23-63-805(3).
(d) Deposits of foreign insurers made in this state under the retaliatory provision, §§ 23-63-102 — 23-63-104, shall consist of such assets as are required by the Insurance Commissioner pursuant to the provision.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-903
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 23-63-903. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-909. Payment of claims.
(a)(1)(A) If any insurer which has made the deposit in this state pursuant to § 23-63-206 fails to pay promptly any final judgment entered against it in favor of a citizen of this state, the Insurance Commissioner is authorized to sell at public or private sale, after forty-five (45) days' notice to the insurer by certified mail, a sufficient amount of securities to pay the claim.
(B) As used in this section, “final judgment” means any judgment issued by a court of record and the enforcement or execution of which has not been stayed by a court of competent jurisdiction.
(2) Except as provided in this section and as otherwise provided in the Arkansas Insurance Code, no deposit made in this state pursuant to § 23-63-206 by any insurer shall be subject to garnishment, levy, or execution.
(b)(1) The commissioner, under procedures he or she shall prescribe, may release to the insurer any part of the special additional four percent (4%) accident and health deposit formerly required under § 23-63-206.
(2) For good cause, the commissioner may in writing exempt insurers from filing replacement deposits for any line of insurance, including, but not limited to, statutory deposits for discontinued lines of insurance.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-909
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 23-63-909. This identifies an authority to review, not proof of applicability.