Browse Arkansas Code titles and sections
23-63-611. Asset valuation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-611. Asset valuation.
Assets of reporting entities shall be valued in accordance with the following:
(1) Bonds and securities shall be valued in accordance with the methods specified in the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Valuation of Securities Manual”, prepared by the Securities Valuation Office;
(2) Shares of stock shall be valued in accordance with the methods specified in the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”; and
(3) Other assets shall be valued as specified by the Insurance Commissioner in a rule, in accordance with the provisions of § 23-63-601(2), which method of valuation is not inconsistent with the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Valuation of Securities Manual”, prepared by the Securities Valuation Office.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-611
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:23-63-611
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 57c5c8caadcb7efd712be63ab64f1d2d45b4220cdb7aac9346500d29461c1c73
Source location: content.xml paragraph 32194
Stored source content
23-63-611. Asset valuation.
Assets of reporting entities shall be valued in accordance with the following:
(1) Bonds and securities shall be valued in accordance with the methods specified in the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Valuation of Securities Manual”, prepared by the Securities Valuation Office;
(2) Shares of stock shall be valued in accordance with the methods specified in the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”; and
(3) Other assets shall be valued as specified by the Insurance Commissioner in a rule, in accordance with the provisions of § 23-63-601(2), which method of valuation is not inconsistent with the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Valuation of Securities Manual”, prepared by the Securities Valuation Office.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-601. Definition.
In any determination of the financial condition, including whether an asset is allowable, of a domestic insurer, domestic title insurer, or other domestic regulated entities reporting to the Insurance Commissioner, including health maintenance organizations, hospital or medical service corporations, farmers' mutual aid associations or companies, and other licensees, all hereinafter called “reporting entities” for purposes of this subchapter, the definition of an “asset” contained in the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”, with certain additions, will be used in the determination. Additions shall include, but may not be limited to, the following:
(1)(A) Electronic data processing equipment, licenses, and operating system software, excluding any amount paid to officers and employees of the reporting entity, necessary for installation and use of a data processing or accounting system, or both, to be used in connection with the business of the insurer or reporting entity.
(B) Commencing on and after January 1, 2001, assets allowed under this section, as well as nonoperating system software, shall be accounted for in accordance with the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”; and
(2) Other assets as specified by the commissioner in a rule.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-601
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 23-63-601. This identifies an authority to review, not proof of applicability.