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23-63-831. Failure to dispose of real estate, property, or securities.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-831. Failure to dispose of real estate, property, or securities.
(a) Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal thereof, or any extension of the period granted by the Insurance Commissioner as provided in § 23-63-829 or § 23-63-830, or any investments otherwise lawful which are in excess of the aggregate amount the insurer is authorized to invest in that category of investments under this subchapter shall not be allowed as an asset of the insurer.
(b) The insurer shall forthwith dispose of any ineligible investment unlawfully acquired by it, and the commissioner shall suspend or revoke the insurer's certificate of authority if the insurer fails to dispose of the investment within such reasonable time as the commissioner may, by order, specify.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-831
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:23-63-831
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 456259c214233be154caa739c5ff5bc85209bf3a64eeb0c47adbe3d510a07d79
Source location: content.xml paragraph 32665
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23-63-831. Failure to dispose of real estate, property, or securities.
(a) Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal thereof, or any extension of the period granted by the Insurance Commissioner as provided in § 23-63-829 or § 23-63-830, or any investments otherwise lawful which are in excess of the aggregate amount the insurer is authorized to invest in that category of investments under this subchapter shall not be allowed as an asset of the insurer.
(b) The insurer shall forthwith dispose of any ineligible investment unlawfully acquired by it, and the commissioner shall suspend or revoke the insurer's certificate of authority if the insurer fails to dispose of the investment within such reasonable time as the commissioner may, by order, specify.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-829. Time limit for disposal of real estate.
(a) Except as stated in subsection (c) of this section, the insurer shall dispose of real estate acquired under § 23-63-828(1) within five (5) years after it has ceased to be necessary for the convenient accommodation of the insurer in the transaction of its business.
(b) Except as stated in subsection (c) of this section, the insurer shall dispose of real estate acquired under § 23-63-828(2)-(4) within five (5) years after the date of acquisition.
(c) Upon proof satisfactory to the Insurance Commissioner that the interests of the insurer will suffer materially by the forced sale thereof, the commissioner may by order grant a reasonable extension of the period as specified in the order. Within that specified period of time, the insurer shall dispose of any particular parcel of real estate, unless the insurer elects to hold the real estate as an investment for income purposes under § 23-63-828(6), in which event, the real estate shall be deemed to have been acquired at a cost equal to its book value at the time of the election and to be held under, and subject to, the provisions of § 23-63-828(6) after that time.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-829
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 23-63-829. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-830. Time limit for disposal of other ineligible property and securities.
(a) Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of the acquisition shall be disposed of within three (3) years from the date of acquisition, unless within that period the security has attained the status of eligibility.
(b) However, any security or personal property acquired under any agreement of bulk reinsurance, merger, or consolidation may be retained for a longer period if so provided in the plan for reinsurance, merger, or consolidation as approved by the Insurance Commissioner under the Arkansas Insurance Code.
(c) Upon application by the insurer and proof that forced sale of any property or security would materially injure the interests of the insurer, the commissioner may extend the disposal period for an additional reasonable time.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-830
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 23-63-830. This identifies an authority to review, not proof of applicability.