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23-63-839. Negotiable bills of exchange or time drafts.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-839. Negotiable bills of exchange or time drafts.
An insurer may invest in negotiable bills of exchange or time drafts issued and unconditionally guaranteed by any bank, bank and trust company, national bank association, or domestic branch or agency of a foreign bank subject to reserve requirements under section 7 of the International Banking Act of 1978, as amended, provided that:
(1) The underlying transaction involves a trade financing and has a maturity no longer than six (6) months sight to run exclusive of days of grace;
(2) The insurer invests not more than twenty-five percent (25%) of its assets in bankers acceptances; and
(3) The insurer invests not more than ten percent (10%) of its assets in any one (1) bankers acceptance in any one (1) financial institution.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-839
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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Record provenance
Stable record: arkansas_code:legal_authorities:23-63-839
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2e3cdde232ee44dede3a6dd62e0e129f631c8d59afe16df7bff34d345b1d7efc
Source location: content.xml paragraph 32737
Stored source content
23-63-839. Negotiable bills of exchange or time drafts.
An insurer may invest in negotiable bills of exchange or time drafts issued and unconditionally guaranteed by any bank, bank and trust company, national bank association, or domestic branch or agency of a foreign bank subject to reserve requirements under section 7 of the International Banking Act of 1978, as amended, provided that:
(1) The underlying transaction involves a trade financing and has a maturity no longer than six (6) months sight to run exclusive of days of grace;
(2) The insurer invests not more than twenty-five percent (25%) of its assets in bankers acceptances; and
(3) The insurer invests not more than ten percent (10%) of its assets in any one (1) bankers acceptance in any one (1) financial institution.
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