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23-63-902. Purpose.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-902. Purpose.
Deposits shall be held for purposes as follows:
(1) Deposits made in this state under § 23-63-206 shall be held for the purposes stated in that section;
(2) A deposit made in this state by a domestic insurer transacting insurance in another state, province, or country and as required by the laws of that state, province, or country shall be held for the protection of the insurer's policyholders, or policyholders and creditors;
(3) Deposits of reserves made by domestic life insurers under § 23-81-130 shall be held for the common benefit of all the holders of its life insurance policies and annuity contracts; and
(4) Deposits required pursuant to the retaliatory provisions, §§ 23-63-102 — 23-63-104, shall be held for such purposes as required by such laws and as specified in the Insurance Commissioner's order requiring the deposit.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-902
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:23-63-902
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b4caed568da55844e5bd2dfc4744df1bf4face2ec87ddbbd4d50230083e5fb6d
Source location: content.xml paragraph 32876
Stored source content
23-63-902. Purpose.
Deposits shall be held for purposes as follows:
(1) Deposits made in this state under § 23-63-206 shall be held for the purposes stated in that section;
(2) A deposit made in this state by a domestic insurer transacting insurance in another state, province, or country and as required by the laws of that state, province, or country shall be held for the protection of the insurer's policyholders, or policyholders and creditors;
(3) Deposits of reserves made by domestic life insurers under § 23-81-130 shall be held for the common benefit of all the holders of its life insurance policies and annuity contracts; and
(4) Deposits required pursuant to the retaliatory provisions, §§ 23-63-102 — 23-63-104, shall be held for such purposes as required by such laws and as specified in the Insurance Commissioner's order requiring the deposit.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-102. Retaliation for foreign taxes, fees, restrictions, etc.
(a) The Insurance Commissioner shall impose upon any insurer or upon the agent or representative of that insurer of any other state or any foreign country doing business in the State of Arkansas the same taxes, licenses, and other fees, in the aggregate, and the same fines, penalties, deposit requirements or other material requirements, obligations, prohibitions, or restrictions that are imposed upon Arkansas insurers or upon their agents or representatives by the laws of the other state or its political subdivisions or the other country or its provinces or political subdivisions.
(b) This section does not apply to:
(1) Application fees, examination fees, license fees, appointment fees, and continuation fees for agents, adjusters, service representatives, or consultants; or
(2)(A) Personal income taxes, ad valorem taxes on real or personal property, or special purpose obligations, fees, or assessments imposed by the other state in connection with particular kinds of insurance, other than property insurance.
(B) However, the commissioner shall consider deductions from premium taxes or other taxes payable allowed because of real estate or personal property taxes paid in determining the propriety and extent of retaliatory action under this section.
(c) For reporting years beginning on or after January 1, 2005, neither this section nor § 23-63-103 shall apply to any foreign insurer if more than fifteen percent (15%) of its capital stock is owned by a corporation organized under the laws of this state and domiciled within this state.
(d) In addition to the funds now appropriated and set aside for the use and benefit of firemen's relief and pension funds by § 24-11-809, there is appropriated and
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-102
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 23-63-102. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-104. Domicile of alien insurer.
(a) For the purpose of the Arkansas Insurance Code, except as provided under § 23-68-102(6), the domicile of an alien insurer, other than insurers formed under the laws of Canada, shall be that state designated by the insurer in writing filed with the Insurance Commissioner at time of admission to this state or within six (6) months after June 11, 1959, whichever date is the later, and may be any one (1) of the following states:
(1) That in which the insurer was first authorized to transact insurance;
(2) That in which is located the insurer's principal place of business in the United States; or
(3) That in which is held the larger deposit of trusteed assets of the insurer for the protection of its policyholders, or policyholders and creditors, in the United States.
(b) If the insurer makes no designation, its domicile shall be deemed to be that state in which is located its principal place of business in the United States.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-104
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 23-63-104. This identifies an authority to review, not proof of applicability.
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. The source passage cites 23-63-206. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-130. Registered life insurance policies and annuity contracts — Deposit of reserves.
(a) A domestic life insurer existing on January 1, 1960, may deposit and shall thereafter maintain on deposit with the Insurance Commissioner securities and assets equal to the legal reserve on its registered life insurance policies and annuity contracts in force under the provisions of § 23-63-601 et seq. The securities and assets shall be held on deposit in trust for the common benefit of all the holders of the policies and contracts.
(b) However, no deposit shall be made or maintained as to industrial life insurance policies.
(c) All securities not negotiable by delivery and deposited by an insurer under this section shall be assigned to the commissioner and his or her successors in office, but the assignments shall be deemed to be conditional only and shall not be recorded unless and until the commissioner has revoked or refused to continue the insurer's certificate of authority or until the commissioner has applied to the court for receivership of the insurer in accordance with either § 23-68-106 or § 23-68-107.
(d) Deposits shall be subject to the applicable provisions of §§ 23-63-901 — 23-63-912, administration of deposits.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-130
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 23-81-130. This identifies an authority to review, not proof of applicability.