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23-63-903. Eligible securities.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-63-903
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a76b52274256a32928ffc340ce628a5e711ac740154501fef98c8d480a6cc24b
Source location: content.xml paragraph 32885
Stored source content
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.
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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
23-63-806. United States Government obligations.
An insurer may invest in bonds, notes, warrants, and other evidences of indebtedness which are direct obligations of the United States or for which the full faith and credit of the United States is pledged for the payment of principal and interest.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-806
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 23-63-806. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-808. Investments in public obligations.
(a) An insurer may invest in bonds or other evidences of indebtedness which are general obligations of, or are secured by pledge of specific revenue by, this state or any other state of the United States, or any of the counties or incorporated cities or towns, or duly organized school districts or other taxing districts of such states.
(b) No security shall be eligible for investment if within five (5) years next preceding the date of the proposed investment, the obligor has defaulted in the payment of principal or interest on any of its tax-supported obligations.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-808
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 23-63-808. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-809. Municipal or county utilities.
An insurer may invest in bonds, notes, or evidences of indebtedness of any municipal or county utility within the United States or Canada, which are payable from revenues or earnings specifically pledged for the payment of the principal and interest on the obligations, and for the payment of which a lawful sinking fund or reserve fund has been established and is being maintained, but only if no default in payment of principal or interest on the obligations to be purchased has occurred within five (5) years of the investment.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-809
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 23-63-809. This identifies an authority to review, not proof of applicability.