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23-63-908. Excess deposits.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-908. Excess deposits.
(a) An insurer may so deposit assets or securities in an amount exceeding its deposit required or otherwise permitted under the Arkansas Insurance Code by not more than twenty percent (20%) of the required or permitted deposit or one hundred thousand dollars ($100,000), whichever is the larger amount, for the purpose of absorbing fluctuations in the value of securities and assets deposited and to facilitate the exchange and substitution of such securities and assets.
(b)(1) During the solvency of the insurer, any excess shall be released to the insurer upon its request.
(2) During the insolvency of the insurer, the excess deposit shall be released only as provided in § 23-63-911(b)(3).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-908
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:23-63-908
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: be158c0c4c8a330100de71e241f8edf0ccaa02619bf06b6ed1d3db17c3843bfe
Source location: content.xml paragraph 32938
Stored source content
23-63-908. Excess deposits.
(a) An insurer may so deposit assets or securities in an amount exceeding its deposit required or otherwise permitted under the Arkansas Insurance Code by not more than twenty percent (20%) of the required or permitted deposit or one hundred thousand dollars ($100,000), whichever is the larger amount, for the purpose of absorbing fluctuations in the value of securities and assets deposited and to facilitate the exchange and substitution of such securities and assets.
(b)(1) During the solvency of the insurer, any excess shall be released to the insurer upon its request.
(2) During the insolvency of the insurer, the excess deposit shall be released only as provided in § 23-63-911(b)(3).
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-911. Duration and release of deposit generally.
(a) Subject to the right of the insurer to substitute securities as provided in § 23-63-907, all deposits in this state under § 23-63-206 shall be left on deposit as long as there is outstanding any liability of the insurer with respect to which the deposit was made.
(b) Any deposit referred to in subsection (a) of this section, or any deposit made under the retaliatory provision, §§ 23-63-102 — 23-63-104, or under any other provision of the Arkansas Insurance Code other than § 23-81-130, shall be released and returned:
(1) To the insurer upon the extinguishment by reinsurance, or otherwise, of all liability of the insurer for the security of which the deposit is held;
(2) To the insurer, during solvency, to the extent the deposit is in excess of the amount required; or
(3) Upon proper order of a court of competent jurisdiction in this state, to the ancillary receiver of the insurer in this state or to the domiciliary receiver, conservator, rehabilitator, liquidator of the insurer, or to any other properly designated official who succeeds to the management and control of the insurer's assets.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-911
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 23-63-911. This identifies an authority to review, not proof of applicability.