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23-81-130. Registered life insurance policies and annuity contracts — Deposit of reserves.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-81-130
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 123226e9e2e88ef487e26c07055183d13a7ed048a3b457db127623ed5ead60b6
Source location: content.xml paragraph 48898
Stored source content
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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-601. Definition.
In any determination of the financial condition, including whether an asset is allowable, of a domestic insurer, domestic title insurer, or other domestic regulated entities reporting to the Insurance Commissioner, including health maintenance organizations, hospital or medical service corporations, farmers' mutual aid associations or companies, and other licensees, all hereinafter called “reporting entities” for purposes of this subchapter, the definition of an “asset” contained in the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”, with certain additions, will be used in the determination. Additions shall include, but may not be limited to, the following:
(1)(A) Electronic data processing equipment, licenses, and operating system software, excluding any amount paid to officers and employees of the reporting entity, necessary for installation and use of a data processing or accounting system, or both, to be used in connection with the business of the insurer or reporting entity.
(B) Commencing on and after January 1, 2001, assets allowed under this section, as well as nonoperating system software, shall be accounted for in accordance with the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”; and
(2) Other assets as specified by the commissioner in a rule.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-601
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 23-63-601. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-901. Authorized deposits of insurers.
The following deposits of insurers when made through the Insurance Commissioner shall be accepted and held, and shall be subject to the provisions of this subchapter:
(1) Deposits required under the Arkansas Insurance Code for authority to transact insurance in this state;
(2) Deposits of domestic insurers when made pursuant to the laws of other states, provinces, and countries as requirement for authority to transact insurance in that state, province, or country;
(3) Deposits of reserves made by domestic life insurers under § 23-81-130;
(4) Deposits in such additional amounts as are permitted to be made under § 23-63-908.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-901
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 23-63-901. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-68-106. Grounds for rehabilitation — Domestic insurers.
The Insurance Commissioner may apply to the court for an order appointing him or her in his or her official capacity and his or her successors in office as receiver of and directing him or her to rehabilitate a domestic insurer upon one (1) or more of the following grounds:
(1) The insurer is impaired or insolvent;
(2) The insurer has refused to submit any of its books, records, accounts, or affairs to reasonable examination by the commissioner;
(3) The insurer has concealed or removed records or assets or otherwise violated § 23-69-134;
(4) The insurer has failed to comply with an order of the commissioner to make good an impairment of capital or surplus or both;
(5) The insurer has transferred or attempted to transfer substantially its entire property or business, or has entered into any transaction the effect of which is to merge substantially its entire property or business into that of any other insurer without having first obtained the written approval of the commissioner;
(6) The insurer has willfully violated its charter or articles of incorporation or any law of this state;
(7) The insurer has an officer, director, or manager who has refused to be examined under oath concerning its affairs;
(8) The insurer has been or is the subject of an application for the appointment of a receiver, trustee, custodian, or sequestrator of the insurer or its property otherwise than pursuant to the provisions of the Arkansas Insurance Code, but only if the appointment has been made or is imminent and its effect is or would be to oust the courts of this state of jurisdiction hereunder;
(9) The insurer has consented to an order through a majority of its directors, stockholders, members, or subscribers;
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-68-106
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 23-68-106. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-68-107. Grounds for liquidation.
The Insurance Commissioner may apply to the court for an order appointing him or her as receiver, if his or her appointment as receiver shall not be then in effect, and directing him or her to liquidate the business of a domestic insurer or of the United States branch of an alien insurer having trusteed assets in this state, regardless of whether or not there has been a prior order directing him or her to rehabilitate such insurer, upon any of the grounds specified in § 23-68-106, or if the insurer:
(1) Has ceased transacting business for a period of one (1) year; or
(2) Is an insolvent insurer and has commenced voluntary liquidation or dissolution or attempts to commence or prosecute any action or proceeding to liquidate its business or affairs or to dissolve its corporate charter or to procure the appointment of a receiver, trustee, custodian, or sequestrator under any law except the Arkansas Insurance Code.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-68-107
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 23-68-107. This identifies an authority to review, not proof of applicability.