Browse Arkansas Code titles and sections
23-81-132. Registered life insurance policies and annuity contracts — Valuation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-132. Registered life insurance policies and annuity contracts — Valuation.
(a) The insurer shall prepare and keep such records of all registered policies, bonds, or contracts issued by it and subject to § 23-81-131 as will enable the Insurance Commissioner to compute their value at any time.
(b) Upon proof that any of the policies, bonds, or contracts have been commuted or terminated, the insurer shall commute or cancel them upon its record. Until proof exists, all registered contracts shall be considered in force for the purposes of this section and §§ 23-81-130, 23-81-131, and 23-81-133 — 23-81-136.
(c) The net value of every policy, annuity bond, or contract, according to the standard prescribed by the laws of this state for the valuation of policies of life insurers, when the first premium shall have been paid thereon, less the amount of such liens as the insurer may have against it, not exceeding the value, shall be entered on the record of the policy, annuity bond, or contract at the time the record is made.
(d) On January 1 of each year, or within sixty (60) days thereafter, the insurer shall cause its registered policies, annuity bonds, or contracts to be carefully valued. The actual value of each at the time fixed for the valuation, less such liens as the insurer may have against it, not exceeding the value, shall be entered upon the insurer's record of the policy, bond, or contract.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-132
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:23-81-132
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 096dd57815f1bddc5e0a7c18698a25361a2064583dbfda6998b203e14e86ffbb
Source location: content.xml paragraph 48921
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23-81-132. Registered life insurance policies and annuity contracts — Valuation.
(a) The insurer shall prepare and keep such records of all registered policies, bonds, or contracts issued by it and subject to § 23-81-131 as will enable the Insurance Commissioner to compute their value at any time.
(b) Upon proof that any of the policies, bonds, or contracts have been commuted or terminated, the insurer shall commute or cancel them upon its record. Until proof exists, all registered contracts shall be considered in force for the purposes of this section and §§ 23-81-130, 23-81-131, and 23-81-133 — 23-81-136.
(c) The net value of every policy, annuity bond, or contract, according to the standard prescribed by the laws of this state for the valuation of policies of life insurers, when the first premium shall have been paid thereon, less the amount of such liens as the insurer may have against it, not exceeding the value, shall be entered on the record of the policy, annuity bond, or contract at the time the record is made.
(d) On January 1 of each year, or within sixty (60) days thereafter, the insurer shall cause its registered policies, annuity bonds, or contracts to be carefully valued. The actual value of each at the time fixed for the valuation, less such liens as the insurer may have against it, not exceeding the value, shall be entered upon the insurer's record of the policy, bond, or contract.
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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.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-131. Registered life insurance policies and annuity contracts — Certificate.
(a)(1) After making the deposit mentioned in § 23-81-130, the insurer shall not thereafter issue a registered policy life insurance or of endowment, or annuity bond or contract, unless the policy, bond, or contract shall have upon its face a certificate substantially in the following words: “This policy is registered, and approved securities equal in value to the legal reserve hereon are held in trust by the Commissioner of Insurance of the State of Arkansas.”
(2) The certificate shall be signed by the Insurance Commissioner and sealed with the seal of the commissioner's office.
(b) Every insurer making a deposit under § 23-81-130 shall pay the commissioner for each certificate placed on registered policies, annuity bonds, or contracts issued by the insurer after the original or first deposit is made thereunder, a fee of twenty-five cents (25¢), and this fee so received shall be disposed of by the commissioner as follows:
(1) For payment of the annual rent or hire of the safe deposit box or custodial expense as provided for under § 23-63-904;
(2) Payment for the services of a competent and reliable representative of the commissioner, to be appointed by the commissioner, who shall have direct charge of the securities and safety box containing them, and through whom and under whose supervision the insurer may have access to its securities for the purposes provided in this section and §§ 23-81-130 and 23-81-132 — 23-81-136. The sum paid the representative shall not exceed the amount received from registration of policies by the insurer during any one (1) year; and
(3) The balance of the fees shall be paid to or deposited with the Treasurer of State to the credit of the General Re
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-131
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 23-81-131. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-133. Registered life insurance policies and annuity contracts — Mutilated or surrendered policies.
The Insurance Commissioner shall cancel mutilated or surrendered policies, annuity bonds, and contracts issued by any insurers subject to § 23-81-130 when surrendered to the commissioner and for the purpose of cancellation and certify other like policies, bonds, or contracts when issued in lieu thereof.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-133
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 23-81-133. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-136. Registered life insurance policies and annuity contracts — Deficiency of deposit.
(a) If at any time the value of the securities and assets held on deposit as to a particular insurer under § 23-81-130 is less than the actual value of the registered policies and annuity bonds or contracts issued by the insurer and then in force, the Insurance Commissioner shall not execute the certificate on any additional policies, annuity bonds, or contracts of the insurer until it shall have made good the deficit.
(b) In the event of any deficiency in its deposit, the insurer shall also be subject to the provisions of § 23-63-910(b).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-136
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 23-81-136. This identifies an authority to review, not proof of applicability.