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 […]
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, […]
(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 […]
(a) Deposits made under the Arkansas Insurance Code shall be made through the office of the Insurance Commissioner in safe deposit or under custodial arrangements as required or approved by the commissioner consistent with the purposes of the deposit with an established safe deposit institution, bank, or trust company, or under other safekeeping arrangements, located […]
(a) The Insurance Commissioner shall keep a record of the securities and assets comprising each deposit and of all his or her transactions relative thereto, showing by item the amount and market value. (b) The commissioner and the State of Arkansas shall have no liability as to the safekeeping of any deposit by the depositary […]
(a) (1) All securities not negotiable by delivery and deposited by an insurer, other than under § 23-81-130, shall be assigned to the Insurance Commissioner and his or her successors in office. (2) All other assets so deposited shall be transferred or conveyed to the commissioner. (3) Upon release of any security or asset to […]
So long as the insurer remains solvent and is in compliance with the Arkansas Insurance Code, it may: (1) Demand, receive, sue for, and recover the income from the securities or assets deposited; (2) Exchange and substitute for the deposited securities or assets, or any part thereof, other eligible securities and assets of equivalent or […]
(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 […]
(a) (1) (A) If any insurer which has made the deposit in this state pursuant to § 23-63-206 fails to pay promptly any final judgment entered against it in favor of a citizen of this state, the Insurance Commissioner is authorized to sell at public or private sale, after forty-five (45) days’ notice to the […]
(a) (1) If for any reason the market value of assets and securities of an insurer held on deposit in this state under § 23-63-206 or under the retaliatory provision, §§ 23-63-102 — 23-63-104, falls below the amount so required, then the insurer shall promptly deposit other or additional assets or securities eligible for deposit […]
(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) Deposits of assets and securities representing, and at least equal in amount to, the reserves of a domestic life insurer under certain of its life insurance policies and annuity contracts and deposited under § 23-81-130 shall be held as long as the policies and contracts with respect to which the reserves exist are in […]
