Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-63-817 Insurance stocks
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(a) An insurer may invest in the stocks of other solvent insurers formed under the laws of this or another state if the stocks meet the applicable requirements of § 23-63-815 as to preferred or guaranteed stock or § 23-63-816 as to common stock, and, with the advance consent of t…
Ark. Code Ann. § 23-63-818 Stocks of subsidiaries
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(a) With the Insurance Commissioner's written approval, a domestic insurer may invest in the stock of its wholly owned subsidiary insurance corporation or in the stock of its wholly owned subsidiary business corporation formed or acquired for and necessary and incidental to:(1) T…
Ark. Code Ann. § 23-63-819 Equipment trust certificates
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An insurer may invest in equipment trust obligations or certificates adequately secured and evidencing an interest in transportation equipment, wholly or in part within the United States, which obligations or certificates carry the right to receive determined portions of rental, …
Ark. Code Ann. § 23-63-820 Investment trust securities
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An insurer may invest in the securities of any management-type investment company or investment trust registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as from time to time amended, if the investment company or trust has been organiz…
Ark. Code Ann. § 23-63-821 Policy loans
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(a) A life insurer may lend to its policyholder upon pledge of the policy as collateral security any sum not exceeding the cash surrender value of the policy or may lend against pledge or assignment of any of its supplementary contracts or its other contracts or obligations, so l…
Ark. Code Ann. § 23-63-822 Collateral loans
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(a) An insurer may lend and invest its funds upon the pledge of securities eligible for investment under this subchapter. (b) As at date made, no loan shall exceed in amount ninety percent (90%) of the market value of such collateral pledged. (c) The amount so loaned shall be inc…
Ark. Code Ann. § 23-63-823 Savings and loan associations
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To the extent that an account does not exceed an amount equal to the sum of all reserve accounts, except specific or valuation reserves, undivided profits, surplus, and capital stock, but not including the proceeds of capital notes, debentures, or similar obligations, an insurer …
Ark. Code Ann. § 23-63-824 Foreign securities
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(a) An insurer may acquire investments or engage in investment practices with entities or institutions of or in foreign jurisdictions of substantially the same type that an insurer may acquire under this subchapter for investments in the United States if, as a result of and after…
Ark. Code Ann. § 23-63-825 Additional investment authority
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(a) (1) An insurer may acquire under this section investments, or engage in investment practices, of any kind that are not specifically prohibited by this subsection or elsewhere in the Arkansas Insurance Code, or engage in investment practices, without regard to any aggregate li…
Ark. Code Ann. § 23-63-826 Real estate mortgages — Definition
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(a) (1) An insurer may invest any of its funds in bonds, notes, or other evidences of indebtedness which are secured by first mortgages or deeds of trust upon improved real property located in the United States or which are secured by first mortgages or deeds of trust upon leaseh…
Ark. Code Ann. § 23-63-827 Chattel mortgages
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(a) In connection with a mortgage loan on the security of real estate designed and used primarily for residential purposes only, which mortgage loan was acquired pursuant to § 23-63-826, an insurer may lend or invest an amount not exceeding twenty percent (20%) of the amount loan…
Ark. Code Ann. § 23-63-828 Real estate
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(1) An insurer may invest in real estate only if used for the purposes or acquired in the manner and within the limits as follows:(1) The land and the buildings thereon in which it has its principal office and such other real estate as shall be requisite for its convenient accomm…
Ark. Code Ann. § 23-63-829 Time limit for disposal of real estate
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(a) Except as stated in subsection (c) of this section, the insurer shall dispose of real estate acquired under § 23-63-828(1) within five (5) years after it has ceased to be necessary for the convenient accommodation of the insurer in the transaction of its business. (b) Except …
Ark. Code Ann. § 23-63-830 Time limit for disposal of other ineligible property and securities
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(a) Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of the acquisition shall be disposed of within three (3) years from the date of acquisition, unless within that period the se…
Ark. Code Ann. § 23-63-831 Failure to dispose of real estate, property, or securities
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(a) Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal thereof, or any extension of the period granted by the Insurance Commissioner as provided in § 23-63-829 or § 23-63-830, or any investments o…
Ark. Code Ann. § 23-63-832 Special investments by title insurer
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(a) (1) In addition to other investments eligible under this subchapter, a title insurer may invest and have invested an amount not exceeding fifty percent (50%) of its paid-in capital stock in its abstract plant and equipment and, with the Insurance Commissioner's consent, in st…
Ark. Code Ann. § 23-63-833 Prohibited investments
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(1) In addition to investments excluded pursuant to other provisions of the Arkansas Insurance Code, an insurer shall not directly or indirectly invest in or lend its funds upon the security of:(1) Issued shares of its own capital stock, except for the purpose of mutualization un…
Ark. Code Ann. § 23-63-834 Cancellation of treasury stock
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(a) By resolution of its board of directors, any legal reserve life insurance company may cancel at any time all or any part of its treasury shares. (b) (1) In such an event, a statement of cancellation shall be filed as provided in this section.(2) Any statement of cancellation …
Ark. Code Ann. § 23-63-835 Investments of foreign insurers
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(a) The investments of a foreign or alien insurer shall be as permitted by the laws of its domicile but shall be of a quality substantially as high as those required under this subchapter for similar funds of like domestic insurers. (b) For the purposes of this section, the domic…
Ark. Code Ann. § 23-63-836 Certificates of deposit
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An insurer may invest in certificates of deposit or similar depository instruments issued by any bank, bank and trust company, savings bank, national bank association, savings and loan association incorporated under the laws of a state, or federal savings and loan association inc…
Ark. Code Ann. § 23-63-837 Property and facilities for fossil or synthetic fuel production
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(a) An insurer may invest in property and facilities, and any interests and rights in properties and facilities, for the development and production of fossil or synthetic fuel or other minerals, including, but not limited to, investments relating to:(1) The exploration for and de…
Ark. Code Ann. § 23-63-838 [Repealed.]
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A.C.A. § 23-63-838Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 23-63-839 Negotiable bills of exchange or time drafts
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(1) An insurer may invest in negotiable bills of exchange or time drafts issued and unconditionally guaranteed by any bank, bank and trust company, national bank association, or domestic branch or agency of a foreign bank subject to reserve requirements under section 7 of the Int…
Ark. Code Ann. § 23-63-840 Mortgage-backed securities
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(a) An insurer may invest in mortgage-backed securities, including without limitation collateralized mortgage obligations and other obligations for the payment of money secured by participation certificates or loans secured, directly or indirectly, by real estate mortgages or dee…
Ark. Code Ann. § 23-63-841 Derivative transactions — Definitions
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(a) As used in this section:(1) “Cap” means an agreement obligating the seller to make payments to the buyer with each payment based on the amount by which a reference price or level or the performance or value of one (1) or more underlying interests exceeds a predetermined numbe…
Ark. Code Ann. § 23-63-842 Asset-backed securities — Definitions
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(a) As used in this section:(1) (A) “Asset-backed security” means any security or other instrument representing or evidencing an interest in, a loan to, a participation in a loan to, or any other right to receive payments from a borrower included in a pool of obligations held by …
Ark. Code Ann. § 23-63-901 Authorized deposits of insurers
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(1) 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) …
Ark. Code Ann. § 23-63-902 Purpose
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(1) 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 re…
Ark. Code Ann. § 23-63-903 Eligible securities
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(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 assig…
Ark. Code Ann. § 23-63-904 Depositary or custodian
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(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 depo…
Ark. Code Ann. § 23-63-905 Record — Liability of commissioner and state
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(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 t…
Ark. Code Ann. § 23-63-906 Assignment or conveyance of securities or assets — Appraisal
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(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.…
Ark. Code Ann. § 23-63-907 Rights of insurer during solvency
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(1) 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 th…
Ark. Code Ann. § 23-63-908 Excess deposits
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(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…
Ark. Code Ann. § 23-63-909 Payment of claims — Definition
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(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-fiv…
Ark. Code Ann. § 23-63-910 Deficiency
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(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 add…
Ark. Code Ann. § 23-63-911 Duration and release of deposit generally
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(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 depo…
Ark. Code Ann. § 23-63-912 Duration and release of deposit of life insurance and annuity reserves
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(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…