Arkansas Statutes
§ 23-63-839 — Negotiable bills of exchange or time drafts
Arkansas·Title 23
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 International Banking Act of 1978, as amended, provided that:
(1)The underlying transaction involves a trade financing and has a maturity no longer than six (6) months sight to run exclusive of days of grace;
(2)The insurer invests not more than twenty-five percent (25%) of its assets in bankers acceptances; and (3) The insurer invests not more than ten percent (10%) of its assets in any one (1) bankers acceptance in any one (1) financial institution.
Free access — add to your briefcase to read the full text and ask questions with AI
Arkansas § 23-63-839 (Negotiable bills of exchange or time drafts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1989, No. 772, § 4.
Nearby Sections
15
§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
Penalties cumulative - Recovery of penalty not bar to further penalty or criminal prosecution§ 23-1-108
Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
Citizens band radio equipment