§ 23-63-903 — Eligible securities

(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 Insurance Code: (1) Section 23-63-806 , United States Government obligations; (2) Section 23-63-808 , state, county, municipal, and school obligations; (3) Section 23-63-809 , municipal or county utilities; (4) Section 23-63-811 , local industrial development bonds; (5) Section 23-63-813 , international banks; and (6) Section 23-63-814 , corporate bonds and debentures. (b) All deposits required of a domestic insurer pursuant to the laws of another state, province, or country shall be composed of securities, if negotiable by delivery or assignment, of the kinds required or permitted by the laws of the state, province, or country, except common stocks, mortgages of any kind, and real estate. (c) Deposits of the reserves of a domestic life insurer under § 23-81-130 shall consist of securities, if negotiable by delivery or assignment, and assets eligible for investment of the insurer's reserves under § 23-63-805(3) . (d) Deposits of foreign insurers made in this state under the retaliatory provision, §§ 23-63-102 - 23-63-104 , shall consist of such assets as are required by the Insurance Commissioner pursuant to the provision.

Legislative History

Acts 1959, No. 148, § 134; A.S.A. 1947, § 66-2703.