§ 23-63-911 — Duration and release of deposit generally

Arkansas § 23-63-911

• Jurisdiction: Arkansas
• Title: 23

Text

(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) of this section, or any deposit made under the retaliatory provision, §§ 23-63-102 - 23-63-104 , or under any other provision of the Arkansas Insurance Code other than § 23-81-130 , shall be released and returned: (1) To the insurer upon the extinguishment by reinsurance, or otherwise, of all liability of the insurer for the security of which the deposit is held; (2) To the insurer, during solvency, to the extent the deposit is in excess of the amount required; or (3) Upon proper order of a court of competent jurisdiction in this state, to the ancillary receiver of the insurer in this state or to the domiciliary receiver, conservator, rehabilitator, liquidator of the insurer, or to any other properly designated official who succeeds to the management and control of the insurer's assets.

Legislative History

Acts 1959, No. 148, § 142; 1963, No. 153, § 3; A.S.A. 1947, § 66-2711.