Arkansas Statutes
§ 23-79-136 — Agreement for insurer to invest premium prohibited
Arkansas·Title 23
(a)It is unlawful for any insurance company authorized to do business in this state to issue or offer for sale or issue in this state any policy of insurance under which the insurer agrees to invest a portion of the policy premium, whether for one (1) or more years, and hold a portion of the policy premium for investment in its own name either directly or indirectly, or as trustee for the benefit of the insured or for the benefit of a certain class of policyholders.
(b)Any insurance company issuing or offering to issue any policy in violation of the provisions of subsection (a) of this section upon conviction shall be fined in any sum not less than five hundred dollars ($500) nor more than five thousand dollars ($5,000), and in addition, the authority of the insurance company to do busin
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Legislative History
Acts 1967, No. 185, §§ 1-3; A.S.A. 1947, §§ 66-3245 -- 66-3247; Acts 2005, No. 1994, § 441.
Nearby Sections
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§ 23-1-101
Definitions§ 23-1-103
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Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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