§ 23-81-131 — Registered life insurance policies and annuity contracts - Certificate

Arkansas § 23-81-131

• Jurisdiction: Arkansas
• Title: 23

Text

(a) (1) After making the deposit mentioned in § 23-81-130 , the insurer shall not thereafter issue a registered policy life insurance or of endowment, or annuity bond or contract, unless the policy, bond, or contract shall have upon its face a certificate substantially in the following words: "This policy is registered, and approved securities equal in value to the legal reserve hereon are held in trust by the Commissioner of Insurance of the State of Arkansas." (2) The certificate shall be signed by the Insurance Commissioner and sealed with the seal of the commissioner's office. (b) Every insurer making a deposit under § 23-81-130 shall pay the commissioner for each certificate placed on registered policies, annuity bonds, or contracts issued by the insurer after the original or first deposit is made thereunder, a fee of twenty-five cents (25¢), and this fee so received shall be disposed of by the commissioner as follows: (1) For payment of the annual rent or hire of the safe deposit box or custodial expense as provided for under § 23-63-904 ; (2) Payment for the services of a competent and reliable representative of the commissioner, to be appointed by the commissioner, who shall have direct charge of the securities and safety box containing them, and through whom and under whose supervision the insurer may have access to its securities for the purposes provided in this section and §§ 23-81-130 and 23-81-132 - 23-81-136 . The sum paid the representative shall not exceed the amount received from registration of policies by the insurer during any one (1) year; and (3) The balance of the fees shall be paid to or deposited with the Treasurer of State to the credit of the General Revenue Fund Account of the State Apportionment Fund.

Legislative History

Acts 1959, No. 148, §§ 338, 344; A.S.A. 1947, §§ 66-3329, 66-3335.