2010 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 3 - Insurance
Chapter 81 - Life Insurance Policies And Annuities
Subchapter 1 - General Provisions
§ 23-81-130 - Registered life insurance policies and annuity contracts -- Deposit of reserves.

23-81-130. Registered life insurance policies and annuity contracts -- Deposit of reserves.

(a) A domestic life insurer existing on January 1, 1960, may deposit and shall thereafter maintain on deposit with the Insurance Commissioner securities and assets equal to the legal reserve on its registered life insurance policies and annuity contracts in force under the provisions of 23-63-601 et seq. The securities and assets shall be held on deposit in trust for the common benefit of all the holders of the policies and contracts.

(b) However, no deposit shall be made or maintained as to industrial life insurance policies.

(c) All securities not negotiable by delivery and deposited by an insurer under this section shall be assigned to the commissioner and his or her successors in office, but the assignments shall be deemed to be conditional only and shall not be recorded unless and until the commissioner has revoked or refused to continue the insurer's certificate of authority or until the commissioner has applied to the court for receivership of the insurer in accordance with either 23-68-106 or 23-68-107.

(d) Deposits shall be subject to the applicable provisions of 23-63-901 -- 23-63-912, administration of deposits.