§ 23-63-902 - Purpose. - Arkansas Statutes

23-63-902. Purpose.

Deposits shall be held for purposes as follows:

(1) Deposits made in this state under 23-63-206 shall be held for the purposes stated in that section;

(2) A deposit made in this state by a domestic insurer transacting insurance in another state, province, or country and as required by the laws of that state, province, or country shall be held for the protection of the insurer's policyholders, or policyholders and creditors;

(3) Deposits of reserves made by domestic life insurers under 23-81-130 shall be held for the common benefit of all the holders of its life insurance policies and annuity contracts; and

(4) Deposits required pursuant to the retaliatory provisions, 23-63-102 -- 23-63-104, shall be held for such purposes as required by such laws and as specified in the Insurance Commissioner's order requiring the deposit.