{"data":{"id":"us-ar/ark.-code-ann.-23-63-842","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 23-63-842","heading":"Asset-backed securities - Definitions","body":"(a) As used in this section: (1) (A) \"Asset-backed security\" means any security or other instrument representing or evidencing an interest in, a loan to, a participation in a loan to, or any other right to receive payments from a borrower included in a pool of obligations held by an issuer that has a primary business activity of the acquisition and holding of financial assets, directly or through a trustee, for the benefit of the issuer. (B) \"Asset-backed security\" does not include an investment authorized by any other provision of this subchapter; and (2) \"Financial asset\" means a single asset or a pool of assets consisting of interest-bearing obligations or other contractual obligations representing or constituting the right to receive payment from the asset or pool of assets. (b) (1) An insurer may invest in asset-backed securities if the investment in any one (1) issue of asset-backed securities does not exceed two percent (2%) of the admitted assets of the investing insurance company as shown by the insurer's last annual statement or a recent quarterly financial statement filed with the Insurance Commissioner. (2) Each issue secured by a unique pool of assets shall constitute a single issue regardless of any other obligations or securities issued by the same or any affiliated issuer. (c) Investments in asset-backed securities under subsection (b) of this section shall not exceed twenty percent (20%) of the insurer's admitted assets. Added by Act 2015, No. 1223,§ 19, eff. 7/22/2015.\n\n(a) As used in this section: (1) (A) \"Asset-backed security\" means any security or other instrument representing or evidencing an interest in, a loan to, a participation in a loan to, or any other right to receive payments from a borrower included in a pool of obligations held by an issuer that has a primary business activity of the acquisition and holding of financial assets, directly or through a trustee, for the benefit of the issuer. (B) \"Asset-backed security\" does not include an investment authorized by any other provision of this subchapter; and (2) \"Financial asset\" means a single asset or a pool of assets consisting of interest-bearing obligations or other contractual obligations representing or constituting the right to receive payment from the asset or pool of assets.\n\n(1) (A) \"Asset-backed security\" means any security or other instrument representing or evidencing an interest in, a loan to, a participation in a loan to, or any other right to receive payments from a borrower included in a pool of obligations held by an issuer that has a primary business activity of the acquisition and holding of financial assets, directly or through a trustee, for the benefit of the issuer. (B) \"Asset-backed security\" does not include an investment authorized by any other provision of this subchapter; and\n\n(A) \"Asset-backed security\" means any security or other instrument representing or evidencing an interest in, a loan to, a participation in a loan to, or any other right to receive payments from a borrower included in a pool of obligations held by an issuer that has a primary business activity of the acquisition and holding of financial assets, directly or through a trustee, for the benefit of the issuer.\n\n(B) \"Asset-backed security\" does not include an investment authorized by any other provision of this subchapter; and\n\n(2) \"Financial asset\" means a single asset or a pool of assets consisting of interest-bearing obligations or other contractual obligations representing or constituting the right to receive payment from the asset or pool of assets.\nthrough a trustee, for the benefit of the issuer.\n\n(B) \"Asset-backed security\" does not include an investment authorized by any other provision of this subchapter; and\n\n(2) \"Financial asset\" means a single asset or a pool of assets consisting of interest-bearing obligations or other contractual obligations representing or constituting the right to receive payment from the asset or pool of assets.\n\n(b) (1) An insurer may invest in asset-backed securities if the investment in any one (1) issue of asset-backed securities does not exceed two percent (2%) of the admitted assets of the investing insurance company as shown by the insurer's last annual statement or a recent quarterly financial statement filed with the Insurance Commissioner. (2) Each issue secured by a unique pool of assets shall constitute a single issue regardless of any other obligations or securities issued by the same or any affiliated issuer.\n\n(1) An insurer may invest in asset-backed securities if the investment in any one (1) issue of asset-backed securities does not exceed two percent (2%) of the admitted assets of the investing insurance company as shown by the insurer's last annual statement or a recent quarterly financial statement filed with the Insurance Commissioner.\n\n(2) Each issue secured by a unique pool of assets shall constitute a single issue regardless of any other obligations or securities issued by the same or any affiliated issuer.\n\n(c) Investments in asset-backed securities under subsection (b) of this section shall not exceed twenty percent (20%) of the insurer's admitted assets.","path":["AR Code","Title 23","Chapter 63","Subchapter 8"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"46641799a6d635f1cfa9f35322e257ff7abf65d9b07f77a2135d264f69112a5d","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-23-63-841","next":"us-ar/ark.-code-ann.-23-63-901"},"notice":"GroundRules: Original legal text. Not legal advice."}