Ark. Code Ann. § 23-67-304 — AR Code / Title 23 / Chapter 67 / Subchapter 3 / Section 23-67-304
Plan for coverage
Status: in_force

(a) The Arkansas Workers' Compensation Insurance Plan shall give consideration to: (1) The need for adequate and readily accessible coverage; (2) Optional methods of improving the market affected; (3) The need for reasonable underwriting standards; (4) The need for adequate supervisory and servicing procedures to ensure proper operation of the plan; (5) The need to establish procedures that will have minimum interference with the voluntary market; (6) Distributing the obligations imposed by the plan and any profits or losses experienced by the plan equitably and efficiently among the participating insurers; and (7) Establishing procedures for applicants and participants to have their grievances reviewed and resolved. (b) (1) The plan shall provide for the issuance of a policy covering the entire liability of the employer as to the business for which workers' compensation insurance has been rejected. (2) Nothing in this subsection shall modify or repeal the provisions of § 23-92-409 . (c) The rates and supplementary rate information of the plan shall meet the standards specified in § 23-67-208 . (d) The plan may obtain reinsurance for any part or all of its risks. (e) (1) (A) At his or her discretion, the Insurance Commissioner is authorized to delegate all or any part of the commissioner's responsibility to establish and operate the plan. (B) However, any such plan, or plan of operation, and any amendments thereto must receive the prior approval of the commissioner. (2) Any person or entity to whom the establishment, implementation, or operation of the plan is delegated pursuant to this subsection shall file with and obtain the approval of the commissioner as to all policy forms, rates, or supplementary rate information necessary to effectuate the plan. (3) (A) In delegating all or part of the commissioner's responsibility, the commissioner shall not approve any plan or filing that abrogates or restricts his or her authority to select the plan administrator or servicing carriers. (B) The commissioner shall competitively select the organization or organizations to whom the responsibility of plan administrator shall be delegated. (C) If the administration of the plan is delegated, the plan administrator or administrators shall have an office in Arkansas adequately staffed, outfitted, and maintained to provide the plan services delegated. (D) The commissioner shall specify duties and functions of plan administrators and may structure and delegate administrative functions separately such as, but not limited to, rates, forms, and statistics for the best operation of the plan. (4) Under the provisions of this subsection, the commissioner shall vigorously promote competition for the designation of the plan administrator and servicing carrier for the most effective operation of the plan. (5) (A) The office in Arkansas is established to improve services provided by the plan, to promote and secure courteous and timely service, and to assure that the minimum standards as provided under subdivision (f)(2) of this section are met. (B) The office in Arkansas shall also assist employers or agents with questions, problems, or complaints pertaining to the servicing carriers and secure and expedite prompt and fair treatment to employers for servicing carrier errors and service failures. (6) (A) The Arkansas office manager shall have the authority to intervene with servicing carriers to secure an adequate level of service and prevent servicing carriers from imposing unreasonable demands or actions. (B) The office manager shall keep a record of all employer or agent problems and complaints by a servicing carrier, including a description of the problem. This record shall be provided to the commissioner within sixty (60) days of each calendar year or upon the request of the commissioner. (C) The manager shall promptly notify the commissioner of any problems upon a request by an employer. (f) (1) (A) In order to promote competition and improve servicing carrier performance, the commissioner shall competitively select those servicing carriers who shall serve the plan. (B) Any insurer licensed to transact workers' compensation and employers' liability insurance in Arkansas may apply for selection as a servicing carrier, but if an adequate number of qualified insurers do not apply, the commissioner may appoint any such insurer, as needed, to serve as a servicing carrier. (2) All servicing carriers shall be subject to the following minimum standards: (A) Each insurer shall continually employ such number of qualified administrative personnel and dedicate such equipment and facilities to the administration of the plan as the commissioner, in his or her reasonable discretion, deems adequate to service the needs of the plan; and (B) Each such insurer shall comply with the following specific service or performance standards and such further standards as the commissioner may by rule provide: (i) Provide a level of service comparable to that provided to employer-insureds in its voluntary workers' compensation line of business and assure the same by putting into effect internal administrative procedures, which shall assure that such is the case; (ii) Maintain with the commissioner a list of responsible management personnel of the insurer qualified to make administrative decisions on the insurer's behalf concerning policies issued within the plan; (iii) Keep the commissioner continually advised of the address and telephone number of the insurer's office servicing the plan on its behalf; (iv) Maintain a toll-free telephone number or numbers adequate to service the plan and keep the commissioner, employers, and agents continually apprised of same; (v) (a) Maintain its billing and rating procedure in timely compliance with orders of the commissioner. (b) In particular, no insurer shall ever purport to effect a retroactive rate adjustment based upon a succeeding rate filing unless the insurer has specifically included within its policies a specific notice of pending rate change. (c) No insurer shall fail to physically implement any rate change later than sixty (60) days of the date the order effecting the change is entered; (vi) Such other service or performance standards, including, but not limited to, matters relating to loss experience, safety and loss control success, and profitability as the commissioner shall by rule prescribe; and (vii) Such further standards as the commissioner may by rule provide. (g) The commissioner is vested with the power and the reasonable discretion, after notice and hearing, to impose upon any servicing carrier not meeting the standards herein prescribed or set forth by rule and regulation an administrative fine or penalty in the sum of not more than one thousand dollars ($1,000) for each such violation of standards. The commissioner shall use this authority to discourage unreasonable or unfair actions by the servicing carriers. (h) In considering performance of servicing carriers, the commissioner shall require the plan administrator to: (1) File with the State Insurance Department quarterly results of the plan, including, but not limited to, premiums written and earned, losses paid, incurred losses, and administration and servicing carrier allowances; and (2) File with the department annually the performance review and plan results of each plan servicing carrier. (i) (1) Servicing carriers may join cooperatively with other licensed insurers or general business corporations for the purpose of satisfying their duties as servicing carriers, including, but not limited to, claim review and payment, and loss control and safety functions. (2) The commissioner shall actively encourage additional financially sound licensed carriers or combinations of licensed carriers to join together as joint venturers with shared responsibilities for servicing functions and, also, to utilize the services of such claim, safety, and other service organizations as reasonably necessary to provide the best servicing carrier service economically possible. (j) The commissioner shall establish within the plan an alternate preferred plan for employers who have carried workers' compensation insurance continually for at least four (4) policy years and who have had better than average loss experience and meet such additional reasonable standards as the commissioner shall by rule prescribe. (k) (1) The commissioner shall by rule establish a performance plan related to the aforementioned service or performance standards and others to be promulgated with incentives and penalties to improve servicing carrier performance. (2) The performance plan shall provide for up to thirty-three percent (33%) of the servicing carrier's remuneration to be based on performance. (3) The servicing carrier performance plan shall provide an annual basis for penalties on carriers performing below standard to the extent of their underperformance under the criteria as hereinafter established by rule up to thirty-three percent (33%) of their remuneration. (4) These penalties shall be distributed as incentives to carriers performing at or above standard up to thirty-three percent (33%) of their remuneration. (5) (A) (i) The commissioner shall conduct a comprehensive performance review of the plan administrator as often as the commissioner deems advisable, which shall not be less frequent than one (1) time every five (5) years to the extent necessary for the proper operation of the plan. (ii) The commissioner shall conduct a performance review of each servicing carrier as often as the commissioner deems advisable in order to assure adequate levels of service. (B) This comprehensive performance review shall be conducted independently of any other performance review conducted by an organization owned or controlled by the insurance carriers. (C) A report of this review and action taken to improve plan performance shall be made to the Legislative Council and the House Committee on Insurance and Commerce and the Senate Committee on Insurance and Commerce no later than September 1 after the calendar year reviewed. Amended by Act 2019, No. 315,§ 2673, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2672, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2671, eff. 7/24/2019. Acts 1991, No. 561, § 1; 1993, No. 1155, § 1; 1997, No. 1143, § 1; 2001, No. 1721, § 1; 2003, No. 1750, § 7[6].

(a) The Arkansas Workers' Compensation Insurance Plan shall give consideration to: (1) The need for adequate and readily accessible coverage; (2) Optional methods of improving the market affected; (3) The need for reasonable underwriting standards; (4) The need for adequate supervisory and servicing procedures to ensure proper operation of the plan; (5) The need to establish procedures that will have minimum interference with the voluntary market; (6) Distributing the obligations imposed by the plan and any profits or losses experienced by the plan equitably and efficiently among the participating insurers; and (7) Establishing procedures for applicants and participants to have their grievances reviewed and resolved.

(1) The need for adequate and readily accessible coverage;

(2) Optional methods of improving the market affected;

(3) The need for reasonable underwriting standards;

(4) The need for adequate supervisory and servicing procedures to ensure proper operation of the plan;

(5) The need to establish procedures that will have minimum interference with the voluntary market;

(6) Distributing the obligations imposed by the plan and any profits or losses experienced by the plan equitably and efficiently among the participating insurers; and

(7) Establishing procedures for applicants and participants to have their grievances reviewed and resolved.

(b) (1) The plan shall provide for the issuance of a policy covering the entire liability of the employer as to the business for which workers' compensation insurance has been rejected. (2) Nothing in this subsection shall modify or repeal the provisions of § 23-92-409 .

(1) The plan shall provide for the issuance of a policy covering the entire liability of the employer as to the business for which workers' compensation insurance has been rejected.

(2) Nothing in this subsection shall modify or repeal the provisions of § 23-92-409 .

(c) The rates and supplementary rate information of the plan shall meet the standards specified in § 23-67-208 .

(d) The plan may obtain reinsurance for any part or all of its risks.

(e) (1) (A) At his or her discretion, the Insurance Commissioner is authorized to delegate all or any part of the commissioner's responsibility to establish and operate the plan. (B) However, any such plan, or plan of operation, and any amendments thereto must receive the prior approval of the commissioner. (2) Any person or entity to whom the establishment, implementation, or operation of the plan is delegated pursuant to this subsection shall file with and obtain the approval of the commissioner as to all policy forms, rates, or supplementary rate information necessary to effectuate the plan. (3) (A) In delegating all or part of the commissioner's responsibility, the commissioner shall not approve any plan or filing that abrogates or restricts his or her authority to select the plan administrator or servicing carriers. (B) The commissioner shall competitively select the organization or organizations to whom the responsibility of plan administrator shall be delegated. (C) If the administration of the plan is delegated, the plan administrator or administrators shall have an office in Arkansas adequately staffed, outfitted, and maintained to provide the plan services delegated. (D) The commissioner shall specify duties and functions of plan administrators and may structure and delegate administrative functions separately such as, but not limited to, rates, forms, and statistics for the best operation of the plan. (4) Under the provisions of this subsection, the commissioner shall vigorously promote competition for the designation of the plan administrator and servicing carrier for the most effective operation of the plan. (5) (A) The office in Arkansas is established to improve services provided by the plan, to promote and secure courteous and timely service, and to assure that the minimum standards as provided under subdivision (f)(2) of this section are met. (B) The office in Arkansas shall also assist employers or agents with questions, problems, or complaints pertaining to the servicing carriers and secure and expedite prompt and fair treatment to employers for servicing carrier errors and service failures. (6) (A) The Arkansas office manager shall have the authority to intervene with servicing carriers to secure an adequate level of service and prevent servicing carriers from imposing unreasonable demands or actions. (B) The office manager shall keep a record of all employer or agent problems and complaints by a servicing carrier, including a description of the problem. This record shall be provided to the commissioner within sixty (60) days of each calendar year or upon the request of the commissioner. (C) The manager shall promptly notify the commissioner of any problems upon a request by an employer.

(1) (A) At his or her discretion, the Insurance Commissioner is authorized to delegate all or any part of the commissioner's responsibility to establish and operate the plan. (B) However, any such plan, or plan of operation, and any amendments thereto must receive the prior approval of the commissioner.

(A) At his or her discretion, the Insurance Commissioner is authorized to delegate all or any part of the commissioner's responsibility to establish and operate the plan.

(B) However, any such plan, or plan of operation, and any amendments thereto must receive the prior approval of the commissioner.

(2) Any person or entity to whom the establishment, implementation, or operation of the plan is delegated pursuant to this subsection shall file with and obtain the approval of the commissioner as to all policy forms, rates, or supplementary rate information necessary to effectuate the plan.

(3) (A) In delegating all or part of the commissioner's responsibility, the commissioner shall not approve any plan or filing that abrogates or restricts his or her authority to select the plan administrator or servicing carriers. (B) The commissioner shall competitively select the organization or organizations to whom the responsibility of plan administrator shall be delegated. (C) If the administration of the plan is delegated, the plan administrator or administrators shall have an office in Arkansas adequately staffed, outfitted, and maintained to provide the plan services delegated. (D) The commissioner shall specify duties and functions of plan administrators and may structure and delegate administrative functions separately such as, but not limited to, rates, forms, and statistics for the best operation of the plan.

(A) In delegating all or part of the commissioner's responsibility, the commissioner shall not approve any plan or filing that abrogates or restricts his or her authority to select the plan administrator or servicing carriers.

(B) The commissioner shall competitively select the organization or organizations to whom the responsibility of plan administrator shall be delegated.

(C) If the administration of the plan is delegated, the plan administrator or administrators shall have an office in Arkansas adequately staffed, outfitted, and maintained to provide the plan services delegated.

(D) The commissioner shall specify duties and functions of plan administrators and may structure and delegate administrative functions separately such as, but not limited to, rates, forms, and statistics for the best operation of the plan.

(4) Under the provisions of this subsection, the commissioner shall vigorously promote competition for the designation of the plan administrator and servicing carrier for the most effective operation of the plan.

(5) (A) The office in Arkansas is established to improve services provided by the plan, to promote and secure courteous and timely service, and to assure that the minimum standards as provided under subdivision (f)(2) of this section are met. (B) The office in Arkansas shall also assist employers or agents with questions, problems, or complaints pertaining to the servicing carriers and secure and expedite prompt and fair treatment to employers for servicing carrier errors and service failures.

(A) The office in Arkansas is established to improve services provided by the plan, to promote and secure courteous and timely service, and to assure that the minimum standards as provided under subdivision (f)(2) of this section are met.

(B) The office in Arkansas shall also assist employers or agents with questions, problems, or complaints pertaining to the servicing carriers and secure and expedite prompt and fair treatment to employers for servicing carrier errors and service failures.

(6) (A) The Arkansas office manager shall have the authority to intervene with servicing carriers to secure an adequate level of service and prevent servicing carriers from imposing unreasonable demands or actions. (B) The office manager shall keep a record of all employer or agent problems and complaints by a servicing carrier, including a description of the problem. This record shall be provided to the commissioner within sixty (60) days of each calendar year or upon the request of the commissioner. (C) The manager shall promptly notify the commissioner of any problems upon a request by an employer.

(A) The Arkansas office manager shall have the authority to intervene with servicing carriers to secure an adequate level of service and prevent servicing carriers from imposing unreasonable demands or actions.

(B) The office manager shall keep a record of all employer or agent problems and complaints by a servicing carrier, including a description of the problem. This record shall be provided to the commissioner within sixty (60) days of each calendar year or upon the request of the commissioner.

(C) The manager shall promptly notify the commissioner of any problems upon a request by an employer.

(f) (1) (A) In order to promote competition and improve servicing carrier performance, the commissioner shall competitively select those servicing carriers who shall serve the plan. (B) Any insurer licensed to transact workers' compensation and employers' liability insurance in Arkansas may apply for selection as a servicing carrier, but if an adequate number of qualified insurers do not apply, the commissioner may appoint any such insurer, as needed, to serve as a servicing carrier. (2) All servicing carriers shall be subject to the following minimum standards: (A) Each insurer shall continually employ such number of qualified administrative personnel and dedicate such equipment and facilities to the administration of the plan as the commissioner, in his or her reasonable discretion, deems adequate to service the needs of the plan; and (B) Each such insurer shall comply with the following specific service or performance standards and such further standards as the commissioner may by rule provide: (i) Provide a level of service comparable to that provided to employer-insureds in its voluntary workers' compensation line of business and assure the same by putting into effect internal administrative procedures, which shall assure that such is the case; (ii) Maintain with the commissioner a list of responsible management personnel of the insurer qualified to make administrative decisions on the insurer's behalf concerning policies issued within the plan; (iii) Keep the commissioner continually advised of the address and telephone number of the insurer's office servicing the plan on its behalf; (iv) Maintain a toll-free telephone number or numbers adequate to service the plan and keep the commissioner, employers, and agents continually apprised of same; (v) (a) Maintain its billing and rating procedure in timely compliance with orders of the commissioner. (b) In particular, no insurer shall ever purport to effect a retroactive rate adjustment based upon a succeeding rate filing unless the insurer has specifically included within its policies a specific notice of pending rate change. (c) No insurer shall fail to physically implement any rate change later than sixty (60) days of the date the order effecting the change is entered; (vi) Such other service or performance standards, including, but not limited to, matters relating to loss experience, safety and loss control success, and profitability as the commissioner shall by rule prescribe; and (vii) Such further standards as the commissioner may by rule provide.

(1) (A) In order to promote competition and improve servicing carrier performance, the commissioner shall competitively select those servicing carriers who shall serve the plan. (B) Any insurer licensed to transact workers' compensation and employers' liability insurance in Arkansas may apply for selection as a servicing carrier, but if an adequate number of qualified insurers do not apply, the commissioner may appoint any such insurer, as needed, to serve as a servicing carrier.

(A) In order to promote competition and improve servicing carrier performance, the commissioner shall competitively select those servicing carriers who shall serve the plan.

(B) Any insurer licensed to transact workers' compensation and employers' liability insurance in Arkansas may apply for selection as a servicing carrier, but if an adequate number of qualified insurers do not apply, the commissioner may appoint any such insurer, as needed, to serve as a servicing carrier.

(2) All servicing carriers shall be subject to the following minimum standards: (A) Each insurer shall continually employ such number of qualified administrative personnel and dedicate such equipment and facilities to the administration of the plan as the commissioner, in his or her reasonable discretion, deems adequate to service the needs of the plan; and (B) Each such insurer shall comply with the following specific service or performance standards and such further standards as the commissioner may by rule provide: (i) Provide a level of service comparable to that provided to employer-insureds in its voluntary workers' compensation line of business and assure the same by putting into effect internal administrative procedures, which shall assure that such is the case; (ii) Maintain with the commissioner a list of responsible management personnel of the insurer qualified to make administrative decisions on the insurer's behalf concerning policies issued within the plan; (iii) Keep the commissioner continually advised of the address and telephone number of the insurer's office servicing the plan on its behalf; (iv) Maintain a toll-free telephone number or numbers adequate to service the plan and keep the commissioner, employers, and agents continually apprised of same; (v) (a) Maintain its billing and rating procedure in timely compliance with orders of the commissioner. (b) In particular, no insurer shall ever purport to effect a retroactive rate adjustment based upon a succeeding rate filing unless the insurer has specifically included within its policies a specific notice of pending rate change. (c) No insurer shall fail to physically implement any rate change later than sixty (60) days of the date the order effecting the change is entered; (vi) Such other service or performance standards, including, but not limited to, matters relating to loss experience, safety and loss control success, and profitability as the commissioner shall by rule prescribe; and (vii) Such further standards as the commissioner may by rule provide.

(A) Each insurer shall continually employ such number of qualified administrative personnel and dedicate such equipment and facilities to the administration of the plan as the commissioner, in his or her reasonable discretion, deems adequate to service the needs of the plan; and

(B) Each such insurer shall comply with the following specific service or performance standards and such further standards as the commissioner may by rule provide: (i) Provide a level of service comparable to that provided to employer-insureds in its voluntary workers' compensation line of business and assure the same by putting into effect internal administrative procedures, which shall assure that such is the case; (ii) Maintain with the commissioner a list of responsible management personnel of the insurer qualified to make administrative decisions on the insurer's behalf concerning policies issued within the plan; (iii) Keep the commissioner continually advised of the address and telephone number of the insurer's office servicing the plan on its behalf; (iv) Maintain a toll-free telephone number or numbers adequate to service the plan and keep the commissioner, employers, and agents continually apprised of same; (v) (a) Maintain its billing and rating procedure in timely compliance with orders of the commissioner. (b) In particular, no insurer shall ever purport to effect a retroactive rate adjustment based upon a succeeding rate filing unless the insurer has specifically included within its policies a specific notice of pending rate change. (c) No insurer shall fail to physically implement any rate change later than sixty (60) days of the date the order effecting the change is entered; (vi) Such other service or performance standards, including, but not limited to, matters relating to loss experience, safety and loss control success, and profitability as the commissioner shall by rule prescribe; and (vii) Such further standards as the commissioner may by rule provide.

(i) Provide a level of service comparable to that provided to employer-insureds in its voluntary workers' compensation line of business and assure the same by putting into effect internal administrative procedures, which shall assure that such is the case;

(ii) Maintain with the commissioner a list of responsible management personnel of the insurer qualified to make administrative decisions on the insurer's behalf concerning policies issued within the plan;

(iii) Keep the commissioner continually advised of the address and telephone number of the insurer's office servicing the plan on its behalf;

(iv) Maintain a toll-free telephone number or numbers adequate to service the plan and keep the commissioner, employers, and agents continually apprised of same;

(v) (a) Maintain its billing and rating procedure in timely compliance with orders of the commissioner. (b) In particular, no insurer shall ever purport to effect a retroactive rate adjustment based upon a succeeding rate filing unless the insurer has specifically included within its policies a specific notice of pending rate change. (c) No insurer shall fail to physically implement any rate change later than sixty (60) days of the date the order effecting the change is entered;

(a) Maintain its billing and rating procedure in timely compliance with orders of the commissioner.

(b) In particular, no insurer shall ever purport to effect a retroactive rate adjustment based upon a succeeding rate filing unless the insurer has specifically included within its policies a specific notice of pending rate change.

(c) No insurer shall fail to physically implement any rate change later than sixty (60) days of the date the order effecting the change is entered;

(vi) Such other service or performance standards, including, but not limited to, matters relating to loss experience, safety and loss control success, and profitability as the commissioner shall by rule prescribe; and

(vii) Such further standards as the commissioner may by rule provide.

(g) The commissioner is vested with the power and the reasonable discretion, after notice and hearing, to impose upon any servicing carrier not meeting the standards herein prescribed or set forth by rule and regulation an administrative fine or penalty in the sum of not more than one thousand dollars ($1,000) for each such violation of standards. The commissioner shall use this authority to discourage unreasonable or unfair actions by the servicing carriers.

(h) In considering performance of servicing carriers, the commissioner shall require the plan administrator to: (1) File with the State Insurance Department quarterly results of the plan, including, but not limited to, premiums written and earned, losses paid, incurred losses, and administration and servicing carrier allowances; and (2) File with the department annually the performance review and plan results of each plan servicing carrier.

(1) File with the State Insurance Department quarterly results of the plan, including, but not limited to, premiums written and earned, losses paid, incurred losses, and administration and servicing carrier allowances; and

(2) File with the department annually the performance review and plan results of each plan servicing carrier.

(i) (1) Servicing carriers may join cooperatively with other licensed insurers or general business corporations for the purpose of satisfying their duties as servicing carriers, including, but not limited to, claim review and payment, and loss control and safety functions. (2) The commissioner shall actively encourage additional financially sound licensed carriers or combinations of licensed carriers to join together as joint venturers with shared responsibilities for servicing functions and, also, to utilize the services of such claim, safety, and other service organizations as reasonably necessary to provide the best servicing carrier service economically possible.

(1) Servicing carriers may join cooperatively with other licensed insurers or general business corporations for the purpose of satisfying their duties as servicing carriers, including, but not limited to, claim review and payment, and loss control and safety functions.

(2) The commissioner shall actively encourage additional financially sound licensed carriers or combinations of licensed carriers to join together as joint venturers with shared responsibilities for servicing functions and, also, to utilize the services of such claim, safety, and other service organizations as reasonably necessary to provide the best servicing carrier service economically possible.

(j) The commissioner shall establish within the plan an alternate preferred plan for employers who have carried workers' compensation insurance continually for at least four (4) policy years and who have had better than average loss experience and meet such additional reasonable standards as the commissioner shall by rule prescribe.

(k) (1) The commissioner shall by rule establish a performance plan related to the aforementioned service or performance standards and others to be promulgated with incentives and penalties to improve servicing carrier performance. (2) The performance plan shall provide for up to thirty-three percent (33%) of the servicing carrier's remuneration to be based on performance. (3) The servicing carrier performance plan shall provide an annual basis for penalties on carriers performing below standard to the extent of their underperformance under the criteria as hereinafter established by rule up to thirty-three percent (33%) of their remuneration. (4) These penalties shall be distributed as incentives to carriers performing at or above standard up to thirty-three percent (33%) of their remuneration. (5) (A) (i) The commissioner shall conduct a comprehensive performance review of the plan administrator as often as the commissioner deems advisable, which shall not be less frequent than one (1) time every five (5) years to the extent necessary for the proper operation of the plan. (ii) The commissioner shall conduct a performance review of each servicing carrier as often as the commissioner deems advisable in order to assure adequate levels of service. (B) This comprehensive performance review shall be conducted independently of any other performance review conducted by an organization owned or controlled by the insurance carriers. (C) A report of this review and action taken to improve plan performance shall be made to the Legislative Council and the House Committee on Insurance and Commerce and the Senate Committee on Insurance and Commerce no later than September 1 after the calendar year reviewed.

(1) The commissioner shall by rule establish a performance plan related to the aforementioned service or performance standards and others to be promulgated with incentives and penalties to improve servicing carrier performance.

(2) The performance plan shall provide for up to thirty-three percent (33%) of the servicing carrier's remuneration to be based on performance.

(3) The servicing carrier performance plan shall provide an annual basis for penalties on carriers performing below standard to the extent of their underperformance under the criteria as hereinafter established by rule up to thirty-three percent (33%) of their remuneration.

(4) These penalties shall be distributed as incentives to carriers performing at or above standard up to thirty-three percent (33%) of their remuneration.

(5) (A) (i) The commissioner shall conduct a comprehensive performance review of the plan administrator as often as the commissioner deems advisable, which shall not be less frequent than one (1) time every five (5) years to the extent necessary for the proper operation of the plan. (ii) The commissioner shall conduct a performance review of each servicing carrier as often as the commissioner deems advisable in order to assure adequate levels of service. (B) This comprehensive performance review shall be conducted independently of any other performance review conducted by an organization owned or controlled by the insurance carriers. (C) A report of this review and action taken to improve plan performance shall be made to the Legislative Council and the House Committee on Insurance and Commerce and the Senate Committee on Insurance and Commerce no later than September 1 after the calendar year reviewed.

(A) (i) The commissioner shall conduct a comprehensive performance review of the plan administrator as often as the commissioner deems advisable, which shall not be less frequent than one (1) time every five (5) years to the extent necessary for the proper operation of the plan. (ii) The commissioner shall conduct a performance review of each servicing carrier as often as the commissioner deems advisable in order to assure adequate levels of service.

(i) The commissioner shall conduct a comprehensive performance review of the plan administrator as often as the commissioner deems advisable, which shall not be less frequent than one (1) time every five (5) years to the extent necessary for the proper operation of the plan.

(ii) The commissioner shall conduct a performance review of each servicing carrier as often as the commissioner deems advisable in order to assure adequate levels of service.

(B) This comprehensive performance review shall be conducted independently of any other performance review conducted by an organization owned or controlled by the insurance carriers.

(C) A report of this review and action taken to improve plan performance shall be made to the Legislative Council and the House Committee on Insurance and Commerce and the Senate Committee on Insurance and Commerce no later than September 1 after the calendar year reviewed.

Amended by Act 2019, No. 315,§ 2673, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2672, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2671, eff. 7/24/2019.

Acts 1991, No. 561, § 1; 1993, No. 1155, § 1; 1997, No. 1143, § 1; 2001, No. 1721, § 1; 2003, No. 1750, § 7[6].
Ark. Code Ann. § 23-86-121 — AR Code / Title 23 / Chapter 86 / Subchapter 1 / Section 23-86-121
Coverage for anesthesia and hospitalization for dental procedures
Status: in_force

(a) As used in this section, "health benefit plan" means any policy, contract, or agreement offered by an insurance company, health maintenance organization, or hospital and medical service corporation to provide, reimburse, or pay for healthcare services, but does not include the following: (1) Workers' compensation coverage; (2) Self-funded or self-insured health plans, unless the plan is established or maintained for employees of a governmental or church entity; (3) Health plans covering specific diseases other than dental plans; (4) Hospital indemnity insurance; (5) Long-term care insurance; (6) Short-term limited duration insurance; (7) Accident only insurance; (8) Medicare supplement insurance; or (9) Other supplemental insurance. (b) Health benefit plans shall provide coverage for payment of anesthesia and hospital or ambulatory surgical facility charges for services performed in connection with dental procedures in a hospital or ambulatory surgical facility, if: (1) The provider treating the patient certifies that because of the patient's age or condition or problem, hospitalization or general anesthesia is required in order to safely and effectively perform the procedures; and (2) The patient is: (A) A child under seven (7) years of age who is determined by two (2) dentists licensed under the Arkansas Dental Practice Act, § 17-82-101 et seq., to require without delay necessary dental treatment in a hospital or ambulatory surgical center for a significantly complex dental condition; (B) A person with a diagnosed serious mental or physical condition; or (C) A person with a significant behavioral problem as determined by the covered person's physician as licensed under the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq. (c) The health benefit plan may apply deductibles, coinsurance, network requirements, medical necessity determinations, and other limitations as are applied to other covered services. (d) The health benefit plan may require prior authorization for hospitalization for dental care procedures in the same manner that prior authorization is required for hospitalization for other covered medical conditions. (e) If a person is covered under both a health benefit plan that provides dental benefits and a health benefit plan that provides medical benefits, the health benefit plan that includes dental benefits is the primary payer and the health benefit plan that provides medical benefits is the secondary payer, subject to subsections (h) and (i) of this section. (f) This section does not apply to treatment rendered for temporomandibular joint disorders. (g) (1) This section applies to health benefit plans that are issued, renewed, extended, or modified on and after January 1, 2006. (2) "Renewed, extended, or modified" includes a change in premium or other financial term. (h) This section does not require a health benefit plan that does not cover dental benefits to cover dental care for which general anesthesia or hospital or ambulatory surgical facility services, or both, are performed in connection with dental procedures. (i) This section does not require a health benefit plan that does not cover charges for hospital or ambulatory surgical facilities generally to cover charges for hospital or ambulatory surgical facilities in connection with dental procedures described in subsection (b) of this section. Acts 2005, No. 439, § 1; 2005, No. 2221, §§ 1, 2.

(a) As used in this section, "health benefit plan" means any policy, contract, or agreement offered by an insurance company, health maintenance organization, or hospital and medical service corporation to provide, reimburse, or pay for healthcare services, but does not include the following: (1) Workers' compensation coverage; (2) Self-funded or self-insured health plans, unless the plan is established or maintained for employees of a governmental or church entity; (3) Health plans covering specific diseases other than dental plans; (4) Hospital indemnity insurance; (5) Long-term care insurance; (6) Short-term limited duration insurance; (7) Accident only insurance; (8) Medicare supplement insurance; or (9) Other supplemental insurance.

(1) Workers' compensation coverage;

(2) Self-funded or self-insured health plans, unless the plan is established or maintained for employees of a governmental or church entity;

(3) Health plans covering specific diseases other than dental plans;

(4) Hospital indemnity insurance;

(5) Long-term care insurance;

(6) Short-term limited duration insurance;

(7) Accident only insurance;

(8) Medicare supplement insurance; or

(9) Other supplemental insurance.

(b) Health benefit plans shall provide coverage for payment of anesthesia and hospital or ambulatory surgical facility charges for services performed in connection with dental procedures in a hospital or ambulatory surgical facility, if: (1) The provider treating the patient certifies that because of the patient's age or condition or problem, hospitalization or general anesthesia is required in order to safely and effectively perform the procedures; and (2) The patient is: (A) A child under seven (7) years of age who is determined by two (2) dentists licensed under the Arkansas Dental Practice Act, § 17-82-101 et seq., to require without delay necessary dental treatment in a hospital or ambulatory surgical center for a significantly complex dental condition; (B) A person with a diagnosed serious mental or physical condition; or (C) A person with a significant behavioral problem as determined by the covered person's physician as licensed under the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq.

(1) The provider treating the patient certifies that because of the patient's age or condition or problem, hospitalization or general anesthesia is required in order to safely and effectively perform the procedures; and

(2) The patient is: (A) A child under seven (7) years of age who is determined by two (2) dentists licensed under the Arkansas Dental Practice Act, § 17-82-101 et seq., to require without delay necessary dental treatment in a hospital or ambulatory surgical center for a significantly complex dental condition; (B) A person with a diagnosed serious mental or physical condition; or (C) A person with a significant behavioral problem as determined by the covered person's physician as licensed under the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq.

(A) A child under seven (7) years of age who is determined by two (2) dentists licensed under the Arkansas Dental Practice Act, § 17-82-101 et seq., to require without delay necessary dental treatment in a hospital or ambulatory surgical center for a significantly complex dental condition;

(B) A person with a diagnosed serious mental or physical condition; or

(C) A person with a significant behavioral problem as determined by the covered person's physician as licensed under the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq.

(c) The health benefit plan may apply deductibles, coinsurance, network requirements, medical necessity determinations, and other limitations as are applied to other covered services.

(d) The health benefit plan may require prior authorization for hospitalization for dental care procedures in the same manner that prior authorization is required for hospitalization for other covered medical conditions.

(e) If a person is covered under both a health benefit plan that provides dental benefits and a health benefit plan that provides medical benefits, the health benefit plan that includes dental benefits is the primary payer and the health benefit plan that provides medical benefits is the secondary payer, subject to subsections (h) and (i) of this section.

(f) This section does not apply to treatment rendered for temporomandibular joint disorders.

(g) (1) This section applies to health benefit plans that are issued, renewed, extended, or modified on and after January 1, 2006. (2) "Renewed, extended, or modified" includes a change in premium or other financial term.

(1) This section applies to health benefit plans that are issued, renewed, extended, or modified on and after January 1, 2006.

(2) "Renewed, extended, or modified" includes a change in premium or other financial term.

(h) This section does not require a health benefit plan that does not cover dental benefits to cover dental care for which general anesthesia or hospital or ambulatory surgical facility services, or both, are performed in connection with dental procedures.

(i) This section does not require a health benefit plan that does not cover charges for hospital or ambulatory surgical facilities generally to cover charges for hospital or ambulatory surgical facilities in connection with dental procedures described in subsection (b) of this section.

Acts 2005, No. 439, § 1; 2005, No. 2221, §§ 1, 2.
Ark. Code Ann. § 23-47-506 — AR Code / Title 23 / Chapter 47 / Subchapter 5 / Section 23-47-506
Sale of certain mortgage loans
Status: in_force

Notwithstanding any other provision of law, any state bank which has as one (1) of its principal purposes the making or purchasing of loans secured by real estate mortgages is authorized to: (1) Sell the mortgage loans to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, or any other corporation chartered by an act of Congress for such purposes, or any successor thereof; (2) In connection therewith, make payments of any capital contributions required pursuant to law in the nature of subscriptions for stock of the entities described in subdivision (1) of this section; (3) Receive stock evidencing such capital contributions; and (4) Hold or dispose of such stock. Acts 1997, No. 89, § 1.

Notwithstanding any other provision of law, any state bank which has as one (1) of its principal purposes the making or purchasing of loans secured by real estate mortgages is authorized to:

(1) Sell the mortgage loans to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, or any other corporation chartered by an act of Congress for such purposes, or any successor thereof;

(2) In connection therewith, make payments of any capital contributions required pursuant to law in the nature of subscriptions for stock of the entities described in subdivision (1) of this section;

(3) Receive stock evidencing such capital contributions; and

(4) Hold or dispose of such stock.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-35-301 — AR Code / Title 23 / Chapter 35 / Subchapter 3 / Section 23-35-301
Procedure for obtaining charter
Status: in_force

(a) Any seven (7) or more residents of the State of Arkansas, of legal age, who have a common bond referred to in § 23-35-401 may organize a credit union and become charter members thereof by: (1) Executing duplicate copies of the articles of incorporation, which shall state: (A) The name, which shall include the words "credit union" and which shall be different from the name of any other existing credit union, and the town or city wherein the proposed credit union is to have its principal place of business; (B) The term of existence of the credit union, which shall be perpetual; (C) The par value of the shares of the credit union, which shall be in one (1) class of five-dollar multiples of not less than five dollars ($5.00) nor more than twenty-five dollars ($25.00); (D) The names and addresses of the subscribers to the articles of incorporation, and the number of shares subscribed by each; and (E) That the credit union shall have the power to exercise such incidental powers as shall be necessary or requisite to enable it to carry on effectively the business for which it is incorporated; (2) Preparing and adopting duplicate copies of bylaws for the general government of the credit union, consistent with the provisions of this chapter; and (3) Forwarding the required charter fee, the articles of incorporation, and the bylaws to the State Credit Union Supervisor. (b) (1) The supervisor shall have the authority to investigate the application for charter to determine whether the proposed credit union meets the objectives of this chapter. (2) The determination for the approval of the application for charter shall be under such rules as shall be adopted by the supervisor. These rules shall give account to the number of potential members, their stability of employment or membership in the association comprising the common bond of membership, and the economic characteristics of the proposed common bond. (3) If the supervisor determines that the proposed credit union does not meet these objectives, the charter application shall be denied. If the fee, articles of incorporation, and bylaws conform to the statute, he or she shall issue a certificate of approval of the articles and return a copy of the bylaws and the articles to the applicant, which shall be preserved in the permanent files of the credit union. (c) The determination for the approval of the application for charter of a central credit union shall be made by the supervisor after an investigation as to the need for the credit union and upon satisfying himself or herself that the objectives of this chapter are met. (d) The subscribers for a credit union charter shall not transact any business until formal approval of the charter has been received. (e) In order to simplify the organization of credit unions, the supervisor shall cause to be prepared a form of articles of incorporation and a form of bylaws, consistent with this chapter, which may be used by credit union incorporators for their guidance. (f) The minimum paid-in capital with which a credit union may begin business shall not be less than five thousand dollars ($5,000). (g) The supervisor shall determine that a firm commitment to insure share and deposit accounts has been issued under the provisions of Title II of the Federal Credit Union Act before a charter application can be issued. Amended by Act 2019, No. 315,§ 2487, eff. 7/24/2019. Acts 1971, No. 132, § 2; 1975, No. 530, §§ 1, 2; 1985, No. 936, § 1; A.S.A. 1947, § 67-902.

(a) Any seven (7) or more residents of the State of Arkansas, of legal age, who have a common bond referred to in § 23-35-401 may organize a credit union and become charter members thereof by: (1) Executing duplicate copies of the articles of incorporation, which shall state: (A) The name, which shall include the words "credit union" and which shall be different from the name of any other existing credit union, and the town or city wherein the proposed credit union is to have its principal place of business; (B) The term of existence of the credit union, which shall be perpetual; (C) The par value of the shares of the credit union, which shall be in one (1) class of five-dollar multiples of not less than five dollars ($5.00) nor more than twenty-five dollars ($25.00); (D) The names and addresses of the subscribers to the articles of incorporation, and the number of shares subscribed by each; and (E) That the credit union shall have the power to exercise such incidental powers as shall be necessary or requisite to enable it to carry on effectively the business for which it is incorporated; (2) Preparing and adopting duplicate copies of bylaws for the general government of the credit union, consistent with the provisions of this chapter; and (3) Forwarding the required charter fee, the articles of incorporation, and the bylaws to the State Credit Union Supervisor.

(1) Executing duplicate copies of the articles of incorporation, which shall state: (A) The name, which shall include the words "credit union" and which shall be different from the name of any other existing credit union, and the town or city wherein the proposed credit union is to have its principal place of business; (B) The term of existence of the credit union, which shall be perpetual; (C) The par value of the shares of the credit union, which shall be in one (1) class of five-dollar multiples of not less than five dollars ($5.00) nor more than twenty-five dollars ($25.00); (D) The names and addresses of the subscribers to the articles of incorporation, and the number of shares subscribed by each; and (E) That the credit union shall have the power to exercise such incidental powers as shall be necessary or requisite to enable it to carry on effectively the business for which it is incorporated;

(A) The name, which shall include the words "credit union" and which shall be different from the name of any other existing credit union, and the town or city wherein the proposed credit union is to have its principal place of business;

(B) The term of existence of the credit union, which shall be perpetual;

(C) The par value of the shares of the credit union, which shall be in one (1) class of five-dollar multiples of not less than five dollars ($5.00) nor more than twenty-five dollars ($25.00);

(D) The names and addresses of the subscribers to the articles of incorporation, and the number of shares subscribed by each; and

(E) That the credit union shall have the power to exercise such incidental powers as shall be necessary or requisite to enable it to carry on effectively the business for which it is incorporated;

(2) Preparing and adopting duplicate copies of bylaws for the general government of the credit union, consistent with the provisions of this chapter; and

(3) Forwarding the required charter fee, the articles of incorporation, and the bylaws to the State Credit Union Supervisor.

(b) (1) The supervisor shall have the authority to investigate the application for charter to determine whether the proposed credit union meets the objectives of this chapter. (2) The determination for the approval of the application for charter shall be under such rules as shall be adopted by the supervisor. These rules shall give account to the number of potential members, their stability of employment or membership in the association comprising the common bond of membership, and the economic characteristics of the proposed common bond. (3) If the supervisor determines that the proposed credit union does not meet these objectives, the charter application shall be denied. If the fee, articles of incorporation, and bylaws conform to the statute, he or she shall issue a certificate of approval of the articles and return a copy of the bylaws and the articles to the applicant, which shall be preserved in the permanent files of the credit union.

(1) The supervisor shall have the authority to investigate the application for charter to determine whether the proposed credit union meets the objectives of this chapter.

(2) The determination for the approval of the application for charter shall be under such rules as shall be adopted by the supervisor. These rules shall give account to the number of potential members, their stability of employment or membership in the association comprising the common bond of membership, and the economic characteristics of the proposed common bond.

(3) If the supervisor determines that the proposed credit union does not meet these objectives, the charter application shall be denied. If the fee, articles of incorporation, and bylaws conform to the statute, he or she shall issue a certificate of approval of the articles and return a copy of the bylaws and the articles to the applicant, which shall be preserved in the permanent files of the credit union.

(c) The determination for the approval of the application for charter of a central credit union shall be made by the supervisor after an investigation as to the need for the credit union and upon satisfying himself or herself that the objectives of this chapter are met.

(d) The subscribers for a credit union charter shall not transact any business until formal approval of the charter has been received.

(e) In order to simplify the organization of credit unions, the supervisor shall cause to be prepared a form of articles of incorporation and a form of bylaws, consistent with this chapter, which may be used by credit union incorporators for their guidance.

(f) The minimum paid-in capital with which a credit union may begin business shall not be less than five thousand dollars ($5,000).

(g) The supervisor shall determine that a firm commitment to insure share and deposit accounts has been issued under the provisions of Title II of the Federal Credit Union Act before a charter application can be issued.

Amended by Act 2019, No. 315,§ 2487, eff. 7/24/2019.

Acts 1971, No. 132, § 2; 1975, No. 530, §§ 1, 2; 1985, No. 936, § 1; A.S.A. 1947, § 67-902.
Ark. Code Ann. § 23-16-411 — AR Code / Title 23 / Chapter 16 / Subchapter 4 / Section 23-16-411
[Repealed]
Status: repealed

Repealed by Act 2021, No. 805,§ 1, eff. 7/28/2021. Acts 2005, No. 2289, § 1.

Repealed by Act 2021, No. 805,§ 1, eff. 7/28/2021.

Acts 2005, No. 2289, § 1.
Ark. Code Ann. § 23-92-207 — AR Code / Title 23 / Chapter 92 / Subchapter 2 / Section 23-92-207
Books and records
Status: in_force

(a) Every administrator shall maintain at its principal administrative office for the duration of the written agreement referred to in § 23-92-202 and five (5) years thereafter adequate books and records of all transactions between it, self-insured plans, trusts, and covered individuals. These books and records shall be maintained in accordance with prudent standards of insurance recordkeeping. (b) The Insurance Commissioner shall have access to the books and records for the purpose of examination, audit, and inspection. (c) Any trade secrets contained therein, including, but not limited to, the identity and addresses of plans and trusts, shall be confidential, except that the commissioner may use the information in any proceedings instituted against the administrator. Acts 1985, No. 796, § 4; A.S.A. 1947, § 66-6006.

(a) Every administrator shall maintain at its principal administrative office for the duration of the written agreement referred to in § 23-92-202 and five (5) years thereafter adequate books and records of all transactions between it, self-insured plans, trusts, and covered individuals. These books and records shall be maintained in accordance with prudent standards of insurance recordkeeping.

(b) The Insurance Commissioner shall have access to the books and records for the purpose of examination, audit, and inspection.

(c) Any trade secrets contained therein, including, but not limited to, the identity and addresses of plans and trusts, shall be confidential, except that the commissioner may use the information in any proceedings instituted against the administrator.

Acts 1985, No. 796, § 4; A.S.A. 1947, § 66-6006.
Ark. Code Ann. § 23-99-1121 — AR Code / Title 23 / Chapter 99 / Subchapter 11 / Section 23-99-1121
Duration of prior authorization exemption
Status: in_force

(a) Unless a prior authorization exemption is continued for a longer period of time by a healthcare insurer under § 23-99-1120(f) , a healthcare provider's exemption from prior authorization requirements under § 23-99-1120 remains in effect until the later of: (1) The thirtieth day after the date the healthcare insurer notifies the healthcare provider of the healthcare insurer's determination to rescind the exemption as described under § 23-99-1122 , if the healthcare provider does not appeal the healthcare insurer's determination within thirty (30) days of notification of the determination; (2) If the healthcare provider appeals the determination within thirty (30) days of notification of the determination, the fifth day after the date an independent review organization affirms the healthcare insurer's determination to rescind the exemption; or (3) Twelve (12) months after the effective date of the exemption. (b) If a healthcare provider appeals the determination to rescind the exemption more than thirty (30) days after notification of the determination and the independent review organization overturns the rescission, the healthcare provider's exemption is restored the fifth day after the date of the independent review organization's decision, and the exemption remains in effect for twelve (12) months after restoration unless rescinded under § 23-99-1122 . (c) If a healthcare insurer does not finalize a rescission determination as specified in subsection (a) of this section, then the healthcare provider is considered to have met the criteria under § 23-99-1120 to continue to qualify for the exemption. (d) A healthcare provider shall not rely on another healthcare provider's exemption except when the healthcare provider with an exemption is the healthcare provider that orders healthcare services that are rendered by a healthcare provider without an exemption. Added by Act 2023, No. 575,§ 5, eff. 8/1/2023.

(a) Unless a prior authorization exemption is continued for a longer period of time by a healthcare insurer under § 23-99-1120(f) , a healthcare provider's exemption from prior authorization requirements under § 23-99-1120 remains in effect until the later of: (1) The thirtieth day after the date the healthcare insurer notifies the healthcare provider of the healthcare insurer's determination to rescind the exemption as described under § 23-99-1122 , if the healthcare provider does not appeal the healthcare insurer's determination within thirty (30) days of notification of the determination; (2) If the healthcare provider appeals the determination within thirty (30) days of notification of the determination, the fifth day after the date an independent review organization affirms the healthcare insurer's determination to rescind the exemption; or (3) Twelve (12) months after the effective date of the exemption.

(1) The thirtieth day after the date the healthcare insurer notifies the healthcare provider of the healthcare insurer's determination to rescind the exemption as described under § 23-99-1122 , if the healthcare provider does not appeal the healthcare insurer's determination within thirty (30) days of notification of the determination;

(2) If the healthcare provider appeals the determination within thirty (30) days of notification of the determination, the fifth day after the date an independent review organization affirms the healthcare insurer's determination to rescind the exemption; or

(3) Twelve (12) months after the effective date of the exemption.

(b) If a healthcare provider appeals the determination to rescind the exemption more than thirty (30) days after notification of the determination and the independent review organization overturns the rescission, the healthcare provider's exemption is restored the fifth day after the date of the independent review organization's decision, and the exemption remains in effect for twelve (12) months after restoration unless rescinded under § 23-99-1122 .

(c) If a healthcare insurer does not finalize a rescission determination as specified in subsection (a) of this section, then the healthcare provider is considered to have met the criteria under § 23-99-1120 to continue to qualify for the exemption.

(d) A healthcare provider shall not rely on another healthcare provider's exemption except when the healthcare provider with an exemption is the healthcare provider that orders healthcare services that are rendered by a healthcare provider without an exemption.

Added by Act 2023, No. 575,§ 5, eff. 8/1/2023.
Ark. Code Ann. § 23-89-307 — AR Code / Title 23 / Chapter 89 / Subchapter 3 / Section 23-89-307
Eligibility for automobile liability assigned risk plan
Status: in_force

(a) When a policy of automobile liability insurance is cancelled, other than for nonpayment of premium, or in the event of failure to renew a policy of automobile liability insurance to which § 23-89-305 applies, the insurer shall notify the named insured of his or her possible eligibility for automobile liability insurance through the automobile liability assigned risk plan. (b) The notice shall accompany or be included in the notice of cancellation or the notice of intent not to renew. Acts 1969, No. 333, § 6; A.S.A. 1947, § 66-4012.

(a) When a policy of automobile liability insurance is cancelled, other than for nonpayment of premium, or in the event of failure to renew a policy of automobile liability insurance to which § 23-89-305 applies, the insurer shall notify the named insured of his or her possible eligibility for automobile liability insurance through the automobile liability assigned risk plan.

(b) The notice shall accompany or be included in the notice of cancellation or the notice of intent not to renew.

Acts 1969, No. 333, § 6; A.S.A. 1947, § 66-4012.
Ark. Code Ann. § 23-37-104 — AR Code / Title 23 / Chapter 37 / Subchapter 1 / Section 23-37-104
Preexisting associations
Status: in_force

(a) The name, rights, powers, privileges, and immunities of every corporation incorporated in this state prior to March 13, 1963, and authorized under the laws of this state to carry on the business of a building and loan association or savings and loan association shall be governed, controlled, construed, extended, limited, and determined by the provisions of this act to the same extent and effect as if the corporation had been incorporated pursuant hereto. (b) The articles of incorporation or association, certificate of incorporation, or charter, however entitled, bylaws and constitution, or other rules of every such corporation made or existing prior to March 13, 1963, are modified, altered, and amended to conform to the provisions of this act, with or without the issuance or approval by the Supervisor of Savings and Loan Associations of conformed copies of those documents. These documents are declared void to the extent that they are inconsistent with the provisions of this act. (c) However, the obligations of any such existing corporation, whether between the corporation and its members, or any of them, or any other person, or any valid contract between the members of the corporation, or between the corporation and any other person, existing at the time this act takes effect, shall not be in any way impaired by the provisions of this act. (d) With the exceptions mentioned in subsection (c) of this section, every such corporation shall possess the same rights, powers, privileges, and immunities as if chartered under this act and shall be subject to the duties, liabilities, disabilities, and restrictions conferred and imposed by this act, notwithstanding anything to the contrary in its certificate of incorporation, bylaws, constitution, or rules. (e) All obligations to the corporation contracted prior to March 13, 1963, shall be enforceable by it and in its name, and demands, claims, and rights of action against the corporation may be enforced against it as fully and completely as they might have previously been enforced. (f) The existing charter of any association formed pursuant to Acts 1929, No. 128, or any other law of this state, is confirmed and shall be deemed to be valid and outstanding to the same extent as if issued pursuant to this act. Acts 1963, No. 227, § 56; A.S.A. 1947, § 67-1856.

(a) The name, rights, powers, privileges, and immunities of every corporation incorporated in this state prior to March 13, 1963, and authorized under the laws of this state to carry on the business of a building and loan association or savings and loan association shall be governed, controlled, construed, extended, limited, and determined by the provisions of this act to the same extent and effect as if the corporation had been incorporated pursuant hereto.

(b) The articles of incorporation or association, certificate of incorporation, or charter, however entitled, bylaws and constitution, or other rules of every such corporation made or existing prior to March 13, 1963, are modified, altered, and amended to conform to the provisions of this act, with or without the issuance or approval by the Supervisor of Savings and Loan Associations of conformed copies of those documents. These documents are declared void to the extent that they are inconsistent with the provisions of this act.

(c) However, the obligations of any such existing corporation, whether between the corporation and its members, or any of them, or any other person, or any valid contract between the members of the corporation, or between the corporation and any other person, existing at the time this act takes effect, shall not be in any way impaired by the provisions of this act.

(d) With the exceptions mentioned in subsection (c) of this section, every such corporation shall possess the same rights, powers, privileges, and immunities as if chartered under this act and shall be subject to the duties, liabilities, disabilities, and restrictions conferred and imposed by this act, notwithstanding anything to the contrary in its certificate of incorporation, bylaws, constitution, or rules.

(e) All obligations to the corporation contracted prior to March 13, 1963, shall be enforceable by it and in its name, and demands, claims, and rights of action against the corporation may be enforced against it as fully and completely as they might have previously been enforced.

(f) The existing charter of any association formed pursuant to Acts 1929, No. 128, or any other law of this state, is confirmed and shall be deemed to be valid and outstanding to the same extent as if issued pursuant to this act.

Acts 1963, No. 227, § 56; A.S.A. 1947, § 67-1856.
Ark. Code Ann. § 23-63-1622 — AR Code / Title 23 / Chapter 63 / Subchapter 16 / Section 23-63-1622
Producer reinsurance protected cell requirements
Status: in_force

A producer reinsurance captive insurance company formed or licensed under this subchapter may establish and maintain one (1) or more protected cells to insure risks, subject to the following conditions: (1) Each protected cell must be accounted for separately on the books and records of the producer reinsurance captive insurance company to reflect the financial condition, results of operations of the protected cell, net income or loss, dividends or other distributions, and other factors as may be required by the commissioner; (2) The assets of a protected cell must not be chargeable with liabilities arising out of any other insurance business the producer reinsurance captive insurance company may conduct; (3) No sale, exchange, or other transfer of assets may be made by the producer reinsurance captive insurance company between or among any of its protected cells without the consent of the protected cells; (4) A producer reinsurance captive insurance company shall file annually the financial reports the Insurance Commissioner requires, which shall include, but are not limited to, accounting statements detailing the financial experience of each protected cell; and (5) A producer reinsurance captive insurance company shall notify the commissioner in writing within ten (10) business days of a protected cell that is insolvent or unable to meet its claim or expense obligations. Acts 2001, No. 1391, § 22.

A producer reinsurance captive insurance company formed or licensed under this subchapter may establish and maintain one (1) or more protected cells to insure risks, subject to the following conditions:

(1) Each protected cell must be accounted for separately on the books and records of the producer reinsurance captive insurance company to reflect the financial condition, results of operations of the protected cell, net income or loss, dividends or other distributions, and other factors as may be required by the commissioner;

(2) The assets of a protected cell must not be chargeable with liabilities arising out of any other insurance business the producer reinsurance captive insurance company may conduct;

(3) No sale, exchange, or other transfer of assets may be made by the producer reinsurance captive insurance company between or among any of its protected cells without the consent of the protected cells;

(4) A producer reinsurance captive insurance company shall file annually the financial reports the Insurance Commissioner requires, which shall include, but are not limited to, accounting statements detailing the financial experience of each protected cell; and

(5) A producer reinsurance captive insurance company shall notify the commissioner in writing within ten (10) business days of a protected cell that is insolvent or unable to meet its claim or expense obligations.

Acts 2001, No. 1391, § 22.
Ark. Code Ann. § 23-12-507 — AR Code / Title 23 / Chapter 12 / Subchapter 5 / Section 23-12-507
Death or injury of employee - Contracts of employment or indemnity insurance no defense - Setoff by employer
Status: in_force

(a) No contract of employment, insurance, relief benefit, or indemnity for injury or death entered into by or on behalf of any employee nor the acceptance of any insurance, relief benefit, or indemnity by the person entitled thereto shall constitute any bar or defense to any action brought to recover damages for personal injuries to, or death of, the employees. (b) However, upon the trial of the action, the defendant may set off therein any sum it has contributed toward any insurance, relief benefit, or indemnity that may have been paid to the injured employee, or, in case of death, to his or her personal or legal representative. Acts 1911, No. 88, § 5; C. & M. Dig., § 7142; Pope's Dig., § 9128; A.S.A. 1947, § 73-918.

(a) No contract of employment, insurance, relief benefit, or indemnity for injury or death entered into by or on behalf of any employee nor the acceptance of any insurance, relief benefit, or indemnity by the person entitled thereto shall constitute any bar or defense to any action brought to recover damages for personal injuries to, or death of, the employees.

(b) However, upon the trial of the action, the defendant may set off therein any sum it has contributed toward any insurance, relief benefit, or indemnity that may have been paid to the injured employee, or, in case of death, to his or her personal or legal representative.

Acts 1911, No. 88, § 5; C. & M. Dig., § 7142; Pope's Dig., § 9128; A.S.A. 1947, § 73-918.
Ark. Code Ann. § 23-112-603 — AR Code / Title 23 / Chapter 112 / Subchapter 6 / Section 23-112-603
Penalty for violation and disbursal of fines
Status: in_force

(a) In addition to any other penalty prescribed by existing laws, the penalties for violation of this subchapter and the disbursement of fines shall be as follows: (1) A first violation of this subchapter is a Class A misdemeanor; (2) A second violation of this subchapter is a Class D felony; (3) A third or subsequent violation is a Class D felony, and the dealer's license shall be suspended for three (3) years for each respective third or subsequent violation; and (4) In addition to or instead of the penalties listed under subdivisions (a)(1)-(3) of this section, the Director of the Division of Arkansas State Police may issue a fine in an amount not to exceed one thousand dollars ($1,000) for each violation of this subchapter. (b) Any person found guilty of selling a used motor vehicle as a dealer or salesperson while his or her used motor vehicle dealer's or salesperson's license is suspended or revoked shall be guilty of a Class C felony. (c) (1) If the arresting officer is an officer of the Division of Arkansas State Police, one-half (1/2) of the fine collected shall be remitted by the tenth day of each month to the Administration of Justice Funds Section of the Office of Administrative Services of the Department of Finance and Administration on a form provided by that office, for deposit into the Division of Arkansas State Police Fund to be used for the purchase and maintenance of state police vehicles. (2) If the arresting officer is a county law enforcement officer, one-half (1/2) of the fine collected shall be deposited into that county fund used for the purchase and maintenance of rescue, emergency medical, and law enforcement vehicles, communications equipment, animals owned or used by law enforcement agencies, life-saving medical apparatus, and law enforcement apparatus to be used for those purposes. (3) If the arresting officer is a municipal law enforcement officer, one-half (1/2) of the fine collected shall be deposited into that municipal fund used for the purchase and maintenance of rescue, emergency medical, and law enforcement vehicles, communications equipment, animals owned or used by law enforcement agencies, life-saving medical apparatus, and law enforcement apparatus to be used for those purposes. (d) (1) A used motor vehicle dealer licensed under this subchapter shall maintain a licensed location. (2) When a used motor vehicle dealer changes or moves his or her licensed location, within fifteen (15) calendar days of the relocation, the used motor vehicle dealer shall notify the division in writing of the dealership name, the previous location, and the new location. (3) (A) If the division determines that the used motor vehicle dealer's business location has moved and notification to the division has not been properly made, the division shall levy a fine equal to the amount of the license fee. (B) The fine collected pursuant to subdivision (d)(3)(A) of this section shall be remitted to the division and shall be deposited into the State Treasury as special revenue to the credit of the division. Amended by Act 2023, No. 821,§ 1, eff. 8/1/2023. Acts 1993, No. 490, § 12; 2001, No. 1408, § 1; 2003, No. 1765, § 30; 2005, No. 1416, § 3.

(a) In addition to any other penalty prescribed by existing laws, the penalties for violation of this subchapter and the disbursement of fines shall be as follows: (1) A first violation of this subchapter is a Class A misdemeanor; (2) A second violation of this subchapter is a Class D felony; (3) A third or subsequent violation is a Class D felony, and the dealer's license shall be suspended for three (3) years for each respective third or subsequent violation; and (4) In addition to or instead of the penalties listed under subdivisions (a)(1)-(3) of this section, the Director of the Division of Arkansas State Police may issue a fine in an amount not to exceed one thousand dollars ($1,000) for each violation of this subchapter.

(1) A first violation of this subchapter is a Class A misdemeanor;

(2) A second violation of this subchapter is a Class D felony;

(3) A third or subsequent violation is a Class D felony, and the dealer's license shall be suspended for three (3) years for each respective third or subsequent violation; and

(4) In addition to or instead of the penalties listed under subdivisions (a)(1)-(3) of this section, the Director of the Division of Arkansas State Police may issue a fine in an amount not to exceed one thousand dollars ($1,000) for each violation of this subchapter.

(b) Any person found guilty of selling a used motor vehicle as a dealer or salesperson while his or her used motor vehicle dealer's or salesperson's license is suspended or revoked shall be guilty of a Class C felony.

(c) (1) If the arresting officer is an officer of the Division of Arkansas State Police, one-half (1/2) of the fine collected shall be remitted by the tenth day of each month to the Administration of Justice Funds Section of the Office of Administrative Services of the Department of Finance and Administration on a form provided by that office, for deposit into the Division of Arkansas State Police Fund to be used for the purchase and maintenance of state police vehicles. (2) If the arresting officer is a county law enforcement officer, one-half (1/2) of the fine collected shall be deposited into that county fund used for the purchase and maintenance of rescue, emergency medical, and law enforcement vehicles, communications equipment, animals owned or used by law enforcement agencies, life-saving medical apparatus, and law enforcement apparatus to be used for those purposes. (3) If the arresting officer is a municipal law enforcement officer, one-half (1/2) of the fine collected shall be deposited into that municipal fund used for the purchase and maintenance of rescue, emergency medical, and law enforcement vehicles, communications equipment, animals owned or used by law enforcement agencies, life-saving medical apparatus, and law enforcement apparatus to be used for those purposes.

(1) If the arresting officer is an officer of the Division of Arkansas State Police, one-half (1/2) of the fine collected shall be remitted by the tenth day of each month to the Administration of Justice Funds Section of the Office of Administrative Services of the Department of Finance and Administration on a form provided by that office, for deposit into the Division of Arkansas State Police Fund to be used for the purchase and maintenance of state police vehicles.

(2) If the arresting officer is a county law enforcement officer, one-half (1/2) of the fine collected shall be deposited into that county fund used for the purchase and maintenance of rescue, emergency medical, and law enforcement vehicles, communications equipment, animals owned or used by law enforcement agencies, life-saving medical apparatus, and law enforcement apparatus to be used for those purposes.

(3) If the arresting officer is a municipal law enforcement officer, one-half (1/2) of the fine collected shall be deposited into that municipal fund used for the purchase and maintenance of rescue, emergency medical, and law enforcement vehicles, communications equipment, animals owned or used by law enforcement agencies, life-saving medical apparatus, and law enforcement apparatus to be used for those purposes.

(d) (1) A used motor vehicle dealer licensed under this subchapter shall maintain a licensed location. (2) When a used motor vehicle dealer changes or moves his or her licensed location, within fifteen (15) calendar days of the relocation, the used motor vehicle dealer shall notify the division in writing of the dealership name, the previous location, and the new location. (3) (A) If the division determines that the used motor vehicle dealer's business location has moved and notification to the division has not been properly made, the division shall levy a fine equal to the amount of the license fee. (B) The fine collected pursuant to subdivision (d)(3)(A) of this section shall be remitted to the division and shall be deposited into the State Treasury as special revenue to the credit of the division.

(1) A used motor vehicle dealer licensed under this subchapter shall maintain a licensed location.

(2) When a used motor vehicle dealer changes or moves his or her licensed location, within fifteen (15) calendar days of the relocation, the used motor vehicle dealer shall notify the division in writing of the dealership name, the previous location, and the new location.

(3) (A) If the division determines that the used motor vehicle dealer's business location has moved and notification to the division has not been properly made, the division shall levy a fine equal to the amount of the license fee. (B) The fine collected pursuant to subdivision (d)(3)(A) of this section shall be remitted to the division and shall be deposited into the State Treasury as special revenue to the credit of the division.

(A) If the division determines that the used motor vehicle dealer's business location has moved and notification to the division has not been properly made, the division shall levy a fine equal to the amount of the license fee.

(B) The fine collected pursuant to subdivision (d)(3)(A) of this section shall be remitted to the division and shall be deposited into the State Treasury as special revenue to the credit of the division.

Amended by Act 2023, No. 821,§ 1, eff. 8/1/2023.

Acts 1993, No. 490, § 12; 2001, No. 1408, § 1; 2003, No. 1765, § 30; 2005, No. 1416, § 3.
Ark. Code Ann. § 23-79-1703 — AR Code / Title 23 / Chapter 79 / Subchapter 17 / Section 23-79-1703
State Board of Finance - Requirements
Status: in_force

(a) By the end of plan year 2017, the State Board of Finance shall explore the evidence supporting opportunities for benefit modification informed by: (1) The Choosing Wisely initiative; (2) Emerging therapies; and (3) Therapeutic alternatives to invasive surgical procedures, such as regenerative injection therapy. (b) By July 2018, the board shall: (1) Identify and consider implementation of pilot programs that include stepped therapy or center of excellence approaches, or both, for which evidence demonstrates cost savings to the plan; and (2) Identify opportunities to stimulate conversations between patients and providers about appropriate and necessary treatment, including treatment recommendations identified by the Choosing Wisely initiative. Amended by Act 2021, No. 1004,§ 24, eff. 4/28/2021. Added by Act 2017, No. 1089,§ 2, eff. 8/1/2017.

(a) By the end of plan year 2017, the State Board of Finance shall explore the evidence supporting opportunities for benefit modification informed by: (1) The Choosing Wisely initiative; (2) Emerging therapies; and (3) Therapeutic alternatives to invasive surgical procedures, such as regenerative injection therapy.

(1) The Choosing Wisely initiative;

(2) Emerging therapies; and

(3) Therapeutic alternatives to invasive surgical procedures, such as regenerative injection therapy.

(b) By July 2018, the board shall: (1) Identify and consider implementation of pilot programs that include stepped therapy or center of excellence approaches, or both, for which evidence demonstrates cost savings to the plan; and (2) Identify opportunities to stimulate conversations between patients and providers about appropriate and necessary treatment, including treatment recommendations identified by the Choosing Wisely initiative.

(1) Identify and consider implementation of pilot programs that include stepped therapy or center of excellence approaches, or both, for which evidence demonstrates cost savings to the plan; and

(2) Identify opportunities to stimulate conversations between patients and providers about appropriate and necessary treatment, including treatment recommendations identified by the Choosing Wisely initiative.

Amended by Act 2021, No. 1004,§ 24, eff. 4/28/2021.

Added by Act 2017, No. 1089,§ 2, eff. 8/1/2017.
Ark. Code Ann. § 23-12-609 — AR Code / Title 23 / Chapter 12 / Subchapter 6 / Section 23-12-609
Establishment, discontinuance, modification, etc., of service generally - Failure to comply with findings and mandate - Penalty
Status: in_force

(a) Any railroad, railroad company, lessee, or operator of the railroad company, which fails or refuses to comply with the findings, decrees, and mandates of the Arkansas Department of Transportation within the time specified therein, shall be deemed guilty of a misdemeanor. (b) The district prosecuting attorney shall bring the proceeding in any court having competent jurisdiction, and upon conviction the railroad, railroad company, lessee, or operator of the railroad company shall be fined in any sum not less than twenty-five dollars ($25.00) nor more than one hundred dollars ($100). (c) (1) Every day of the violation, refusal, failure, or neglect shall constitute a separate offense. (2) However, no order for doing anything hereinabove provided shall be made by the department until all parties concerned shall receive ten (10) days' notice of the proposed change. Amended by Act 2017, No. 707,§ 179, eff. 8/1/2017. Acts 1907, No. 149, § 4, p. 356; 1907, No. 338, § 4, p. 821; C. & M. Dig., § 1641; Pope's Dig., § 1962; A.S.A. 1947, § 73-812.

(a) Any railroad, railroad company, lessee, or operator of the railroad company, which fails or refuses to comply with the findings, decrees, and mandates of the Arkansas Department of Transportation within the time specified therein, shall be deemed guilty of a misdemeanor.

(b) The district prosecuting attorney shall bring the proceeding in any court having competent jurisdiction, and upon conviction the railroad, railroad company, lessee, or operator of the railroad company shall be fined in any sum not less than twenty-five dollars ($25.00) nor more than one hundred dollars ($100).

(c) (1) Every day of the violation, refusal, failure, or neglect shall constitute a separate offense. (2) However, no order for doing anything hereinabove provided shall be made by the department until all parties concerned shall receive ten (10) days' notice of the proposed change.

(1) Every day of the violation, refusal, failure, or neglect shall constitute a separate offense.

(2) However, no order for doing anything hereinabove provided shall be made by the department until all parties concerned shall receive ten (10) days' notice of the proposed change.

Amended by Act 2017, No. 707,§ 179, eff. 8/1/2017.

Acts 1907, No. 149, § 4, p. 356; 1907, No. 338, § 4, p. 821; C. & M. Dig., § 1641; Pope's Dig., § 1962; A.S.A. 1947, § 73-812.
Ark. Code Ann. § 23-67-211 — AR Code / Title 23 / Chapter 67 / Subchapter 2 / Section 23-67-211
Filing of rates and other rating information
Status: in_force

(a) Filings as to Competitive Markets. (1) (A) (i) In a competitive market, every insurer shall file with the Insurance Commissioner all rates, supplementary rate information, and supporting information for risks which are to be written in this state. (ii) The rates and information shall be filed twenty (20) days prior to the effective date. (B) A filing shall be deemed to meet the requirements of this chapter and to become effective upon the expiration of the waiting period or sooner if approved by the commissioner. (2) (A) (i) In a competitive market, if the commissioner determines after a hearing or by agreement that an insurer's rates require closer supervision because of the insurer's financial condition or its rating practices, the insurer shall file with the commissioner at least sixty (60) days prior to the effective date all rates and supplementary rate information and supporting information prescribed by the commissioner. (ii) Upon application by the filer, the commissioner may authorize an earlier effective date. (B) A filing shall be deemed to meet the requirements of this chapter and to become effective upon the expiration of the waiting period. (b) Filings as to Noncompetitive Markets. (1) (A) In a noncompetitive market, every insurer shall file with the commissioner all rates for that market. These rates, supplementary rate information, and supporting information required by the commissioner shall be filed at least sixty (60) days prior to the effective date. (B) Upon application by the filer, the commissioner may authorize an earlier effective date. (2) A filing shall be deemed to meet the requirements of this chapter and to become effective upon the expiration of the waiting period unless disapproved by the commissioner. (c) If a private passenger automobile, homeowners multi-peril, or dwelling fire policy overall rate is increased under this section, then the commissioner shall publish notice of the rate increase and the overall percentage of the rate increase: (1) On the State Insurance Department's website; and (2) If the increase is twenty percent (20%) or greater, in a newspaper of general circulation in this state for three (3) consecutive business days. (d) Effective June 30, 2006, if an insurer writing private passenger automobile, homeowners multi-peril, or dwelling fire insurance revises its rates and the revision results in a premium increase on a renewal policy and the insured will receive a rate increase other than due to a change in the nature of the risk insured, then the insurer shall mail or deliver to the insured and the agent of record not less than thirty (30) calendar days prior to the effective date of renewal a notice specifically stating the insurer's intention to increase the rate for the renewal. (e) Adherence to Filings. Insurers must adhere to filings made under this section until the filings are amended or withdrawn. Acts 1987, No. 959, § 7; 2005, No. 1697, § 17; 2007, No. 827, § 184.

(a) Filings as to Competitive Markets. (1) (A) (i) In a competitive market, every insurer shall file with the Insurance Commissioner all rates, supplementary rate information, and supporting information for risks which are to be written in this state. (ii) The rates and information shall be filed twenty (20) days prior to the effective date. (B) A filing shall be deemed to meet the requirements of this chapter and to become effective upon the expiration of the waiting period or sooner if approved by the commissioner. (2) (A) (i) In a competitive market, if the commissioner determines after a hearing or by agreement that an insurer's rates require closer supervision because of the insurer's financial condition or its rating practices, the insurer shall file with the commissioner at least sixty (60) days prior to the effective date all rates and supplementary rate information and supporting information prescribed by the commissioner. (ii) Upon application by the filer, the commissioner may authorize an earlier effective date. (B) A filing shall be deemed to meet the requirements of this chapter and to become effective upon the expiration of the waiting period.

(1) (A) (i) In a competitive market, every insurer shall file with the Insurance Commissioner all rates, supplementary rate information, and supporting information for risks which are to be written in this state. (ii) The rates and information shall be filed twenty (20) days prior to the effective date. (B) A filing shall be deemed to meet the requirements of this chapter and to become effective upon the expiration of the waiting period or sooner if approved by the commissioner.

(A) (i) In a competitive market, every insurer shall file with the Insurance Commissioner all rates, supplementary rate information, and supporting information for risks which are to be written in this state. (ii) The rates and information shall be filed twenty (20) days prior to the effective date.

(i) In a competitive market, every insurer shall file with the Insurance Commissioner all rates, supplementary rate information, and supporting information for risks which are to be written in this state.

(ii) The rates and information shall be filed twenty (20) days prior to the effective date.

(B) A filing shall be deemed to meet the requirements of this chapter and to become effective upon the expiration of the waiting period or sooner if approved by the commissioner.

(2) (A) (i) In a competitive market, if the commissioner determines after a hearing or by agreement that an insurer's rates require closer supervision because of the insurer's financial condition or its rating practices, the insurer shall file with the commissioner at least sixty (60) days prior to the effective date all rates and supplementary rate information and supporting information prescribed by the commissioner. (ii) Upon application by the filer, the commissioner may authorize an earlier effective date. (B) A filing shall be deemed to meet the requirements of this chapter and to become effective upon the expiration of the waiting period.

(A) (i) In a competitive market, if the commissioner determines after a hearing or by agreement that an insurer's rates require closer supervision because of the insurer's financial condition or its rating practices, the insurer shall file with the commissioner at least sixty (60) days prior to the effective date all rates and supplementary rate information and supporting information prescribed by the commissioner. (ii) Upon application by the filer, the commissioner may authorize an earlier effective date.

(i) In a competitive market, if the commissioner determines after a hearing or by agreement that an insurer's rates require closer supervision because of the insurer's financial condition or its rating practices, the insurer shall file with the commissioner at least sixty (60) days prior to the effective date all rates and supplementary rate information and supporting information prescribed by the commissioner.

(ii) Upon application by the filer, the commissioner may authorize an earlier effective date.

(B) A filing shall be deemed to meet the requirements of this chapter and to become effective upon the expiration of the waiting period.

(b) Filings as to Noncompetitive Markets. (1) (A) In a noncompetitive market, every insurer shall file with the commissioner all rates for that market. These rates, supplementary rate information, and supporting information required by the commissioner shall be filed at least sixty (60) days prior to the effective date. (B) Upon application by the filer, the commissioner may authorize an earlier effective date. (2) A filing shall be deemed to meet the requirements of this chapter and to become effective upon the expiration of the waiting period unless disapproved by the commissioner.

(1) (A) In a noncompetitive market, every insurer shall file with the commissioner all rates for that market. These rates, supplementary rate information, and supporting information required by the commissioner shall be filed at least sixty (60) days prior to the effective date. (B) Upon application by the filer, the commissioner may authorize an earlier effective date.

(A) In a noncompetitive market, every insurer shall file with the commissioner all rates for that market. These rates, supplementary rate information, and supporting information required by the commissioner shall be filed at least sixty (60) days prior to the effective date.

(B) Upon application by the filer, the commissioner may authorize an earlier effective date.

(2) A filing shall be deemed to meet the requirements of this chapter and to become effective upon the expiration of the waiting period unless disapproved by the commissioner.

(c) If a private passenger automobile, homeowners multi-peril, or dwelling fire policy overall rate is increased under this section, then the commissioner shall publish notice of the rate increase and the overall percentage of the rate increase: (1) On the State Insurance Department's website; and (2) If the increase is twenty percent (20%) or greater, in a newspaper of general circulation in this state for three (3) consecutive business days.

(1) On the State Insurance Department's website; and

(2) If the increase is twenty percent (20%) or greater, in a newspaper of general circulation in this state for three (3) consecutive business days.

(d) Effective June 30, 2006, if an insurer writing private passenger automobile, homeowners multi-peril, or dwelling fire insurance revises its rates and the revision results in a premium increase on a renewal policy and the insured will receive a rate increase other than due to a change in the nature of the risk insured, then the insurer shall mail or deliver to the insured and the agent of record not less than thirty (30) calendar days prior to the effective date of renewal a notice specifically stating the insurer's intention to increase the rate for the renewal.

(e) Adherence to Filings. Insurers must adhere to filings made under this section until the filings are amended or withdrawn.

Acts 1987, No. 959, § 7; 2005, No. 1697, § 17; 2007, No. 827, § 184.
Ark. Code Ann. § 23-97-316 — AR Code / Title 23 / Chapter 97 / Subchapter 3 / Section 23-97-316
Denial of claims
Status: in_force

If a claim under a long-term care insurance contract is denied, within sixty (60) days of the date of a written request by the policyholder or certificate holder or a representative of the policyholder or certificate holder, the issuer shall: (1) Provide a written explanation of the reasons for the denial; and (2) Make available all information directly related to the denial. Acts 2005, No. 1697, § 31.

If a claim under a long-term care insurance contract is denied, within sixty (60) days of the date of a written request by the policyholder or certificate holder or a representative of the policyholder or certificate holder, the issuer shall:

(1) Provide a written explanation of the reasons for the denial; and

(2) Make available all information directly related to the denial.

Acts 2005, No. 1697, § 31.
Ark. Code Ann. § 23-48-315 — AR Code / Title 23 / Chapter 48 / Subchapter 3 / Section 23-48-315
Issuance and sale of capital notes and other subordinated indebtedness
Status: in_force

(a) (1) With the written consent of the Bank Commissioner, a state bank may, through action of its board of directors and without requiring any action by stockholders, issue and sell its capital notes or other subordinated indebtedness at: (A) Not less than par; or (B) Par, less a customary discount if sold through a broker-dealer registered under section 15 of the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2017, or exempt from such registration pursuant to the Gramm-Leach-Bliley Act, Pub. L. No. 106-102. (2) The capital notes or other subordinated indebtedness may be sold for cash or, with the written consent and approval of the commissioner, for property. (b) (1) The capital notes or other subordinated indebtedness shall be in such denominations, and the holders thereof shall be entitled to such annual return thereon, as the commissioner may approve. (2) The capital notes or other subordinated indebtedness shall provide that they may be retired at such time or times and in such manner as may be fixed by the board of directors of the state bank but in no event later than twenty (20) years, in the case of capital notes, or thirty (30) years, in the case of other subordinated indebtedness, after the date of their issuance. (3) The aggregate par value of the capital notes or other subordinated indebtedness shall not exceed one-half (1/2) of the capital base of the issuing state bank, or such lesser proportion of the capital base as may be determined by rule or order of the commissioner. (4) (A) The state bank, in connection with the issue, subscription, or sale of capital notes or other subordinated indebtedness, may confer upon the holder of each capital note or other subordinated indebtedness the right to convert the obligation into shares of the common stock of the state bank on such terms as are set forth in the instrument evidencing the conversion rights. The terms may include any agreements not repugnant to law for the protection of the conversion rights, including without limitation the generality of such authority: (i) Restrictions upon the authorization or issuance of additional shares; (ii) Provisions for the adjustment of the conversion price or ratio; (iii) Provisions concerning rights in the event of reorganization, merger, consolidation, or sale or other disposition of all, or substantially all, of the assets of the state bank; and (iv) Provisions for the reservation of authorized but unissued shares to satisfy the conversion rights. (B) If the shares into which the obligations are convertible would be subject to preemptive rights if issued for cash, the conferring of the conversion rights must be authorized at a stockholders' meeting on a vote of at least a majority of the shares of the issued and outstanding capital stock of the state bank. The vote shall release the preemptive rights to the shares required to satisfy such conversion rights. (c) (1) Capital notes or other subordinated indebtedness shall at the time of their issuance be, and shall at all times thereafter remain, subordinate in rank and subject to the prior payment of all types of deposits of the state bank. (2) The state bank may, for the security and protection of the holders of the capital notes or other subordinated indebtedness, agree upon such restrictions on the distribution or payment of dividends on its capital stock as the board of directors may decide. (d) (1) Capital notes or other subordinated indebtedness and accrued return thereon may be retired at any time, in whole or in part, with the written approval of the commissioner, unless otherwise provided in the capital notes or other subordinated indebtedness, as applicable. (2) In any case in which capital notes or other subordinated indebtedness issued under the provisions of this section are callable in a period less than thirty (30) years after their issuance, the state bank issuing the capital notes or other subordinated indebtedness may, by a provision inserted therein to that effect, reserve the right, from time to time, to extend the time for the retirement or redemption of the capital notes or other subordinated indebtedness. In that event, the state bank issuing the capital notes or subordinated indebtedness may, by vote of a majority of its board of directors, with the consent of the commissioner, make the extension. Amended by Act 2017, No. 548,§ 7, eff. 3/21/2017. Acts 1997, No. 89, § 1.

(a) (1) With the written consent of the Bank Commissioner, a state bank may, through action of its board of directors and without requiring any action by stockholders, issue and sell its capital notes or other subordinated indebtedness at: (A) Not less than par; or (B) Par, less a customary discount if sold through a broker-dealer registered under section 15 of the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2017, or exempt from such registration pursuant to the Gramm-Leach-Bliley Act, Pub. L. No. 106-102. (2) The capital notes or other subordinated indebtedness may be sold for cash or, with the written consent and approval of the commissioner, for property.

(1) With the written consent of the Bank Commissioner, a state bank may, through action of its board of directors and without requiring any action by stockholders, issue and sell its capital notes or other subordinated indebtedness at: (A) Not less than par; or (B) Par, less a customary discount if sold through a broker-dealer registered under section 15 of the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2017, or exempt from such registration pursuant to the Gramm-Leach-Bliley Act, Pub. L. No. 106-102.

(A) Not less than par; or

(B) Par, less a customary discount if sold through a broker-dealer registered under section 15 of the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as it existed on January 1, 2017, or exempt from such registration pursuant to the Gramm-Leach-Bliley Act, Pub. L. No. 106-102.

(2) The capital notes or other subordinated indebtedness may be sold for cash or, with the written consent and approval of the commissioner, for property.

(b) (1) The capital notes or other subordinated indebtedness shall be in such denominations, and the holders thereof shall be entitled to such annual return thereon, as the commissioner may approve. (2) The capital notes or other subordinated indebtedness shall provide that they may be retired at such time or times and in such manner as may be fixed by the board of directors of the state bank but in no event later than twenty (20) years, in the case of capital notes, or thirty (30) years, in the case of other subordinated indebtedness, after the date of their issuance. (3) The aggregate par value of the capital notes or other subordinated indebtedness shall not exceed one-half (1/2) of the capital base of the issuing state bank, or such lesser proportion of the capital base as may be determined by rule or order of the commissioner. (4) (A) The state bank, in connection with the issue, subscription, or sale of capital notes or other subordinated indebtedness, may confer upon the holder of each capital note or other subordinated indebtedness the right to convert the obligation into shares of the common stock of the state bank on such terms as are set forth in the instrument evidencing the conversion rights. The terms may include any agreements not repugnant to law for the protection of the conversion rights, including without limitation the generality of such authority: (i) Restrictions upon the authorization or issuance of additional shares; (ii) Provisions for the adjustment of the conversion price or ratio; (iii) Provisions concerning rights in the event of reorganization, merger, consolidation, or sale or other disposition of all, or substantially all, of the assets of the state bank; and (iv) Provisions for the reservation of authorized but unissued shares to satisfy the conversion rights. (B) If the shares into which the obligations are convertible would be subject to preemptive rights if issued for cash, the conferring of the conversion rights must be authorized at a stockholders' meeting on a vote of at least a majority of the shares of the issued and outstanding capital stock of the state bank. The vote shall release the preemptive rights to the shares required to satisfy such conversion rights.

(1) The capital notes or other subordinated indebtedness shall be in such denominations, and the holders thereof shall be entitled to such annual return thereon, as the commissioner may approve.

(2) The capital notes or other subordinated indebtedness shall provide that they may be retired at such time or times and in such manner as may be fixed by the board of directors of the state bank but in no event later than twenty (20) years, in the case of capital notes, or thirty (30) years, in the case of other subordinated indebtedness, after the date of their issuance.

(3) The aggregate par value of the capital notes or other subordinated indebtedness shall not exceed one-half (1/2) of the capital base of the issuing state bank, or such lesser proportion of the capital base as may be determined by rule or order of the commissioner.

(4) (A) The state bank, in connection with the issue, subscription, or sale of capital notes or other subordinated indebtedness, may confer upon the holder of each capital note or other subordinated indebtedness the right to convert the obligation into shares of the common stock of the state bank on such terms as are set forth in the instrument evidencing the conversion rights. The terms may include any agreements not repugnant to law for the protection of the conversion rights, including without limitation the generality of such authority: (i) Restrictions upon the authorization or issuance of additional shares; (ii) Provisions for the adjustment of the conversion price or ratio; (iii) Provisions concerning rights in the event of reorganization, merger, consolidation, or sale or other disposition of all, or substantially all, of the assets of the state bank; and (iv) Provisions for the reservation of authorized but unissued shares to satisfy the conversion rights. (B) If the shares into which the obligations are convertible would be subject to preemptive rights if issued for cash, the conferring of the conversion rights must be authorized at a stockholders' meeting on a vote of at least a majority of the shares of the issued and outstanding capital stock of the state bank. The vote shall release the preemptive rights to the shares required to satisfy such conversion rights.

(A) The state bank, in connection with the issue, subscription, or sale of capital notes or other subordinated indebtedness, may confer upon the holder of each capital note or other subordinated indebtedness the right to convert the obligation into shares of the common stock of the state bank on such terms as are set forth in the instrument evidencing the conversion rights. The terms may include any agreements not repugnant to law for the protection of the conversion rights, including without limitation the generality of such authority: (i) Restrictions upon the authorization or issuance of additional shares; (ii) Provisions for the adjustment of the conversion price or ratio; (iii) Provisions concerning rights in the event of reorganization, merger, consolidation, or sale or other disposition of all, or substantially all, of the assets of the state bank; and (iv) Provisions for the reservation of authorized but unissued shares to satisfy the conversion rights.

(i) Restrictions upon the authorization or issuance of additional shares;

(ii) Provisions for the adjustment of the conversion price or ratio;

(iii) Provisions concerning rights in the event of reorganization, merger, consolidation, or sale or other disposition of all, or substantially all, of the assets of the state bank; and

(iv) Provisions for the reservation of authorized but unissued shares to satisfy the conversion rights.

(B) If the shares into which the obligations are convertible would be subject to preemptive rights if issued for cash, the conferring of the conversion rights must be authorized at a stockholders' meeting on a vote of at least a majority of the shares of the issued and outstanding capital stock of the state bank. The vote shall release the preemptive rights to the shares required to satisfy such conversion rights.

(c) (1) Capital notes or other subordinated indebtedness shall at the time of their issuance be, and shall at all times thereafter remain, subordinate in rank and subject to the prior payment of all types of deposits of the state bank. (2) The state bank may, for the security and protection of the holders of the capital notes or other subordinated indebtedness, agree upon such restrictions on the distribution or payment of dividends on its capital stock as the board of directors may decide.

(1) Capital notes or other subordinated indebtedness shall at the time of their issuance be, and shall at all times thereafter remain, subordinate in rank and subject to the prior payment of all types of deposits of the state bank.

(2) The state bank may, for the security and protection of the holders of the capital notes or other subordinated indebtedness, agree upon such restrictions on the distribution or payment of dividends on its capital stock as the board of directors may decide.

(d) (1) Capital notes or other subordinated indebtedness and accrued return thereon may be retired at any time, in whole or in part, with the written approval of the commissioner, unless otherwise provided in the capital notes or other subordinated indebtedness, as applicable. (2) In any case in which capital notes or other subordinated indebtedness issued under the provisions of this section are callable in a period less than thirty (30) years after their issuance, the state bank issuing the capital notes or other subordinated indebtedness may, by a provision inserted therein to that effect, reserve the right, from time to time, to extend the time for the retirement or redemption of the capital notes or other subordinated indebtedness. In that event, the state bank issuing the capital notes or subordinated indebtedness may, by vote of a majority of its board of directors, with the consent of the commissioner, make the extension.

(1) Capital notes or other subordinated indebtedness and accrued return thereon may be retired at any time, in whole or in part, with the written approval of the commissioner, unless otherwise provided in the capital notes or other subordinated indebtedness, as applicable.

(2) In any case in which capital notes or other subordinated indebtedness issued under the provisions of this section are callable in a period less than thirty (30) years after their issuance, the state bank issuing the capital notes or other subordinated indebtedness may, by a provision inserted therein to that effect, reserve the right, from time to time, to extend the time for the retirement or redemption of the capital notes or other subordinated indebtedness. In that event, the state bank issuing the capital notes or subordinated indebtedness may, by vote of a majority of its board of directors, with the consent of the commissioner, make the extension.

Amended by Act 2017, No. 548,§ 7, eff. 3/21/2017.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-99-1111 — AR Code / Title 23 / Chapter 99 / Subchapter 11 / Section 23-99-1111
Requests for prior authorization - Qualified persons authorized to review and approve - Adverse determinations to be made only by Arkansas-licensed physicians - Opportunity to discuss treatment before adverse determination
Status: in_force

(a) The initial review of information submitted in support of a request for prior authorization may be conducted by a qualified person employed or contracted by a utilization review entity. (b) A request for prior authorization may be approved by a qualified person employed or contracted by a utilization review entity. (c) (1) An adverse determination regarding a request for prior authorization shall be made by a physician who possesses a current and unrestricted license to practice medicine in the State of Arkansas issued by the Arkansas State Medical Board. (2) (A) A utilization review entity shall provide a method by which a physician may request that a prior authorization request be reviewed by a physician in the same specialty as the physician making the request, by a physician in another appropriate specialty, or by a pharmacologist. (B) If a request is made under subdivision (c)(2)(A) of this section, the reviewing physician or pharmacologist is not required to meet the requirements of subdivision (c)(1) of this section. (3) (A) Subject to this subdivision (c)(3), when an adverse determination is issued by a utilization review entity that questions the medical necessity, the appropriateness, or the experimental or investigational nature of a healthcare service, the utilization review entity shall provide in the notice of adverse determination the name and telephone number of a physician who possesses a current and unrestricted license in this state with whom the requesting healthcare provider may have a reasonable opportunity to discuss the patient's treatment plan and the clinical basis for the intervention. (B) The requesting healthcare provider may contact the reviewing physician at the telephone number provided with the adverse determination under subdivision (c)(3)(A) of this section within one (1) business day of receipt of the adverse determination for an urgent service, or within two (2) business days of receipt of the adverse determination for a nonurgent service, to engage in the discussion of the patient's treatment plan and the clinical basis for the intervention under subdivision (c)(3)(A) of this section. (C) (i) Following any discussion under subdivision (c)(3)(B) of this section, the utilization review entity shall notify the healthcare provider whether or not the adverse determination decision remains the same or the service is approved. (ii) The notice under subdivision (c)(3)(C)(i) of this section shall be provided: (a) Within one (1) business day of the discussion under subdivision (c)(3)(B) of this section between the provider and physician for an urgent service; or (b) Within two (2) business days of the discussion under subdivision (c)(3)(B) of this section between the provider and physician for a nonurgent service. (D) A discussion under subdivision (c)(3)(A) of this section shall not replace or eliminate the opportunity for any internal grievance or appeal process provided by the utilization review entity. (E) If a requesting healthcare provider is a physician, then the reviewing physician with whom the requesting physician is given an opportunity to discuss the treatment plan and clinical basis for the intervention under subdivision (c)(3)(B) of this section shall be a physician who: (i) Possesses a current and unrestricted license to practice medicine in this state; and (ii) Has the same or similar specialty as the healthcare provider. Amended by Act 2023, No. 575,§ 4, eff. 8/1/2023. Amended by Act 2017, No. 815,§ 8, eff. 8/1/2017. Added by Act 2015, No. 1106,§ 2, eff. 7/22/2015.

(a) The initial review of information submitted in support of a request for prior authorization may be conducted by a qualified person employed or contracted by a utilization review entity.

(b) A request for prior authorization may be approved by a qualified person employed or contracted by a utilization review entity.

(c) (1) An adverse determination regarding a request for prior authorization shall be made by a physician who possesses a current and unrestricted license to practice medicine in the State of Arkansas issued by the Arkansas State Medical Board. (2) (A) A utilization review entity shall provide a method by which a physician may request that a prior authorization request be reviewed by a physician in the same specialty as the physician making the request, by a physician in another appropriate specialty, or by a pharmacologist. (B) If a request is made under subdivision (c)(2)(A) of this section, the reviewing physician or pharmacologist is not required to meet the requirements of subdivision (c)(1) of this section. (3) (A) Subject to this subdivision (c)(3), when an adverse determination is issued by a utilization review entity that questions the medical necessity, the appropriateness, or the experimental or investigational nature of a healthcare service, the utilization review entity shall provide in the notice of adverse determination the name and telephone number of a physician who possesses a current and unrestricted license in this state with whom the requesting healthcare provider may have a reasonable opportunity to discuss the patient's treatment plan and the clinical basis for the intervention. (B) The requesting healthcare provider may contact the reviewing physician at the telephone number provided with the adverse determination under subdivision (c)(3)(A) of this section within one (1) business day of receipt of the adverse determination for an urgent service, or within two (2) business days of receipt of the adverse determination for a nonurgent service, to engage in the discussion of the patient's treatment plan and the clinical basis for the intervention under subdivision (c)(3)(A) of this section. (C) (i) Following any discussion under subdivision (c)(3)(B) of this section, the utilization review entity shall notify the healthcare provider whether or not the adverse determination decision remains the same or the service is approved. (ii) The notice under subdivision (c)(3)(C)(i) of this section shall be provided: (a) Within one (1) business day of the discussion under subdivision (c)(3)(B) of this section between the provider and physician for an urgent service; or (b) Within two (2) business days of the discussion under subdivision (c)(3)(B) of this section between the provider and physician for a nonurgent service. (D) A discussion under subdivision (c)(3)(A) of this section shall not replace or eliminate the opportunity for any internal grievance or appeal process provided by the utilization review entity. (E) If a requesting healthcare provider is a physician, then the reviewing physician with whom the requesting physician is given an opportunity to discuss the treatment plan and clinical basis for the intervention under subdivision (c)(3)(B) of this section shall be a physician who: (i) Possesses a current and unrestricted license to practice medicine in this state; and (ii) Has the same or similar specialty as the healthcare provider.

(1) An adverse determination regarding a request for prior authorization shall be made by a physician who possesses a current and unrestricted license to practice medicine in the State of Arkansas issued by the Arkansas State Medical Board.

(2) (A) A utilization review entity shall provide a method by which a physician may request that a prior authorization request be reviewed by a physician in the same specialty as the physician making the request, by a physician in another appropriate specialty, or by a pharmacologist. (B) If a request is made under subdivision (c)(2)(A) of this section, the reviewing physician or pharmacologist is not required to meet the requirements of subdivision (c)(1) of this section.

(A) A utilization review entity shall provide a method by which a physician may request that a prior authorization request be reviewed by a physician in the same specialty as the physician making the request, by a physician in another appropriate specialty, or by a pharmacologist.

(B) If a request is made under subdivision (c)(2)(A) of this section, the reviewing physician or pharmacologist is not required to meet the requirements of subdivision (c)(1) of this section.

(3) (A) Subject to this subdivision (c)(3), when an adverse determination is issued by a utilization review entity that questions the medical necessity, the appropriateness, or the experimental or investigational nature of a healthcare service, the utilization review entity shall provide in the notice of adverse determination the name and telephone number of a physician who possesses a current and unrestricted license in this state with whom the requesting healthcare provider may have a reasonable opportunity to discuss the patient's treatment plan and the clinical basis for the intervention. (B) The requesting healthcare provider may contact the reviewing physician at the telephone number provided with the adverse determination under subdivision (c)(3)(A) of this section within one (1) business day of receipt of the adverse determination for an urgent service, or within two (2) business days of receipt of the adverse determination for a nonurgent service, to engage in the discussion of the patient's treatment plan and the clinical basis for the intervention under subdivision (c)(3)(A) of this section. (C) (i) Following any discussion under subdivision (c)(3)(B) of this section, the utilization review entity shall notify the healthcare provider whether or not the adverse determination decision remains the same or the service is approved. (ii) The notice under subdivision (c)(3)(C)(i) of this section shall be provided: (a) Within one (1) business day of the discussion under subdivision (c)(3)(B) of this section between the provider and physician for an urgent service; or (b) Within two (2) business days of the discussion under subdivision (c)(3)(B) of this section between the provider and physician for a nonurgent service. (D) A discussion under subdivision (c)(3)(A) of this section shall not replace or eliminate the opportunity for any internal grievance or appeal process provided by the utilization review entity. (E) If a requesting healthcare provider is a physician, then the reviewing physician with whom the requesting physician is given an opportunity to discuss the treatment plan and clinical basis for the intervention under subdivision (c)(3)(B) of this section shall be a physician who: (i) Possesses a current and unrestricted license to practice medicine in this state; and (ii) Has the same or similar specialty as the healthcare provider.

(A) Subject to this subdivision (c)(3), when an adverse determination is issued by a utilization review entity that questions the medical necessity, the appropriateness, or the experimental or investigational nature of a healthcare service, the utilization review entity shall provide in the notice of adverse determination the name and telephone number of a physician who possesses a current and unrestricted license in this state with whom the requesting healthcare provider may have a reasonable opportunity to discuss the patient's treatment plan and the clinical basis for the intervention.

(B) The requesting healthcare provider may contact the reviewing physician at the telephone number provided with the adverse determination under subdivision (c)(3)(A) of this section within one (1) business day of receipt of the adverse determination for an urgent service, or within two (2) business days of receipt of the adverse determination for a nonurgent service, to engage in the discussion of the patient's treatment plan and the clinical basis for the intervention under subdivision (c)(3)(A) of this section.

(C) (i) Following any discussion under subdivision (c)(3)(B) of this section, the utilization review entity shall notify the healthcare provider whether or not the adverse determination decision remains the same or the service is approved. (ii) The notice under subdivision (c)(3)(C)(i) of this section shall be provided: (a) Within one (1) business day of the discussion under subdivision (c)(3)(B) of this section between the provider and physician for an urgent service; or (b) Within two (2) business days of the discussion under subdivision (c)(3)(B) of this section between the provider and physician for a nonurgent service.

(i) Following any discussion under subdivision (c)(3)(B) of this section, the utilization review entity shall notify the healthcare provider whether or not the adverse determination decision remains the same or the service is approved.

(ii) The notice under subdivision (c)(3)(C)(i) of this section shall be provided: (a) Within one (1) business day of the discussion under subdivision (c)(3)(B) of this section between the provider and physician for an urgent service; or (b) Within two (2) business days of the discussion under subdivision (c)(3)(B) of this section between the provider and physician for a nonurgent service.

(a) Within one (1) business day of the discussion under subdivision (c)(3)(B) of this section between the provider and physician for an urgent service; or

(b) Within two (2) business days of the discussion under subdivision (c)(3)(B) of this section between the provider and physician for a nonurgent service.

(D) A discussion under subdivision (c)(3)(A) of this section shall not replace or eliminate the opportunity for any internal grievance or appeal process provided by the utilization review entity.

(E) If a requesting healthcare provider is a physician, then the reviewing physician with whom the requesting physician is given an opportunity to discuss the treatment plan and clinical basis for the intervention under subdivision (c)(3)(B) of this section shall be a physician who: (i) Possesses a current and unrestricted license to practice medicine in this state; and (ii) Has the same or similar specialty as the healthcare provider.

(i) Possesses a current and unrestricted license to practice medicine in this state; and

(ii) Has the same or similar specialty as the healthcare provider.

Amended by Act 2023, No. 575,§ 4, eff. 8/1/2023.

Amended by Act 2017, No. 815,§ 8, eff. 8/1/2017.

Added by Act 2015, No. 1106,§ 2, eff. 7/22/2015.
Ark. Code Ann. § 23-80-303 — AR Code / Title 23 / Chapter 80 / Subchapter 3 / Section 23-80-303
Definitions
Status: in_force

As used in this subchapter: (1) "Casualty insurance" does not include accident and health insurance; (2) "Commissioner" means the Insurance Commissioner; and (3) "Policy" or "policy forms" means any written contract of property and casualty insurance delivered or issued for delivery in this state by or on behalf of any insurer licensed in this state. Acts 1981, No. 517, § 3; A.S.A. 1947, § 66-5803; Acts 2001, No. 1603, § 42.

As used in this subchapter:

(1) "Casualty insurance" does not include accident and health insurance;

(2) "Commissioner" means the Insurance Commissioner; and

(3) "Policy" or "policy forms" means any written contract of property and casualty insurance delivered or issued for delivery in this state by or on behalf of any insurer licensed in this state.

Acts 1981, No. 517, § 3; A.S.A. 1947, § 66-5803; Acts 2001, No. 1603, § 42.
Ark. Code Ann. § 23-45-102 — AR Code / Title 23 / Chapter 45 / Section 23-45-102
Definitions
Status: in_force

(a) Subject to other definitions contained in subsequent sections of the Arkansas Banking Code of 1997, and unless the context otherwise requires, in the Arkansas Banking Code of 1997: (1) "Affiliate" means, with respect to a specified person, a person that controls, is controlled by, or is under common control with another person; (2) "Arkansas bank" means a bank whose home state is Arkansas; (3) "Arkansas bank holding company" means a bank holding company that controls one (1) or more state banks. As used in this subdivision (a)(3), "control" has the meaning set forth in 12 U.S.C. § 1841(a)(2) ; (4) "Arkansas Banking Code of 1997" means the Arkansas Banking Code of 1997, chapters 45-50 of this title; (5) (A) "Bank" means a state bank or a national bank or an out-of-state state-chartered bank that has received a certificate of authority under § 23-48-1001 . (B) "Bank" shall also include any foreign bank organized under the laws of a territory of the United States, the Commonwealth of Puerto Rico, Guam, American Samoa, or the United States Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation; (6) (A) "Bank holding company" means any company, foreign or domestic, including a bank: (i) That directly or indirectly owns, controls, or holds with power to vote twenty-five percent (25%) or more of the voting shares of any bank; (ii) That controls in any manner the election of a majority of the directors of any bank; or (iii) For the benefit of whose shareholders or members twenty-five percent (25%) or more of the voting shares of any bank or a bank holding company is held by trustees. (B) Notwithstanding the foregoing: (i) No company shall be a bank holding company by virtue of its ownership or control of shares that are acquired by it in connection with its underwriting of securities and that are held only for such period of time as will permit the sale thereof upon a reasonable basis; and (ii) No company formed for the sole purpose of participating in a proxy solicitation shall be a bank holding company by virtue of its control of voting rights of shares acquired in the course of the solicitation. (C) As used in this definition of "bank holding company", "company" means any corporation, limited liability company, or business trust doing business in this state but does not include any corporation the majority of the shares of which are owned by the United States or by any state; (7) "Banking board" means the State Banking Board; (8) "Bank premises" includes the state bank's or subsidiary trust company's main office site, all branch and other lawful office sites, the main office building and all other branch and other lawful office buildings, any or all of which may have additional space for occupancy by tenants, and any parking areas or parking structures that constitute adjuncts to any of the state bank or subsidiary trust company property; (9) "Bank supervisory agency" means: (A) Any agency of another state with primary responsibility for chartering and supervising banks; and (B) The United States Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and their successors; (10) "Capital base" means the sum of capital, surplus, and undivided profits, plus any additions and less any subtractions which the Bank Commissioner may by rule prescribe; (11) [Repealed.] (12) "Commissioner" means the Bank Commissioner; (13) "Court" means a court of competent jurisdiction; (14) "Day" means a calendar day; (15) "Department" means the State Bank Department of this state; (16) "Department rules" or "department rule" means rules promulgated by the commissioner with the approval of the State Banking Board; (17) "Deposit" and "deposit account" mean the unpaid balance of money or its equivalent received or held by a bank in the usual course of its banking business and which represents a liability of the bank, for which it has given or is obligated to give credit, either conditionally or unconditionally, to a checking, savings, time or similar account, or that is evidenced by its certificate of deposit or similar certificate or a check or draft drawn against a deposit account and certified by the bank or a draft or cashier's, officer's, or traveler's check or money order or similar instrument on which the bank is primarily liable, and that has not been paid and other obligations or instruments of a bank that may be included in the definition of "deposit" or "deposit account" in department rules; (18) (A) "De novo charter" means a charter for a bank that has been in existence for less than five (5) years, but it does not include a charter that is issued in connection with the acquisition of assets or liabilities from a predecessor financial institution. (B) A bank resulting from the conversion of a savings and loan association to a bank, from the conversion of a state bank to a national bank, or from the conversion of a national bank to a state bank shall be deemed to have been in existence, for the purpose of determining whether it has a de novo charter, from the date the converting institution came into existence; (19) "Depository institution" means any bank, savings and loan association, state or federal credit union, or any corporation that the commissioner determines to be operating in substantially the same manner as such entities; (20) "Federal financial institutions' regulatory agency" means the Federal Reserve System, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the United States Comptroller of the Currency, or the Office of Thrift Supervision [abolished], or their successors; (21) "Financial institution" means any state bank, registered out-of-state bank, bank holding company, trust company, or subsidiary trust company; (22) "Home state" means: (A) With respect to a state-chartered bank, the state by which the bank is chartered; (B) With respect to a national bank, the state in which the main office of the bank is located; and (C) With respect to a foreign bank, the state determined to be the home state of the foreign bank under 12 U.S.C. § 3103(c) ; (23) "Home state regulator" means, with respect to an out-of-state state-chartered bank, the bank supervisory agency of the state in which the bank is chartered; (24) "Host state" means a state other than the home state of a bank in which the bank maintains or seeks to establish and maintain a branch; (25) "Interstate merger transaction" means: (A) The merger or consolidation of banks with different home states and the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank; or (B) The purchase of all or substantially all of the assets including all or substantially all of the branches and the assumption of all or substantially all of the liabilities of a bank whose home state is different from the home state of the acquiring bank; (26) "Main banking office" or "main office", with respect to a bank, means the main banking office designated or provided for in the articles of incorporation of a state bank, and the main office designated or provided for in the articles of association of a national bank, at such identified location as shall have been or as hereafter may be approved by the commissioner, in the case of a state bank, or by the appropriate federal regulatory agency, in the case of a national bank; (27) "Merging bank" means a bank that is a party to a merger or an interstate merger transaction and that is not the resulting bank; (28) "National bank" means a national banking association organized pursuant to 12 U.S.C. §§ 21-215(b) ; (29) "National trust company" means a company organized under the laws of the United States to conduct trust business and business incidental to trust business in this state or of which more than fifty percent (50%) of the voting stock is owned, directly or indirectly, by a bank holding company that also owns, directly or indirectly, an affiliated bank as defined in § 23-47-801 et seq.; (30) "Order" means all or any part of the final disposition, whether affirmative, negative, injunctive, or declaratory in form, by the commissioner or the State Banking Board, of any matter other than the making of rules of general application; (31) "Out-of-state bank" means a bank whose home state is any state other than Arkansas; (32) "Out-of-state state-chartered bank" means any bank chartered under the laws of any state other than Arkansas; (33) "Person" means an individual, corporation, partnership, joint venture, trust, estate, limited liability company or other unincorporated association, or any other legal or commercial entity; (34) "Predecessor financial institution" means a depository institution whose charter ceased to exist in connection with the purchase of its assets or the assumption of its liabilities by a successor bank; (35) "Registered out-of-state bank" means an out-of-state bank that has a certificate of authority pursuant to the terms of § 23-48-1001 et seq.; (36) "Resulting bank" means: (A) One (1) or more banks created from a merger or conversion; or (B) The bank purchasing over fifty percent (50%) of the assets or assuming over fifty percent (50%) of the liabilities of another depository institution in a purchase or assumption transaction or an interstate merger transaction; (37) "Safe deposit box" means a safe, box, or other receptacle for the safekeeping of property, that is located on a bank's premises and leased by the bank to a lessee; (38) "Savings and loan association" means a corporation carrying on the business of a savings and loan association or a building and loan association under a charter issued by this state, or any federal savings association or federal savings bank which is chartered under federal law; (39) "State bank" means: (A) A corporation created pursuant to either Acts 1913, No. 113, or Acts 1969, No. 179, or pursuant to any predecessor or successor act or acts of either of the foregoing, and existing and authorized under the laws of this state on May 30, 1997, to engage in a general commercial banking business; and (B) A corporation organized under the provisions of this chapter and authorized thereunder to engage in a general commercial banking business; and (40) "Subsidiary trust company" means a corporation organized under the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., and authorized by the commissioner pursuant to § 23-47-801 et seq. or the Bank Holding Company Subsidiary Trust Company Formation Act of 1989, § 23-32-1901 et seq. [repealed], to conduct trust business and business incidental to trust business in this state, of which more than fifty percent (50%) of the voting stock is owned, directly or indirectly, by a bank holding company that also owns, directly or indirectly, an affiliated bank as that term is defined in § 23-47-801 et seq. (b) For the purposes of defining, "home state", "host state", "home state regulator", "out-of-state bank", and "out-of-state state-chartered bank", the term "state" means any state of the United States, the District of Columbia, any territory of the United States, the Commonwealth of Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the United States Virgin Islands, and the Northern Marianas Islands. Amended by Act 2019, No. 315,§ 2519, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2518, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2517, eff. 7/24/2019. Amended by Act 2017, No. 426,§ 11, eff. 8/1/2017. Acts 1997, No. 89, § 1; 1997, No. 408, § 1; 1999, No. 113, § 1; 2003, No. 860, § 12; 2007, No. 170, §§ 3, 4.

(a) Subject to other definitions contained in subsequent sections of the Arkansas Banking Code of 1997, and unless the context otherwise requires, in the Arkansas Banking Code of 1997: (1) "Affiliate" means, with respect to a specified person, a person that controls, is controlled by, or is under common control with another person; (2) "Arkansas bank" means a bank whose home state is Arkansas; (3) "Arkansas bank holding company" means a bank holding company that controls one (1) or more state banks. As used in this subdivision (a)(3), "control" has the meaning set forth in 12 U.S.C. § 1841(a)(2) ; (4) "Arkansas Banking Code of 1997" means the Arkansas Banking Code of 1997, chapters 45-50 of this title; (5) (A) "Bank" means a state bank or a national bank or an out-of-state state-chartered bank that has received a certificate of authority under § 23-48-1001 . (B) "Bank" shall also include any foreign bank organized under the laws of a territory of the United States, the Commonwealth of Puerto Rico, Guam, American Samoa, or the United States Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation; (6) (A) "Bank holding company" means any company, foreign or domestic, including a bank: (i) That directly or indirectly owns, controls, or holds with power to vote twenty-five percent (25%) or more of the voting shares of any bank; (ii) That controls in any manner the election of a majority of the directors of any bank; or (iii) For the benefit of whose shareholders or members twenty-five percent (25%) or more of the voting shares of any bank or a bank holding company is held by trustees. (B) Notwithstanding the foregoing: (i) No company shall be a bank holding company by virtue of its ownership or control of shares that are acquired by it in connection with its underwriting of securities and that are held only for such period of time as will permit the sale thereof upon a reasonable basis; and (ii) No company formed for the sole purpose of participating in a proxy solicitation shall be a bank holding company by virtue of its control of voting rights of shares acquired in the course of the solicitation. (C) As used in this definition of "bank holding company", "company" means any corporation, limited liability company, or business trust doing business in this state but does not include any corporation the majority of the shares of which are owned by the United States or by any state; (7) "Banking board" means the State Banking Board; (8) "Bank premises" includes the state bank's or subsidiary trust company's main office site, all branch and other lawful office sites, the main office building and all other branch and other lawful office buildings, any or all of which may have additional space for occupancy by tenants, and any parking areas or parking structures that constitute adjuncts to any of the state bank or subsidiary trust company property; (9) "Bank supervisory agency" means: (A) Any agency of another state with primary responsibility for chartering and supervising banks; and (B) The United States Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and their successors; (10) "Capital base" means the sum of capital, surplus, and undivided profits, plus any additions and less any subtractions which the Bank Commissioner may by rule prescribe; (11) [Repealed.] (12) "Commissioner" means the Bank Commissioner; (13) "Court" means a court of competent jurisdiction; (14) "Day" means a calendar day; (15) "Department" means the State Bank Department of this state; (16) "Department rules" or "department rule" means rules promulgated by the commissioner with the approval of the State Banking Board; (17) "Deposit" and "deposit account" mean the unpaid balance of money or its equivalent received or held by a bank in the usual course of its banking business and which represents a liability of the bank, for which it has given or is obligated to give credit, either conditionally or unconditionally, to a checking, savings, time or similar account, or that is evidenced by its certificate of deposit or similar certificate or a check or draft drawn against a deposit account and certified by the bank or a draft or cashier's, officer's, or traveler's check or money order or similar instrument on which the bank is primarily liable, and that has not been paid and other obligations or instruments of a bank that may be included in the definition of "deposit" or "deposit account" in department rules; (18) (A) "De novo charter" means a charter for a bank that has been in existence for less than five (5) years, but it does not include a charter that is issued in connection with the acquisition of assets or liabilities from a predecessor financial institution. (B) A bank resulting from the conversion of a savings and loan association to a bank, from the conversion of a state bank to a national bank, or from the conversion of a national bank to a state bank shall be deemed to have been in existence, for the purpose of determining whether it has a de novo charter, from the date the converting institution came into existence; (19) "Depository institution" means any bank, savings and loan association, state or federal credit union, or any corporation that the commissioner determines to be operating in substantially the same manner as such entities; (20) "Federal financial institutions' regulatory agency" means the Federal Reserve System, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the United States Comptroller of the Currency, or the Office of Thrift Supervision [abolished], or their successors; (21) "Financial institution" means any state bank, registered out-of-state bank, bank holding company, trust company, or subsidiary trust company; (22) "Home state" means: (A) With respect to a state-chartered bank, the state by which the bank is chartered; (B) With respect to a national bank, the state in which the main office of the bank is located; and (C) With respect to a foreign bank, the state determined to be the home state of the foreign bank under 12 U.S.C. § 3103(c) ; (23) "Home state regulator" means, with respect to an out-of-state state-chartered bank, the bank supervisory agency of the state in which the bank is chartered; (24) "Host state" means a state other than the home state of a bank in which the bank maintains or seeks to establish and maintain a branch; (25) "Interstate merger transaction" means: (A) The merger or consolidation of banks with different home states and the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank; or (B) The purchase of all or substantially all of the assets including all or substantially all of the branches and the assumption of all or substantially all of the liabilities of a bank whose home state is different from the home state of the acquiring bank; (26) "Main banking office" or "main office", with respect to a bank, means the main banking office designated or provided for in the articles of incorporation of a state bank, and the main office designated or provided for in the articles of association of a national bank, at such identified location as shall have been or as hereafter may be approved by the commissioner, in the case of a state bank, or by the appropriate federal regulatory agency, in the case of a national bank; (27) "Merging bank" means a bank that is a party to a merger or an interstate merger transaction and that is not the resulting bank; (28) "National bank" means a national banking association organized pursuant to 12 U.S.C. §§ 21-215(b) ; (29) "National trust company" means a company organized under the laws of the United States to conduct trust business and business incidental to trust business in this state or of which more than fifty percent (50%) of the voting stock is owned, directly or indirectly, by a bank holding company that also owns, directly or indirectly, an affiliated bank as defined in § 23-47-801 et seq.; (30) "Order" means all or any part of the final disposition, whether affirmative, negative, injunctive, or declaratory in form, by the commissioner or the State Banking Board, of any matter other than the making of rules of general application; (31) "Out-of-state bank" means a bank whose home state is any state other than Arkansas; (32) "Out-of-state state-chartered bank" means any bank chartered under the laws of any state other than Arkansas; (33) "Person" means an individual, corporation, partnership, joint venture, trust, estate, limited liability company or other unincorporated association, or any other legal or commercial entity; (34) "Predecessor financial institution" means a depository institution whose charter ceased to exist in connection with the purchase of its assets or the assumption of its liabilities by a successor bank; (35) "Registered out-of-state bank" means an out-of-state bank that has a certificate of authority pursuant to the terms of § 23-48-1001 et seq.; (36) "Resulting bank" means: (A) One (1) or more banks created from a merger or conversion; or (B) The bank purchasing over fifty percent (50%) of the assets or assuming over fifty percent (50%) of the liabilities of another depository institution in a purchase or assumption transaction or an interstate merger transaction; (37) "Safe deposit box" means a safe, box, or other receptacle for the safekeeping of property, that is located on a bank's premises and leased by the bank to a lessee; (38) "Savings and loan association" means a corporation carrying on the business of a savings and loan association or a building and loan association under a charter issued by this state, or any federal savings association or federal savings bank which is chartered under federal law; (39) "State bank" means: (A) A corporation created pursuant to either Acts 1913, No. 113, or Acts 1969, No. 179, or pursuant to any predecessor or successor act or acts of either of the foregoing, and existing and authorized under the laws of this state on May 30, 1997, to engage in a general commercial banking business; and (B) A corporation organized under the provisions of this chapter and authorized thereunder to engage in a general commercial banking business; and (40) "Subsidiary trust company" means a corporation organized under the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., and authorized by the commissioner pursuant to § 23-47-801 et seq. or the Bank Holding Company Subsidiary Trust Company Formation Act of 1989, § 23-32-1901 et seq. [repealed], to conduct trust business and business incidental to trust business in this state, of which more than fifty percent (50%) of the voting stock is owned, directly or indirectly, by a bank holding company that also owns, directly or indirectly, an affiliated bank as that term is defined in § 23-47-801 et seq.

(1) "Affiliate" means, with respect to a specified person, a person that controls, is controlled by, or is under common control with another person;

(2) "Arkansas bank" means a bank whose home state is Arkansas;

(3) "Arkansas bank holding company" means a bank holding company that controls one (1) or more state banks. As used in this subdivision (a)(3), "control" has the meaning set forth in 12 U.S.C. § 1841(a)(2) ;

(4) "Arkansas Banking Code of 1997" means the Arkansas Banking Code of 1997, chapters 45-50 of this title;

(5) (A) "Bank" means a state bank or a national bank or an out-of-state state-chartered bank that has received a certificate of authority under § 23-48-1001 . (B) "Bank" shall also include any foreign bank organized under the laws of a territory of the United States, the Commonwealth of Puerto Rico, Guam, American Samoa, or the United States Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation;

(A) "Bank" means a state bank or a national bank or an out-of-state state-chartered bank that has received a certificate of authority under § 23-48-1001 .

(B) "Bank" shall also include any foreign bank organized under the laws of a territory of the United States, the Commonwealth of Puerto Rico, Guam, American Samoa, or the United States Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation;

(6) (A) "Bank holding company" means any company, foreign or domestic, including a bank: (i) That directly or indirectly owns, controls, or holds with power to vote twenty-five percent (25%) or more of the voting shares of any bank; (ii) That controls in any manner the election of a majority of the directors of any bank; or (iii) For the benefit of whose shareholders or members twenty-five percent (25%) or more of the voting shares of any bank or a bank holding company is held by trustees. (B) Notwithstanding the foregoing: (i) No company shall be a bank holding company by virtue of its ownership or control of shares that are acquired by it in connection with its underwriting of securities and that are held only for such period of time as will permit the sale thereof upon a reasonable basis; and (ii) No company formed for the sole purpose of participating in a proxy solicitation shall be a bank holding company by virtue of its control of voting rights of shares acquired in the course of the solicitation. (C) As used in this definition of "bank holding company", "company" means any corporation, limited liability company, or business trust doing business in this state but does not include any corporation the majority of the shares of which are owned by the United States or by any state;

(A) "Bank holding company" means any company, foreign or domestic, including a bank: (i) That directly or indirectly owns, controls, or holds with power to vote twenty-five percent (25%) or more of the voting shares of any bank; (ii) That controls in any manner the election of a majority of the directors of any bank; or (iii) For the benefit of whose shareholders or members twenty-five percent (25%) or more of the voting shares of any bank or a bank holding company is held by trustees.

(i) That directly or indirectly owns, controls, or holds with power to vote twenty-five percent (25%) or more of the voting shares of any bank;

(ii) That controls in any manner the election of a majority of the directors of any bank; or

(iii) For the benefit of whose shareholders or members twenty-five percent (25%) or more of the voting shares of any bank or a bank holding company is held by trustees.

(B) Notwithstanding the foregoing: (i) No company shall be a bank holding company by virtue of its ownership or control of shares that are acquired by it in connection with its underwriting of securities and that are held only for such period of time as will permit the sale thereof upon a reasonable basis; and (ii) No company formed for the sole purpose of participating in a proxy solicitation shall be a bank holding company by virtue of its control of voting rights of shares acquired in the course of the solicitation.

(i) No company shall be a bank holding company by virtue of its ownership or control of shares that are acquired by it in connection with its underwriting of securities and that are held only for such period of time as will permit the sale thereof upon a reasonable basis; and

(ii) No company formed for the sole purpose of participating in a proxy solicitation shall be a bank holding company by virtue of its control of voting rights of shares acquired in the course of the solicitation.

(C) As used in this definition of "bank holding company", "company" means any corporation, limited liability company, or business trust doing business in this state but does not include any corporation the majority of the shares of which are owned by the United States or by any state;

(7) "Banking board" means the State Banking Board;

(8) "Bank premises" includes the state bank's or subsidiary trust company's main office site, all branch and other lawful office sites, the main office building and all other branch and other lawful office buildings, any or all of which may have additional space for occupancy by tenants, and any parking areas or parking structures that constitute adjuncts to any of the state bank or subsidiary trust company property;

(9) "Bank supervisory agency" means: (A) Any agency of another state with primary responsibility for chartering and supervising banks; and (B) The United States Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and their successors;

(A) Any agency of another state with primary responsibility for chartering and supervising banks; and

(B) The United States Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and their successors;

(10) "Capital base" means the sum of capital, surplus, and undivided profits, plus any additions and less any subtractions which the Bank Commissioner may by rule prescribe;

(11) [Repealed.]

(12) "Commissioner" means the Bank Commissioner;

(13) "Court" means a court of competent jurisdiction;

(14) "Day" means a calendar day;

(15) "Department" means the State Bank Department of this state;

(16) "Department rules" or "department rule" means rules promulgated by the commissioner with the approval of the State Banking Board;

(17) "Deposit" and "deposit account" mean the unpaid balance of money or its equivalent received or held by a bank in the usual course of its banking business and which represents a liability of the bank, for which it has given or is obligated to give credit, either conditionally or unconditionally, to a checking, savings, time or similar account, or that is evidenced by its certificate of deposit or similar certificate or a check or draft drawn against a deposit account and certified by the bank or a draft or cashier's, officer's, or traveler's check or money order or similar instrument on which the bank is primarily liable, and that has not been paid and other obligations or instruments of a bank that may be included in the definition of "deposit" or "deposit account" in department rules;

(18) (A) "De novo charter" means a charter for a bank that has been in existence for less than five (5) years, but it does not include a charter that is issued in connection with the acquisition of assets or liabilities from a predecessor financial institution. (B) A bank resulting from the conversion of a savings and loan association to a bank, from the conversion of a state bank to a national bank, or from the conversion of a national bank to a state bank shall be deemed to have been in existence, for the purpose of determining whether it has a de novo charter, from the date the converting institution came into existence;

(A) "De novo charter" means a charter for a bank that has been in existence for less than five (5) years, but it does not include a charter that is issued in connection with the acquisition of assets or liabilities from a predecessor financial institution.

(B) A bank resulting from the conversion of a savings and loan association to a bank, from the conversion of a state bank to a national bank, or from the conversion of a national bank to a state bank shall be deemed to have been in existence, for the purpose of determining whether it has a de novo charter, from the date the converting institution came into existence;

(19) "Depository institution" means any bank, savings and loan association, state or federal credit union, or any corporation that the commissioner determines to be operating in substantially the same manner as such entities;

(20) "Federal financial institutions' regulatory agency" means the Federal Reserve System, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the United States Comptroller of the Currency, or the Office of Thrift Supervision [abolished], or their successors;

(21) "Financial institution" means any state bank, registered out-of-state bank, bank holding company, trust company, or subsidiary trust company;

(22) "Home state" means: (A) With respect to a state-chartered bank, the state by which the bank is chartered; (B) With respect to a national bank, the state in which the main office of the bank is located; and (C) With respect to a foreign bank, the state determined to be the home state of the foreign bank under 12 U.S.C. § 3103(c) ;

(A) With respect to a state-chartered bank, the state by which the bank is chartered;

(B) With respect to a national bank, the state in which the main office of the bank is located; and

(C) With respect to a foreign bank, the state determined to be the home state of the foreign bank under 12 U.S.C. § 3103(c) ;

(23) "Home state regulator" means, with respect to an out-of-state state-chartered bank, the bank supervisory agency of the state in which the bank is chartered;

(24) "Host state" means a state other than the home state of a bank in which the bank maintains or seeks to establish and maintain a branch;

(25) "Interstate merger transaction" means: (A) The merger or consolidation of banks with different home states and the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank; or (B) The purchase of all or substantially all of the assets including all or substantially all of the branches and the assumption of all or substantially all of the liabilities of a bank whose home state is different from the home state of the acquiring bank;

(A) The merger or consolidation of banks with different home states and the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank; or

(B) The purchase of all or substantially all of the assets including all or substantially all of the branches and the assumption of all or substantially all of the liabilities of a bank whose home state is different from the home state of the acquiring bank;

(26) "Main banking office" or "main office", with respect to a bank, means the main banking office designated or provided for in the articles of incorporation of a state bank, and the main office designated or provided for in the articles of association of a national bank, at such identified location as shall have been or as hereafter may be approved by the commissioner, in the case of a state bank, or by the appropriate federal regulatory agency, in the case of a national bank;

(27) "Merging bank" means a bank that is a party to a merger or an interstate merger transaction and that is not the resulting bank;

(28) "National bank" means a national banking association organized pursuant to 12 U.S.C. §§ 21-215(b) ;

(29) "National trust company" means a company organized under the laws of the United States to conduct trust business and business incidental to trust business in this state or of which more than fifty percent (50%) of the voting stock is owned, directly or indirectly, by a bank holding company that also owns, directly or indirectly, an affiliated bank as defined in § 23-47-801 et seq.;

(30) "Order" means all or any part of the final disposition, whether affirmative, negative, injunctive, or declaratory in form, by the commissioner or the State Banking Board, of any matter other than the making of rules of general application;

(31) "Out-of-state bank" means a bank whose home state is any state other than Arkansas;

(32) "Out-of-state state-chartered bank" means any bank chartered under the laws of any state other than Arkansas;

(33) "Person" means an individual, corporation, partnership, joint venture, trust, estate, limited liability company or other unincorporated association, or any other legal or commercial entity;

(34) "Predecessor financial institution" means a depository institution whose charter ceased to exist in connection with the purchase of its assets or the assumption of its liabilities by a successor bank;

(35) "Registered out-of-state bank" means an out-of-state bank that has a certificate of authority pursuant to the terms of § 23-48-1001 et seq.;

(36) "Resulting bank" means: (A) One (1) or more banks created from a merger or conversion; or (B) The bank purchasing over fifty percent (50%) of the assets or assuming over fifty percent (50%) of the liabilities of another depository institution in a purchase or assumption transaction or an interstate merger transaction;

(A) One (1) or more banks created from a merger or conversion; or

(B) The bank purchasing over fifty percent (50%) of the assets or assuming over fifty percent (50%) of the liabilities of another depository institution in a purchase or assumption transaction or an interstate merger transaction;

(37) "Safe deposit box" means a safe, box, or other receptacle for the safekeeping of property, that is located on a bank's premises and leased by the bank to a lessee;

(38) "Savings and loan association" means a corporation carrying on the business of a savings and loan association or a building and loan association under a charter issued by this state, or any federal savings association or federal savings bank which is chartered under federal law;

(39) "State bank" means: (A) A corporation created pursuant to either Acts 1913, No. 113, or Acts 1969, No. 179, or pursuant to any predecessor or successor act or acts of either of the foregoing, and existing and authorized under the laws of this state on May 30, 1997, to engage in a general commercial banking business; and (B) A corporation organized under the provisions of this chapter and authorized thereunder to engage in a general commercial banking business; and

(A) A corporation created pursuant to either Acts 1913, No. 113, or Acts 1969, No. 179, or pursuant to any predecessor or successor act or acts of either of the foregoing, and existing and authorized under the laws of this state on May 30, 1997, to engage in a general commercial banking business; and

(B) A corporation organized under the provisions of this chapter and authorized thereunder to engage in a general commercial banking business; and

(40) "Subsidiary trust company" means a corporation organized under the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., and authorized by the commissioner pursuant to § 23-47-801 et seq. or the Bank Holding Company Subsidiary Trust Company Formation Act of 1989, § 23-32-1901 et seq. [repealed], to conduct trust business and business incidental to trust business in this state, of which more than fifty percent (50%) of the voting stock is owned, directly or indirectly, by a bank holding company that also owns, directly or indirectly, an affiliated bank as that term is defined in § 23-47-801 et seq.

(b) For the purposes of defining, "home state", "host state", "home state regulator", "out-of-state bank", and "out-of-state state-chartered bank", the term "state" means any state of the United States, the District of Columbia, any territory of the United States, the Commonwealth of Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the United States Virgin Islands, and the Northern Marianas Islands.

Amended by Act 2019, No. 315,§ 2519, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2518, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2517, eff. 7/24/2019.

Amended by Act 2017, No. 426,§ 11, eff. 8/1/2017.

Acts 1997, No. 89, § 1; 1997, No. 408, § 1; 1999, No. 113, § 1; 2003, No. 860, § 12; 2007, No. 170, §§ 3, 4.
Ark. Code Ann. § 23-112-1019 — AR Code / Title 23 / Chapter 112 / Subchapter 10 / Section 23-112-1019
License - Denial, revocation, and suspension
Status: in_force

(a) For any of the following reasons, the Arkansas Motor Vehicle Commission may deny an application for a license required by this subchapter or revoke or suspend a license after it has been granted: (1) (A) Selling or soliciting sales of a recreational vehicle without: (i) A dealer license issued by the commission; or (ii) Being a bona fide employee or agent of a licensed dealer. (B) The unlawful sale or solicitation of each recreational vehicle constitutes a separate offense; (2) On satisfactory proof of the unfitness of the applicant or the licensee, as the case may be, under the standards established and set out in this subchapter; (3) Fraud practiced or any material misstatement made by an applicant in an application for license under this subchapter; (4) Failure to comply with any provision of this subchapter or with any rule promulgated by the commission under authority vested in it by this subchapter; (5) Change of condition after a license is granted or failure to maintain the qualifications for license; (6) Continued violation of any of the provisions of this subchapter or of any of the rules of the commission; (7) Violation of any law relating to the sale, distribution, or financing of recreational vehicles; (8) Defrauding a retail buyer to the buyer's damage; (9) Failure to perform a written agreement with a retail buyer; (10) Selling, attempting to sell, or advertising for sale vehicles from a location other than that set forth on the license except as provided under § 23-112-301 ; (11) Falsifying, altering, or neglecting to endorse or deliver a certificate of title to a transferee or lawful owner or failing to properly designate a transferee on a document of assignment or certificate of title; (12) Knowingly purchasing, selling, or otherwise acquiring or disposing of a stolen recreational vehicle; (13) Submitting a false affidavit setting forth that a title has been lost or destroyed; (14) Passing title or reassigning title as a dealer without a dealer's license or when the dealer's license has been suspended or revoked; (15) For a person representing that he or she is a dealer, either verbally or in an advertisement, when the person is not licensed as a dealer; (16) Assisting a person in the sale of a recreational vehicle who is not licensed as a dealer by the commission; (17) Being a manufacturer who fails to specify the delivery and preparation obligations of its recreational vehicle dealers, as is required for the protection of the buying public, before delivery of new recreational vehicles to retail buyers; (18) On satisfactory proof that a manufacturer, distributor, distributor branch or division, or factory branch or division has unfairly and without due regard to the equities of the parties or to the detriment of the public welfare failed to properly fulfill a warranty agreement or to adequately and fairly compensate any of its recreational vehicle dealers for labor or parts expenses incurred by the dealer with regard to factory warranty agreements performed by the dealer; (19) For the commission of any act prohibited by this subchapter or the failure to perform any of the requirements of this subchapter; (20) Using or permitting the use of special license plates assigned to a licensee for any other purpose than those permitted by law; (21) Disconnecting, turning back, or resetting the odometer of a motor home in violation of state or federal law; (22) Accepting an open assignment of title or bill of sale for a recreational vehicle that does not identify the licensee as the purchaser or assignee of the recreational vehicle; (23) (A) Failing to notify the commission of a change in ownership, location, or dealer agreement or any other matters the commission may require by rule. (B) The notification shall be in writing and submitted to the commission at least fifteen (15) days before the effective date of the change; (24) Failing to endorse and deliver an assignment and warranty of title to the buyer under § 27-14-902 ; (25) Using or permitting the use of a temporary cardboard buyer's tag assigned to the dealer for any purpose other than what is permitted under § 27-14-1705 ; and (26) Failure of a dealer to submit or deliver a certificate of title or manufacturer's certificate of origin to a buyer within a reasonable period of time. (b) The revocation or suspension of the license of a manufacturer, factory branch or division, distributor, or distributor branch or division may be limited to: (1) One (1) or more municipalities or counties; or (2) (A) The sales area of a dealer whose franchise is unfairly cancelled or terminated under this subchapter or whose franchise is not renewed in violation of this subchapter. (B) However, when a franchise is unfairly cancelled or terminated under this subchapter or is not renewed in violation of this subchapter in a metropolitan area serviced by several recreational vehicle dealers handling the same recreational vehicles, the revocation or suspension does not apply to the remaining recreational vehicle dealers in the metropolitan area. Amended by Act 2021, No. 504,§ 20, eff. 7/28/2021. Amended by Act 2021, No. 504,§ 19, eff. 7/28/2021. Added by Act 2013, No. 1043,§ 10, eff. 1/1/2014.

(a) For any of the following reasons, the Arkansas Motor Vehicle Commission may deny an application for a license required by this subchapter or revoke or suspend a license after it has been granted: (1) (A) Selling or soliciting sales of a recreational vehicle without: (i) A dealer license issued by the commission; or (ii) Being a bona fide employee or agent of a licensed dealer. (B) The unlawful sale or solicitation of each recreational vehicle constitutes a separate offense; (2) On satisfactory proof of the unfitness of the applicant or the licensee, as the case may be, under the standards established and set out in this subchapter; (3) Fraud practiced or any material misstatement made by an applicant in an application for license under this subchapter; (4) Failure to comply with any provision of this subchapter or with any rule promulgated by the commission under authority vested in it by this subchapter; (5) Change of condition after a license is granted or failure to maintain the qualifications for license; (6) Continued violation of any of the provisions of this subchapter or of any of the rules of the commission; (7) Violation of any law relating to the sale, distribution, or financing of recreational vehicles; (8) Defrauding a retail buyer to the buyer's damage; (9) Failure to perform a written agreement with a retail buyer; (10) Selling, attempting to sell, or advertising for sale vehicles from a location other than that set forth on the license except as provided under § 23-112-301 ; (11) Falsifying, altering, or neglecting to endorse or deliver a certificate of title to a transferee or lawful owner or failing to properly designate a transferee on a document of assignment or certificate of title; (12) Knowingly purchasing, selling, or otherwise acquiring or disposing of a stolen recreational vehicle; (13) Submitting a false affidavit setting forth that a title has been lost or destroyed; (14) Passing title or reassigning title as a dealer without a dealer's license or when the dealer's license has been suspended or revoked; (15) For a person representing that he or she is a dealer, either verbally or in an advertisement, when the person is not licensed as a dealer; (16) Assisting a person in the sale of a recreational vehicle who is not licensed as a dealer by the commission; (17) Being a manufacturer who fails to specify the delivery and preparation obligations of its recreational vehicle dealers, as is required for the protection of the buying public, before delivery of new recreational vehicles to retail buyers; (18) On satisfactory proof that a manufacturer, distributor, distributor branch or division, or factory branch or division has unfairly and without due regard to the equities of the parties or to the detriment of the public welfare failed to properly fulfill a warranty agreement or to adequately and fairly compensate any of its recreational vehicle dealers for labor or parts expenses incurred by the dealer with regard to factory warranty agreements performed by the dealer; (19) For the commission of any act prohibited by this subchapter or the failure to perform any of the requirements of this subchapter; (20) Using or permitting the use of special license plates assigned to a licensee for any other purpose than those permitted by law; (21) Disconnecting, turning back, or resetting the odometer of a motor home in violation of state or federal law; (22) Accepting an open assignment of title or bill of sale for a recreational vehicle that does not identify the licensee as the purchaser or assignee of the recreational vehicle; (23) (A) Failing to notify the commission of a change in ownership, location, or dealer agreement or any other matters the commission may require by rule. (B) The notification shall be in writing and submitted to the commission at least fifteen (15) days before the effective date of the change; (24) Failing to endorse and deliver an assignment and warranty of title to the buyer under § 27-14-902 ; (25) Using or permitting the use of a temporary cardboard buyer's tag assigned to the dealer for any purpose other than what is permitted under § 27-14-1705 ; and (26) Failure of a dealer to submit or deliver a certificate of title or manufacturer's certificate of origin to a buyer within a reasonable period of time.

(1) (A) Selling or soliciting sales of a recreational vehicle without: (i) A dealer license issued by the commission; or (ii) Being a bona fide employee or agent of a licensed dealer. (B) The unlawful sale or solicitation of each recreational vehicle constitutes a separate offense;

(A) Selling or soliciting sales of a recreational vehicle without: (i) A dealer license issued by the commission; or (ii) Being a bona fide employee or agent of a licensed dealer.

(i) A dealer license issued by the commission; or

(ii) Being a bona fide employee or agent of a licensed dealer.

(B) The unlawful sale or solicitation of each recreational vehicle constitutes a separate offense;

(2) On satisfactory proof of the unfitness of the applicant or the licensee, as the case may be, under the standards established and set out in this subchapter;

(3) Fraud practiced or any material misstatement made by an applicant in an application for license under this subchapter;

(4) Failure to comply with any provision of this subchapter or with any rule promulgated by the commission under authority vested in it by this subchapter;

(5) Change of condition after a license is granted or failure to maintain the qualifications for license;

(6) Continued violation of any of the provisions of this subchapter or of any of the rules of the commission;

(7) Violation of any law relating to the sale, distribution, or financing of recreational vehicles;

(8) Defrauding a retail buyer to the buyer's damage;

(9) Failure to perform a written agreement with a retail buyer;

(10) Selling, attempting to sell, or advertising for sale vehicles from a location other than that set forth on the license except as provided under § 23-112-301 ;

(11) Falsifying, altering, or neglecting to endorse or deliver a certificate of title to a transferee or lawful owner or failing to properly designate a transferee on a document of assignment or certificate of title;

(12) Knowingly purchasing, selling, or otherwise acquiring or disposing of a stolen recreational vehicle;

(13) Submitting a false affidavit setting forth that a title has been lost or destroyed;

(14) Passing title or reassigning title as a dealer without a dealer's license or when the dealer's license has been suspended or revoked;

(15) For a person representing that he or she is a dealer, either verbally or in an advertisement, when the person is not licensed as a dealer;

(16) Assisting a person in the sale of a recreational vehicle who is not licensed as a dealer by the commission;

(17) Being a manufacturer who fails to specify the delivery and preparation obligations of its recreational vehicle dealers, as is required for the protection of the buying public, before delivery of new recreational vehicles to retail buyers;

(18) On satisfactory proof that a manufacturer, distributor, distributor branch or division, or factory branch or division has unfairly and without due regard to the equities of the parties or to the detriment of the public welfare failed to properly fulfill a warranty agreement or to adequately and fairly compensate any of its recreational vehicle dealers for labor or parts expenses incurred by the dealer with regard to factory warranty agreements performed by the dealer;

(19) For the commission of any act prohibited by this subchapter or the failure to perform any of the requirements of this subchapter;

(20) Using or permitting the use of special license plates assigned to a licensee for any other purpose than those permitted by law;

(21) Disconnecting, turning back, or resetting the odometer of a motor home in violation of state or federal law;

(22) Accepting an open assignment of title or bill of sale for a recreational vehicle that does not identify the licensee as the purchaser or assignee of the recreational vehicle;

(23) (A) Failing to notify the commission of a change in ownership, location, or dealer agreement or any other matters the commission may require by rule. (B) The notification shall be in writing and submitted to the commission at least fifteen (15) days before the effective date of the change;

(A) Failing to notify the commission of a change in ownership, location, or dealer agreement or any other matters the commission may require by rule.

(B) The notification shall be in writing and submitted to the commission at least fifteen (15) days before the effective date of the change;

(24) Failing to endorse and deliver an assignment and warranty of title to the buyer under § 27-14-902 ;

(25) Using or permitting the use of a temporary cardboard buyer's tag assigned to the dealer for any purpose other than what is permitted under § 27-14-1705 ; and

(26) Failure of a dealer to submit or deliver a certificate of title or manufacturer's certificate of origin to a buyer within a reasonable period of time.

(b) The revocation or suspension of the license of a manufacturer, factory branch or division, distributor, or distributor branch or division may be limited to: (1) One (1) or more municipalities or counties; or (2) (A) The sales area of a dealer whose franchise is unfairly cancelled or terminated under this subchapter or whose franchise is not renewed in violation of this subchapter. (B) However, when a franchise is unfairly cancelled or terminated under this subchapter or is not renewed in violation of this subchapter in a metropolitan area serviced by several recreational vehicle dealers handling the same recreational vehicles, the revocation or suspension does not apply to the remaining recreational vehicle dealers in the metropolitan area.

(1) One (1) or more municipalities or counties; or

(2) (A) The sales area of a dealer whose franchise is unfairly cancelled or terminated under this subchapter or whose franchise is not renewed in violation of this subchapter. (B) However, when a franchise is unfairly cancelled or terminated under this subchapter or is not renewed in violation of this subchapter in a metropolitan area serviced by several recreational vehicle dealers handling the same recreational vehicles, the revocation or suspension does not apply to the remaining recreational vehicle dealers in the metropolitan area.

(A) The sales area of a dealer whose franchise is unfairly cancelled or terminated under this subchapter or whose franchise is not renewed in violation of this subchapter.

(B) However, when a franchise is unfairly cancelled or terminated under this subchapter or is not renewed in violation of this subchapter in a metropolitan area serviced by several recreational vehicle dealers handling the same recreational vehicles, the revocation or suspension does not apply to the remaining recreational vehicle dealers in the metropolitan area.

Amended by Act 2021, No. 504,§ 20, eff. 7/28/2021.

Amended by Act 2021, No. 504,§ 19, eff. 7/28/2021.

Added by Act 2013, No. 1043,§ 10, eff. 1/1/2014.
Ark. Code Ann. § 23-64-306 — AR Code / Title 23 / Chapter 64 / Subchapter 3 / Section 23-64-306
Certification of courses completed - Filing fee
Status: in_force

(a) Every person subject to the provisions of this subchapter shall furnish, in a form satisfactory to the Insurance Commissioner, written certification as to the courses, meetings, or programs of instruction taken and successfully completed by such persons. (b) A filing fee shall be paid by the person furnishing the certification in an amount determined by the commissioner to be sufficient to cover the administrative costs related to the handling of such certification. (c) The commissioner shall determine the amount of the filing fee which shall not substantially exceed the cost of administering this subchapter. Acts 1989, No. 445, § 1; 1997, No. 1004, § 1.

(a) Every person subject to the provisions of this subchapter shall furnish, in a form satisfactory to the Insurance Commissioner, written certification as to the courses, meetings, or programs of instruction taken and successfully completed by such persons.

(b) A filing fee shall be paid by the person furnishing the certification in an amount determined by the commissioner to be sufficient to cover the administrative costs related to the handling of such certification.

(c) The commissioner shall determine the amount of the filing fee which shall not substantially exceed the cost of administering this subchapter.

Acts 1989, No. 445, § 1; 1997, No. 1004, § 1.
Ark. Code Ann. § 23-112-703 — AR Code / Title 23 / Chapter 112 / Subchapter 7 / Section 23-112-703
Failure to repair
Status: in_force

In the event the manufacturer or distributor refuses or fails to authorize repair or replacement of any such damage within three (3) working days of notification of damage by the dealer, ownership of the motor vehicle shall revert to the manufacturer or distributor, and the dealer shall incur no obligations, financial or otherwise, for the damage to the motor vehicle. In determining when the notification of the damage by the dealer to the manufacturer or distributor occurs, the date the notice is received by the manufacturer or distributor by the United States Postal Service indicated on the notice of delivery returned to the dealer shall be controlling. Acts 1991, No. 952, § 3.

In the event the manufacturer or distributor refuses or fails to authorize repair or replacement of any such damage within three (3) working days of notification of damage by the dealer, ownership of the motor vehicle shall revert to the manufacturer or distributor, and the dealer shall incur no obligations, financial or otherwise, for the damage to the motor vehicle. In determining when the notification of the damage by the dealer to the manufacturer or distributor occurs, the date the notice is received by the manufacturer or distributor by the United States Postal Service indicated on the notice of delivery returned to the dealer shall be controlling.

Acts 1991, No. 952, § 3.