Ark. Code Ann. § 23-68-132 — AR Code / Title 23 / Chapter 68 / Section 23-68-132
Assessment prima facie correct - Procedures to collect assessment
Status: in_force

(a) Any assessment of a subscriber or member of an insurer made by the Insurance Commissioner pursuant to an order of the court fixing the aggregate amount of the assessment against all members or subscribers and approving the classification and formula made by the commissioner under § 23-68-131(a) shall be prima facie correct. (b) Each member or subscriber shall be notified of the amount of assessment to be paid by him or her by written notice mailed to the address of the member or subscriber last of record with the insurer. Failure of the member or subscriber to receive the notice so mailed, within the time specified therein or at all, shall be no defense in any proceeding to collect the assessment. (c) If any member or subscriber fails to pay the assessment within the period specified in the notice, which period shall not be less than twenty (20) days after mailing, the commissioner may obtain an order in the delinquency proceedings requiring the member or subscriber to show cause at a time and place fixed by the court why judgment should not be entered against the member or subscriber for the amount of the assessment together with all costs, and a copy of the order and a copy of the petition therefor shall be served upon the member or subscriber within the time and in the manner designated in the order. (d) If the subscriber or member after due service of a copy of the order and petition referred to in subsection (c) of this section is made upon him or her: (1) Fails to appear at the time and place specified in the order, judgment shall be entered against him or her as prayed for in the petition; or (2) Appears in the manner and form required by law in response to the order, the court shall hear and determine the matter and enter a judgment in accordance with its decision. (e) The commissioner may collect the assessment through any other lawful means. Acts 1959, No. 148, § 670; A.S.A. 1947, § 66-4833.

(a) Any assessment of a subscriber or member of an insurer made by the Insurance Commissioner pursuant to an order of the court fixing the aggregate amount of the assessment against all members or subscribers and approving the classification and formula made by the commissioner under § 23-68-131(a) shall be prima facie correct.

(b) Each member or subscriber shall be notified of the amount of assessment to be paid by him or her by written notice mailed to the address of the member or subscriber last of record with the insurer. Failure of the member or subscriber to receive the notice so mailed, within the time specified therein or at all, shall be no defense in any proceeding to collect the assessment.

(c) If any member or subscriber fails to pay the assessment within the period specified in the notice, which period shall not be less than twenty (20) days after mailing, the commissioner may obtain an order in the delinquency proceedings requiring the member or subscriber to show cause at a time and place fixed by the court why judgment should not be entered against the member or subscriber for the amount of the assessment together with all costs, and a copy of the order and a copy of the petition therefor shall be served upon the member or subscriber within the time and in the manner designated in the order.

(d) If the subscriber or member after due service of a copy of the order and petition referred to in subsection (c) of this section is made upon him or her: (1) Fails to appear at the time and place specified in the order, judgment shall be entered against him or her as prayed for in the petition; or (2) Appears in the manner and form required by law in response to the order, the court shall hear and determine the matter and enter a judgment in accordance with its decision.

(1) Fails to appear at the time and place specified in the order, judgment shall be entered against him or her as prayed for in the petition; or

(2) Appears in the manner and form required by law in response to the order, the court shall hear and determine the matter and enter a judgment in accordance with its decision.

(e) The commissioner may collect the assessment through any other lawful means.

Acts 1959, No. 148, § 670; A.S.A. 1947, § 66-4833.
Ark. Code Ann. § 23-99-902 — AR Code / Title 23 / Chapter 99 / Subchapter 9 / Section 23-99-902
Definitions
Status: in_force

As used in this subchapter: (1) "Alternative payment system" means a payment methodology used by a healthcare payor that includes a risk-sharing or gain-sharing component for a healthcare provider that participates in a plan, program, or network offered by the healthcare payor; (2) "Gain-sharing payment" means an increase in a payment or additional payments made by a healthcare payor to a healthcare provider as a result of the achievement of identified benchmarks, including without limitation that patient care costs fall below cost thresholds of any form; (3) (A) "Healthcare payor" means an entity that reimburses a physician for the delivery of healthcare services that are covered by a plan administered, issued, or delivered by the entity. (B) "Healthcare payor" does not include a provider-based network or system that utilizes risk-sharing including an accountable care organization or a clinically integrated network; (4) "Healthcare provider" means any type of provider that renders healthcare services to patients for compensation, including: (A) A doctor of medicine, a doctor of osteopathy, or another licensed healthcare professional acting within the professional's licensed scope of practice; or (B) A healthcare facility, including a hospital, ambulatory surgery center, or other type of facility licensed in this state to provide healthcare services; and (5) (A) "Risk-sharing payment" means a reduction in a payment to or refund of a payment already made to a healthcare provider as a result of failure to achieve identified benchmarks, including without limitation that patient care costs exceed cost thresholds of any form. (B) "Risk-sharing payment" includes the alternative payment method by gift card, credit card, or other type of electronic payment or virtual credit card as payment if the healthcare provider is given clear instructions about how to select an alternative payment method that does not result in the healthcare provider's being charged a service fee to process. Amended by Act 2019, No. 862,§ 1, eff. 7/24/2019. Amended by Act 2019, No. 300,§ 3, eff. 7/24/2019. Amended by Act 2017, No. 724,§ 1, eff. 8/1/2017. Added by Act 2015, No. 902,§ 1, eff. 7/22/2015.

As used in this subchapter:

(1) "Alternative payment system" means a payment methodology used by a healthcare payor that includes a risk-sharing or gain-sharing component for a healthcare provider that participates in a plan, program, or network offered by the healthcare payor;

(2) "Gain-sharing payment" means an increase in a payment or additional payments made by a healthcare payor to a healthcare provider as a result of the achievement of identified benchmarks, including without limitation that patient care costs fall below cost thresholds of any form;

(3) (A) "Healthcare payor" means an entity that reimburses a physician for the delivery of healthcare services that are covered by a plan administered, issued, or delivered by the entity. (B) "Healthcare payor" does not include a provider-based network or system that utilizes risk-sharing including an accountable care organization or a clinically integrated network;

(A) "Healthcare payor" means an entity that reimburses a physician for the delivery of healthcare services that are covered by a plan administered, issued, or delivered by the entity.

(B) "Healthcare payor" does not include a provider-based network or system that utilizes risk-sharing including an accountable care organization or a clinically integrated network;

(4) "Healthcare provider" means any type of provider that renders healthcare services to patients for compensation, including: (A) A doctor of medicine, a doctor of osteopathy, or another licensed healthcare professional acting within the professional's licensed scope of practice; or (B) A healthcare facility, including a hospital, ambulatory surgery center, or other type of facility licensed in this state to provide healthcare services; and

(A) A doctor of medicine, a doctor of osteopathy, or another licensed healthcare professional acting within the professional's licensed scope of practice; or

(B) A healthcare facility, including a hospital, ambulatory surgery center, or other type of facility licensed in this state to provide healthcare services; and

(5) (A) "Risk-sharing payment" means a reduction in a payment to or refund of a payment already made to a healthcare provider as a result of failure to achieve identified benchmarks, including without limitation that patient care costs exceed cost thresholds of any form. (B) "Risk-sharing payment" includes the alternative payment method by gift card, credit card, or other type of electronic payment or virtual credit card as payment if the healthcare provider is given clear instructions about how to select an alternative payment method that does not result in the healthcare provider's being charged a service fee to process.

(A) "Risk-sharing payment" means a reduction in a payment to or refund of a payment already made to a healthcare provider as a result of failure to achieve identified benchmarks, including without limitation that patient care costs exceed cost thresholds of any form.

(B) "Risk-sharing payment" includes the alternative payment method by gift card, credit card, or other type of electronic payment or virtual credit card as payment if the healthcare provider is given clear instructions about how to select an alternative payment method that does not result in the healthcare provider's being charged a service fee to process.

Amended by Act 2019, No. 862,§ 1, eff. 7/24/2019.

Amended by Act 2019, No. 300,§ 3, eff. 7/24/2019.

Amended by Act 2017, No. 724,§ 1, eff. 8/1/2017.

Added by Act 2015, No. 902,§ 1, eff. 7/22/2015.
Ark. Code Ann. § 23-10-421 — AR Code / Title 23 / Chapter 10 / Subchapter 4 / Section 23-10-421
Notice of arrival of freight - Free time
Status: in_force

(a) (1) Legal notice as referred to in this section and §§ 23-10-402 , 23-10-403 , 23-10-405 , 23-10-406 , 23-10-409 - 23-10-420 , and 23-10-422 - 23-10-431 may be either actual or constructive. (2) Where the consignee or his or her agent is personally served with the notice of the arrival of freight at or before 6:00 p.m. of any day, free time begins at 7:00 a.m. on the day after the notice has been given. (b) (1) Constructive notice consists of posting notice by mail to the consignee. (2) Where this mode of giving notice is adopted, there shall be forty-eight (48) hours' additional free time. However, in any case where notice of arrival is given by mail, the notice shall be by registered letter, and that notice shall date from the receipt of the registered letter. Acts 1907, No. 193, § 8, p. 453; C. & M. Dig., § 903; Pope's Dig., § 1107; A.S.A. 1947, § 73-1317.

(a) (1) Legal notice as referred to in this section and §§ 23-10-402 , 23-10-403 , 23-10-405 , 23-10-406 , 23-10-409 - 23-10-420 , and 23-10-422 - 23-10-431 may be either actual or constructive. (2) Where the consignee or his or her agent is personally served with the notice of the arrival of freight at or before 6:00 p.m. of any day, free time begins at 7:00 a.m. on the day after the notice has been given.

(1) Legal notice as referred to in this section and §§ 23-10-402 , 23-10-403 , 23-10-405 , 23-10-406 , 23-10-409 - 23-10-420 , and 23-10-422 - 23-10-431 may be either actual or constructive.

(2) Where the consignee or his or her agent is personally served with the notice of the arrival of freight at or before 6:00 p.m. of any day, free time begins at 7:00 a.m. on the day after the notice has been given.

(b) (1) Constructive notice consists of posting notice by mail to the consignee. (2) Where this mode of giving notice is adopted, there shall be forty-eight (48) hours' additional free time. However, in any case where notice of arrival is given by mail, the notice shall be by registered letter, and that notice shall date from the receipt of the registered letter.

(1) Constructive notice consists of posting notice by mail to the consignee.

(2) Where this mode of giving notice is adopted, there shall be forty-eight (48) hours' additional free time. However, in any case where notice of arrival is given by mail, the notice shall be by registered letter, and that notice shall date from the receipt of the registered letter.

Acts 1907, No. 193, § 8, p. 453; C. & M. Dig., § 903; Pope's Dig., § 1107; A.S.A. 1947, § 73-1317.
Ark. Code Ann. § 23-86-509 — AR Code / Title 23 / Chapter 86 / Subchapter 5 / Section 23-86-509
Health insurance purchasing group operations and coordination
Status: in_force

(a) Nothing in this subchapter shall be construed as preventing one (1) or more health insurance purchasing groups serving different areas, whether or not contiguous, from providing for some or all of the following through a single administrative organization or otherwise: (1) Coordinating the offering of the same or similar health benefits coverage in different areas served by the different health insurance purchasing groups; or (2) Providing for crediting of deductibles and other cost-sharing for individuals who are provided a health benefits plan through the health insurance purchasing group or affiliated health insurance purchasing group after: (A) A change of eligible employers through which the coverage is provided; or (B) A change in place of employment to an area not served by the previous health insurance purchasing group. (b) Nothing in this subchapter shall be construed as precluding a health insurance purchasing group from providing for adjustments in amounts distributed among the health insurance purchasing group health carrier offering a health benefits plan through the health insurance purchasing group, based on factors such as the relative healthcare risk of members enrolled under the coverage offered by the different issuers. (c) Nothing in this subchapter shall be construed as precluding a health insurance purchasing group from establishing minimum participation and contribution rules for eligible employers that apply to become purchasers in the health insurance purchasing group, so long as the rules are applied uniformly for all health insurance purchasing group health carriers. Acts 2001, No. 925, § 9.

(a) Nothing in this subchapter shall be construed as preventing one (1) or more health insurance purchasing groups serving different areas, whether or not contiguous, from providing for some or all of the following through a single administrative organization or otherwise: (1) Coordinating the offering of the same or similar health benefits coverage in different areas served by the different health insurance purchasing groups; or (2) Providing for crediting of deductibles and other cost-sharing for individuals who are provided a health benefits plan through the health insurance purchasing group or affiliated health insurance purchasing group after: (A) A change of eligible employers through which the coverage is provided; or (B) A change in place of employment to an area not served by the previous health insurance purchasing group.

(1) Coordinating the offering of the same or similar health benefits coverage in different areas served by the different health insurance purchasing groups; or

(2) Providing for crediting of deductibles and other cost-sharing for individuals who are provided a health benefits plan through the health insurance purchasing group or affiliated health insurance purchasing group after: (A) A change of eligible employers through which the coverage is provided; or (B) A change in place of employment to an area not served by the previous health insurance purchasing group.

(A) A change of eligible employers through which the coverage is provided; or

(B) A change in place of employment to an area not served by the previous health insurance purchasing group.

(b) Nothing in this subchapter shall be construed as precluding a health insurance purchasing group from providing for adjustments in amounts distributed among the health insurance purchasing group health carrier offering a health benefits plan through the health insurance purchasing group, based on factors such as the relative healthcare risk of members enrolled under the coverage offered by the different issuers.

(c) Nothing in this subchapter shall be construed as precluding a health insurance purchasing group from establishing minimum participation and contribution rules for eligible employers that apply to become purchasers in the health insurance purchasing group, so long as the rules are applied uniformly for all health insurance purchasing group health carriers.

Acts 2001, No. 925, § 9.
Ark. Code Ann. § 23-83-111 — AR Code / Title 23 / Chapter 83 / Section 23-83-111
Incontestability provision
Status: in_force

(a) The group policy shall contain a provision that the validity of the policy shall not be contested, except for fraud in the procurement or nonpayment of premiums after it has been in force for two (2) years from its date of issue, and that no statement made by any person insured under the policy relating to the insured's insurability shall be used in contesting the validity of the insurance with respect to which the statement was made after the insurance has been in force prior to the contest for a period of two (2) years during the person's lifetime unless it is contained in a written instrument signed by the insured. However, at its option, the insurer may omit from the provision the phrase "except for fraud in the procurement". (b) However, no provision shall preclude the assertion at any time of defenses based upon provisions in the policy that relate to eligibility for coverage. Acts 1981, No. 898, § 11; A.S.A. 1947, § 66-3511; Acts 2001, No. 1382, § 10.

(a) The group policy shall contain a provision that the validity of the policy shall not be contested, except for fraud in the procurement or nonpayment of premiums after it has been in force for two (2) years from its date of issue, and that no statement made by any person insured under the policy relating to the insured's insurability shall be used in contesting the validity of the insurance with respect to which the statement was made after the insurance has been in force prior to the contest for a period of two (2) years during the person's lifetime unless it is contained in a written instrument signed by the insured. However, at its option, the insurer may omit from the provision the phrase "except for fraud in the procurement".

(b) However, no provision shall preclude the assertion at any time of defenses based upon provisions in the policy that relate to eligibility for coverage.

Acts 1981, No. 898, § 11; A.S.A. 1947, § 66-3511; Acts 2001, No. 1382, § 10.
Ark. Code Ann. § 23-4-402 — AR Code / Title 23 / Chapter 4 / Subchapter 4 / Section 23-4-402
Notice of proposed changes
Status: in_force

(a) Unless the Arkansas Public Service Commission otherwise orders, no public utility shall make any change in any rate duly established under this act except after thirty (30) days' notice to the commission. This notice shall plainly state the changes proposed to be made in the rates then in force and the time when the changed rates will go into effect. (b) The utility shall also give notice of the proposed changes to other interested parties as the commission in its discretion may direct. Acts 1935, No. 324, § 18; Pope's Dig., § 2081; Acts 1955, No. 31, § 1; 1975 (Extended Sess., 1976), No. 1181, § 1; A.S.A. 1947, § 73-217; reen. Acts 1987, No. 994, § 1.

(a) Unless the Arkansas Public Service Commission otherwise orders, no public utility shall make any change in any rate duly established under this act except after thirty (30) days' notice to the commission. This notice shall plainly state the changes proposed to be made in the rates then in force and the time when the changed rates will go into effect.

(b) The utility shall also give notice of the proposed changes to other interested parties as the commission in its discretion may direct.

Acts 1935, No. 324, § 18; Pope's Dig., § 2081; Acts 1955, No. 31, § 1; 1975 (Extended Sess., 1976), No. 1181, § 1; A.S.A. 1947, § 73-217; reen. Acts 1987, No. 994, § 1.
Ark. Code Ann. § 23-62-201 — AR Code / Title 23 / Chapter 62 / Subchapter 2 / Section 23-62-201
Exception
Status: in_force

This subchapter shall not apply to insurance of wet marine and foreign trade insurance risks. Acts 1959, No. 148, § 81; 1985, No. 804, § 8; A.S.A. 1947, § 66-2410.

This subchapter shall not apply to insurance of wet marine and foreign trade insurance risks.

Acts 1959, No. 148, § 81; 1985, No. 804, § 8; A.S.A. 1947, § 66-2410.
Ark. Code Ann. § 23-101-103 — AR Code / Title 23 / Chapter 101 / Section 23-101-103
Definitions
Status: in_force

As used in this chapter: (1) "Actual cash value" means the cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence; (2) "Blanket insurance" means insurance that provides coverage on collateral as defined in a policy issued to a creditor, without specifically listing the collateral covered; (3) "Collateral" means personal property that is pledged as security for the satisfaction of a debt; (4) "Commissioner" means the Insurance Commissioner, his or her deputies, and employees; (5) "Credit agreement" means the written document that sets forth the terms of the credit transaction and includes the security agreement; (6) "Credit transaction" means a transaction by the terms of which the repayment of money loaned or credit commitment made, or payment of goods, services, or properties sold or leased, is to be made at a future date or dates; (7) "Creditor" means the lender of money or vendor or lessor of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction, or any successor to the right, title, or interest of a lender, vendor, or lessor; (8) (A) "Creditor-placed insurance" means insurance that is purchased unilaterally by the creditor, who is the named insured, subsequent to the date of the credit transaction, providing coverage against loss, expense, or damage to collateralized personal property as a result of fire, theft, collision, or other risks of loss that would either impair a creditor's interest or adversely affect the value of collateral covered by limited dual interest insurance. (B) Creditor-placed insurance is purchased according to the terms of the credit agreement as a result of the debtor's failure to provide required physical damage insurance with the cost of the coverage being charged to the debtor. (C) Creditor-placed insurance shall be either single interest insurance or limited dual interest insurance; (9) "Debtor" means the borrower of money or a purchaser or lessee of goods, services, property, rights, or privileges, for which payment is arranged through a credit transaction; (10) "Insurance tracking" means monitoring evidence of insurance on collateralized credit transactions to determine whether insurance required by the credit agreement has lapsed and communicating with debtors concerning the status of insurance coverage; (11) "Insurer" means an insurance company, association, or exchange authorized or approved to issue insurance policies regulated by this chapter in the State of Arkansas; (12) "Lapse" means that the insurance coverage required by the credit agreement is not in force; (13) (A) "Limited dual interest insurance" means insurance purchased by the creditor to insure its interest in the collateral securing the debtor's credit transaction. (B) Limited dual interest insurance waives the three (3) conditions for loss payment under single interest insurance and extends coverage on the collateral, to the extent provided in § 23-101-110(a) , in the possession of the debtor; (14) "Loss ratio" means the ratio of incurred losses to earned premium; (15) "Net debt" means the amount necessary to liquidate the remaining debt in a single lump-sum payment, excluding all unearned interest and other unearned charges; (16) "Producer" means an insurance producer as defined in § 23-64-502 ; and (17) "Single interest insurance" means insurance purchased by the creditor to insure its interest in the collateral securing a debtor's credit transaction. Three (3) conditions must be met for payment of loss under the policy: (A) The debtor has defaulted in payment; (B) The creditor has legally repossessed the collateral, unless collateral has been stolen from the debtor; and (C) The creditor has suffered an impairment of interest. Acts 1997, No. 930, § 1; 2001, No. 580, § 26.

As used in this chapter:

(1) "Actual cash value" means the cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence;

(2) "Blanket insurance" means insurance that provides coverage on collateral as defined in a policy issued to a creditor, without specifically listing the collateral covered;

(3) "Collateral" means personal property that is pledged as security for the satisfaction of a debt;

(4) "Commissioner" means the Insurance Commissioner, his or her deputies, and employees;

(5) "Credit agreement" means the written document that sets forth the terms of the credit transaction and includes the security agreement;

(6) "Credit transaction" means a transaction by the terms of which the repayment of money loaned or credit commitment made, or payment of goods, services, or properties sold or leased, is to be made at a future date or dates;

(7) "Creditor" means the lender of money or vendor or lessor of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction, or any successor to the right, title, or interest of a lender, vendor, or lessor;

(8) (A) "Creditor-placed insurance" means insurance that is purchased unilaterally by the creditor, who is the named insured, subsequent to the date of the credit transaction, providing coverage against loss, expense, or damage to collateralized personal property as a result of fire, theft, collision, or other risks of loss that would either impair a creditor's interest or adversely affect the value of collateral covered by limited dual interest insurance. (B) Creditor-placed insurance is purchased according to the terms of the credit agreement as a result of the debtor's failure to provide required physical damage insurance with the cost of the coverage being charged to the debtor. (C) Creditor-placed insurance shall be either single interest insurance or limited dual interest insurance;

(A) "Creditor-placed insurance" means insurance that is purchased unilaterally by the creditor, who is the named insured, subsequent to the date of the credit transaction, providing coverage against loss, expense, or damage to collateralized personal property as a result of fire, theft, collision, or other risks of loss that would either impair a creditor's interest or adversely affect the value of collateral covered by limited dual interest insurance.

(B) Creditor-placed insurance is purchased according to the terms of the credit agreement as a result of the debtor's failure to provide required physical damage insurance with the cost of the coverage being charged to the debtor.

(C) Creditor-placed insurance shall be either single interest insurance or limited dual interest insurance;

(9) "Debtor" means the borrower of money or a purchaser or lessee of goods, services, property, rights, or privileges, for which payment is arranged through a credit transaction;

(10) "Insurance tracking" means monitoring evidence of insurance on collateralized credit transactions to determine whether insurance required by the credit agreement has lapsed and communicating with debtors concerning the status of insurance coverage;

(11) "Insurer" means an insurance company, association, or exchange authorized or approved to issue insurance policies regulated by this chapter in the State of Arkansas;

(12) "Lapse" means that the insurance coverage required by the credit agreement is not in force;

(13) (A) "Limited dual interest insurance" means insurance purchased by the creditor to insure its interest in the collateral securing the debtor's credit transaction. (B) Limited dual interest insurance waives the three (3) conditions for loss payment under single interest insurance and extends coverage on the collateral, to the extent provided in § 23-101-110(a) , in the possession of the debtor;

(A) "Limited dual interest insurance" means insurance purchased by the creditor to insure its interest in the collateral securing the debtor's credit transaction.

(B) Limited dual interest insurance waives the three (3) conditions for loss payment under single interest insurance and extends coverage on the collateral, to the extent provided in § 23-101-110(a) , in the possession of the debtor;

(14) "Loss ratio" means the ratio of incurred losses to earned premium;

(15) "Net debt" means the amount necessary to liquidate the remaining debt in a single lump-sum payment, excluding all unearned interest and other unearned charges;

(16) "Producer" means an insurance producer as defined in § 23-64-502 ; and

(17) "Single interest insurance" means insurance purchased by the creditor to insure its interest in the collateral securing a debtor's credit transaction. Three (3) conditions must be met for payment of loss under the policy: (A) The debtor has defaulted in payment; (B) The creditor has legally repossessed the collateral, unless collateral has been stolen from the debtor; and (C) The creditor has suffered an impairment of interest.

(A) The debtor has defaulted in payment;

(B) The creditor has legally repossessed the collateral, unless collateral has been stolen from the debtor; and

(C) The creditor has suffered an impairment of interest.

Acts 1997, No. 930, § 1; 2001, No. 580, § 26.
Ark. Code Ann. § 23-79-2402 — AR Code / Title 23 / Chapter 79 / Subchapter 24 / Section 23-79-2402
Coverage for birth mother screening for depression
Status: in_force

(a) A healthcare insurer that offers, issues, or renews a health benefit plan in this state shall provide coverage for screening for depression of the birth mother by a healthcare professional within the first six (6) weeks of the birth mother's having given birth on or after January 1, 2024. (b) The coverage for screening for depression of the birth mother under this section: (1) Is not subject to policy deductibles or copayment requirements; and (2) Does not diminish or limit benefits otherwise allowable under a health benefit plan. (c) Coverage provided for screening under subsection (a) of this section for a government self-insured plan is subject to any health benefit plan provisions that apply to other services covered by the health benefit plan. Added by Act 2023, No. 316,§ 2, eff. 8/1/2023.

(a) A healthcare insurer that offers, issues, or renews a health benefit plan in this state shall provide coverage for screening for depression of the birth mother by a healthcare professional within the first six (6) weeks of the birth mother's having given birth on or after January 1, 2024.

(b) The coverage for screening for depression of the birth mother under this section: (1) Is not subject to policy deductibles or copayment requirements; and (2) Does not diminish or limit benefits otherwise allowable under a health benefit plan.

(1) Is not subject to policy deductibles or copayment requirements; and

(2) Does not diminish or limit benefits otherwise allowable under a health benefit plan.

(c) Coverage provided for screening under subsection (a) of this section for a government self-insured plan is subject to any health benefit plan provisions that apply to other services covered by the health benefit plan.

Added by Act 2023, No. 316,§ 2, eff. 8/1/2023.
Ark. Code Ann. § 23-17-103 — AR Code / Title 23 / Chapter 17 / Subchapter 1 / Section 23-17-103
Condemnation proceedings upon failure to secure right-of-way
Status: in_force

In the event that the telegraph or telephone companies upon application to such individuals, railroads, or turnpike companies fail to secure a right-of-way by consent, contract, or agreement, then the telegraph or telephone corporation shall have the right to proceed to procure the condemnation of the property, lands, rights, privileges, and easements in the manner prescribed by law for taking private property for right-of-way for railroads, as provided by § 18-15-1201 et seq. Acts 1885, No. 107, § 2, p. 176; C. & M. Dig., § 3990; Pope's Dig., § 4992; A.S.A. 1947, § 73-1803.

In the event that the telegraph or telephone companies upon application to such individuals, railroads, or turnpike companies fail to secure a right-of-way by consent, contract, or agreement, then the telegraph or telephone corporation shall have the right to proceed to procure the condemnation of the property, lands, rights, privileges, and easements in the manner prescribed by law for taking private property for right-of-way for railroads, as provided by § 18-15-1201 et seq.

Acts 1885, No. 107, § 2, p. 176; C. & M. Dig., § 3990; Pope's Dig., § 4992; A.S.A. 1947, § 73-1803.
Ark. Code Ann. § 23-111-302 — AR Code / Title 23 / Chapter 111 / Subchapter 3 / Section 23-111-302
Application generally - Issuance of temporary franchise - Hearing and appeal
Status: in_force

(a) Any corporation desiring a franchise to conduct greyhound racing in any county in which a current franchise for greyhound racing is not held by another shall file its application therefor with the Arkansas Racing Commission and deposit with the commission the sum of five thousand dollars ($5,000) to cover the expenses of publishing legal notices and to pay a pro rata part of the costs of the general election, all as provided in this chapter. (b) The application shall set forth: (1) The name of the corporation; (2) The address of its principal office; (3) The names and addresses of all of its officers and directors, a majority of whom must be residents of the State of Arkansas, and all of whom must be of good moral character; (4) The name and address of its agent for service of process; (5) Its latest financial statements; (6) The estimated amount of funds which it proposes to spend for the acquisition of a site, the construction thereon of buildings and facilities, and the purchase of equipment for conducting racing meets; (7) Copies of architectural plans and specifications for the buildings and facilities; and (8) Such other information and requirements as the commission shall determine as necessary to enable it to pass upon the application. (c) (1) Immediately upon the filing of each application, the commission shall investigate the personal background and financial responsibility of the officers, directors, and principal stockholders of the corporation, examine the plans and specifications of the buildings and facilities proposed to be constructed, and take into consideration such other facts and conditions as it shall find necessary or desirable in the premises. Within ninety (90) days after the date of the filing of any application, the commission shall grant, or refuse to grant, a temporary franchise to the corporation. (2) However, in all instances the commission shall give the applicant, and all others who shall have filed written requests to be heard on the question, not less than ten (10) days' notice of the date it proposes to formally consider the application. All interested parties shall have the right to appear before the commission and be heard. (3) The commission shall make a record of its proceeding at each hearing. (d) (1) Should the commission refuse to grant a temporary franchise, it shall set forth in writing its reasons for the refusal. A copy of the writing shall immediately be sent to the applicant by registered or certified United States mail to the address listed in the application. (2) Within sixty (60) days after the date of any refusal, the applicant may file with the commission amendments to the application for the purpose of overcoming any of the objections on which the commission based its refusal to grant a temporary franchise. Within thirty (30) days after receipt of the amendments, the commission shall either confirm its original refusal or it may grant a temporary franchise. (3) Within twenty (20) days following the date of original refusal, or within twenty (20) days following the date of refusal after the filing of any amendments, the applicant may appeal to the Pulaski County Circuit Court, and it shall be tried de novo on the record of the hearing before the commission. (4) An appeal may be taken by the commission or by the applicant from the circuit court to the Supreme Court. The appeal shall likewise be tried de novo. (5) The mandate of the court shall be filed with the commission. (e) (1) Should the commission grant a temporary franchise on its own motion or based upon the decision of the court, then the fact of the grant shall be certified by the commission to the Secretary of State, and the five thousand dollars ($5,000) deposited with it under the provisions of subsection (a) of this section shall be paid over to the Secretary of State by the commission. (2) Should a temporary franchise not be granted pursuant to this section, the funds deposited with it under subsection (a) of this section shall be refunded to the corporation by the commission. Acts 1957, No. 191, § 8; 1965 (2nd Ex. Sess.), No. 7, § 2; A.S.A. 1947, § 84-2823.

(a) Any corporation desiring a franchise to conduct greyhound racing in any county in which a current franchise for greyhound racing is not held by another shall file its application therefor with the Arkansas Racing Commission and deposit with the commission the sum of five thousand dollars ($5,000) to cover the expenses of publishing legal notices and to pay a pro rata part of the costs of the general election, all as provided in this chapter.

(b) The application shall set forth: (1) The name of the corporation; (2) The address of its principal office; (3) The names and addresses of all of its officers and directors, a majority of whom must be residents of the State of Arkansas, and all of whom must be of good moral character; (4) The name and address of its agent for service of process; (5) Its latest financial statements; (6) The estimated amount of funds which it proposes to spend for the acquisition of a site, the construction thereon of buildings and facilities, and the purchase of equipment for conducting racing meets; (7) Copies of architectural plans and specifications for the buildings and facilities; and (8) Such other information and requirements as the commission shall determine as necessary to enable it to pass upon the application.

(1) The name of the corporation;

(2) The address of its principal office;

(3) The names and addresses of all of its officers and directors, a majority of whom must be residents of the State of Arkansas, and all of whom must be of good moral character;

(4) The name and address of its agent for service of process;

(5) Its latest financial statements;

(6) The estimated amount of funds which it proposes to spend for the acquisition of a site, the construction thereon of buildings and facilities, and the purchase of equipment for conducting racing meets;

(7) Copies of architectural plans and specifications for the buildings and facilities; and

(8) Such other information and requirements as the commission shall determine as necessary to enable it to pass upon the application.

(c) (1) Immediately upon the filing of each application, the commission shall investigate the personal background and financial responsibility of the officers, directors, and principal stockholders of the corporation, examine the plans and specifications of the buildings and facilities proposed to be constructed, and take into consideration such other facts and conditions as it shall find necessary or desirable in the premises. Within ninety (90) days after the date of the filing of any application, the commission shall grant, or refuse to grant, a temporary franchise to the corporation. (2) However, in all instances the commission shall give the applicant, and all others who shall have filed written requests to be heard on the question, not less than ten (10) days' notice of the date it proposes to formally consider the application. All interested parties shall have the right to appear before the commission and be heard. (3) The commission shall make a record of its proceeding at each hearing.

(1) Immediately upon the filing of each application, the commission shall investigate the personal background and financial responsibility of the officers, directors, and principal stockholders of the corporation, examine the plans and specifications of the buildings and facilities proposed to be constructed, and take into consideration such other facts and conditions as it shall find necessary or desirable in the premises. Within ninety (90) days after the date of the filing of any application, the commission shall grant, or refuse to grant, a temporary franchise to the corporation.

(2) However, in all instances the commission shall give the applicant, and all others who shall have filed written requests to be heard on the question, not less than ten (10) days' notice of the date it proposes to formally consider the application. All interested parties shall have the right to appear before the commission and be heard.

(3) The commission shall make a record of its proceeding at each hearing.

(d) (1) Should the commission refuse to grant a temporary franchise, it shall set forth in writing its reasons for the refusal. A copy of the writing shall immediately be sent to the applicant by registered or certified United States mail to the address listed in the application. (2) Within sixty (60) days after the date of any refusal, the applicant may file with the commission amendments to the application for the purpose of overcoming any of the objections on which the commission based its refusal to grant a temporary franchise. Within thirty (30) days after receipt of the amendments, the commission shall either confirm its original refusal or it may grant a temporary franchise. (3) Within twenty (20) days following the date of original refusal, or within twenty (20) days following the date of refusal after the filing of any amendments, the applicant may appeal to the Pulaski County Circuit Court, and it shall be tried de novo on the record of the hearing before the commission. (4) An appeal may be taken by the commission or by the applicant from the circuit court to the Supreme Court. The appeal shall likewise be tried de novo. (5) The mandate of the court shall be filed with the commission.

(1) Should the commission refuse to grant a temporary franchise, it shall set forth in writing its reasons for the refusal. A copy of the writing shall immediately be sent to the applicant by registered or certified United States mail to the address listed in the application.

(2) Within sixty (60) days after the date of any refusal, the applicant may file with the commission amendments to the application for the purpose of overcoming any of the objections on which the commission based its refusal to grant a temporary franchise. Within thirty (30) days after receipt of the amendments, the commission shall either confirm its original refusal or it may grant a temporary franchise.

(3) Within twenty (20) days following the date of original refusal, or within twenty (20) days following the date of refusal after the filing of any amendments, the applicant may appeal to the Pulaski County Circuit Court, and it shall be tried de novo on the record of the hearing before the commission.

(4) An appeal may be taken by the commission or by the applicant from the circuit court to the Supreme Court. The appeal shall likewise be tried de novo.

(5) The mandate of the court shall be filed with the commission.

(e) (1) Should the commission grant a temporary franchise on its own motion or based upon the decision of the court, then the fact of the grant shall be certified by the commission to the Secretary of State, and the five thousand dollars ($5,000) deposited with it under the provisions of subsection (a) of this section shall be paid over to the Secretary of State by the commission. (2) Should a temporary franchise not be granted pursuant to this section, the funds deposited with it under subsection (a) of this section shall be refunded to the corporation by the commission.

(1) Should the commission grant a temporary franchise on its own motion or based upon the decision of the court, then the fact of the grant shall be certified by the commission to the Secretary of State, and the five thousand dollars ($5,000) deposited with it under the provisions of subsection (a) of this section shall be paid over to the Secretary of State by the commission.

(2) Should a temporary franchise not be granted pursuant to this section, the funds deposited with it under subsection (a) of this section shall be refunded to the corporation by the commission.

Acts 1957, No. 191, § 8; 1965 (2nd Ex. Sess.), No. 7, § 2; A.S.A. 1947, § 84-2823.
Ark. Code Ann. § 23-81-813 — AR Code / Title 23 / Chapter 81 / Subchapter 8 / Section 23-81-813
Prohibited practices
Status: in_force

(a) It is unlawful for any person to: (1) Enter into a life settlement contract if the person knows or reasonably should have known that the life insurance policy was obtained by means of a false, deceptive, or misleading application for the policy; (2) Engage in any transaction, practice, or course of business if the person knows or reasonably should have known that the intent was to avoid the notice requirements of this section; (3) Engage in any fraudulent act or practice in connection with any transaction relating to any settlement involving an owner who is a resident of this state; (4) Issue, solicit, market, or otherwise promote the purchase of an insurance policy for the purpose of or with an emphasis on settling the policy; (5) (A) Enter into a premium finance agreement with any person or agency or any person affiliated with the person or agency pursuant to which the person shall receive any proceeds, fees, or other consideration, directly or indirectly, from the policy or owner of the policy or any other person with respect to the premium finance agreement or any settlement contract or other transaction related to the policy that are in addition to the amounts required to pay the principal, interest, and service charges related to policy premiums pursuant to the premium finance agreement or subsequent sale of the agreement. (B) Any payments, charges, fees, or other amounts in addition to the amounts required to pay the principal, interest, and service charges related to policy premiums paid under the premium finance agreement shall be remitted to the original owner of the policy or to his or her estate if he or she is not living at the time of the determination of the overpayment; (6) With respect to any life settlement contract or insurance policy and a broker, knowingly solicit an offer from, effectuate a life settlement contract with, or make a sale to any provider, financing entity, or related provider trust that is controlling, controlled by, or under common control with the broker; (7) With respect to any life settlement contract or insurance policy and a provider, knowingly enter into a life settlement contract with an owner, if in connection with the life settlement contract, anything of value will be paid to a broker that is controlling, controlled by, or under common control with the provider or the financing entity or related provider trust that is involved in the life settlement contract; (8) (A) With respect to a provider, enter into a life settlement contract unless the life settlement contract promotional, advertising, and marketing materials, as may be prescribed by rule, have been filed with the Insurance Commissioner. (B) Marketing materials shall not expressly reference that the insurance is free for any period of time. (C) The inclusion of any reference in the marketing materials that would cause an owner to reasonably believe that the insurance is free for any period of time is a violation of this subchapter; or (9) With respect to any life insurance producer, insurance company, broker, or provider, make any statement or representation to the applicant or policyholder in connection with the sale or financing of a life insurance policy to the effect that the insurance is free or without cost to the policyholder for any period of time unless provided in the policy. (b) A violation of this section is a fraudulent life settlement act. Acts 2009, No. 796, § 1.

(a) It is unlawful for any person to: (1) Enter into a life settlement contract if the person knows or reasonably should have known that the life insurance policy was obtained by means of a false, deceptive, or misleading application for the policy; (2) Engage in any transaction, practice, or course of business if the person knows or reasonably should have known that the intent was to avoid the notice requirements of this section; (3) Engage in any fraudulent act or practice in connection with any transaction relating to any settlement involving an owner who is a resident of this state; (4) Issue, solicit, market, or otherwise promote the purchase of an insurance policy for the purpose of or with an emphasis on settling the policy; (5) (A) Enter into a premium finance agreement with any person or agency or any person affiliated with the person or agency pursuant to which the person shall receive any proceeds, fees, or other consideration, directly or indirectly, from the policy or owner of the policy or any other person with respect to the premium finance agreement or any settlement contract or other transaction related to the policy that are in addition to the amounts required to pay the principal, interest, and service charges related to policy premiums pursuant to the premium finance agreement or subsequent sale of the agreement. (B) Any payments, charges, fees, or other amounts in addition to the amounts required to pay the principal, interest, and service charges related to policy premiums paid under the premium finance agreement shall be remitted to the original owner of the policy or to his or her estate if he or she is not living at the time of the determination of the overpayment; (6) With respect to any life settlement contract or insurance policy and a broker, knowingly solicit an offer from, effectuate a life settlement contract with, or make a sale to any provider, financing entity, or related provider trust that is controlling, controlled by, or under common control with the broker; (7) With respect to any life settlement contract or insurance policy and a provider, knowingly enter into a life settlement contract with an owner, if in connection with the life settlement contract, anything of value will be paid to a broker that is controlling, controlled by, or under common control with the provider or the financing entity or related provider trust that is involved in the life settlement contract; (8) (A) With respect to a provider, enter into a life settlement contract unless the life settlement contract promotional, advertising, and marketing materials, as may be prescribed by rule, have been filed with the Insurance Commissioner. (B) Marketing materials shall not expressly reference that the insurance is free for any period of time. (C) The inclusion of any reference in the marketing materials that would cause an owner to reasonably believe that the insurance is free for any period of time is a violation of this subchapter; or (9) With respect to any life insurance producer, insurance company, broker, or provider, make any statement or representation to the applicant or policyholder in connection with the sale or financing of a life insurance policy to the effect that the insurance is free or without cost to the policyholder for any period of time unless provided in the policy.

(1) Enter into a life settlement contract if the person knows or reasonably should have known that the life insurance policy was obtained by means of a false, deceptive, or misleading application for the policy;

(2) Engage in any transaction, practice, or course of business if the person knows or reasonably should have known that the intent was to avoid the notice requirements of this section;

(3) Engage in any fraudulent act or practice in connection with any transaction relating to any settlement involving an owner who is a resident of this state;

(4) Issue, solicit, market, or otherwise promote the purchase of an insurance policy for the purpose of or with an emphasis on settling the policy;

(5) (A) Enter into a premium finance agreement with any person or agency or any person affiliated with the person or agency pursuant to which the person shall receive any proceeds, fees, or other consideration, directly or indirectly, from the policy or owner of the policy or any other person with respect to the premium finance agreement or any settlement contract or other transaction related to the policy that are in addition to the amounts required to pay the principal, interest, and service charges related to policy premiums pursuant to the premium finance agreement or subsequent sale of the agreement. (B) Any payments, charges, fees, or other amounts in addition to the amounts required to pay the principal, interest, and service charges related to policy premiums paid under the premium finance agreement shall be remitted to the original owner of the policy or to his or her estate if he or she is not living at the time of the determination of the overpayment;

(A) Enter into a premium finance agreement with any person or agency or any person affiliated with the person or agency pursuant to which the person shall receive any proceeds, fees, or other consideration, directly or indirectly, from the policy or owner of the policy or any other person with respect to the premium finance agreement or any settlement contract or other transaction related to the policy that are in addition to the amounts required to pay the principal, interest, and service charges related to policy premiums pursuant to the premium finance agreement or subsequent sale of the agreement.

(B) Any payments, charges, fees, or other amounts in addition to the amounts required to pay the principal, interest, and service charges related to policy premiums paid under the premium finance agreement shall be remitted to the original owner of the policy or to his or her estate if he or she is not living at the time of the determination of the overpayment;

(6) With respect to any life settlement contract or insurance policy and a broker, knowingly solicit an offer from, effectuate a life settlement contract with, or make a sale to any provider, financing entity, or related provider trust that is controlling, controlled by, or under common control with the broker;

(7) With respect to any life settlement contract or insurance policy and a provider, knowingly enter into a life settlement contract with an owner, if in connection with the life settlement contract, anything of value will be paid to a broker that is controlling, controlled by, or under common control with the provider or the financing entity or related provider trust that is involved in the life settlement contract;

(8) (A) With respect to a provider, enter into a life settlement contract unless the life settlement contract promotional, advertising, and marketing materials, as may be prescribed by rule, have been filed with the Insurance Commissioner. (B) Marketing materials shall not expressly reference that the insurance is free for any period of time. (C) The inclusion of any reference in the marketing materials that would cause an owner to reasonably believe that the insurance is free for any period of time is a violation of this subchapter; or

(A) With respect to a provider, enter into a life settlement contract unless the life settlement contract promotional, advertising, and marketing materials, as may be prescribed by rule, have been filed with the Insurance Commissioner.

(B) Marketing materials shall not expressly reference that the insurance is free for any period of time.

(C) The inclusion of any reference in the marketing materials that would cause an owner to reasonably believe that the insurance is free for any period of time is a violation of this subchapter; or

(9) With respect to any life insurance producer, insurance company, broker, or provider, make any statement or representation to the applicant or policyholder in connection with the sale or financing of a life insurance policy to the effect that the insurance is free or without cost to the policyholder for any period of time unless provided in the policy.

(b) A violation of this section is a fraudulent life settlement act.

Acts 2009, No. 796, § 1.
Ark. Code Ann. § 23-79-507 — AR Code / Title 23 / Chapter 79 / Subchapter 5 / Section 23-79-507
Funding of pool
Status: in_force

(a) Premiums. (1) (A) The Arkansas Comprehensive Health Insurance Pool shall establish premium rates for plan coverage as provided in subdivision (a)(2) of this section. (B) Separate schedules of premium rates based on age, sex, and geographical location may apply for individual risks. (C) Premium rates and schedules shall be submitted to the Insurance Commissioner for approval prior to use. (2) (A) (i) With the assistance of the commissioner, the pool shall determine a standard risk rate by considering the premium rates charged by other insurers offering health insurance coverage to individuals in Arkansas. (ii) The standard risk rate shall be established using reasonable actuarial techniques and shall reflect anticipated experience and expenses for the coverage. (B) (i) Rates for plan coverage shall not exceed one hundred fifty percent (150%) of rates established as applicable for individual standard risks in Arkansas. (ii) Subject to the limits provided in this subdivision (a)(2), subsequent rates shall be established to help provide for the expected costs of claims, including recovery of prior losses, expenses of operation, investment income of claim reserves, and any other cost factors subject to the limitations described in this section. (b) Sources of Additional Revenue. (1) In addition to the powers enumerated in § 23-79-506 , the pool shall have the authority to: (A) Assess insurers in accordance with the provisions of this section; and (B) (i) Make advance interim assessments as may be reasonable and necessary for the pool's organizational and interim operating expenses. (ii) Any such interim assessments may be credited as offsets against any regular assessments due following the close of the fiscal year. (2) (A) Following the close of each fiscal year, the plan administrator shall determine the net premiums, that is, premiums less administrative expense allowances, the pool expenses of administration and operation, and the incurred losses for the year, taking into account investment income and other appropriate gains and losses. (B) The deficit incurred by the pool not otherwise recouped under either subdivision (b)(9) of this section or subsection (e) of this section [repealed], or both, shall be recouped by assessments apportioned among insurers by the Board of Directors of the Arkansas Comprehensive Health Insurance Pool. (3) Each insurer's assessment shall be determined by multiplying the total assessment of all insurers as determined in subdivision (b)(2) of this section by a fraction, the numerator of which equals that insurer's premium and subscriber contract charges for health insurance written in the state during the preceding calendar year and the denominator of which equals the total of all health insurance premiums by all insurers. (4) (A) If assessments or other funds received under either subdivision (b)(9) of this section or subsection (e) of this section [repealed], or both, or any combination of the assessments and funds exceed the pool's actual losses and administrative expenses, the excess shall be held at interest and used by the board to offset future losses or to reduce future assessments. (B) As used in this subsection, "future losses" includes reserves for incurred but not reported claims. (5) Each insurer's assessment shall be determined annually by the board based on annual statements and other reports deemed necessary by the board and filed by the insurer with the board or the commissioner. (6) (A) (i) An insurer may petition the commissioner for an abatement or deferment of all or part of an assessment imposed by the board. (ii) The commissioner may abate or defer, in whole or in part, the assessment if, in the opinion of the commissioner, payment of the assessment would endanger the ability of the insurer to fulfill its contractual obligations. (B) (i) In the event an assessment against an insurer is abated or deferred, in whole or in part, the amount by which the assessment is abated or deferred shall be assessed against the other insurers in a manner consistent with the basis for assessments set forth in this subsection. (ii) The insurer receiving the abatement or deferment shall remain liable to the plan for the deficiency for four (4) years. (7) For all assessments issued by the board, beginning January 1, 1998, only those individuals, corporations, associations, or other entities defined as an insurer in § 23-79-503 shall be subject to assessment. (8) In the event the board fails to act within a reasonable period of time to recoup by assessment any deficit incurred by the pool, the commissioner shall have all the powers and duties of the board under this chapter with respect to assessing insurers. (9) The General Assembly further intends that the pool be eligible for, and for the pool, its board, or other officers of state government, as appropriate, to take steps necessary to obtain federal grant funds to offset losses of the pool, including any funds made available under the Trade Adjustment Assistance Reform Act of 2002. (c) Assessment Offsets. (1) Any assessment may be offset in an amount equal to the amount of the assessment paid to the pool against the premium tax payable by that insurer for the year in which the assessment is levied or for the four (4) years subsequent to that year. (2) No offset shall be allowed for any penalty assessed under subdivision (d)(1) of this section. (d) (1) All assessments and fees shall be due and payable upon receipt and shall be delinquent if not paid within thirty (30) days of the receipt of the notice by the insurer. (2) Failure to timely pay the assessment will automatically subject the insurer to a ten percent (10%) penalty, which will be due and payable within the next thirty-day period. (3) The board and the commissioner shall have the authority to enforce the collection of the assessment and penalty in accordance with the provisions of this subchapter and the Arkansas Insurance Code. (4) The board may waive the penalty authorized by this subsection if it determines that compelling circumstances exist that justify such a waiver. Acts 1997, No. 292, § 7; 2001, No. 1246, §§ 2, 3; 2003, No. 1327, § 3; 2003, No. 1583, § 5; 2005, No. 2036, § 24; 2005, No. 2292, §§ 2, 3; 2007, No. 332, § 24; 2009, No. 726, § 41.

(a) Premiums. (1) (A) The Arkansas Comprehensive Health Insurance Pool shall establish premium rates for plan coverage as provided in subdivision (a)(2) of this section. (B) Separate schedules of premium rates based on age, sex, and geographical location may apply for individual risks. (C) Premium rates and schedules shall be submitted to the Insurance Commissioner for approval prior to use. (2) (A) (i) With the assistance of the commissioner, the pool shall determine a standard risk rate by considering the premium rates charged by other insurers offering health insurance coverage to individuals in Arkansas. (ii) The standard risk rate shall be established using reasonable actuarial techniques and shall reflect anticipated experience and expenses for the coverage. (B) (i) Rates for plan coverage shall not exceed one hundred fifty percent (150%) of rates established as applicable for individual standard risks in Arkansas. (ii) Subject to the limits provided in this subdivision (a)(2), subsequent rates shall be established to help provide for the expected costs of claims, including recovery of prior losses, expenses of operation, investment income of claim reserves, and any other cost factors subject to the limitations described in this section.

(1) (A) The Arkansas Comprehensive Health Insurance Pool shall establish premium rates for plan coverage as provided in subdivision (a)(2) of this section. (B) Separate schedules of premium rates based on age, sex, and geographical location may apply for individual risks. (C) Premium rates and schedules shall be submitted to the Insurance Commissioner for approval prior to use.

(A) The Arkansas Comprehensive Health Insurance Pool shall establish premium rates for plan coverage as provided in subdivision (a)(2) of this section.

(B) Separate schedules of premium rates based on age, sex, and geographical location may apply for individual risks.

(C) Premium rates and schedules shall be submitted to the Insurance Commissioner for approval prior to use.

(2) (A) (i) With the assistance of the commissioner, the pool shall determine a standard risk rate by considering the premium rates charged by other insurers offering health insurance coverage to individuals in Arkansas. (ii) The standard risk rate shall be established using reasonable actuarial techniques and shall reflect anticipated experience and expenses for the coverage. (B) (i) Rates for plan coverage shall not exceed one hundred fifty percent (150%) of rates established as applicable for individual standard risks in Arkansas. (ii) Subject to the limits provided in this subdivision (a)(2), subsequent rates shall be established to help provide for the expected costs of claims, including recovery of prior losses, expenses of operation, investment income of claim reserves, and any other cost factors subject to the limitations described in this section.

(A) (i) With the assistance of the commissioner, the pool shall determine a standard risk rate by considering the premium rates charged by other insurers offering health insurance coverage to individuals in Arkansas. (ii) The standard risk rate shall be established using reasonable actuarial techniques and shall reflect anticipated experience and expenses for the coverage.

(i) With the assistance of the commissioner, the pool shall determine a standard risk rate by considering the premium rates charged by other insurers offering health insurance coverage to individuals in Arkansas.

(ii) The standard risk rate shall be established using reasonable actuarial techniques and shall reflect anticipated experience and expenses for the coverage.

(B) (i) Rates for plan coverage shall not exceed one hundred fifty percent (150%) of rates established as applicable for individual standard risks in Arkansas. (ii) Subject to the limits provided in this subdivision (a)(2), subsequent rates shall be established to help provide for the expected costs of claims, including recovery of prior losses, expenses of operation, investment income of claim reserves, and any other cost factors subject to the limitations described in this section.

(i) Rates for plan coverage shall not exceed one hundred fifty percent (150%) of rates established as applicable for individual standard risks in Arkansas.

(ii) Subject to the limits provided in this subdivision (a)(2), subsequent rates shall be established to help provide for the expected costs of claims, including recovery of prior losses, expenses of operation, investment income of claim reserves, and any other cost factors subject to the limitations described in this section.

(b) Sources of Additional Revenue. (1) In addition to the powers enumerated in § 23-79-506 , the pool shall have the authority to: (A) Assess insurers in accordance with the provisions of this section; and (B) (i) Make advance interim assessments as may be reasonable and necessary for the pool's organizational and interim operating expenses. (ii) Any such interim assessments may be credited as offsets against any regular assessments due following the close of the fiscal year. (2) (A) Following the close of each fiscal year, the plan administrator shall determine the net premiums, that is, premiums less administrative expense allowances, the pool expenses of administration and operation, and the incurred losses for the year, taking into account investment income and other appropriate gains and losses. (B) The deficit incurred by the pool not otherwise recouped under either subdivision (b)(9) of this section or subsection (e) of this section [repealed], or both, shall be recouped by assessments apportioned among insurers by the Board of Directors of the Arkansas Comprehensive Health Insurance Pool. (3) Each insurer's assessment shall be determined by multiplying the total assessment of all insurers as determined in subdivision (b)(2) of this section by a fraction, the numerator of which equals that insurer's premium and subscriber contract charges for health insurance written in the state during the preceding calendar year and the denominator of which equals the total of all health insurance premiums by all insurers. (4) (A) If assessments or other funds received under either subdivision (b)(9) of this section or subsection (e) of this section [repealed], or both, or any combination of the assessments and funds exceed the pool's actual losses and administrative expenses, the excess shall be held at interest and used by the board to offset future losses or to reduce future assessments. (B) As used in this subsection, "future losses" includes reserves for incurred but not reported claims. (5) Each insurer's assessment shall be determined annually by the board based on annual statements and other reports deemed necessary by the board and filed by the insurer with the board or the commissioner. (6) (A) (i) An insurer may petition the commissioner for an abatement or deferment of all or part of an assessment imposed by the board. (ii) The commissioner may abate or defer, in whole or in part, the assessment if, in the opinion of the commissioner, payment of the assessment would endanger the ability of the insurer to fulfill its contractual obligations. (B) (i) In the event an assessment against an insurer is abated or deferred, in whole or in part, the amount by which the assessment is abated or deferred shall be assessed against the other insurers in a manner consistent with the basis for assessments set forth in this subsection. (ii) The insurer receiving the abatement or deferment shall remain liable to the plan for the deficiency for four (4) years. (7) For all assessments issued by the board, beginning January 1, 1998, only those individuals, corporations, associations, or other entities defined as an insurer in § 23-79-503 shall be subject to assessment. (8) In the event the board fails to act within a reasonable period of time to recoup by assessment any deficit incurred by the pool, the commissioner shall have all the powers and duties of the board under this chapter with respect to assessing insurers. (9) The General Assembly further intends that the pool be eligible for, and for the pool, its board, or other officers of state government, as appropriate, to take steps necessary to obtain federal grant funds to offset losses of the pool, including any funds made available under the Trade Adjustment Assistance Reform Act of 2002.

(1) In addition to the powers enumerated in § 23-79-506 , the pool shall have the authority to: (A) Assess insurers in accordance with the provisions of this section; and (B) (i) Make advance interim assessments as may be reasonable and necessary for the pool's organizational and interim operating expenses. (ii) Any such interim assessments may be credited as offsets against any regular assessments due following the close of the fiscal year.

(A) Assess insurers in accordance with the provisions of this section; and

(B) (i) Make advance interim assessments as may be reasonable and necessary for the pool's organizational and interim operating expenses. (ii) Any such interim assessments may be credited as offsets against any regular assessments due following the close of the fiscal year.

(i) Make advance interim assessments as may be reasonable and necessary for the pool's organizational and interim operating expenses.

(ii) Any such interim assessments may be credited as offsets against any regular assessments due following the close of the fiscal year.

(2) (A) Following the close of each fiscal year, the plan administrator shall determine the net premiums, that is, premiums less administrative expense allowances, the pool expenses of administration and operation, and the incurred losses for the year, taking into account investment income and other appropriate gains and losses. (B) The deficit incurred by the pool not otherwise recouped under either subdivision (b)(9) of this section or subsection (e) of this section [repealed], or both, shall be recouped by assessments apportioned among insurers by the Board of Directors of the Arkansas Comprehensive Health Insurance Pool.

(A) Following the close of each fiscal year, the plan administrator shall determine the net premiums, that is, premiums less administrative expense allowances, the pool expenses of administration and operation, and the incurred losses for the year, taking into account investment income and other appropriate gains and losses.

(B) The deficit incurred by the pool not otherwise recouped under either subdivision (b)(9) of this section or subsection (e) of this section [repealed], or both, shall be recouped by assessments apportioned among insurers by the Board of Directors of the Arkansas Comprehensive Health Insurance Pool.

(3) Each insurer's assessment shall be determined by multiplying the total assessment of all insurers as determined in subdivision (b)(2) of this section by a fraction, the numerator of which equals that insurer's premium and subscriber contract charges for health insurance written in the state during the preceding calendar year and the denominator of which equals the total of all health insurance premiums by all insurers.

(4) (A) If assessments or other funds received under either subdivision (b)(9) of this section or subsection (e) of this section [repealed], or both, or any combination of the assessments and funds exceed the pool's actual losses and administrative expenses, the excess shall be held at interest and used by the board to offset future losses or to reduce future assessments. (B) As used in this subsection, "future losses" includes reserves for incurred but not reported claims.

(A) If assessments or other funds received under either subdivision (b)(9) of this section or subsection (e) of this section [repealed], or both, or any combination of the assessments and funds exceed the pool's actual losses and administrative expenses, the excess shall be held at interest and used by the board to offset future losses or to reduce future assessments.

(B) As used in this subsection, "future losses" includes reserves for incurred but not reported claims.

(5) Each insurer's assessment shall be determined annually by the board based on annual statements and other reports deemed necessary by the board and filed by the insurer with the board or the commissioner.

(6) (A) (i) An insurer may petition the commissioner for an abatement or deferment of all or part of an assessment imposed by the board. (ii) The commissioner may abate or defer, in whole or in part, the assessment if, in the opinion of the commissioner, payment of the assessment would endanger the ability of the insurer to fulfill its contractual obligations. (B) (i) In the event an assessment against an insurer is abated or deferred, in whole or in part, the amount by which the assessment is abated or deferred shall be assessed against the other insurers in a manner consistent with the basis for assessments set forth in this subsection. (ii) The insurer receiving the abatement or deferment shall remain liable to the plan for the deficiency for four (4) years.

(A) (i) An insurer may petition the commissioner for an abatement or deferment of all or part of an assessment imposed by the board. (ii) The commissioner may abate or defer, in whole or in part, the assessment if, in the opinion of the commissioner, payment of the assessment would endanger the ability of the insurer to fulfill its contractual obligations.

(i) An insurer may petition the commissioner for an abatement or deferment of all or part of an assessment imposed by the board.

(ii) The commissioner may abate or defer, in whole or in part, the assessment if, in the opinion of the commissioner, payment of the assessment would endanger the ability of the insurer to fulfill its contractual obligations.

(B) (i) In the event an assessment against an insurer is abated or deferred, in whole or in part, the amount by which the assessment is abated or deferred shall be assessed against the other insurers in a manner consistent with the basis for assessments set forth in this subsection. (ii) The insurer receiving the abatement or deferment shall remain liable to the plan for the deficiency for four (4) years.

(i) In the event an assessment against an insurer is abated or deferred, in whole or in part, the amount by which the assessment is abated or deferred shall be assessed against the other insurers in a manner consistent with the basis for assessments set forth in this subsection.

(ii) The insurer receiving the abatement or deferment shall remain liable to the plan for the deficiency for four (4) years.

(7) For all assessments issued by the board, beginning January 1, 1998, only those individuals, corporations, associations, or other entities defined as an insurer in § 23-79-503 shall be subject to assessment.

(8) In the event the board fails to act within a reasonable period of time to recoup by assessment any deficit incurred by the pool, the commissioner shall have all the powers and duties of the board under this chapter with respect to assessing insurers.

(9) The General Assembly further intends that the pool be eligible for, and for the pool, its board, or other officers of state government, as appropriate, to take steps necessary to obtain federal grant funds to offset losses of the pool, including any funds made available under the Trade Adjustment Assistance Reform Act of 2002.

(c) Assessment Offsets. (1) Any assessment may be offset in an amount equal to the amount of the assessment paid to the pool against the premium tax payable by that insurer for the year in which the assessment is levied or for the four (4) years subsequent to that year. (2) No offset shall be allowed for any penalty assessed under subdivision (d)(1) of this section.

(1) Any assessment may be offset in an amount equal to the amount of the assessment paid to the pool against the premium tax payable by that insurer for the year in which the assessment is levied or for the four (4) years subsequent to that year.

(2) No offset shall be allowed for any penalty assessed under subdivision (d)(1) of this section.

(d) (1) All assessments and fees shall be due and payable upon receipt and shall be delinquent if not paid within thirty (30) days of the receipt of the notice by the insurer. (2) Failure to timely pay the assessment will automatically subject the insurer to a ten percent (10%) penalty, which will be due and payable within the next thirty-day period. (3) The board and the commissioner shall have the authority to enforce the collection of the assessment and penalty in accordance with the provisions of this subchapter and the Arkansas Insurance Code. (4) The board may waive the penalty authorized by this subsection if it determines that compelling circumstances exist that justify such a waiver.

(1) All assessments and fees shall be due and payable upon receipt and shall be delinquent if not paid within thirty (30) days of the receipt of the notice by the insurer.

(2) Failure to timely pay the assessment will automatically subject the insurer to a ten percent (10%) penalty, which will be due and payable within the next thirty-day period.

(3) The board and the commissioner shall have the authority to enforce the collection of the assessment and penalty in accordance with the provisions of this subchapter and the Arkansas Insurance Code.

(4) The board may waive the penalty authorized by this subsection if it determines that compelling circumstances exist that justify such a waiver.

Acts 1997, No. 292, § 7; 2001, No. 1246, §§ 2, 3; 2003, No. 1327, § 3; 2003, No. 1583, § 5; 2005, No. 2036, § 24; 2005, No. 2292, §§ 2, 3; 2007, No. 332, § 24; 2009, No. 726, § 41.
Ark. Code Ann. § 23-89-513 — AR Code / Title 23 / Chapter 89 / Subchapter 5 / Section 23-89-513
Posting ride safety rules required
Status: in_force

All requirements for rider safety within the control of the rider must be prominently posted in a manner reasonably expected to provide notice to the rider. Such requirements or restrictions should include: (1) Any height or weight restrictions; (2) Safety belt or bars or other safety restraint systems requirements; and (3) Prohibitions against: (A) Standing before cessation of the amusement ride or amusement attraction; and (B) Horseplay. Acts 2001, No. 1365, § 9.

All requirements for rider safety within the control of the rider must be prominently posted in a manner reasonably expected to provide notice to the rider. Such requirements or restrictions should include:

(1) Any height or weight restrictions;

(2) Safety belt or bars or other safety restraint systems requirements; and

(3) Prohibitions against: (A) Standing before cessation of the amusement ride or amusement attraction; and (B) Horseplay.

(A) Standing before cessation of the amusement ride or amusement attraction; and

(B) Horseplay.

Acts 2001, No. 1365, § 9.
Ark. Code Ann. § 23-81-811 — AR Code / Title 23 / Chapter 81 / Subchapter 8 / Section 23-81-811
General rules
Status: in_force

(a) A provider entering into a life settlement contract with any owner of a policy when the insured is terminally or chronically ill shall first obtain: (1) If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind and under no constraint or undue influence to enter into a life settlement contract; and (2) A document in which the insured consents to the release of his or her medical records to a provider, settlement broker, or insurance producer, and if the policy was issued less than two (2) years from the date of application for a life settlement contract, to the insurance company that issued the policy. (b) (1) The insurer shall respond to a request for verification of coverage submitted by a provider, settlement broker, or life insurance producer not later than thirty (30) calendar days of the date the request is received. (2) The request for verification of coverage shall be made on a form approved by the Insurance Commissioner. (3) The insurer shall complete and issue the verification of coverage or indicate in which respects it is unable to respond. (4) In its response, the insurer shall indicate whether, based on the medical evidence and documents provided, the insurer intends to pursue an investigation at this time regarding the validity of the insurance contract. (c) Before or at the time of execution of the life settlement contract, the provider shall obtain a witnessed document in which the owner consents to the life settlement contract and represents that the owner has a full and complete understanding of the life settlement contract, that the owner has a full and complete understanding of the benefits of the policy, acknowledges that the owner is entering into the life settlement contract freely and voluntarily, and for persons with a terminal or chronic illness or condition, acknowledges that the insured has a terminal or chronic illness and that the terminal or chronic illness or condition was diagnosed after the policy was issued. (d) The insurer shall not unreasonably delay effecting change of ownership or beneficiary with any life settlement contract lawfully entered into in this state or with a resident of this state. (e) If a settlement broker or life insurance producer performs any of these activities required of the provider, the provider is deemed to have fulfilled the requirements of this section. (f) If a broker performs those verification-of-coverage activities required of the provider, the provider is deemed to have fulfilled the requirements of § 23-81-809(a) . (g) Within twenty (20) days after an owner executes the life settlement contract, the provider shall give written notice to the insurer that issued that insurance policy that the policy has become subject to a life settlement contract. (h) All medical information solicited or obtained by any licensee shall be subject to the applicable provision of state law relating to confidentiality of medical information, if not otherwise provided in this subchapter. (i) (1) All life settlement contracts entered into in this state shall provide that the owner may rescind the contract on or before fifteen (15) days after the date it is executed by all parties to the life settlement contract. (2) Rescission, if exercised by the owner, is effective only if both notice of the rescission is given and the owner repays all proceeds and any premiums, loans, and loan interest paid on account of the provider within the rescission period. (3) If the insured dies during the rescission period, the contract shall be deemed to have been rescinded subject to repayment by the owner or the owner's estate of all proceeds and any premiums, loans, and loan interest to the provider. (j) (1) Within three (3) business days after receipt from the owner of documents to effect the transfer of the insurance policy, the provider shall pay the proceeds of the settlement to an escrow or trust account managed by a trustee or escrow agent in a state or federally chartered financial institution pending acknowledgement of the transfer by the issuer of the policy. (2) The trustee or escrow agent shall transfer the proceeds due to the owner within three (3) business days of acknowledgement of the transfer from the insurer. (k) (1) Failure to tender the life settlement contract proceeds to the owner by the date disclosed to the owner renders the life settlement contract voidable by the owner for lack of consideration until the proceeds are tendered to and accepted by the owner. (2) A failure to give written notice of the right of rescission hereunder shall toll the right of rescission until thirty (30) days after the written notice of the right of rescission has been given. (l) (1) Any fee paid by a provider, party, individual, or an owner to a broker in exchange for services provided to the owner pertaining to a life settlement contract shall be computed as a percentage of the offer obtained, not the face value of the policy. (2) This section does not prohibit a broker from reducing the broker's fee below this percentage if the broker so chooses. (m) The broker shall disclose to the owner anything of value paid or given to a broker that relates to a life settlement contract. (n) At any time prior to or at the time of the application for or issuance of a policy or during a two-year period commencing with the date of issuance of the policy, a person shall not enter into a life settlement contract regardless of the date the compensation is to be provided and regardless of the date the assignment, transfer, sale, devise, bequest, or surrender of the policy is to occur. This prohibition does not apply if the owner certifies to the provider that: (1) (A) The policy was issued upon the owner's exercise of conversion rights arising out of a group or individual policy, provided the total of the time covered under the conversion policy plus the time covered under the prior policy is at least twenty-four (24) months. (B) The time covered under a group policy shall be calculated without regard to a change in insurance carriers, provided the coverage has been continuous and under the same group sponsorship; or (2) The owner submits independent evidence to the provider that one (1) or more of the following conditions have been met within the two-year period: (A) The owner or insured is terminally or chronically ill; (B) The owner or insured disposes of his or her ownership interests in a closely held corporation pursuant to the terms of a buyout or other similar agreement in effect at the time the insurance policy was initially issued; (C) The owner's spouse dies; (D) The owner divorces his or her spouse; (E) The owner retires from full-time employment; (F) The owner becomes physically or mentally disabled and a physician determines that the disability prevents the owner from maintaining full-time employment; or (G) A final order, judgment, or decree is entered by a court of competent jurisdiction on the application of a creditor of the owner adjudicating the owner bankrupt or insolvent or approving a petition seeking reorganization of the owner or appointing a receiver, trustee, or liquidator to all or a substantial part of the owner's assets. (3) (A) Copies of the independent evidence required by subdivision (n)(2) of this section shall be submitted to the insurer when the provider submits a request to the insurer for verification of coverage. (B) The copies shall be accompanied by a letter of attestation from the provider that the copies are true and correct copies of the documents received by the provider. (C) This section does not prohibit an insurer from exercising its right to contest the validity of any policy. (4) If the provider submits to the insurer a copy of independent evidence provided in subdivision (n)(2)(A) of this section when the provider submits a request to the insurer to effect the transfer of the policy to the provider, the copy is deemed to establish that the life settlement contract satisfies the requirements of this section. Amended by Act 2013, No. 355,§ 14, eff. 8/16/2013. Acts 2009, No. 796, § 1.

(a) A provider entering into a life settlement contract with any owner of a policy when the insured is terminally or chronically ill shall first obtain: (1) If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind and under no constraint or undue influence to enter into a life settlement contract; and (2) A document in which the insured consents to the release of his or her medical records to a provider, settlement broker, or insurance producer, and if the policy was issued less than two (2) years from the date of application for a life settlement contract, to the insurance company that issued the policy.

(1) If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind and under no constraint or undue influence to enter into a life settlement contract; and

(2) A document in which the insured consents to the release of his or her medical records to a provider, settlement broker, or insurance producer, and if the policy was issued less than two (2) years from the date of application for a life settlement contract, to the insurance company that issued the policy.

(b) (1) The insurer shall respond to a request for verification of coverage submitted by a provider, settlement broker, or life insurance producer not later than thirty (30) calendar days of the date the request is received. (2) The request for verification of coverage shall be made on a form approved by the Insurance Commissioner. (3) The insurer shall complete and issue the verification of coverage or indicate in which respects it is unable to respond. (4) In its response, the insurer shall indicate whether, based on the medical evidence and documents provided, the insurer intends to pursue an investigation at this time regarding the validity of the insurance contract.

(1) The insurer shall respond to a request for verification of coverage submitted by a provider, settlement broker, or life insurance producer not later than thirty (30) calendar days of the date the request is received.

(2) The request for verification of coverage shall be made on a form approved by the Insurance Commissioner.

(3) The insurer shall complete and issue the verification of coverage or indicate in which respects it is unable to respond.

(4) In its response, the insurer shall indicate whether, based on the medical evidence and documents provided, the insurer intends to pursue an investigation at this time regarding the validity of the insurance contract.

(c) Before or at the time of execution of the life settlement contract, the provider shall obtain a witnessed document in which the owner consents to the life settlement contract and represents that the owner has a full and complete understanding of the life settlement contract, that the owner has a full and complete understanding of the benefits of the policy, acknowledges that the owner is entering into the life settlement contract freely and voluntarily, and for persons with a terminal or chronic illness or condition, acknowledges that the insured has a terminal or chronic illness and that the terminal or chronic illness or condition was diagnosed after the policy was issued.

(d) The insurer shall not unreasonably delay effecting change of ownership or beneficiary with any life settlement contract lawfully entered into in this state or with a resident of this state.

(e) If a settlement broker or life insurance producer performs any of these activities required of the provider, the provider is deemed to have fulfilled the requirements of this section.

(f) If a broker performs those verification-of-coverage activities required of the provider, the provider is deemed to have fulfilled the requirements of § 23-81-809(a) .

(g) Within twenty (20) days after an owner executes the life settlement contract, the provider shall give written notice to the insurer that issued that insurance policy that the policy has become subject to a life settlement contract.

(h) All medical information solicited or obtained by any licensee shall be subject to the applicable provision of state law relating to confidentiality of medical information, if not otherwise provided in this subchapter.

(i) (1) All life settlement contracts entered into in this state shall provide that the owner may rescind the contract on or before fifteen (15) days after the date it is executed by all parties to the life settlement contract. (2) Rescission, if exercised by the owner, is effective only if both notice of the rescission is given and the owner repays all proceeds and any premiums, loans, and loan interest paid on account of the provider within the rescission period. (3) If the insured dies during the rescission period, the contract shall be deemed to have been rescinded subject to repayment by the owner or the owner's estate of all proceeds and any premiums, loans, and loan interest to the provider.

(1) All life settlement contracts entered into in this state shall provide that the owner may rescind the contract on or before fifteen (15) days after the date it is executed by all parties to the life settlement contract.

(2) Rescission, if exercised by the owner, is effective only if both notice of the rescission is given and the owner repays all proceeds and any premiums, loans, and loan interest paid on account of the provider within the rescission period.

(3) If the insured dies during the rescission period, the contract shall be deemed to have been rescinded subject to repayment by the owner or the owner's estate of all proceeds and any premiums, loans, and loan interest to the provider.

(j) (1) Within three (3) business days after receipt from the owner of documents to effect the transfer of the insurance policy, the provider shall pay the proceeds of the settlement to an escrow or trust account managed by a trustee or escrow agent in a state or federally chartered financial institution pending acknowledgement of the transfer by the issuer of the policy. (2) The trustee or escrow agent shall transfer the proceeds due to the owner within three (3) business days of acknowledgement of the transfer from the insurer.

(1) Within three (3) business days after receipt from the owner of documents to effect the transfer of the insurance policy, the provider shall pay the proceeds of the settlement to an escrow or trust account managed by a trustee or escrow agent in a state or federally chartered financial institution pending acknowledgement of the transfer by the issuer of the policy.

(2) The trustee or escrow agent shall transfer the proceeds due to the owner within three (3) business days of acknowledgement of the transfer from the insurer.

(k) (1) Failure to tender the life settlement contract proceeds to the owner by the date disclosed to the owner renders the life settlement contract voidable by the owner for lack of consideration until the proceeds are tendered to and accepted by the owner. (2) A failure to give written notice of the right of rescission hereunder shall toll the right of rescission until thirty (30) days after the written notice of the right of rescission has been given.

(1) Failure to tender the life settlement contract proceeds to the owner by the date disclosed to the owner renders the life settlement contract voidable by the owner for lack of consideration until the proceeds are tendered to and accepted by the owner.

(2) A failure to give written notice of the right of rescission hereunder shall toll the right of rescission until thirty (30) days after the written notice of the right of rescission has been given.

(l) (1) Any fee paid by a provider, party, individual, or an owner to a broker in exchange for services provided to the owner pertaining to a life settlement contract shall be computed as a percentage of the offer obtained, not the face value of the policy. (2) This section does not prohibit a broker from reducing the broker's fee below this percentage if the broker so chooses.

(1) Any fee paid by a provider, party, individual, or an owner to a broker in exchange for services provided to the owner pertaining to a life settlement contract shall be computed as a percentage of the offer obtained, not the face value of the policy.

(2) This section does not prohibit a broker from reducing the broker's fee below this percentage if the broker so chooses.

(m) The broker shall disclose to the owner anything of value paid or given to a broker that relates to a life settlement contract.

(n) At any time prior to or at the time of the application for or issuance of a policy or during a two-year period commencing with the date of issuance of the policy, a person shall not enter into a life settlement contract regardless of the date the compensation is to be provided and regardless of the date the assignment, transfer, sale, devise, bequest, or surrender of the policy is to occur. This prohibition does not apply if the owner certifies to the provider that: (1) (A) The policy was issued upon the owner's exercise of conversion rights arising out of a group or individual policy, provided the total of the time covered under the conversion policy plus the time covered under the prior policy is at least twenty-four (24) months. (B) The time covered under a group policy shall be calculated without regard to a change in insurance carriers, provided the coverage has been continuous and under the same group sponsorship; or (2) The owner submits independent evidence to the provider that one (1) or more of the following conditions have been met within the two-year period: (A) The owner or insured is terminally or chronically ill; (B) The owner or insured disposes of his or her ownership interests in a closely held corporation pursuant to the terms of a buyout or other similar agreement in effect at the time the insurance policy was initially issued; (C) The owner's spouse dies; (D) The owner divorces his or her spouse; (E) The owner retires from full-time employment; (F) The owner becomes physically or mentally disabled and a physician determines that the disability prevents the owner from maintaining full-time employment; or (G) A final order, judgment, or decree is entered by a court of competent jurisdiction on the application of a creditor of the owner adjudicating the owner bankrupt or insolvent or approving a petition seeking reorganization of the owner or appointing a receiver, trustee, or liquidator to all or a substantial part of the owner's assets. (3) (A) Copies of the independent evidence required by subdivision (n)(2) of this section shall be submitted to the insurer when the provider submits a request to the insurer for verification of coverage. (B) The copies shall be accompanied by a letter of attestation from the provider that the copies are true and correct copies of the documents received by the provider. (C) This section does not prohibit an insurer from exercising its right to contest the validity of any policy. (4) If the provider submits to the insurer a copy of independent evidence provided in subdivision (n)(2)(A) of this section when the provider submits a request to the insurer to effect the transfer of the policy to the provider, the copy is deemed to establish that the life settlement contract satisfies the requirements of this section.

(1) (A) The policy was issued upon the owner's exercise of conversion rights arising out of a group or individual policy, provided the total of the time covered under the conversion policy plus the time covered under the prior policy is at least twenty-four (24) months. (B) The time covered under a group policy shall be calculated without regard to a change in insurance carriers, provided the coverage has been continuous and under the same group sponsorship; or

(A) The policy was issued upon the owner's exercise of conversion rights arising out of a group or individual policy, provided the total of the time covered under the conversion policy plus the time covered under the prior policy is at least twenty-four (24) months.

(B) The time covered under a group policy shall be calculated without regard to a change in insurance carriers, provided the coverage has been continuous and under the same group sponsorship; or

(2) The owner submits independent evidence to the provider that one (1) or more of the following conditions have been met within the two-year period: (A) The owner or insured is terminally or chronically ill; (B) The owner or insured disposes of his or her ownership interests in a closely held corporation pursuant to the terms of a buyout or other similar agreement in effect at the time the insurance policy was initially issued; (C) The owner's spouse dies; (D) The owner divorces his or her spouse; (E) The owner retires from full-time employment; (F) The owner becomes physically or mentally disabled and a physician determines that the disability prevents the owner from maintaining full-time employment; or (G) A final order, judgment, or decree is entered by a court of competent jurisdiction on the application of a creditor of the owner adjudicating the owner bankrupt or insolvent or approving a petition seeking reorganization of the owner or appointing a receiver, trustee, or liquidator to all or a substantial part of the owner's assets.

(A) The owner or insured is terminally or chronically ill;

(B) The owner or insured disposes of his or her ownership interests in a closely held corporation pursuant to the terms of a buyout or other similar agreement in effect at the time the insurance policy was initially issued;

(C) The owner's spouse dies;

(D) The owner divorces his or her spouse;

(E) The owner retires from full-time employment;

(F) The owner becomes physically or mentally disabled and a physician determines that the disability prevents the owner from maintaining full-time employment; or

(G) A final order, judgment, or decree is entered by a court of competent jurisdiction on the application of a creditor of the owner adjudicating the owner bankrupt or insolvent or approving a petition seeking reorganization of the owner or appointing a receiver, trustee, or liquidator to all or a substantial part of the owner's assets.

(3) (A) Copies of the independent evidence required by subdivision (n)(2) of this section shall be submitted to the insurer when the provider submits a request to the insurer for verification of coverage. (B) The copies shall be accompanied by a letter of attestation from the provider that the copies are true and correct copies of the documents received by the provider. (C) This section does not prohibit an insurer from exercising its right to contest the validity of any policy.

(A) Copies of the independent evidence required by subdivision (n)(2) of this section shall be submitted to the insurer when the provider submits a request to the insurer for verification of coverage.

(B) The copies shall be accompanied by a letter of attestation from the provider that the copies are true and correct copies of the documents received by the provider.

(C) This section does not prohibit an insurer from exercising its right to contest the validity of any policy.

(4) If the provider submits to the insurer a copy of independent evidence provided in subdivision (n)(2)(A) of this section when the provider submits a request to the insurer to effect the transfer of the policy to the provider, the copy is deemed to establish that the life settlement contract satisfies the requirements of this section.

Amended by Act 2013, No. 355,§ 14, eff. 8/16/2013.

Acts 2009, No. 796, § 1.
Ark. Code Ann. § 23-86-115 — AR Code / Title 23 / Chapter 86 / Subchapter 1 / Section 23-86-115
Group accident and health insurance - Entitlement to conversion policy upon termination of group policy
Status: in_force

(a) (1) Every group policy, contract, or certificate of accident and health insurance delivered or issued for delivery in this state that provides hospital, surgical, or major medical coverage on an expense-incurred basis, other than coverage limited to expenses from accidents or specified diseases, shall provide that an employee, member, or covered dependent whose insurance under the group policy has been terminated for any reason, including the discontinuance of the group policy in its entirety, shall be entitled to have issued to him or her by the insurer a policy of accident and health insurance referred to in this section as a "conversion policy". (2) An employee, member, or dependent shall not be entitled to a conversion policy, if the termination of the group policy, contract, or certificate was a result of his or her failure to pay any required contribution or if the terminated policy is replaced by similar coverage within thirty-one (31) days. (3) An individual wishing to exercise his or her conversion privilege must apply for the conversion policy in writing not later than thirty (30) days after the termination of the group coverage. (b) (1) (A) The conversion policy shall provide coverage equal to or greater than the minimum standards established by the Insurance Commissioner. (B) All conversion policies shall contain a wording in bold print that "the benefits in this policy do not necessarily equal or match those benefits provided in your previous group policy". (2) The conversion policy shall not exclude coverage for pregnancy or other illness or injury on the grounds of a preexisting condition, provided that the combination of time served under the group and the conversion policy equals or exceeds any waiting periods under the group policy or contract. Moreover, the conversion policy shall include benefits for maternity coverage for any pregnancies in existence at the time of the conversion. (c) (1) The insurer shall not be required to offer the conversion policy to any individual who is eligible for: (A) Medicare coverage; or (B) Full coverage under any other group accident and health policy or contract. This coverage must provide benefits for all preexisting conditions to be considered full coverage. (2) Accordingly, under this subsection, an individual may convert to a conversion policy and remain covered by that policy until all preexisting conditions are covered or would be covered under another group policy or contract. (d) This section shall not be applicable to self-insured plans. (e) (1) (A) The initial premium for the conversion policy for the first twelve (12) months and subsequent renewal premiums shall be determined in accordance with premium rates applicable to individually underwritten standard risks for the age and class of risk of each person to be covered under the conversion policy and for the type and amount of insurance provided. (B) The experience under conversion policies shall not be an acceptable basis for establishing rates for conversion policies. (2) For purposes of subdivision (e)(1) of this section: (A) The phrase "premium rates applicable to individually underwritten standard risks" means the premium charged to individuals who qualify for coverage without modification, determined from a rate table based on aggregate individually underwritten policy experience; (B) "Aggregate individually underwritten policy experience" means the policy experience is drawn from a mature combination of newly selected insureds and insureds for whom selection effects no longer exist; and (C) "Class" means any actuarially determined characteristic, except health status or individual claims experience. (3) If an insurer experiences incurred losses that exceed earned premiums for a period of two (2) successive years on conversion policies that have been in force for at least one (1) year, the insurer may file with the commissioner amended renewal rates for the subsequent year, which will produce a loss ratio of not less than one hundred percent (100%). (4) (A) Even though a renewal premium is established in accordance with subdivision (e)(3) of this section, a holder of the conversion policy shall not be required to pay the full renewal premium until the beginning of the policy's fourth year. (B) The premium for the second policy year shall be the initial premium plus thirty-three and one-third percent (33 1/3%) of the difference between the initial premium and the renewal premium in effect on the policy's first anniversary date. (C) The premium for the third policy year shall be the initial premium plus sixty-six and two-thirds percent (66 2/3%) of the difference between the initial premium and the renewal premium in effect on the policy's second anniversary date. (D) The premium for the fourth year shall be one hundred percent (100%) of the renewal premium in effect on the policy's third anniversary date. (5) This subsection shall be applicable to any conversion policy issued after March 22, 1995. Acts 1985, No. 815, §§ 1-4, 6; 1985, No. 854, §§ 1-4, 6; A.S.A. 1947, §§ 66-3731 -- 66-3735; Acts 1987, No. 456, §§ 19, 20; 1995, No. 733, § 1; 2001, No. 1063, § 15.

(a) (1) Every group policy, contract, or certificate of accident and health insurance delivered or issued for delivery in this state that provides hospital, surgical, or major medical coverage on an expense-incurred basis, other than coverage limited to expenses from accidents or specified diseases, shall provide that an employee, member, or covered dependent whose insurance under the group policy has been terminated for any reason, including the discontinuance of the group policy in its entirety, shall be entitled to have issued to him or her by the insurer a policy of accident and health insurance referred to in this section as a "conversion policy". (2) An employee, member, or dependent shall not be entitled to a conversion policy, if the termination of the group policy, contract, or certificate was a result of his or her failure to pay any required contribution or if the terminated policy is replaced by similar coverage within thirty-one (31) days. (3) An individual wishing to exercise his or her conversion privilege must apply for the conversion policy in writing not later than thirty (30) days after the termination of the group coverage.

(1) Every group policy, contract, or certificate of accident and health insurance delivered or issued for delivery in this state that provides hospital, surgical, or major medical coverage on an expense-incurred basis, other than coverage limited to expenses from accidents or specified diseases, shall provide that an employee, member, or covered dependent whose insurance under the group policy has been terminated for any reason, including the discontinuance of the group policy in its entirety, shall be entitled to have issued to him or her by the insurer a policy of accident and health insurance referred to in this section as a "conversion policy".

(2) An employee, member, or dependent shall not be entitled to a conversion policy, if the termination of the group policy, contract, or certificate was a result of his or her failure to pay any required contribution or if the terminated policy is replaced by similar coverage within thirty-one (31) days.

(3) An individual wishing to exercise his or her conversion privilege must apply for the conversion policy in writing not later than thirty (30) days after the termination of the group coverage.

(b) (1) (A) The conversion policy shall provide coverage equal to or greater than the minimum standards established by the Insurance Commissioner. (B) All conversion policies shall contain a wording in bold print that "the benefits in this policy do not necessarily equal or match those benefits provided in your previous group policy". (2) The conversion policy shall not exclude coverage for pregnancy or other illness or injury on the grounds of a preexisting condition, provided that the combination of time served under the group and the conversion policy equals or exceeds any waiting periods under the group policy or contract. Moreover, the conversion policy shall include benefits for maternity coverage for any pregnancies in existence at the time of the conversion.

(1) (A) The conversion policy shall provide coverage equal to or greater than the minimum standards established by the Insurance Commissioner. (B) All conversion policies shall contain a wording in bold print that "the benefits in this policy do not necessarily equal or match those benefits provided in your previous group policy".

(A) The conversion policy shall provide coverage equal to or greater than the minimum standards established by the Insurance Commissioner.

(B) All conversion policies shall contain a wording in bold print that "the benefits in this policy do not necessarily equal or match those benefits provided in your previous group policy".

(2) The conversion policy shall not exclude coverage for pregnancy or other illness or injury on the grounds of a preexisting condition, provided that the combination of time served under the group and the conversion policy equals or exceeds any waiting periods under the group policy or contract. Moreover, the conversion policy shall include benefits for maternity coverage for any pregnancies in existence at the time of the conversion.

(c) (1) The insurer shall not be required to offer the conversion policy to any individual who is eligible for: (A) Medicare coverage; or (B) Full coverage under any other group accident and health policy or contract. This coverage must provide benefits for all preexisting conditions to be considered full coverage. (2) Accordingly, under this subsection, an individual may convert to a conversion policy and remain covered by that policy until all preexisting conditions are covered or would be covered under another group policy or contract.

(1) The insurer shall not be required to offer the conversion policy to any individual who is eligible for: (A) Medicare coverage; or (B) Full coverage under any other group accident and health policy or contract. This coverage must provide benefits for all preexisting conditions to be considered full coverage.

(A) Medicare coverage; or

(B) Full coverage under any other group accident and health policy or contract. This coverage must provide benefits for all preexisting conditions to be considered full coverage.

(2) Accordingly, under this subsection, an individual may convert to a conversion policy and remain covered by that policy until all preexisting conditions are covered or would be covered under another group policy or contract.

(d) This section shall not be applicable to self-insured plans.

(e) (1) (A) The initial premium for the conversion policy for the first twelve (12) months and subsequent renewal premiums shall be determined in accordance with premium rates applicable to individually underwritten standard risks for the age and class of risk of each person to be covered under the conversion policy and for the type and amount of insurance provided. (B) The experience under conversion policies shall not be an acceptable basis for establishing rates for conversion policies. (2) For purposes of subdivision (e)(1) of this section: (A) The phrase "premium rates applicable to individually underwritten standard risks" means the premium charged to individuals who qualify for coverage without modification, determined from a rate table based on aggregate individually underwritten policy experience; (B) "Aggregate individually underwritten policy experience" means the policy experience is drawn from a mature combination of newly selected insureds and insureds for whom selection effects no longer exist; and (C) "Class" means any actuarially determined characteristic, except health status or individual claims experience. (3) If an insurer experiences incurred losses that exceed earned premiums for a period of two (2) successive years on conversion policies that have been in force for at least one (1) year, the insurer may file with the commissioner amended renewal rates for the subsequent year, which will produce a loss ratio of not less than one hundred percent (100%). (4) (A) Even though a renewal premium is established in accordance with subdivision (e)(3) of this section, a holder of the conversion policy shall not be required to pay the full renewal premium until the beginning of the policy's fourth year. (B) The premium for the second policy year shall be the initial premium plus thirty-three and one-third percent (33 1/3%) of the difference between the initial premium and the renewal premium in effect on the policy's first anniversary date. (C) The premium for the third policy year shall be the initial premium plus sixty-six and two-thirds percent (66 2/3%) of the difference between the initial premium and the renewal premium in effect on the policy's second anniversary date. (D) The premium for the fourth year shall be one hundred percent (100%) of the renewal premium in effect on the policy's third anniversary date. (5) This subsection shall be applicable to any conversion policy issued after March 22, 1995.

(1) (A) The initial premium for the conversion policy for the first twelve (12) months and subsequent renewal premiums shall be determined in accordance with premium rates applicable to individually underwritten standard risks for the age and class of risk of each person to be covered under the conversion policy and for the type and amount of insurance provided. (B) The experience under conversion policies shall not be an acceptable basis for establishing rates for conversion policies.

(A) The initial premium for the conversion policy for the first twelve (12) months and subsequent renewal premiums shall be determined in accordance with premium rates applicable to individually underwritten standard risks for the age and class of risk of each person to be covered under the conversion policy and for the type and amount of insurance provided.

(B) The experience under conversion policies shall not be an acceptable basis for establishing rates for conversion policies.

(2) For purposes of subdivision (e)(1) of this section: (A) The phrase "premium rates applicable to individually underwritten standard risks" means the premium charged to individuals who qualify for coverage without modification, determined from a rate table based on aggregate individually underwritten policy experience; (B) "Aggregate individually underwritten policy experience" means the policy experience is drawn from a mature combination of newly selected insureds and insureds for whom selection effects no longer exist; and (C) "Class" means any actuarially determined characteristic, except health status or individual claims experience.

(A) The phrase "premium rates applicable to individually underwritten standard risks" means the premium charged to individuals who qualify for coverage without modification, determined from a rate table based on aggregate individually underwritten policy experience;

(B) "Aggregate individually underwritten policy experience" means the policy experience is drawn from a mature combination of newly selected insureds and insureds for whom selection effects no longer exist; and

(C) "Class" means any actuarially determined characteristic, except health status or individual claims experience.

(3) If an insurer experiences incurred losses that exceed earned premiums for a period of two (2) successive years on conversion policies that have been in force for at least one (1) year, the insurer may file with the commissioner amended renewal rates for the subsequent year, which will produce a loss ratio of not less than one hundred percent (100%).

(4) (A) Even though a renewal premium is established in accordance with subdivision (e)(3) of this section, a holder of the conversion policy shall not be required to pay the full renewal premium until the beginning of the policy's fourth year. (B) The premium for the second policy year shall be the initial premium plus thirty-three and one-third percent (33 1/3%) of the difference between the initial premium and the renewal premium in effect on the policy's first anniversary date. (C) The premium for the third policy year shall be the initial premium plus sixty-six and two-thirds percent (66 2/3%) of the difference between the initial premium and the renewal premium in effect on the policy's second anniversary date. (D) The premium for the fourth year shall be one hundred percent (100%) of the renewal premium in effect on the policy's third anniversary date.

(A) Even though a renewal premium is established in accordance with subdivision (e)(3) of this section, a holder of the conversion policy shall not be required to pay the full renewal premium until the beginning of the policy's fourth year.

(B) The premium for the second policy year shall be the initial premium plus thirty-three and one-third percent (33 1/3%) of the difference between the initial premium and the renewal premium in effect on the policy's first anniversary date.

(C) The premium for the third policy year shall be the initial premium plus sixty-six and two-thirds percent (66 2/3%) of the difference between the initial premium and the renewal premium in effect on the policy's second anniversary date.

(D) The premium for the fourth year shall be one hundred percent (100%) of the renewal premium in effect on the policy's third anniversary date.

(5) This subsection shall be applicable to any conversion policy issued after March 22, 1995.

Acts 1985, No. 815, §§ 1-4, 6; 1985, No. 854, §§ 1-4, 6; A.S.A. 1947, §§ 66-3731 -- 66-3735; Acts 1987, No. 456, §§ 19, 20; 1995, No. 733, § 1; 2001, No. 1063, § 15.
Ark. Code Ann. § 23-15-204 — AR Code / Title 23 / Chapter 15 / Subchapter 2 / Section 23-15-204
General powers of commission
Status: in_force

The Arkansas Public Service Commission may: (1) Advise, consult, contract, and cooperate with any agency of the federal government, the State of Arkansas, or any other state in projects of common interest of the regulations of safety of pipeline facilities and transportation of gas and administer the authority delegated to the commission by contract with the federal government or any agency thereof including the authority to participate in the enforcement of federal standards applicable to interstate transmission facilities, as defined in § 23-15-203 , as an agent of any agency of the state or federal government; and (2) Accept, receive, apply for, or administer grants or other funds or gifts from public or private agencies, including the federal government, or from any other person. Acts 1971, No. 285, § 3; A.S.A. 1947, § 73-1910.

The Arkansas Public Service Commission may:

(1) Advise, consult, contract, and cooperate with any agency of the federal government, the State of Arkansas, or any other state in projects of common interest of the regulations of safety of pipeline facilities and transportation of gas and administer the authority delegated to the commission by contract with the federal government or any agency thereof including the authority to participate in the enforcement of federal standards applicable to interstate transmission facilities, as defined in § 23-15-203 , as an agent of any agency of the state or federal government; and

(2) Accept, receive, apply for, or administer grants or other funds or gifts from public or private agencies, including the federal government, or from any other person.

Acts 1971, No. 285, § 3; A.S.A. 1947, § 73-1910.
Ark. Code Ann. § 23-66-310 — AR Code / Title 23 / Chapter 66 / Subchapter 3 / Section 23-66-310
Illegal dealing in premiums - Excess charges for insurance
Status: in_force

(a) No person shall willfully collect any sum as a premium or charge for insurance that is not then provided or is not in due course to be provided, subject to acceptance of the risk by the insurer, by an insurance policy issued by an insurer as authorized by the Arkansas Insurance Code. (b) (1) No person shall willfully collect as a premium or charge for insurance any sum in excess of the premium or charge applicable to the insurance in accordance with the applicable classifications and rates as filed and approved if necessary by the Insurance Commissioner, or in cases in which classifications, premiums, or rates are not required by the Arkansas Insurance Code to be so filed and approved, the premiums and charges shall not be in excess of those specified in the policy and as fixed by the insurer. (2) However, the provision in subdivision (b)(1) of this section shall not be deemed to prohibit: (A) The charging and collection by surplus lines brokers licensed under § 23-65-101 et seq. of the amount of applicable state and federal taxes in addition to the premium and expense of underwriting as required by the insurer on risks written pursuant to the surplus lines law; (B) The charging and collection by a life insurer of amounts actually to be expended for medical examination of an applicant for life insurance or for reinstatement of a life insurance policy; (C) A property and casualty agent from charging and collecting interest upon premiums and charges that remain unpaid for a period of thirty (30) days beyond the date that the original premium was due, subject to the supervision of the commissioner. The interest shall not exceed the maximum rate prescribed by the Arkansas Constitution; (D) The collection of membership dues by a property and casualty agent when membership of the applicant in an organization is a prerequisite of the insurer to the issuance of coverage; or (E) The charging of a fee by a licensed consultant if the fee is not excessive. (c) Nothing shall prohibit a duly licensed property or casualty agent or broker from charging a fee to the insured in addition to the premium properly charged for a policy or contract according to the insurer's rate and rule filings with the State Insurance Department, provided that: (1) Each such fee is separately disclosed on the invoice or billing statement mailed or delivered to the insured; and (2) The aggregate sum of the fees and all producers' commissions or other compensation due and owing for that policy or contract does not exceed twenty percent (20%) of the total gross premium charged the insured by the insurer for that policy or contract. (d) (1) Any fee charged by a licensed insurance agent or producer for services which are not customarily associated with the solicitation, negotiation, or servicing of an insurance policy or contract shall not be deemed a premium or a charge for insurance and not prohibited by this section if: (A) The fee is based upon a written agreement signed by the party to be charged in advance of the performance of services under the agreement; (B) A copy of the agreement is provided to the party to be charged; (C) The services for which the fee is charged are: (i) Specifically stated in the agreement; and (ii) Other than those customarily associated with solicitation, negotiation, and servicing of an insurance policy or contract; (D) The amount of the fee charged is specifically stated in the agreement; (E) The agreement contains a statement that: (i) If an insurance policy or contract is purchased through the agent or producer, the agent or producer will receive a policy commission or fee in connection with the sale; (ii) The fee charged is unrelated to any compensation received by the agent or producer for the sale of any insurance product; and (iii) The fee under the agreement may not be waived under any circumstances; and (F) (i) The agent or producer retains a copy of the agreement for not less than three (3) years after completion of the services. (ii) The copy shall be available to the commissioner and his or her staff upon request. (2) This subsection shall not apply to: (A) Transactions for financial or estate planning services offered by insurance producers under § 23-66-206(15) ; or (B) Membership dues payable to entities either directly or indirectly affiliated with an agent or insurer. Acts 1959, No. 148, § 230; 1979, No. 731, § 4; 1981, No. 809, § 12; 1985, No. 1059, §§ 1, 2; A.S.A. 1947, § 66-3023; Acts 1987, No. 927, § 3; 1989, No. 772, §§ 9, 10; 2003, No. 1747, § 8; 2005, No. 506, § 32.

(a) No person shall willfully collect any sum as a premium or charge for insurance that is not then provided or is not in due course to be provided, subject to acceptance of the risk by the insurer, by an insurance policy issued by an insurer as authorized by the Arkansas Insurance Code.

(b) (1) No person shall willfully collect as a premium or charge for insurance any sum in excess of the premium or charge applicable to the insurance in accordance with the applicable classifications and rates as filed and approved if necessary by the Insurance Commissioner, or in cases in which classifications, premiums, or rates are not required by the Arkansas Insurance Code to be so filed and approved, the premiums and charges shall not be in excess of those specified in the policy and as fixed by the insurer. (2) However, the provision in subdivision (b)(1) of this section shall not be deemed to prohibit: (A) The charging and collection by surplus lines brokers licensed under § 23-65-101 et seq. of the amount of applicable state and federal taxes in addition to the premium and expense of underwriting as required by the insurer on risks written pursuant to the surplus lines law; (B) The charging and collection by a life insurer of amounts actually to be expended for medical examination of an applicant for life insurance or for reinstatement of a life insurance policy; (C) A property and casualty agent from charging and collecting interest upon premiums and charges that remain unpaid for a period of thirty (30) days beyond the date that the original premium was due, subject to the supervision of the commissioner. The interest shall not exceed the maximum rate prescribed by the Arkansas Constitution; (D) The collection of membership dues by a property and casualty agent when membership of the applicant in an organization is a prerequisite of the insurer to the issuance of coverage; or (E) The charging of a fee by a licensed consultant if the fee is not excessive.

(1) No person shall willfully collect as a premium or charge for insurance any sum in excess of the premium or charge applicable to the insurance in accordance with the applicable classifications and rates as filed and approved if necessary by the Insurance Commissioner, or in cases in which classifications, premiums, or rates are not required by the Arkansas Insurance Code to be so filed and approved, the premiums and charges shall not be in excess of those specified in the policy and as fixed by the insurer.

(2) However, the provision in subdivision (b)(1) of this section shall not be deemed to prohibit: (A) The charging and collection by surplus lines brokers licensed under § 23-65-101 et seq. of the amount of applicable state and federal taxes in addition to the premium and expense of underwriting as required by the insurer on risks written pursuant to the surplus lines law; (B) The charging and collection by a life insurer of amounts actually to be expended for medical examination of an applicant for life insurance or for reinstatement of a life insurance policy; (C) A property and casualty agent from charging and collecting interest upon premiums and charges that remain unpaid for a period of thirty (30) days beyond the date that the original premium was due, subject to the supervision of the commissioner. The interest shall not exceed the maximum rate prescribed by the Arkansas Constitution; (D) The collection of membership dues by a property and casualty agent when membership of the applicant in an organization is a prerequisite of the insurer to the issuance of coverage; or (E) The charging of a fee by a licensed consultant if the fee is not excessive.

(A) The charging and collection by surplus lines brokers licensed under § 23-65-101 et seq. of the amount of applicable state and federal taxes in addition to the premium and expense of underwriting as required by the insurer on risks written pursuant to the surplus lines law;

(B) The charging and collection by a life insurer of amounts actually to be expended for medical examination of an applicant for life insurance or for reinstatement of a life insurance policy;

(C) A property and casualty agent from charging and collecting interest upon premiums and charges that remain unpaid for a period of thirty (30) days beyond the date that the original premium was due, subject to the supervision of the commissioner. The interest shall not exceed the maximum rate prescribed by the Arkansas Constitution;

(D) The collection of membership dues by a property and casualty agent when membership of the applicant in an organization is a prerequisite of the insurer to the issuance of coverage; or

(E) The charging of a fee by a licensed consultant if the fee is not excessive.

(c) Nothing shall prohibit a duly licensed property or casualty agent or broker from charging a fee to the insured in addition to the premium properly charged for a policy or contract according to the insurer's rate and rule filings with the State Insurance Department, provided that: (1) Each such fee is separately disclosed on the invoice or billing statement mailed or delivered to the insured; and (2) The aggregate sum of the fees and all producers' commissions or other compensation due and owing for that policy or contract does not exceed twenty percent (20%) of the total gross premium charged the insured by the insurer for that policy or contract.

(1) Each such fee is separately disclosed on the invoice or billing statement mailed or delivered to the insured; and

(2) The aggregate sum of the fees and all producers' commissions or other compensation due and owing for that policy or contract does not exceed twenty percent (20%) of the total gross premium charged the insured by the insurer for that policy or contract.

(d) (1) Any fee charged by a licensed insurance agent or producer for services which are not customarily associated with the solicitation, negotiation, or servicing of an insurance policy or contract shall not be deemed a premium or a charge for insurance and not prohibited by this section if: (A) The fee is based upon a written agreement signed by the party to be charged in advance of the performance of services under the agreement; (B) A copy of the agreement is provided to the party to be charged; (C) The services for which the fee is charged are: (i) Specifically stated in the agreement; and (ii) Other than those customarily associated with solicitation, negotiation, and servicing of an insurance policy or contract; (D) The amount of the fee charged is specifically stated in the agreement; (E) The agreement contains a statement that: (i) If an insurance policy or contract is purchased through the agent or producer, the agent or producer will receive a policy commission or fee in connection with the sale; (ii) The fee charged is unrelated to any compensation received by the agent or producer for the sale of any insurance product; and (iii) The fee under the agreement may not be waived under any circumstances; and (F) (i) The agent or producer retains a copy of the agreement for not less than three (3) years after completion of the services. (ii) The copy shall be available to the commissioner and his or her staff upon request. (2) This subsection shall not apply to: (A) Transactions for financial or estate planning services offered by insurance producers under § 23-66-206(15) ; or (B) Membership dues payable to entities either directly or indirectly affiliated with an agent or insurer.

(1) Any fee charged by a licensed insurance agent or producer for services which are not customarily associated with the solicitation, negotiation, or servicing of an insurance policy or contract shall not be deemed a premium or a charge for insurance and not prohibited by this section if: (A) The fee is based upon a written agreement signed by the party to be charged in advance of the performance of services under the agreement; (B) A copy of the agreement is provided to the party to be charged; (C) The services for which the fee is charged are: (i) Specifically stated in the agreement; and (ii) Other than those customarily associated with solicitation, negotiation, and servicing of an insurance policy or contract; (D) The amount of the fee charged is specifically stated in the agreement; (E) The agreement contains a statement that: (i) If an insurance policy or contract is purchased through the agent or producer, the agent or producer will receive a policy commission or fee in connection with the sale; (ii) The fee charged is unrelated to any compensation received by the agent or producer for the sale of any insurance product; and (iii) The fee under the agreement may not be waived under any circumstances; and (F) (i) The agent or producer retains a copy of the agreement for not less than three (3) years after completion of the services. (ii) The copy shall be available to the commissioner and his or her staff upon request.

(A) The fee is based upon a written agreement signed by the party to be charged in advance of the performance of services under the agreement;

(B) A copy of the agreement is provided to the party to be charged;

(C) The services for which the fee is charged are: (i) Specifically stated in the agreement; and (ii) Other than those customarily associated with solicitation, negotiation, and servicing of an insurance policy or contract;

(i) Specifically stated in the agreement; and

(ii) Other than those customarily associated with solicitation, negotiation, and servicing of an insurance policy or contract;

(D) The amount of the fee charged is specifically stated in the agreement;

(E) The agreement contains a statement that: (i) If an insurance policy or contract is purchased through the agent or producer, the agent or producer will receive a policy commission or fee in connection with the sale; (ii) The fee charged is unrelated to any compensation received by the agent or producer for the sale of any insurance product; and (iii) The fee under the agreement may not be waived under any circumstances; and

(i) If an insurance policy or contract is purchased through the agent or producer, the agent or producer will receive a policy commission or fee in connection with the sale;

(ii) The fee charged is unrelated to any compensation received by the agent or producer for the sale of any insurance product; and

(iii) The fee under the agreement may not be waived under any circumstances; and

(F) (i) The agent or producer retains a copy of the agreement for not less than three (3) years after completion of the services. (ii) The copy shall be available to the commissioner and his or her staff upon request.

(i) The agent or producer retains a copy of the agreement for not less than three (3) years after completion of the services.

(ii) The copy shall be available to the commissioner and his or her staff upon request.

(2) This subsection shall not apply to: (A) Transactions for financial or estate planning services offered by insurance producers under § 23-66-206(15) ; or (B) Membership dues payable to entities either directly or indirectly affiliated with an agent or insurer.

(A) Transactions for financial or estate planning services offered by insurance producers under § 23-66-206(15) ; or

(B) Membership dues payable to entities either directly or indirectly affiliated with an agent or insurer.

Acts 1959, No. 148, § 230; 1979, No. 731, § 4; 1981, No. 809, § 12; 1985, No. 1059, §§ 1, 2; A.S.A. 1947, § 66-3023; Acts 1987, No. 927, § 3; 1989, No. 772, §§ 9, 10; 2003, No. 1747, § 8; 2005, No. 506, § 32.
Ark. Code Ann. § 23-79-1301 — AR Code / Title 23 / Chapter 79 / Subchapter 13 / Section 23-79-1301
Findings
Status: in_force

The General Assembly finds that: (1) Prostate cancer is the second leading cause of cancer in men; (2) In Arkansas, more men die from prostate cancer than women die of breast cancer, the tenth-highest death rate in the nation; (3) Even though the death rate for prostate cancer has decreased in Arkansas, there has been a fifty-five percent (55%) increase in premature death before sixty-five (65) years of age; (4) Arkansas's African-American men are fifty-five percent (55%) more likely to develop prostate cancer and one hundred seventy-six percent (176%) more likely to die from prostate cancer than Arkansas's Caucasian men; (5) The Arkansas Central Cancer Registry data indicates that there has been a steady increase in the number of new cases of prostate cancer and a steady decrease in deaths from prostate cancer in Arkansas since 1999, indicating that there have been improvements in discovering prostate cancer before symptoms appear; (6) Studies have found that men between fifty (50) years of age and sixty (60) years of age who were diagnosed with prostate cancer were sixty percent (60%) more likely to suffer premature death than those men who were diagnosed at an earlier age; (7) Identifying the characteristics of high-risk men and fostering early diagnosis and appropriate treatment could: (A) Prevent premature deaths; (B) Decrease: (i) Adverse effects and death from prostate cancer, particularly in the underserved populations; (ii) Health disparities; and (iii) Prostate cancer treatment costs through diagnosis at an earlier stage; and (C) Improve and extend quality of life; and (8) The cost of treatment per man for: (A) Early-stage prostate cancer is fifty-eight thousand dollars ($58,000); and (B) Late-stage prostate cancer is more than ninety-three thousand dollars ($93,000). Acts 2009, No. 75, § 1.

The General Assembly finds that:

(1) Prostate cancer is the second leading cause of cancer in men;

(2) In Arkansas, more men die from prostate cancer than women die of breast cancer, the tenth-highest death rate in the nation;

(3) Even though the death rate for prostate cancer has decreased in Arkansas, there has been a fifty-five percent (55%) increase in premature death before sixty-five (65) years of age;

(4) Arkansas's African-American men are fifty-five percent (55%) more likely to develop prostate cancer and one hundred seventy-six percent (176%) more likely to die from prostate cancer than Arkansas's Caucasian men;

(5) The Arkansas Central Cancer Registry data indicates that there has been a steady increase in the number of new cases of prostate cancer and a steady decrease in deaths from prostate cancer in Arkansas since 1999, indicating that there have been improvements in discovering prostate cancer before symptoms appear;

(6) Studies have found that men between fifty (50) years of age and sixty (60) years of age who were diagnosed with prostate cancer were sixty percent (60%) more likely to suffer premature death than those men who were diagnosed at an earlier age;

(7) Identifying the characteristics of high-risk men and fostering early diagnosis and appropriate treatment could: (A) Prevent premature deaths; (B) Decrease: (i) Adverse effects and death from prostate cancer, particularly in the underserved populations; (ii) Health disparities; and (iii) Prostate cancer treatment costs through diagnosis at an earlier stage; and (C) Improve and extend quality of life; and

(A) Prevent premature deaths;

(B) Decrease: (i) Adverse effects and death from prostate cancer, particularly in the underserved populations; (ii) Health disparities; and (iii) Prostate cancer treatment costs through diagnosis at an earlier stage; and

(i) Adverse effects and death from prostate cancer, particularly in the underserved populations;

(ii) Health disparities; and

(iii) Prostate cancer treatment costs through diagnosis at an earlier stage; and

(C) Improve and extend quality of life; and

(8) The cost of treatment per man for: (A) Early-stage prostate cancer is fifty-eight thousand dollars ($58,000); and (B) Late-stage prostate cancer is more than ninety-three thousand dollars ($93,000).

(A) Early-stage prostate cancer is fifty-eight thousand dollars ($58,000); and

(B) Late-stage prostate cancer is more than ninety-three thousand dollars ($93,000).

Acts 2009, No. 75, § 1.
Ark. Code Ann. § 23-37-303 — AR Code / Title 23 / Chapter 37 / Subchapter 3 / Section 23-37-303
Permanent capital stock
Status: in_force

(a) The charter of an association may provide for the issuance of permanent capital stock. The permanent capital stock, when issued, may not be retired or withdrawn, except as provided in this section, until all liabilities of the association shall have been satisfied in full, including the withdrawal value of all savings accounts. (b) Permanent capital stock must be fully paid in cash in advance of issuance, and the association may not make any loans against the shares of the stock. (c) Shares of permanent capital stock may have a par value of not less than one dollar ($1.00) nor more than one hundred dollars ($100) each. (d) An association authorized to issue capital stock must have, at all times, issued and outstanding, an amount thereof equal in par value to the minimum capital requirements set out in § 23-37-302 or two and one-half percent (21/2%) of its gross assets, whichever is greater, but no association shall be required to have more than two hundred fifty thousand dollars ($250,000) of par value of the stock outstanding. (e) Associations whose savings accounts are insured by the Federal Savings and Loan Insurance Corporation [abolished] may retire a part of any permanent capital stock issued prior to March 13, 1963, when the associations are authorized to do so by majority vote at any annual meeting of their stockholders, or any special meeting of their stockholders called for such a purpose. However, the basis of the retirement shall have been first approved by the Supervisor of Savings and Loan Associations and by the Savings and Loan Association Board [abolished]. Acts 1963, No. 227, § 18; A.S.A. 1947, § 67-1818.

(a) The charter of an association may provide for the issuance of permanent capital stock. The permanent capital stock, when issued, may not be retired or withdrawn, except as provided in this section, until all liabilities of the association shall have been satisfied in full, including the withdrawal value of all savings accounts.

(b) Permanent capital stock must be fully paid in cash in advance of issuance, and the association may not make any loans against the shares of the stock.

(c) Shares of permanent capital stock may have a par value of not less than one dollar ($1.00) nor more than one hundred dollars ($100) each.

(d) An association authorized to issue capital stock must have, at all times, issued and outstanding, an amount thereof equal in par value to the minimum capital requirements set out in § 23-37-302 or two and one-half percent (21/2%) of its gross assets, whichever is greater, but no association shall be required to have more than two hundred fifty thousand dollars ($250,000) of par value of the stock outstanding.

(e) Associations whose savings accounts are insured by the Federal Savings and Loan Insurance Corporation [abolished] may retire a part of any permanent capital stock issued prior to March 13, 1963, when the associations are authorized to do so by majority vote at any annual meeting of their stockholders, or any special meeting of their stockholders called for such a purpose. However, the basis of the retirement shall have been first approved by the Supervisor of Savings and Loan Associations and by the Savings and Loan Association Board [abolished].

Acts 1963, No. 227, § 18; A.S.A. 1947, § 67-1818.
Ark. Code Ann. § 23-64-513 — AR Code / Title 23 / Chapter 64 / Subchapter 5 / Section 23-64-513
Commissions
Status: in_force

(a) An insurance company or insurance producer shall not pay a commission, service fee, brokerage, or other valuable consideration to a person for selling, soliciting, or negotiating insurance in this state if that person is required to be licensed under this subchapter and is not so licensed. (b) A person shall not accept a commission, service fee, brokerage, or other valuable consideration for selling, soliciting, or negotiating insurance in this state if that person is required to be licensed under this subchapter and is not so licensed. (c) Renewal or other deferred commissions may be paid to a person for selling, soliciting, or negotiating insurance in this state if the person was required to be licensed under this subchapter at the time of the sale, solicitation, or negotiation and was so licensed at that time. (d) An insurer or insurance producer may pay or assign commissions, service fees, brokerages, or other valuable consideration to an insurance agency or to persons who do not sell, solicit, or negotiate insurance in this state unless the payment would constitute: (1) A rebate, in violation of § 23-66-206(10) or § 23-66-308 ; (2) A violation of the Trade Practices Act, § 23-66-201 et seq., or a violation of miscellaneous trade practices under §§ 23-66-301 - 23-66-316 ; or (3) A violation of the Gramm-Leach-Bliley Act, Pub. L. No. 106-102. Acts 2001, No. 580, § 1; 2003, No. 1203, § 12.

(a) An insurance company or insurance producer shall not pay a commission, service fee, brokerage, or other valuable consideration to a person for selling, soliciting, or negotiating insurance in this state if that person is required to be licensed under this subchapter and is not so licensed.

(b) A person shall not accept a commission, service fee, brokerage, or other valuable consideration for selling, soliciting, or negotiating insurance in this state if that person is required to be licensed under this subchapter and is not so licensed.

(c) Renewal or other deferred commissions may be paid to a person for selling, soliciting, or negotiating insurance in this state if the person was required to be licensed under this subchapter at the time of the sale, solicitation, or negotiation and was so licensed at that time.

(d) An insurer or insurance producer may pay or assign commissions, service fees, brokerages, or other valuable consideration to an insurance agency or to persons who do not sell, solicit, or negotiate insurance in this state unless the payment would constitute: (1) A rebate, in violation of § 23-66-206(10) or § 23-66-308 ; (2) A violation of the Trade Practices Act, § 23-66-201 et seq., or a violation of miscellaneous trade practices under §§ 23-66-301 - 23-66-316 ; or (3) A violation of the Gramm-Leach-Bliley Act, Pub. L. No. 106-102.

(1) A rebate, in violation of § 23-66-206(10) or § 23-66-308 ;

(2) A violation of the Trade Practices Act, § 23-66-201 et seq., or a violation of miscellaneous trade practices under §§ 23-66-301 - 23-66-316 ; or

(3) A violation of the Gramm-Leach-Bliley Act, Pub. L. No. 106-102.

Acts 2001, No. 580, § 1; 2003, No. 1203, § 12.
Ark. Code Ann. § 23-48-905 — AR Code / Title 23 / Chapter 48 / Subchapter 9 / Section 23-48-905
Notice and filing requirements
Status: in_force

(a) Any out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving a state bank shall notify the Bank Commissioner of the proposed merger not later than the date on which it files an application for an interstate merger transaction with the responsible federal bank supervisory agency and shall submit a copy of that application to the commissioner and pay the filing fee, if any, required by the commissioner. (b) Any state bank which is a party to the interstate merger transaction shall comply with § 23-48-501 et seq. and with all other applicable state and federal laws. (c) Any out-of-state bank which shall be the resulting bank in such an interstate merger transaction shall comply with applicable requirements of § 23-48-1001 et seq. Acts 1997, No. 408, § 20.

(a) Any out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving a state bank shall notify the Bank Commissioner of the proposed merger not later than the date on which it files an application for an interstate merger transaction with the responsible federal bank supervisory agency and shall submit a copy of that application to the commissioner and pay the filing fee, if any, required by the commissioner.

(b) Any state bank which is a party to the interstate merger transaction shall comply with § 23-48-501 et seq. and with all other applicable state and federal laws.

(c) Any out-of-state bank which shall be the resulting bank in such an interstate merger transaction shall comply with applicable requirements of § 23-48-1001 et seq.

Acts 1997, No. 408, § 20.
Ark. Code Ann. § 23-17-214 — AR Code / Title 23 / Chapter 17 / Subchapter 2 / Section 23-17-214
Bylaws
Status: in_force

(a) (1) The power to make, alter, amend, or repeal the bylaws of the cooperative shall be vested in the board of directors, subject to amendment by the members at an annual meeting. (2) (A) The board shall not change, alter, amend, or repeal a provision of the bylaws adopted by the members except upon a unanimous vote of the directors in favor of the change, alteration, amendment, or repeal. (B) If the directors change, alter, amend, or repeal a bylaw provision under this section, the bylaw provision shall remain effective unless the change, alteration, amendment, or repeal of the bylaw provision is presented by the members at the next annual or special meeting of the board. (C) If the members at the next annual or special meeting of the board do not vote to ratify the directors' action in changing, altering, amending, or repealing the bylaw provision in question, the bylaw provision in question shall be deleted from the bylaws, and the bylaw provision in question shall revert, effective the day after the members' meeting, to the wording that was in place immediately before the directors changed, altered, amended, or repealed the bylaw provision. (b) The bylaws may contain any provisions for the regulation and management of the affairs of the cooperative not inconsistent with law or the articles of incorporation. Acts 1951, No. 51, § 12; A.S.A. 1947, § 77-1612; Acts 1997, No. 316, § 6; 1999, No. 946, § 2; 2009, No. 761, § 1.

(a) (1) The power to make, alter, amend, or repeal the bylaws of the cooperative shall be vested in the board of directors, subject to amendment by the members at an annual meeting. (2) (A) The board shall not change, alter, amend, or repeal a provision of the bylaws adopted by the members except upon a unanimous vote of the directors in favor of the change, alteration, amendment, or repeal. (B) If the directors change, alter, amend, or repeal a bylaw provision under this section, the bylaw provision shall remain effective unless the change, alteration, amendment, or repeal of the bylaw provision is presented by the members at the next annual or special meeting of the board. (C) If the members at the next annual or special meeting of the board do not vote to ratify the directors' action in changing, altering, amending, or repealing the bylaw provision in question, the bylaw provision in question shall be deleted from the bylaws, and the bylaw provision in question shall revert, effective the day after the members' meeting, to the wording that was in place immediately before the directors changed, altered, amended, or repealed the bylaw provision.

(1) The power to make, alter, amend, or repeal the bylaws of the cooperative shall be vested in the board of directors, subject to amendment by the members at an annual meeting.

(2) (A) The board shall not change, alter, amend, or repeal a provision of the bylaws adopted by the members except upon a unanimous vote of the directors in favor of the change, alteration, amendment, or repeal. (B) If the directors change, alter, amend, or repeal a bylaw provision under this section, the bylaw provision shall remain effective unless the change, alteration, amendment, or repeal of the bylaw provision is presented by the members at the next annual or special meeting of the board. (C) If the members at the next annual or special meeting of the board do not vote to ratify the directors' action in changing, altering, amending, or repealing the bylaw provision in question, the bylaw provision in question shall be deleted from the bylaws, and the bylaw provision in question shall revert, effective the day after the members' meeting, to the wording that was in place immediately before the directors changed, altered, amended, or repealed the bylaw provision.

(A) The board shall not change, alter, amend, or repeal a provision of the bylaws adopted by the members except upon a unanimous vote of the directors in favor of the change, alteration, amendment, or repeal.

(B) If the directors change, alter, amend, or repeal a bylaw provision under this section, the bylaw provision shall remain effective unless the change, alteration, amendment, or repeal of the bylaw provision is presented by the members at the next annual or special meeting of the board.

(C) If the members at the next annual or special meeting of the board do not vote to ratify the directors' action in changing, altering, amending, or repealing the bylaw provision in question, the bylaw provision in question shall be deleted from the bylaws, and the bylaw provision in question shall revert, effective the day after the members' meeting, to the wording that was in place immediately before the directors changed, altered, amended, or repealed the bylaw provision.

(b) The bylaws may contain any provisions for the regulation and management of the affairs of the cooperative not inconsistent with law or the articles of incorporation.

Acts 1951, No. 51, § 12; A.S.A. 1947, § 77-1612; Acts 1997, No. 316, § 6; 1999, No. 946, § 2; 2009, No. 761, § 1.
Ark. Code Ann. § 23-3-309 — AR Code / Title 23 / Chapter 3 / Subchapter 3 / Section 23-3-309
Payment of expenses of investigation
Status: in_force

The expense of conducting an analysis or investigation by the Arkansas Public Service Commission of the information required to be filed under § 23-3-307 shall be paid by the acquiring party within fifteen (15) days of the public hearing required by §§ 23-3-310 and 23-3-311 . Expenses of conducting the analysis or investigation may include, but not be limited to, the cost of acquiring expert witnesses, consultants, and analytical services. Acts 1985, No. 343, § 9; A.S.A. 1947, § 73-142.9.

The expense of conducting an analysis or investigation by the Arkansas Public Service Commission of the information required to be filed under § 23-3-307 shall be paid by the acquiring party within fifteen (15) days of the public hearing required by §§ 23-3-310 and 23-3-311 . Expenses of conducting the analysis or investigation may include, but not be limited to, the cost of acquiring expert witnesses, consultants, and analytical services.

Acts 1985, No. 343, § 9; A.S.A. 1947, § 73-142.9.
Ark. Code Ann. § 23-3-104 — AR Code / Title 23 / Chapter 3 / Subchapter 1 / Section 23-3-104
Stocks, bonds, notes, etc. - Issuance
Status: in_force

(a) (1) When authorized by order of the commission, and not otherwise, a public utility may issue stock, bonds, notes, or other evidence of indebtedness payable at periods of more than thirty-six (36) months after the date of issuance when necessary for: (A) The acquisition of property, the construction, extension, or improvement of its facilities, or the improvement of its service; (B) The discharge or lawful refunding of its obligations, or reimbursement of moneys actually expended from the income from any source; or (C) Any of such purposes. (2) The order of the commission shall fix the maximum amount of any such issue and the purposes to which it or any proceeds up to the stated maximum amount are to be applied. (3) No public utility shall apply any such issue or its proceeds to any purpose not specified in the order without the consent of the commission. (b) The public utility may issue notes for proper corporate purposes and not in violation of any provision of law, payable at periods of not more than thirty-six (36) months, without the consent of the commission. However, no such note, in whole or in part, shall be refunded by any issue of stock or bonds or by any evidence of indebtedness with a maturity date later than thirty-six (36) months from the date of issue without the consent of the commission. (c) All securities issued without the approval of the commission shall be void. (d) In instances where the public utility is a regional transmission organization that is jurisdictional to the Federal Energy Regulatory Commission and the debt is authorized by the Federal Energy Regulatory Commission and does not create a lien on property in this state, no commission authorization is required. Amended by Act 2015, No. 899,§ 2, eff. 7/22/2015. Acts 1935, No. 324, § 59; Pope's Dig., § 2119; Acts 1973, No. 410, § 1; 1981, No. 709, § 1; A.S.A. 1947, § 73-255.

(a) (1) When authorized by order of the commission, and not otherwise, a public utility may issue stock, bonds, notes, or other evidence of indebtedness payable at periods of more than thirty-six (36) months after the date of issuance when necessary for: (A) The acquisition of property, the construction, extension, or improvement of its facilities, or the improvement of its service; (B) The discharge or lawful refunding of its obligations, or reimbursement of moneys actually expended from the income from any source; or (C) Any of such purposes. (2) The order of the commission shall fix the maximum amount of any such issue and the purposes to which it or any proceeds up to the stated maximum amount are to be applied. (3) No public utility shall apply any such issue or its proceeds to any purpose not specified in the order without the consent of the commission.

(1) When authorized by order of the commission, and not otherwise, a public utility may issue stock, bonds, notes, or other evidence of indebtedness payable at periods of more than thirty-six (36) months after the date of issuance when necessary for: (A) The acquisition of property, the construction, extension, or improvement of its facilities, or the improvement of its service; (B) The discharge or lawful refunding of its obligations, or reimbursement of moneys actually expended from the income from any source; or (C) Any of such purposes.

(A) The acquisition of property, the construction, extension, or improvement of its facilities, or the improvement of its service;

(B) The discharge or lawful refunding of its obligations, or reimbursement of moneys actually expended from the income from any source; or

(C) Any of such purposes.

(2) The order of the commission shall fix the maximum amount of any such issue and the purposes to which it or any proceeds up to the stated maximum amount are to be applied.

(3) No public utility shall apply any such issue or its proceeds to any purpose not specified in the order without the consent of the commission.

(b) The public utility may issue notes for proper corporate purposes and not in violation of any provision of law, payable at periods of not more than thirty-six (36) months, without the consent of the commission. However, no such note, in whole or in part, shall be refunded by any issue of stock or bonds or by any evidence of indebtedness with a maturity date later than thirty-six (36) months from the date of issue without the consent of the commission.

(c) All securities issued without the approval of the commission shall be void.

(d) In instances where the public utility is a regional transmission organization that is jurisdictional to the Federal Energy Regulatory Commission and the debt is authorized by the Federal Energy Regulatory Commission and does not create a lien on property in this state, no commission authorization is required.

Amended by Act 2015, No. 899,§ 2, eff. 7/22/2015.

Acts 1935, No. 324, § 59; Pope's Dig., § 2119; Acts 1973, No. 410, § 1; 1981, No. 709, § 1; A.S.A. 1947, § 73-255.
Ark. Code Ann. § 23-99-1407 — AR Code / Title 23 / Chapter 99 / Subchapter 14 / Section 23-99-1407
Penalty
Status: in_force

A violation of this subchapter is a violation of § 23-99-804 and the Healthcare Contracting Simplification Act, § 23-99-1201 et seq. Added by Act 2021, No. 723,§ 1, eff. 7/28/2021.

A violation of this subchapter is a violation of § 23-99-804 and the Healthcare Contracting Simplification Act, § 23-99-1201 et seq.

Added by Act 2021, No. 723,§ 1, eff. 7/28/2021.
Ark. Code Ann. § 23-16-104 — AR Code / Title 23 / Chapter 16 / Subchapter 1 / Section 23-16-104
Annual fee collected from carriers
Status: in_force

(a) There is levied and charged and there shall be collected annually from each rail carrier subject to regulation by the Arkansas Department of Transportation under the laws of Arkansas a fee in an amount equivalent to that proportion of the total rail carrier cost that the gross revenues in Arkansas of each of the rail carriers bear to the total gross revenues in Arkansas of all of the rail carriers. However, the fee to be collected annually from each of the rail carriers shall not exceed in any year an amount exceeding two-fifths of one percent (2/5 of 1%) of the gross revenues in Arkansas of each respective rail carrier. (b) There is levied and charged and there shall be collected annually from each other carrier which is subject to regulation by the department under the laws of Arkansas a fee in an amount which shall be equivalent to that proportion of the total other carrier costs that the gross revenues in Arkansas of each of the other carriers bear to the total gross revenues in Arkansas of all of the other carriers. However, the fee to be collected annually from each of the other carriers shall not exceed in any year an amount exceeding two-fifths of one percent (2/5 of 1%) of the gross revenues in Arkansas of each respective other carrier. Amended by Act 2017, No. 707,§ 259, eff. 8/1/2017. Acts 1949, No. 262, §§ 4, 5; A.S.A. 1947, §§ 73-271, 73-272.

(a) There is levied and charged and there shall be collected annually from each rail carrier subject to regulation by the Arkansas Department of Transportation under the laws of Arkansas a fee in an amount equivalent to that proportion of the total rail carrier cost that the gross revenues in Arkansas of each of the rail carriers bear to the total gross revenues in Arkansas of all of the rail carriers. However, the fee to be collected annually from each of the rail carriers shall not exceed in any year an amount exceeding two-fifths of one percent (2/5 of 1%) of the gross revenues in Arkansas of each respective rail carrier.

(b) There is levied and charged and there shall be collected annually from each other carrier which is subject to regulation by the department under the laws of Arkansas a fee in an amount which shall be equivalent to that proportion of the total other carrier costs that the gross revenues in Arkansas of each of the other carriers bear to the total gross revenues in Arkansas of all of the other carriers. However, the fee to be collected annually from each of the other carriers shall not exceed in any year an amount exceeding two-fifths of one percent (2/5 of 1%) of the gross revenues in Arkansas of each respective other carrier.

Amended by Act 2017, No. 707,§ 259, eff. 8/1/2017.

Acts 1949, No. 262, §§ 4, 5; A.S.A. 1947, §§ 73-271, 73-272.
Ark. Code Ann. § 23-75-108 — AR Code / Title 23 / Chapter 75 / Section 23-75-108
Certificate of authority - Requirements for issuance
Status: in_force

(a) The Insurance Commissioner shall issue an initial certificate of authority authorizing the applicant to issue contracts to its subscribers when it is shown to the satisfaction of the commissioner that: (1) The applicant is established as a bona fide nonprofit hospital service corporation or medical service corporation or combination of the two; (2) The contracts, if any, between the applicant and the participating hospitals or physicians obligate each hospital or physician executing the contracts to render service to which each subscriber may be entitled under the terms of the contracts to be issued to the subscribers; (3) The amounts provided as working capital of the corporation are repayable, without interest, out of operating expenses; (4) The amount of money actually available for working capital is sufficient to carry on the plan for a period of six (6) months from the date of issuance of the certificate of authority; and (5) The applicant has secured contracts of participation from sufficient hospitals or physicians, or both, to provide ample protection for its subscribers within the area proposed to be served by the applicant. (b) The certificate of authority shall expire or terminate and be subject to annual continuation, as provided in § 23-63-211 for insurers in general. (c) The certificate of authority shall be subject to suspension or revocation as provided in §§ 23-63-212 - 23-63-215 . (d) An applicant under this section may provide reinsurance coverage only in the specific areas of coverage set out in the applicant's certificate of authority. Acts 1959, No. 148, § 675; A.S.A. 1947, § 66-4905; Acts 2003, No. 1078, § 1.

(a) The Insurance Commissioner shall issue an initial certificate of authority authorizing the applicant to issue contracts to its subscribers when it is shown to the satisfaction of the commissioner that: (1) The applicant is established as a bona fide nonprofit hospital service corporation or medical service corporation or combination of the two; (2) The contracts, if any, between the applicant and the participating hospitals or physicians obligate each hospital or physician executing the contracts to render service to which each subscriber may be entitled under the terms of the contracts to be issued to the subscribers; (3) The amounts provided as working capital of the corporation are repayable, without interest, out of operating expenses; (4) The amount of money actually available for working capital is sufficient to carry on the plan for a period of six (6) months from the date of issuance of the certificate of authority; and (5) The applicant has secured contracts of participation from sufficient hospitals or physicians, or both, to provide ample protection for its subscribers within the area proposed to be served by the applicant.

(1) The applicant is established as a bona fide nonprofit hospital service corporation or medical service corporation or combination of the two;

(2) The contracts, if any, between the applicant and the participating hospitals or physicians obligate each hospital or physician executing the contracts to render service to which each subscriber may be entitled under the terms of the contracts to be issued to the subscribers;

(3) The amounts provided as working capital of the corporation are repayable, without interest, out of operating expenses;

(4) The amount of money actually available for working capital is sufficient to carry on the plan for a period of six (6) months from the date of issuance of the certificate of authority; and

(5) The applicant has secured contracts of participation from sufficient hospitals or physicians, or both, to provide ample protection for its subscribers within the area proposed to be served by the applicant.

(b) The certificate of authority shall expire or terminate and be subject to annual continuation, as provided in § 23-63-211 for insurers in general.

(c) The certificate of authority shall be subject to suspension or revocation as provided in §§ 23-63-212 - 23-63-215 .

(d) An applicant under this section may provide reinsurance coverage only in the specific areas of coverage set out in the applicant's certificate of authority.

Acts 1959, No. 148, § 675; A.S.A. 1947, § 66-4905; Acts 2003, No. 1078, § 1.
Ark. Code Ann. § 23-35-103 — AR Code / Title 23 / Chapter 35 / Subchapter 1 / Section 23-35-103
Taxation
Status: in_force

A credit union shall be deemed an institution for savings and, together with all accumulations therein, shall not be subject to taxation except as to real estate owned. The shares of a credit union shall not be subject to a stock transfer tax when issued by the corporation or when transferred from one (1) member to another. Acts 1971, No. 132, § 35; A.S.A. 1947, § 67-935.

A credit union shall be deemed an institution for savings and, together with all accumulations therein, shall not be subject to taxation except as to real estate owned. The shares of a credit union shall not be subject to a stock transfer tax when issued by the corporation or when transferred from one (1) member to another.

Acts 1971, No. 132, § 35; A.S.A. 1947, § 67-935.
Ark. Code Ann. § 23-38-211 — AR Code / Title 23 / Chapter 38 / Subchapter 2 / Section 23-38-211
[Repealed]
Status: repealed

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013. Acts 1929, No. 128, § 11a, as added by Acts 1931, No. 236, § 6; Pope's Dig., § 986; Acts 1955, No. 149, § 3; 1961, No. 73, § 4; A.S.A. 1947, § 67-831.

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.

Acts 1929, No. 128, § 11a, as added by Acts 1931, No. 236, § 6; Pope's Dig., § 986; Acts 1955, No. 149, § 3; 1961, No. 73, § 4; A.S.A. 1947, § 67-831.
Ark. Code Ann. § 23-10-414 — AR Code / Title 23 / Chapter 10 / Subchapter 4 / Section 23-10-414
Duty to furnish cars - Interstate railroads
Status: in_force

Interstate railroads shall furnish cars upon application for interstate shipments the same in all respects as other cars are to be furnished by intrastate railroads under the provisions of this section and §§ 23-10-402 , 23-10-403 , 23-10-405 , 23-10-406 , 23-10-409 - 23-10-413 , and 23-10-415 - 23-10-431 . Acts 1907, No. 193, § 17, p. 453; C. & M. Dig., § 925; Pope's Dig., § 1129; A.S.A. 1947, § 73-1507.

Interstate railroads shall furnish cars upon application for interstate shipments the same in all respects as other cars are to be furnished by intrastate railroads under the provisions of this section and §§ 23-10-402 , 23-10-403 , 23-10-405 , 23-10-406 , 23-10-409 - 23-10-413 , and 23-10-415 - 23-10-431 .

Acts 1907, No. 193, § 17, p. 453; C. & M. Dig., § 925; Pope's Dig., § 1129; A.S.A. 1947, § 73-1507.
Ark. Code Ann. § 23-48-323 — AR Code / Title 23 / Chapter 48 / Subchapter 3 / Section 23-48-323
Officers - Selection - Terms - Bonds
Status: in_force

(a) (1) A state bank shall have: (A) A president or chief executive officer, or both; (B) A secretary; and (C) Any other officers as the directors may from time to time designate. (2) An individual may hold more than one (1) office. (b) The officers shall hold their offices for a term of one (1) year or until successors are elected unless sooner removed by the board of directors. (c) The board shall require bonds of the officers as it shall deem proper and necessary to protect the funds of the state bank. Amended by Act 2017, No. 198,§ 8, eff. 8/1/2017. Acts 1997, No. 89, § 1.

(a) (1) A state bank shall have: (A) A president or chief executive officer, or both; (B) A secretary; and (C) Any other officers as the directors may from time to time designate. (2) An individual may hold more than one (1) office.

(1) A state bank shall have: (A) A president or chief executive officer, or both; (B) A secretary; and (C) Any other officers as the directors may from time to time designate.

(A) A president or chief executive officer, or both;

(B) A secretary; and

(C) Any other officers as the directors may from time to time designate.

(2) An individual may hold more than one (1) office.

(b) The officers shall hold their offices for a term of one (1) year or until successors are elected unless sooner removed by the board of directors.

(c) The board shall require bonds of the officers as it shall deem proper and necessary to protect the funds of the state bank.

Amended by Act 2017, No. 198,§ 8, eff. 8/1/2017.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-42-211 — AR Code / Title 23 / Chapter 42 / Subchapter 2 / Section 23-42-211
Disposition of fees
Status: in_force

(a) (1) There is created on the books of the Chief Fiscal Officer of the State, the Auditor of State, and the Treasurer of State a fund to be known as the "Securities Department Fund". (2) The Securities Department Fund shall be used for the maintenance, operation, support, and improvement of the State Securities Department in carrying out its functions, powers, and duties as set out by law and by rule not inconsistent with law. (3) The Securities Department Fund shall consist of those portions of fees designated for deposit into the Securities Department Fund under § 23-42-304(a)(2), (a)(4), and (a)(5) , § 23-42-404(b)(1) , and § 23-42-509(a) . (4) Notwithstanding subdivision (a)(3) of this section, at the end of each fiscal year, the Securities Commissioner shall transfer into the General Revenue Fund Account of the State Apportionment Fund any moneys in the Securities Department Fund that exceed the amount of the department's next fiscal-year budget. (b) The department is authorized to promulgate such rules necessary to administer the fees, rates, tolls, or charges for services established by this section and is directed to prescribe and collect such fees, rates, tolls, or charges for the services by the department in such manner as may be necessary to support the programs of the department as directed by the Governor and the General Assembly. Amended by Act 2019, No. 315,§ 2513, eff. 7/24/2019. Amended by Act 2019, No. 110,§ 2, eff. 7/24/2019. Amended by Act 2017, No. 668,§ 14, eff. 8/1/2017. Amended by Act 2013, No. 438,§ 2, eff. 7/1/2013. Acts 1959, No. 254, § 30; 1961, No. 248, § 10; 1973, No. 471, § 3; A.S.A. 1947, § 67-1262; Acts 1993, No. 659, §§ 1, 5; 1993, No. 850, §§ 1, 5; 2003, No. 759, § 1; 2009, No. 534, § 3; 2011, No. 294, § 8.

(a) (1) There is created on the books of the Chief Fiscal Officer of the State, the Auditor of State, and the Treasurer of State a fund to be known as the "Securities Department Fund". (2) The Securities Department Fund shall be used for the maintenance, operation, support, and improvement of the State Securities Department in carrying out its functions, powers, and duties as set out by law and by rule not inconsistent with law. (3) The Securities Department Fund shall consist of those portions of fees designated for deposit into the Securities Department Fund under § 23-42-304(a)(2), (a)(4), and (a)(5) , § 23-42-404(b)(1) , and § 23-42-509(a) . (4) Notwithstanding subdivision (a)(3) of this section, at the end of each fiscal year, the Securities Commissioner shall transfer into the General Revenue Fund Account of the State Apportionment Fund any moneys in the Securities Department Fund that exceed the amount of the department's next fiscal-year budget.

(1) There is created on the books of the Chief Fiscal Officer of the State, the Auditor of State, and the Treasurer of State a fund to be known as the "Securities Department Fund".

(2) The Securities Department Fund shall be used for the maintenance, operation, support, and improvement of the State Securities Department in carrying out its functions, powers, and duties as set out by law and by rule not inconsistent with law.

(3) The Securities Department Fund shall consist of those portions of fees designated for deposit into the Securities Department Fund under § 23-42-304(a)(2), (a)(4), and (a)(5) , § 23-42-404(b)(1) , and § 23-42-509(a) .

(4) Notwithstanding subdivision (a)(3) of this section, at the end of each fiscal year, the Securities Commissioner shall transfer into the General Revenue Fund Account of the State Apportionment Fund any moneys in the Securities Department Fund that exceed the amount of the department's next fiscal-year budget.

(b) The department is authorized to promulgate such rules necessary to administer the fees, rates, tolls, or charges for services established by this section and is directed to prescribe and collect such fees, rates, tolls, or charges for the services by the department in such manner as may be necessary to support the programs of the department as directed by the Governor and the General Assembly.

Amended by Act 2019, No. 315,§ 2513, eff. 7/24/2019.

Amended by Act 2019, No. 110,§ 2, eff. 7/24/2019.

Amended by Act 2017, No. 668,§ 14, eff. 8/1/2017.

Amended by Act 2013, No. 438,§ 2, eff. 7/1/2013.

Acts 1959, No. 254, § 30; 1961, No. 248, § 10; 1973, No. 471, § 3; A.S.A. 1947, § 67-1262; Acts 1993, No. 659, §§ 1, 5; 1993, No. 850, §§ 1, 5; 2003, No. 759, § 1; 2009, No. 534, § 3; 2011, No. 294, § 8.
Ark. Code Ann. § 23-13-303 — AR Code / Title 23 / Chapter 13 / Subchapter 3 / Section 23-13-303
Commencement of action before department
Status: in_force

(a) Upon any complaint in writing being made by any person, or by the Arkansas Department of Transportation on its own motion, setting forth any act or thing done or omitted to be done by any person in violation, or claimed violation, of any provision of § 23-13-102 or of any order or rule of the department, the department shall enter the complaint upon its docket. (b) (1) The department shall immediately serve a copy of the complaint upon each defendant, together with a notice directed to each defendant requiring that the matter complained of be answered in writing within ten (10) days of the date of service of the notice. (2) However, the department in its discretion may require particular cases to be answered within a shorter time, and the department for good cause shown may extend the time in which an answer may be filed. Amended by Act 2017, No. 707,§ 222, eff. 8/1/2017. Acts 1939, No. 315, § 5; A.S.A. 1947, § 73-1734.

(a) Upon any complaint in writing being made by any person, or by the Arkansas Department of Transportation on its own motion, setting forth any act or thing done or omitted to be done by any person in violation, or claimed violation, of any provision of § 23-13-102 or of any order or rule of the department, the department shall enter the complaint upon its docket.

(b) (1) The department shall immediately serve a copy of the complaint upon each defendant, together with a notice directed to each defendant requiring that the matter complained of be answered in writing within ten (10) days of the date of service of the notice. (2) However, the department in its discretion may require particular cases to be answered within a shorter time, and the department for good cause shown may extend the time in which an answer may be filed.

(1) The department shall immediately serve a copy of the complaint upon each defendant, together with a notice directed to each defendant requiring that the matter complained of be answered in writing within ten (10) days of the date of service of the notice.

(2) However, the department in its discretion may require particular cases to be answered within a shorter time, and the department for good cause shown may extend the time in which an answer may be filed.

Amended by Act 2017, No. 707,§ 222, eff. 8/1/2017.

Acts 1939, No. 315, § 5; A.S.A. 1947, § 73-1734.