Ark. Code Ann. § 23-69-114 — AR Code / Title 23 / Chapter 69 / Subchapter 1 / Section 23-69-114
Formation of nonlife mutual insurer - Applications for insurance
Status: in_force

(a) Upon receipt of the Insurance Commissioner's approval of the bond or deposit as provided in § 23-69-113 , the directors and officers of the proposed domestic mutual insurer may commence solicitation of the requisite applications for insurance policies as they may accept, and they may receive deposits of premiums thereon. (b) All applications shall be in writing signed by the applicant, covering subjects of insurance resident, located, or to be performed in this state. (c) All applications shall provide that: (1) Insurance of the policy is contingent upon the insurer's qualifying for and receiving a certificate of authority; (2) No insurance is in effect unless and until the certificate of authority has been issued; and (3) The prepaid premium or deposit, and membership or policy fee, if any, shall be refunded in full to the applicant if organization is not completed and the certificate of authority is not issued and received by the insurer before a specified reasonable date. The date shall be not later than one (1) year after the date of the certificate of incorporation. (d) All qualifying premiums collected shall be in cash. (e) (1) Solicitation for qualifying applications for insurance shall be by licensed agents of the corporation, and upon the corporation's application, the commissioner shall issue temporary agent's licenses expiring on the date specified pursuant to subdivision (c)(3) of this section to individuals qualified as for an agent's or producer's license except as to the taking or passing of an examination. (2) The commissioner may suspend or revoke any license for any of the causes and pursuant to the same procedures as are applicable to suspension or revocation of licenses of agents and producers in general under § 23-64-101 et seq., § 23-64-201 et seq., and the Producer Licensing Model Act, § 23-64-501 et seq. Acts 1959, No. 148, § 464; A.S.A. 1947, § 66-4212; Acts 2003, No. 1203, § 15.

(a) Upon receipt of the Insurance Commissioner's approval of the bond or deposit as provided in § 23-69-113 , the directors and officers of the proposed domestic mutual insurer may commence solicitation of the requisite applications for insurance policies as they may accept, and they may receive deposits of premiums thereon.

(b) All applications shall be in writing signed by the applicant, covering subjects of insurance resident, located, or to be performed in this state.

(c) All applications shall provide that: (1) Insurance of the policy is contingent upon the insurer's qualifying for and receiving a certificate of authority; (2) No insurance is in effect unless and until the certificate of authority has been issued; and (3) The prepaid premium or deposit, and membership or policy fee, if any, shall be refunded in full to the applicant if organization is not completed and the certificate of authority is not issued and received by the insurer before a specified reasonable date. The date shall be not later than one (1) year after the date of the certificate of incorporation.

(1) Insurance of the policy is contingent upon the insurer's qualifying for and receiving a certificate of authority;

(2) No insurance is in effect unless and until the certificate of authority has been issued; and

(3) The prepaid premium or deposit, and membership or policy fee, if any, shall be refunded in full to the applicant if organization is not completed and the certificate of authority is not issued and received by the insurer before a specified reasonable date. The date shall be not later than one (1) year after the date of the certificate of incorporation.

(d) All qualifying premiums collected shall be in cash.

(e) (1) Solicitation for qualifying applications for insurance shall be by licensed agents of the corporation, and upon the corporation's application, the commissioner shall issue temporary agent's licenses expiring on the date specified pursuant to subdivision (c)(3) of this section to individuals qualified as for an agent's or producer's license except as to the taking or passing of an examination. (2) The commissioner may suspend or revoke any license for any of the causes and pursuant to the same procedures as are applicable to suspension or revocation of licenses of agents and producers in general under § 23-64-101 et seq., § 23-64-201 et seq., and the Producer Licensing Model Act, § 23-64-501 et seq.

(1) Solicitation for qualifying applications for insurance shall be by licensed agents of the corporation, and upon the corporation's application, the commissioner shall issue temporary agent's licenses expiring on the date specified pursuant to subdivision (c)(3) of this section to individuals qualified as for an agent's or producer's license except as to the taking or passing of an examination.

(2) The commissioner may suspend or revoke any license for any of the causes and pursuant to the same procedures as are applicable to suspension or revocation of licenses of agents and producers in general under § 23-64-101 et seq., § 23-64-201 et seq., and the Producer Licensing Model Act, § 23-64-501 et seq.

Acts 1959, No. 148, § 464; A.S.A. 1947, § 66-4212; Acts 2003, No. 1203, § 15.
Ark. Code Ann. § 23-66-602 — AR Code / Title 23 / Chapter 66 / Subchapter 6 / Section 23-66-602
Purpose
Status: in_force

The purpose of this subchapter is to regulate the business of insurance and protect the interests of insurance consumers. Acts 1997, No. 900, § 2; 2001, No. 1728, § 3.

The purpose of this subchapter is to regulate the business of insurance and protect the interests of insurance consumers.

Acts 1997, No. 900, § 2; 2001, No. 1728, § 3.
Ark. Code Ann. § 23-4-305 — AR Code / Title 23 / Chapter 4 / Subchapter 3 / Section 23-4-305
Powers and duties
Status: in_force

The Consumer Utilities Rate Advocacy Division shall represent the state, its subdivisions, and all classes of Arkansas utility rate payers and shall have the following functions, powers, and duties: (1) To provide effective and aggressive representation for the people of Arkansas in hearings before the Arkansas Public Service Commission and other state and federal courts or agencies concerning utility-related matters; (2) To disseminate information to all classes of rate payers concerning pertinent energy-related concepts; and (3) To advocate the holding of utility rates to the lowest reasonable level. Acts 1981 (Ex. Sess.), No. 39, § 4; A.S.A. 1947, § 73-217n.

The Consumer Utilities Rate Advocacy Division shall represent the state, its subdivisions, and all classes of Arkansas utility rate payers and shall have the following functions, powers, and duties:

(1) To provide effective and aggressive representation for the people of Arkansas in hearings before the Arkansas Public Service Commission and other state and federal courts or agencies concerning utility-related matters;

(2) To disseminate information to all classes of rate payers concerning pertinent energy-related concepts; and

(3) To advocate the holding of utility rates to the lowest reasonable level.

Acts 1981 (Ex. Sess.), No. 39, § 4; A.S.A. 1947, § 73-217n.
Ark. Code Ann. § 23-46-305 — AR Code / Title 23 / Chapter 46 / Subchapter 3 / Section 23-46-305
Applications
Status: in_force

(a) All applications which the State Banking Board is empowered to consider for approval or disapproval shall, as soon as practicable, be submitted by the Bank Commissioner to the board for consideration at a regular meeting of the board or at a special meeting called for the purpose thereof. (b) Applications of the types described in § 23-46-304(a)(1) -(4) must demonstrate that the applicant has the minimum amount of capital that the commissioner may require. Acts 1997, No. 89, § 1.

(a) All applications which the State Banking Board is empowered to consider for approval or disapproval shall, as soon as practicable, be submitted by the Bank Commissioner to the board for consideration at a regular meeting of the board or at a special meeting called for the purpose thereof.

(b) Applications of the types described in § 23-46-304(a)(1) -(4) must demonstrate that the applicant has the minimum amount of capital that the commissioner may require.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-17-231 — AR Code / Title 23 / Chapter 17 / Subchapter 2 / Section 23-17-231
Mortgage, pledge, or other disposition of property
Status: in_force

(a) The board of directors of a cooperative shall have full power and authority, without authorization by the members thereof, to authorize the execution and delivery of leases, mortgages, or deeds of trust of, or by pledge or encumbering of, any or all of the property, assets, rights, privileges, licenses, franchises, and permits of the cooperative whether already acquired or to be acquired, and wherever situated, as well as the revenues thereof, all upon such terms and conditions as the board of directors shall determine, to secure any indebtedness of the cooperative to the United States or any agency or instrumentality thereof or to acquire another cooperative formed and operated under this subchapter. (b) A cooperative may not sell or otherwise dispose of all or a substantial portion of its property unless the sale or other disposition is authorized by the affirmative vote of not less than two-thirds (2/3) of all the members of the cooperative. Acts 1951, No. 51, § 33; A.S.A. 1947, § 77-1633; Acts 1997, No. 316, § 11; 1999, No. 946, § 11.

(a) The board of directors of a cooperative shall have full power and authority, without authorization by the members thereof, to authorize the execution and delivery of leases, mortgages, or deeds of trust of, or by pledge or encumbering of, any or all of the property, assets, rights, privileges, licenses, franchises, and permits of the cooperative whether already acquired or to be acquired, and wherever situated, as well as the revenues thereof, all upon such terms and conditions as the board of directors shall determine, to secure any indebtedness of the cooperative to the United States or any agency or instrumentality thereof or to acquire another cooperative formed and operated under this subchapter.

(b) A cooperative may not sell or otherwise dispose of all or a substantial portion of its property unless the sale or other disposition is authorized by the affirmative vote of not less than two-thirds (2/3) of all the members of the cooperative.

Acts 1951, No. 51, § 33; A.S.A. 1947, § 77-1633; Acts 1997, No. 316, § 11; 1999, No. 946, § 11.
Ark. Code Ann. § 23-12-601 — AR Code / Title 23 / Chapter 12 / Subchapter 6 / Section 23-12-601
Trains to run on regular schedule - Accommodations for passengers - Damages for noncompliance
Status: in_force

(a) Every railroad corporation shall start and run their cars for the transportation of passengers and property at regular times, to be fixed by public notice. (b) (1) Every railroad corporation shall furnish sufficient accommodations for the transportation of all passengers and property as shall, within a reasonable time previous thereto, offer or be offered for transportation at the place of starting and the junctions of other railroads, and at sidings and stopping places established for receiving and discharging way passengers and freight. (2) The railroad corporation shall take, transport, and discharge such passengers and property at, from, and to such places on the due payment of tolls, freight, or fare legally authorized therefor. (c) In case of the refusal of the corporation, or its agents, to take and transport any passenger or property or to deliver the passenger or property, or either of them, at the regular or appointed time, the corporation shall pay to the party aggrieved all damages which shall be sustained thereby, with the costs of suit. Acts 1868, No. 71, §§ 31, 32, p. 290; C. & M. Dig., §§ 846, 847; Pope's Dig., §§ 1050, 1051; A.S.A. 1947, §§ 73-801, 73-802.

(a) Every railroad corporation shall start and run their cars for the transportation of passengers and property at regular times, to be fixed by public notice.

(b) (1) Every railroad corporation shall furnish sufficient accommodations for the transportation of all passengers and property as shall, within a reasonable time previous thereto, offer or be offered for transportation at the place of starting and the junctions of other railroads, and at sidings and stopping places established for receiving and discharging way passengers and freight. (2) The railroad corporation shall take, transport, and discharge such passengers and property at, from, and to such places on the due payment of tolls, freight, or fare legally authorized therefor.

(1) Every railroad corporation shall furnish sufficient accommodations for the transportation of all passengers and property as shall, within a reasonable time previous thereto, offer or be offered for transportation at the place of starting and the junctions of other railroads, and at sidings and stopping places established for receiving and discharging way passengers and freight.

(2) The railroad corporation shall take, transport, and discharge such passengers and property at, from, and to such places on the due payment of tolls, freight, or fare legally authorized therefor.

(c) In case of the refusal of the corporation, or its agents, to take and transport any passenger or property or to deliver the passenger or property, or either of them, at the regular or appointed time, the corporation shall pay to the party aggrieved all damages which shall be sustained thereby, with the costs of suit.

Acts 1868, No. 71, §§ 31, 32, p. 290; C. & M. Dig., §§ 846, 847; Pope's Dig., §§ 1050, 1051; A.S.A. 1947, §§ 73-801, 73-802.
Ark. Code Ann. § 23-61-608 — AR Code / Title 23 / Chapter 61 / Subchapter 6 / Section 23-61-608
Advice and assistance for certain political subdivisions
Status: in_force

(a) At the request of any municipality, county, school district, or improvement district, the risk manager may give advice and assistance on the purchase of insurance coverage and other risk management techniques. (b) However, counties, municipalities, school districts, and improvement districts may be required to reimburse the State Insurance Department for expenses incurred by providing the assistance. Reimbursements shall not include salary and benefit expenses for full-time state employees. (c) The reimbursements shall be deposited into the State Treasury as nonrevenue receipts refund to expenditures. (d) This section shall only be used in the event that budgetary constraint dictates this action to prevent undue fiscal hardships on the department. Acts 1981, No. 272, § 13; 1983, No. 522, § 43; A.S.A. 1947, § 66-5713.

(a) At the request of any municipality, county, school district, or improvement district, the risk manager may give advice and assistance on the purchase of insurance coverage and other risk management techniques.

(b) However, counties, municipalities, school districts, and improvement districts may be required to reimburse the State Insurance Department for expenses incurred by providing the assistance. Reimbursements shall not include salary and benefit expenses for full-time state employees.

(c) The reimbursements shall be deposited into the State Treasury as nonrevenue receipts refund to expenditures.

(d) This section shall only be used in the event that budgetary constraint dictates this action to prevent undue fiscal hardships on the department.

Acts 1981, No. 272, § 13; 1983, No. 522, § 43; A.S.A. 1947, § 66-5713.
Ark. Code Ann. § 23-97-311 — AR Code / Title 23 / Chapter 97 / Subchapter 3 / Section 23-97-311
Right to return - Free look
Status: in_force

(a) Long-term care insurance applicants shall have the right to return the policy or certificate within thirty (30) days of its delivery and to have the premium refunded if after examination of the policy or certificate the applicant is not satisfied for any reason. (b) Long-term care insurance policies and certificates shall contain a notice prominently printed on or attached to the first page stating in substance that the applicant shall have the right to return the policy or certificate within thirty (30) days of its delivery and to have the premium refunded if after examination of the policy or certificate the applicant is not satisfied for any reason. (c) If an application is denied, the issuer shall refund to the applicant any premium and any other fee paid by the applicant to apply within thirty (30) days of the denial. Acts 2005, No. 1697, § 31.

(a) Long-term care insurance applicants shall have the right to return the policy or certificate within thirty (30) days of its delivery and to have the premium refunded if after examination of the policy or certificate the applicant is not satisfied for any reason.

(b) Long-term care insurance policies and certificates shall contain a notice prominently printed on or attached to the first page stating in substance that the applicant shall have the right to return the policy or certificate within thirty (30) days of its delivery and to have the premium refunded if after examination of the policy or certificate the applicant is not satisfied for any reason.

(c) If an application is denied, the issuer shall refund to the applicant any premium and any other fee paid by the applicant to apply within thirty (30) days of the denial.

Acts 2005, No. 1697, § 31.
Ark. Code Ann. § 23-85-106 — AR Code / Title 23 / Chapter 85 / Section 23-85-106
Entire contract and changes provision
Status: in_force

There shall be a provision as follows: "Entire Contract; Changes: This policy, including the endorsements and the attached papers, if any, constitutes the entire contract of insurance. No change in this policy shall be valid until approved by an executive officer of the insurer and unless such approval be endorsed hereon or attached hereto. No agent has authority to change this policy or to waive any of its provisions." Acts 1959, No. 148, § 389; A.S.A. 1947, § 66-3604.

There shall be a provision as follows:

"Entire Contract; Changes: This policy, including the endorsements and the attached papers, if any, constitutes the entire contract of insurance. No change in this policy shall be valid until approved by an executive officer of the insurer and unless such approval be endorsed hereon or attached hereto. No agent has authority to change this policy or to waive any of its provisions."

Acts 1959, No. 148, § 389; A.S.A. 1947, § 66-3604.
Ark. Code Ann. § 23-115-308 — AR Code / Title 23 / Chapter 115 / Subchapter 3 / Section 23-115-308
Participation in Arkansas Administrative Statewide Information System
Status: in_force

(a) The Office of the Arkansas Lottery may participate in the Arkansas Administrative Statewide Information System. (b) The Department of Finance and Administration shall be reimbursed under § 23-115-201 for services it provides to the office under subsection (a) of this section. Amended by Act 2015, No. 218,§ 25, eff. 2/26/2015. Acts 2009, No. 1405, § 55.

(a) The Office of the Arkansas Lottery may participate in the Arkansas Administrative Statewide Information System.

(b) The Department of Finance and Administration shall be reimbursed under § 23-115-201 for services it provides to the office under subsection (a) of this section.

Amended by Act 2015, No. 218,§ 25, eff. 2/26/2015.

Acts 2009, No. 1405, § 55.
Ark. Code Ann. § 23-48-906 — AR Code / Title 23 / Chapter 48 / Subchapter 9 / Section 23-48-906
Powers - Additional branches
Status: in_force

(a) An out-of-state state-chartered bank which establishes and maintains one (1) or more branches in Arkansas under this subchapter may conduct any activities at such branch or branches which are authorized under the laws of Arkansas for state banks. (b) A state bank may conduct any activities at any branch outside Arkansas which are permissible for a bank chartered by the host state in which the branch is located, provided that the Bank Commissioner may prohibit any state bank from engaging in any activity not expressly allowed by the Arkansas Banking Code of 1997 if the commissioner determines, by order or rule, that the involvement of out-of-state branches of state banks in such activities would threaten the safety or soundness of state banks. Amended by Act 2019, No. 315,§ 2552, eff. 7/24/2019. Acts 1997, No. 408, § 20; 2011, No. 796, § 4.

(a) An out-of-state state-chartered bank which establishes and maintains one (1) or more branches in Arkansas under this subchapter may conduct any activities at such branch or branches which are authorized under the laws of Arkansas for state banks.

(b) A state bank may conduct any activities at any branch outside Arkansas which are permissible for a bank chartered by the host state in which the branch is located, provided that the Bank Commissioner may prohibit any state bank from engaging in any activity not expressly allowed by the Arkansas Banking Code of 1997 if the commissioner determines, by order or rule, that the involvement of out-of-state branches of state banks in such activities would threaten the safety or soundness of state banks.

Amended by Act 2019, No. 315,§ 2552, eff. 7/24/2019.

Acts 1997, No. 408, § 20; 2011, No. 796, § 4.
Ark. Code Ann. § 23-13-218 — AR Code / Title 23 / Chapter 13 / Subchapter 2 / Section 23-13-218
Certificate of public convenience and necessity - Requirement
Status: in_force

No common carrier by motor vehicle subject to the provisions of this subchapter shall engage in any operation on any public highway in this state unless there is in force with respect to such a carrier a certificate of public convenience and necessity issued by the Arkansas Department of Transportation authorizing such an operation. Amended by Act 2017, No. 707,§ 194, eff. 8/1/2017. Acts 1955, No. 397, § 8; A.S.A. 1947, § 73-1761.

No common carrier by motor vehicle subject to the provisions of this subchapter shall engage in any operation on any public highway in this state unless there is in force with respect to such a carrier a certificate of public convenience and necessity issued by the Arkansas Department of Transportation authorizing such an operation.

Amended by Act 2017, No. 707,§ 194, eff. 8/1/2017.

Acts 1955, No. 397, § 8; A.S.A. 1947, § 73-1761.
Ark. Code Ann. § 23-11-202 — AR Code / Title 23 / Chapter 11 / Subchapter 2 / Section 23-11-202
Definitions
Status: in_force

(a) For purposes of this subchapter, unless the context otherwise requires: (1) "Department" means the Arkansas Department of Transportation or such other department as may be created or established for the purpose of regulation of common carriers in the State of Arkansas; and (2) "Railroad corporation" shall be deemed to include all corporations having as an object or purpose the operation, upon rails or any similar device, of rolling stock, railroad cars, engines, locomotives, motor cars, and other equipment of all types designed or intended to be operated upon rails; where such operation involves the movement or transportation of persons, goods, or property belonging to or being transported to or from any other person, firm, or corporation, and a charge, tariff, or levy is exacted as payment, reimbursement, or compensation for the movement or transportation; and where the source of power or means of locomotion is transmitted through or provided by an engine, locomotive, or other mechanical or electrical device moving or operating or designed to move upon rails or similar devices. (b) The provisions of this subchapter shall not apply to the transportation of passengers by rail in scenic or excursion type service. Any individual, corporation, limited liability company, partnership or association providing such a service shall be exempt from the jurisdiction of the department, provided that the operations are subject to the safety regulations and jurisdiction of the Federal Railroad Administration. Amended by Act 2017, No. 707,§ 156, eff. 8/1/2017. Acts 1959, No. 30, § 2; A.S.A. 1947, § 73-301.2; Acts 1997, No. 1187, § 8.

(a) For purposes of this subchapter, unless the context otherwise requires: (1) "Department" means the Arkansas Department of Transportation or such other department as may be created or established for the purpose of regulation of common carriers in the State of Arkansas; and (2) "Railroad corporation" shall be deemed to include all corporations having as an object or purpose the operation, upon rails or any similar device, of rolling stock, railroad cars, engines, locomotives, motor cars, and other equipment of all types designed or intended to be operated upon rails; where such operation involves the movement or transportation of persons, goods, or property belonging to or being transported to or from any other person, firm, or corporation, and a charge, tariff, or levy is exacted as payment, reimbursement, or compensation for the movement or transportation; and where the source of power or means of locomotion is transmitted through or provided by an engine, locomotive, or other mechanical or electrical device moving or operating or designed to move upon rails or similar devices.

(1) "Department" means the Arkansas Department of Transportation or such other department as may be created or established for the purpose of regulation of common carriers in the State of Arkansas; and

(2) "Railroad corporation" shall be deemed to include all corporations having as an object or purpose the operation, upon rails or any similar device, of rolling stock, railroad cars, engines, locomotives, motor cars, and other equipment of all types designed or intended to be operated upon rails; where such operation involves the movement or transportation of persons, goods, or property belonging to or being transported to or from any other person, firm, or corporation, and a charge, tariff, or levy is exacted as payment, reimbursement, or compensation for the movement or transportation; and where the source of power or means of locomotion is transmitted through or provided by an engine, locomotive, or other mechanical or electrical device moving or operating or designed to move upon rails or similar devices.

(b) The provisions of this subchapter shall not apply to the transportation of passengers by rail in scenic or excursion type service. Any individual, corporation, limited liability company, partnership or association providing such a service shall be exempt from the jurisdiction of the department, provided that the operations are subject to the safety regulations and jurisdiction of the Federal Railroad Administration.

Amended by Act 2017, No. 707,§ 156, eff. 8/1/2017.

Acts 1959, No. 30, § 2; A.S.A. 1947, § 73-301.2; Acts 1997, No. 1187, § 8.
Ark. Code Ann. § 23-48-307 — AR Code / Title 23 / Chapter 48 / Subchapter 3 / Section 23-48-307
Objects and method of charter amendment
Status: in_force

(a) Any state bank, through amendment to its articles of incorporation, may from time to time do the following, which shall be in addition to all things it may otherwise do through amendment under the Arkansas Banking Code of 1997: (1) Change its corporate name; (2) Change, enlarge, or diminish its corporate purposes, in accordance with the applicable state law; (3) Increase or decrease its authorized capital stock, subject to the limitations and in the manner set out in § 23-48-311 ; (4) Effect splits of its shares or a distribution of some portion of its assets, other than cash or its own stock; and (5) Effect any fundamental change in its corporate affairs which may be accomplished by charter amendment under any other statute of Arkansas. (b) Articles of incorporation of a state bank may be amended at any annual or special meeting of the stockholders. (c) Except as provided in § 23-48-313(a)(1)(C) , unless a greater percentage of votes is required in the articles of incorporation for an amendment of any provision of the articles of incorporation, an amendment to the articles of incorporation may be adopted on the affirmative vote of the owners of a simple majority of each class of stock entitled to vote on the proposed amendment. Amended by Act 2017, No. 548,§ 2, eff. 3/21/2017. Acts 1997, No. 89, § 1.

(a) Any state bank, through amendment to its articles of incorporation, may from time to time do the following, which shall be in addition to all things it may otherwise do through amendment under the Arkansas Banking Code of 1997: (1) Change its corporate name; (2) Change, enlarge, or diminish its corporate purposes, in accordance with the applicable state law; (3) Increase or decrease its authorized capital stock, subject to the limitations and in the manner set out in § 23-48-311 ; (4) Effect splits of its shares or a distribution of some portion of its assets, other than cash or its own stock; and (5) Effect any fundamental change in its corporate affairs which may be accomplished by charter amendment under any other statute of Arkansas.

(1) Change its corporate name;

(2) Change, enlarge, or diminish its corporate purposes, in accordance with the applicable state law;

(3) Increase or decrease its authorized capital stock, subject to the limitations and in the manner set out in § 23-48-311 ;

(4) Effect splits of its shares or a distribution of some portion of its assets, other than cash or its own stock; and

(5) Effect any fundamental change in its corporate affairs which may be accomplished by charter amendment under any other statute of Arkansas.

(b) Articles of incorporation of a state bank may be amended at any annual or special meeting of the stockholders.

(c) Except as provided in § 23-48-313(a)(1)(C) , unless a greater percentage of votes is required in the articles of incorporation for an amendment of any provision of the articles of incorporation, an amendment to the articles of incorporation may be adopted on the affirmative vote of the owners of a simple majority of each class of stock entitled to vote on the proposed amendment.

Amended by Act 2017, No. 548,§ 2, eff. 3/21/2017.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-63-804 — AR Code / Title 23 / Chapter 63 / Subchapter 8 / Section 23-63-804
Authorization of investment
Status: in_force

(a) An insurer shall not make any investment or loan, other than policy loans or annuity contract loans of a life insurer, unless the insurer is authorized or approved by the insurer's board of directors or by a committee authorized by the board and charged with the supervision or making of the investment or loan. (b) The minutes of the committee shall be recorded, and regular reports of the committee shall be submitted to the board of directors. Acts 1959, No. 148, § 100; A.S.A. 1947, § 66-2604.

(a) An insurer shall not make any investment or loan, other than policy loans or annuity contract loans of a life insurer, unless the insurer is authorized or approved by the insurer's board of directors or by a committee authorized by the board and charged with the supervision or making of the investment or loan.

(b) The minutes of the committee shall be recorded, and regular reports of the committee shall be submitted to the board of directors.

Acts 1959, No. 148, § 100; A.S.A. 1947, § 66-2604.
Ark. Code Ann. § 23-93-109 — AR Code / Title 23 / Chapter 93 / Subchapter 1 / Section 23-93-109
Right to rescind contracts
Status: in_force

For a seven-day period beginning on the date a provider receives any payment from a prospective resident, a prospective resident shall have the right to rescind any contractual obligation into which he or she has entered and receive a full refund of any moneys transferred to the provider. Acts 1987, No. 329, § 6.

For a seven-day period beginning on the date a provider receives any payment from a prospective resident, a prospective resident shall have the right to rescind any contractual obligation into which he or she has entered and receive a full refund of any moneys transferred to the provider.

Acts 1987, No. 329, § 6.
Ark. Code Ann. § 23-66-512 — AR Code / Title 23 / Chapter 66 / Subchapter 5 / Section 23-66-512
Penalties
Status: in_force

A person who violates this subchapter is subject to the following: (1) (A) Suspension or revocation of license, civil penalties of up to ten thousand dollars ($10,000) per violation, or both. (B) Suspension or revocation of license and imposition of civil penalties shall be pursuant to an order of the Insurance Commissioner issued under § 23-61-301 et seq. (C) The commissioner's order may require a person found to be in violation of this subchapter to make restitution to persons aggrieved by violations of this subchapter; (2) (A) A person convicted of a violation of § 23-66-502 by a court of competent jurisdiction shall be guilty of a Class D felony. (B) A person convicted of a violation of § 23-66-502 shall be ordered to pay restitution to persons aggrieved by the violation of this subchapter. (C) Restitution shall be ordered in addition to a fine or imprisonment; and (3) A person convicted of a felony violation of this subchapter pursuant to subdivision (2) of this section shall be disqualified from engaging in the business of insurance. Acts 1997, No. 217, § 1.

A person who violates this subchapter is subject to the following:

(1) (A) Suspension or revocation of license, civil penalties of up to ten thousand dollars ($10,000) per violation, or both. (B) Suspension or revocation of license and imposition of civil penalties shall be pursuant to an order of the Insurance Commissioner issued under § 23-61-301 et seq. (C) The commissioner's order may require a person found to be in violation of this subchapter to make restitution to persons aggrieved by violations of this subchapter;

(A) Suspension or revocation of license, civil penalties of up to ten thousand dollars ($10,000) per violation, or both.

(B) Suspension or revocation of license and imposition of civil penalties shall be pursuant to an order of the Insurance Commissioner issued under § 23-61-301 et seq.

(C) The commissioner's order may require a person found to be in violation of this subchapter to make restitution to persons aggrieved by violations of this subchapter;

(2) (A) A person convicted of a violation of § 23-66-502 by a court of competent jurisdiction shall be guilty of a Class D felony. (B) A person convicted of a violation of § 23-66-502 shall be ordered to pay restitution to persons aggrieved by the violation of this subchapter. (C) Restitution shall be ordered in addition to a fine or imprisonment; and

(A) A person convicted of a violation of § 23-66-502 by a court of competent jurisdiction shall be guilty of a Class D felony.

(B) A person convicted of a violation of § 23-66-502 shall be ordered to pay restitution to persons aggrieved by the violation of this subchapter.

(C) Restitution shall be ordered in addition to a fine or imprisonment; and

(3) A person convicted of a felony violation of this subchapter pursuant to subdivision (2) of this section shall be disqualified from engaging in the business of insurance.

Acts 1997, No. 217, § 1.
Ark. Code Ann. § 23-61-902 — AR Code / Title 23 / Chapter 61 / Subchapter 9 / Section 23-61-902
Legislative intent and purpose
Status: in_force

(a) It is the intent of the General Assembly to create and maintain an informative source of healthcare information to support consumers, researchers, and policymakers in healthcare decisions within the state, including decisions by the State Insurance Department to regulate the business of insurance in this state. (b) The purpose of this subchapter is to: (1) Empower Arkansans to drive, deliver, and seek out value in the healthcare system; (2) Create the Arkansas Healthcare Transparency Initiative; (3) Establish governance of the Arkansas Healthcare Transparency Initiative; (4) Provide authority to collect healthcare information from insurance carriers and other entities; and (5) Establish appropriate methods for collecting, maintaining, and reporting healthcare information, including privacy and security safeguards. Amended by Act 2017, No. 979,§ 2, eff. 8/1/2017. Added by Act 2015, No. 1233,§ 1, eff. 4/7/2015.

(a) It is the intent of the General Assembly to create and maintain an informative source of healthcare information to support consumers, researchers, and policymakers in healthcare decisions within the state, including decisions by the State Insurance Department to regulate the business of insurance in this state.

(b) The purpose of this subchapter is to: (1) Empower Arkansans to drive, deliver, and seek out value in the healthcare system; (2) Create the Arkansas Healthcare Transparency Initiative; (3) Establish governance of the Arkansas Healthcare Transparency Initiative; (4) Provide authority to collect healthcare information from insurance carriers and other entities; and (5) Establish appropriate methods for collecting, maintaining, and reporting healthcare information, including privacy and security safeguards.

(1) Empower Arkansans to drive, deliver, and seek out value in the healthcare system;

(2) Create the Arkansas Healthcare Transparency Initiative;

(3) Establish governance of the Arkansas Healthcare Transparency Initiative;

(4) Provide authority to collect healthcare information from insurance carriers and other entities; and

(5) Establish appropriate methods for collecting, maintaining, and reporting healthcare information, including privacy and security safeguards.

Amended by Act 2017, No. 979,§ 2, eff. 8/1/2017.

Added by Act 2015, No. 1233,§ 1, eff. 4/7/2015.
Ark. Code Ann. § 23-113-601 — AR Code / Title 23 / Chapter 113 / Subchapter 6 / Section 23-113-601
Duty to maintain records
Status: in_force

A franchise holder operating electronic games of skill and conducting wagering thereon under this chapter shall keep a complete set of books and records as necessary to show fully the activities and transactions of the franchise holder with respect to the operations and wagering conducted in accordance with this chapter, and the Arkansas Racing Commission shall have reasonable access to the books and records in order to verify compliance with the provisions of this chapter and the rules of the commission. Amended by Act 2019, No. 315,§ 2840, eff. 7/24/2019. Acts 2005, No. 1151, § 1.

A franchise holder operating electronic games of skill and conducting wagering thereon under this chapter shall keep a complete set of books and records as necessary to show fully the activities and transactions of the franchise holder with respect to the operations and wagering conducted in accordance with this chapter, and the Arkansas Racing Commission shall have reasonable access to the books and records in order to verify compliance with the provisions of this chapter and the rules of the commission.

Amended by Act 2019, No. 315,§ 2840, eff. 7/24/2019.

Acts 2005, No. 1151, § 1.
Ark. Code Ann. § 23-45-105 — AR Code / Title 23 / Chapter 45 / Section 23-45-105
Headings
Status: in_force

The headings and captions contained in this chapter are for convenience only, do not constitute any part of the statutes composing this code, and shall not be used in construing or interpreting the Arkansas Banking Code of 1997. Acts 1997, No. 89, § 1.

The headings and captions contained in this chapter are for convenience only, do not constitute any part of the statutes composing this code, and shall not be used in construing or interpreting the Arkansas Banking Code of 1997.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-4-409 — AR Code / Title 23 / Chapter 4 / Subchapter 4 / Section 23-4-409
Rate increase not effective until final order
Status: in_force

Unless the Arkansas Public Service Commission finds an immediate and impelling necessity exists as provided in § 23-4-408 , or fails to enter a timely order as provided in § 23-4-411 , no public utility shall place any rate increase into effect until a final decision and order is made by the commission. Acts 1935, No. 324, § 18; Pope's Dig., § 2081; Acts 1955, No. 31, § 1; 1975 (Extended Sess., 1976), No. 1181, § 1; 1980 (2nd Ex. Sess.), No. 4, § 1; 1981 (Ex. Sess.), No. 30, § 1; 1985, No. 523, § 1; A.S.A. 1947, § 73-217; reen. Acts 1987, No. 994, § 1.

Unless the Arkansas Public Service Commission finds an immediate and impelling necessity exists as provided in § 23-4-408 , or fails to enter a timely order as provided in § 23-4-411 , no public utility shall place any rate increase into effect until a final decision and order is made by the commission.

Acts 1935, No. 324, § 18; Pope's Dig., § 2081; Acts 1955, No. 31, § 1; 1975 (Extended Sess., 1976), No. 1181, § 1; 1980 (2nd Ex. Sess.), No. 4, § 1; 1981 (Ex. Sess.), No. 30, § 1; 1985, No. 523, § 1; A.S.A. 1947, § 73-217; reen. Acts 1987, No. 994, § 1.
Ark. Code Ann. § 23-88-303 — AR Code / Title 23 / Chapter 88 / Subchapter 3 / Section 23-88-303
Arkansas Rural Risk Underwriting Association - Plan of property insurance
Status: in_force

(a) (1) All insurers licensed to transact property insurance, as defined in § 23-62-104 , shall become members of the Arkansas Rural Risk Underwriting Association. (2) For the purposes of this section, farmers' mutual aid associations or companies are insurers and are subject to the assessments and other requirements imposed on insurers under this section. (b) This association or company shall provide a plan of property insurance to insurable rural risk applicants. Rural risk applicants are those applicants seeking insurance on risks located in geographic areas to be determined "rural areas" by the governing board, subject to the approval of the Insurance Commissioner. Acts 1985 (1st Ex. Sess.), No. 25, § 3; A.S.A. 1947, § 66-6103; Acts 2005, No. 2004, § 5.

(a) (1) All insurers licensed to transact property insurance, as defined in § 23-62-104 , shall become members of the Arkansas Rural Risk Underwriting Association. (2) For the purposes of this section, farmers' mutual aid associations or companies are insurers and are subject to the assessments and other requirements imposed on insurers under this section.

(1) All insurers licensed to transact property insurance, as defined in § 23-62-104 , shall become members of the Arkansas Rural Risk Underwriting Association.

(2) For the purposes of this section, farmers' mutual aid associations or companies are insurers and are subject to the assessments and other requirements imposed on insurers under this section.

(b) This association or company shall provide a plan of property insurance to insurable rural risk applicants. Rural risk applicants are those applicants seeking insurance on risks located in geographic areas to be determined "rural areas" by the governing board, subject to the approval of the Insurance Commissioner.

Acts 1985 (1st Ex. Sess.), No. 25, § 3; A.S.A. 1947, § 66-6103; Acts 2005, No. 2004, § 5.
Ark. Code Ann. § 23-81-808 — AR Code / Title 23 / Chapter 81 / Subchapter 8 / Section 23-81-808
Advertising
Status: in_force

(a) (1) A broker or provider licensed pursuant to this subchapter may conduct or participate in advertisements within this state. (2) Advertisements shall comply with all advertising and marketing laws or rules promulgated by the Insurance Commissioner that are applicable to life insurers or to brokers and providers licensed pursuant to this subchapter. (b) Advertisements shall be accurate, truthful, and not misleading in fact or by implication. (c) A person or trust shall not: (1) Directly or indirectly market, advertise, solicit, or otherwise promote the purchase of a policy for the sole purpose of or with an emphasis on settling the policy; or (2) Use the words "free", "no cost", or words of similar import in the marketing, advertising, soliciting, or otherwise promoting of the purchase of a policy. Acts 2009, No. 796, § 1.

(a) (1) A broker or provider licensed pursuant to this subchapter may conduct or participate in advertisements within this state. (2) Advertisements shall comply with all advertising and marketing laws or rules promulgated by the Insurance Commissioner that are applicable to life insurers or to brokers and providers licensed pursuant to this subchapter.

(1) A broker or provider licensed pursuant to this subchapter may conduct or participate in advertisements within this state.

(2) Advertisements shall comply with all advertising and marketing laws or rules promulgated by the Insurance Commissioner that are applicable to life insurers or to brokers and providers licensed pursuant to this subchapter.

(b) Advertisements shall be accurate, truthful, and not misleading in fact or by implication.

(c) A person or trust shall not: (1) Directly or indirectly market, advertise, solicit, or otherwise promote the purchase of a policy for the sole purpose of or with an emphasis on settling the policy; or (2) Use the words "free", "no cost", or words of similar import in the marketing, advertising, soliciting, or otherwise promoting of the purchase of a policy.

(1) Directly or indirectly market, advertise, solicit, or otherwise promote the purchase of a policy for the sole purpose of or with an emphasis on settling the policy; or

(2) Use the words "free", "no cost", or words of similar import in the marketing, advertising, soliciting, or otherwise promoting of the purchase of a policy.

Acts 2009, No. 796, § 1.
Ark. Code Ann. § 23-35-606 — AR Code / Title 23 / Chapter 35 / Subchapter 6 / Section 23-35-606
Inability to contact members - Transfer of funds to reserves
Status: in_force

(a) (1) If a credit union is unable to contact a member, beneficiary, or other person by first class mail at the last address shown on the records of the credit union, and if such inability continues for a period of more than three (3) years, then all shares, accounts, dividends, interest, and other sums due to or standing in the name of the member, beneficiary, or other person may, by action of the board of directors of the credit union, be credited to accounts payable, and thereafter no dividends or interest will accrue thereto. (2) The member shall have the right to reclaim any such sums by proper judicial proceedings commenced within an additional four (4) years after the action by the board. (b) This section shall not apply to shares, accounts, dividends, interest, and other sums due to or standing in the name of two (2) or more persons unless the credit union is unable to contact any of those persons in the manner and during the period specified in this section. (c) Nothing contained in this section shall exempt a credit union from the Arkansas Uniform Unclaimed Property Act, § 18-28-201 et seq. Acts 1971, No. 132, § 24; 1975, No. 530, § 16; 1985, No. 936, § 14; A.S.A. 1947, § 67-924.

(a) (1) If a credit union is unable to contact a member, beneficiary, or other person by first class mail at the last address shown on the records of the credit union, and if such inability continues for a period of more than three (3) years, then all shares, accounts, dividends, interest, and other sums due to or standing in the name of the member, beneficiary, or other person may, by action of the board of directors of the credit union, be credited to accounts payable, and thereafter no dividends or interest will accrue thereto. (2) The member shall have the right to reclaim any such sums by proper judicial proceedings commenced within an additional four (4) years after the action by the board.

(1) If a credit union is unable to contact a member, beneficiary, or other person by first class mail at the last address shown on the records of the credit union, and if such inability continues for a period of more than three (3) years, then all shares, accounts, dividends, interest, and other sums due to or standing in the name of the member, beneficiary, or other person may, by action of the board of directors of the credit union, be credited to accounts payable, and thereafter no dividends or interest will accrue thereto.

(2) The member shall have the right to reclaim any such sums by proper judicial proceedings commenced within an additional four (4) years after the action by the board.

(b) This section shall not apply to shares, accounts, dividends, interest, and other sums due to or standing in the name of two (2) or more persons unless the credit union is unable to contact any of those persons in the manner and during the period specified in this section.

(c) Nothing contained in this section shall exempt a credit union from the Arkansas Uniform Unclaimed Property Act, § 18-28-201 et seq.

Acts 1971, No. 132, § 24; 1975, No. 530, § 16; 1985, No. 936, § 14; A.S.A. 1947, § 67-924.
Ark. Code Ann. § 23-66-204 — AR Code / Title 23 / Chapter 66 / Subchapter 2 / Section 23-66-204
Provisions of subchapter additional to existing law
Status: in_force

The powers vested in the Insurance Commissioner by this subchapter shall be additional to any other powers to order restitution or enforce any penalties, fines, or forfeitures authorized by law with respect to the methods, acts, and practices declared to be unfair or deceptive. Acts 1959, No. 148, § 220; A.S.A. 1947, § 66-3013; Acts 2005, No. 1697, § 12.

The powers vested in the Insurance Commissioner by this subchapter shall be additional to any other powers to order restitution or enforce any penalties, fines, or forfeitures authorized by law with respect to the methods, acts, and practices declared to be unfair or deceptive.

Acts 1959, No. 148, § 220; A.S.A. 1947, § 66-3013; Acts 2005, No. 1697, § 12.
Ark. Code Ann. § 23-79-801 — AR Code / Title 23 / Chapter 79 / Subchapter 8 / Section 23-79-801
Title
Status: in_force

This subchapter shall be known and cited as the "Arkansas Health Insurance Consumer Choice Act". Acts 2001, No. 924, § 1.

This subchapter shall be known and cited as the "Arkansas Health Insurance Consumer Choice Act".

Acts 2001, No. 924, § 1.
Ark. Code Ann. § 23-18-102 — AR Code / Title 23 / Chapter 18 / Subchapter 1 / Section 23-18-102
Agreements between rural cooperatives and other electric suppliers permitted
Status: in_force

Nothing in this section or §§ 23-3-201 , 23-18-101 , 23-18-301 , 23-18-308 , or 23-18-331 shall be construed to prohibit or prevent a rural electric cooperative corporation and another supplier of electric service from entering into and carrying out a voluntary agreement for the exchange of facilities. Acts 1957, No. 103, § 4; A.S.A. 1947, § 73-240.1.

Nothing in this section or §§ 23-3-201 , 23-18-101 , 23-18-301 , 23-18-308 , or 23-18-331 shall be construed to prohibit or prevent a rural electric cooperative corporation and another supplier of electric service from entering into and carrying out a voluntary agreement for the exchange of facilities.

Acts 1957, No. 103, § 4; A.S.A. 1947, § 73-240.1.
Ark. Code Ann. § 23-79-168 — AR Code / Title 23 / Chapter 79 / Subchapter 1 / Section 23-79-168
Deductible based on percentage of insured value - Disclosure required
Status: in_force

A residential property insurance policy issued or renewed in this state that bases the deductible under the insurance policy for any loss, other than a loss due to an earthquake, on a percentage of the insured value of the insured property shall disclose to the insured the monetary amount of the deductible, other than for a loss due to an earthquake, on the policy declaration page or notice of renewal of the policy. Added by Act 2023, No. 471,§ 1, eff. 8/1/2023.

A residential property insurance policy issued or renewed in this state that bases the deductible under the insurance policy for any loss, other than a loss due to an earthquake, on a percentage of the insured value of the insured property shall disclose to the insured the monetary amount of the deductible, other than for a loss due to an earthquake, on the policy declaration page or notice of renewal of the policy.

Added by Act 2023, No. 471,§ 1, eff. 8/1/2023.
Ark. Code Ann. § 23-13-215 — AR Code / Title 23 / Chapter 13 / Subchapter 2 / Section 23-13-215
Appeals - Filing fees
Status: in_force

The secretary of the Arkansas Department of Transportation shall immediately notify the party filing the motion for appeal the date of the deposit of the transcript with the clerk of the Pulaski County Circuit Court. Within ten (10) days from the date of the deposit of the transcript, the party shall pay to the clerk of the court the required filing fee. Amended by Act 2017, No. 707,§ 192, eff. 8/1/2017. Acts 1955, No. 397, § 7; 1959, No. 267, § 1; A.S.A. 1947, § 73-1760.

The secretary of the Arkansas Department of Transportation shall immediately notify the party filing the motion for appeal the date of the deposit of the transcript with the clerk of the Pulaski County Circuit Court. Within ten (10) days from the date of the deposit of the transcript, the party shall pay to the clerk of the court the required filing fee.

Amended by Act 2017, No. 707,§ 192, eff. 8/1/2017.

Acts 1955, No. 397, § 7; 1959, No. 267, § 1; A.S.A. 1947, § 73-1760.
Ark. Code Ann. § 23-49-118 — AR Code / Title 23 / Chapter 49 / Section 23-49-118
Execution and filing of articles with department - Certificate of dissolution
Status: in_force

(a) The articles of dissolution shall be executed in duplicate and presented in duplicate to the State Bank Department accompanied by fees prescribed by department rules. (b) (1) Upon presentation of the articles of dissolution, the Bank Commissioner shall endorse his or her approval upon each of the duplicate copies of the articles if he or she finds that they conform to law. (2) When all fees have been paid as required by law, the commissioner shall file one (1) copy of the articles in the department and issue two (2) certificates of dissolution. One (1) certificate of dissolution shall be filed with the department and the second shall be delivered to the receiver. (c) Upon the issuance of the certificate of dissolution, the institution shall be dissolved and its existence shall cease. (d) Upon the issuance of the certificate of dissolution, the receiver shall be authorized, as agent for the directors and shareholders of any subsidiary trust company, to file any and all documents with the Secretary of State necessary to terminate its corporate existence under applicable corporate law. Amended by Act 2019, No. 315,§ 2557, eff. 7/24/2019. Acts 1997, No. 89, § 1.

(a) The articles of dissolution shall be executed in duplicate and presented in duplicate to the State Bank Department accompanied by fees prescribed by department rules.

(b) (1) Upon presentation of the articles of dissolution, the Bank Commissioner shall endorse his or her approval upon each of the duplicate copies of the articles if he or she finds that they conform to law. (2) When all fees have been paid as required by law, the commissioner shall file one (1) copy of the articles in the department and issue two (2) certificates of dissolution. One (1) certificate of dissolution shall be filed with the department and the second shall be delivered to the receiver.

(1) Upon presentation of the articles of dissolution, the Bank Commissioner shall endorse his or her approval upon each of the duplicate copies of the articles if he or she finds that they conform to law.

(2) When all fees have been paid as required by law, the commissioner shall file one (1) copy of the articles in the department and issue two (2) certificates of dissolution. One (1) certificate of dissolution shall be filed with the department and the second shall be delivered to the receiver.

(c) Upon the issuance of the certificate of dissolution, the institution shall be dissolved and its existence shall cease.

(d) Upon the issuance of the certificate of dissolution, the receiver shall be authorized, as agent for the directors and shareholders of any subsidiary trust company, to file any and all documents with the Secretary of State necessary to terminate its corporate existence under applicable corporate law.

Amended by Act 2019, No. 315,§ 2557, eff. 7/24/2019.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-114-705 — AR Code / Title 23 / Chapter 114 / Subchapter 7 / Section 23-114-705
Examination of records
Status: in_force

To verify compliance with this chapter, the Department of Finance and Administration may audit and examine the books, papers, records, equipment, and place of business of a: (1) Licensed authorized organization; (2) Distributor licensed under this chapter; or (3) Manufacturer licensed under this chapter. Acts 2007, No. 388, § 1; 2009, No. 164, § 20.

To verify compliance with this chapter, the Department of Finance and Administration may audit and examine the books, papers, records, equipment, and place of business of a:

(1) Licensed authorized organization;

(2) Distributor licensed under this chapter; or

(3) Manufacturer licensed under this chapter.

Acts 2007, No. 388, § 1; 2009, No. 164, § 20.
Ark. Code Ann. § 23-48-504 — AR Code / Title 23 / Chapter 48 / Subchapter 5 / Section 23-48-504
Conversion of national bank or savings and loan association into state bank
Status: in_force

(a) A national bank or savings and loan association having its main office in this state which follows the procedure prescribed by applicable federal or other law may convert into a state bank and may be granted a charter by the State Banking Board with the concurrence of the Bank Commissioner. (b) The national bank or savings and loan association may apply for a state charter by filing with the commissioner an application containing the information that the commissioner may require along with a certificate signed by its president or chief executive officer or a vice president stating the action taken in compliance with the provisions of the applicable laws, accompanied by the articles of incorporation approved by a majority vote of the stockholders for the governance of the applicant as a state bank. (c) The public hearing at which the issuance of the state charter is authorized shall be called by the commissioner: (1) On not less than fourteen (14) days' written notice to the applicant and to each member of the board; and (2) Upon publication in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation, at least fourteen (14) days before the hearing, the publication to show the time, place, and purpose of the hearing. (d) If, at the hearing, both the commissioner and the board find that the proposed state bank meets the standards as to location of offices, capital structure, and character of officers and directors required for the incorporation of a state bank, they shall grant the application for conversion. Amended by Act 2017, No. 198,§ 11, eff. 8/1/2017. Acts 1997, No. 89, § 1.

(a) A national bank or savings and loan association having its main office in this state which follows the procedure prescribed by applicable federal or other law may convert into a state bank and may be granted a charter by the State Banking Board with the concurrence of the Bank Commissioner.

(b) The national bank or savings and loan association may apply for a state charter by filing with the commissioner an application containing the information that the commissioner may require along with a certificate signed by its president or chief executive officer or a vice president stating the action taken in compliance with the provisions of the applicable laws, accompanied by the articles of incorporation approved by a majority vote of the stockholders for the governance of the applicant as a state bank.

(c) The public hearing at which the issuance of the state charter is authorized shall be called by the commissioner: (1) On not less than fourteen (14) days' written notice to the applicant and to each member of the board; and (2) Upon publication in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation, at least fourteen (14) days before the hearing, the publication to show the time, place, and purpose of the hearing.

(1) On not less than fourteen (14) days' written notice to the applicant and to each member of the board; and

(2) Upon publication in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation, at least fourteen (14) days before the hearing, the publication to show the time, place, and purpose of the hearing.

(d) If, at the hearing, both the commissioner and the board find that the proposed state bank meets the standards as to location of offices, capital structure, and character of officers and directors required for the incorporation of a state bank, they shall grant the application for conversion.

Amended by Act 2017, No. 198,§ 11, eff. 8/1/2017.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-63-1303 — AR Code / Title 23 / Chapter 63 / Subchapter 13 / Section 23-63-1303
RBC reports
Status: in_force

(a) Annually on or before March 1, each domestic insurer shall prepare and submit to the Insurance Commissioner a report of its RBC levels as of the end of the previous calendar year in a form and containing the information as needed by the RBC instructions. In addition, each domestic insurer shall file its RBC report: (1) With the NAIC according to the RBC instructions; and (2) With the insurance commissioner in a state in which the insurer may do business, if the insurance commissioner has notified the insurer of its request in writing, in which case the insurer shall file its RBC report by the later of: (A) Fifteen (15) days from the receipt of notice to file its RBC report with that state; or (B) The filing date. (b) A life or accident and health insurer's or a fraternal benefit society's RBC is determined according to the formula stated in the RBC instructions. The formula shall take into account and may adjust for the covariance among the following factors determined in each case by applying the factors as stated in the RBC instructions: (1) The risk for the insurer's assets; (2) The risk of adverse insurance experience for the insurer's liabilities and obligations; (3) The interest rate risk for the insurer's business; and (4) Other business and relevant risks as determined in each case by applying RBC instructions. (c) A property and casualty insurer's RBC is determined according to the formula stated in the RBC instructions. The formula may adjust for the covariance among the following factors determined according to the formula stated in the RBC instructions: (1) Asset risk; (2) Credit risk; (3) Underwriting risk; and (4) Other business and relevant risks as stated in the RBC instructions. (d) An excess of capital over the amount produced by the risk-based capital requirements contained in this subchapter and the formulas, schedules, and instructions referenced in this subchapter are desirable in the business of insurance. Insurers should seek to maintain capital above the RBC levels needed by this subchapter. Additional capital is used and useful in the insurance business and helps to secure an insurer against various risks inherent in or affecting the business of insurance and not accounted for or only partially measured by the risk-based capital requirements contained in this subchapter. (e) If a domestic insurer files an RBC report that in the judgment of the Insurance Commissioner is inaccurate, the Insurance Commissioner shall adjust the RBC report to correct the inaccuracy and notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. An RBC report as so adjusted is referred to as an "adjusted RBC report". Amended by Act 2015, No. 1223,§ 22, eff. 7/22/2015. Acts 1995, No. 622, § 1; 2001, No. 1603, § 13; 2011, No. 760, § 4.

(a) Annually on or before March 1, each domestic insurer shall prepare and submit to the Insurance Commissioner a report of its RBC levels as of the end of the previous calendar year in a form and containing the information as needed by the RBC instructions. In addition, each domestic insurer shall file its RBC report: (1) With the NAIC according to the RBC instructions; and (2) With the insurance commissioner in a state in which the insurer may do business, if the insurance commissioner has notified the insurer of its request in writing, in which case the insurer shall file its RBC report by the later of: (A) Fifteen (15) days from the receipt of notice to file its RBC report with that state; or (B) The filing date.

(1) With the NAIC according to the RBC instructions; and

(2) With the insurance commissioner in a state in which the insurer may do business, if the insurance commissioner has notified the insurer of its request in writing, in which case the insurer shall file its RBC report by the later of: (A) Fifteen (15) days from the receipt of notice to file its RBC report with that state; or (B) The filing date.

(A) Fifteen (15) days from the receipt of notice to file its RBC report with that state; or

(B) The filing date.

(b) A life or accident and health insurer's or a fraternal benefit society's RBC is determined according to the formula stated in the RBC instructions. The formula shall take into account and may adjust for the covariance among the following factors determined in each case by applying the factors as stated in the RBC instructions: (1) The risk for the insurer's assets; (2) The risk of adverse insurance experience for the insurer's liabilities and obligations; (3) The interest rate risk for the insurer's business; and (4) Other business and relevant risks as determined in each case by applying RBC instructions.

(1) The risk for the insurer's assets;

(2) The risk of adverse insurance experience for the insurer's liabilities and obligations;

(3) The interest rate risk for the insurer's business; and

(4) Other business and relevant risks as determined in each case by applying RBC instructions.

(c) A property and casualty insurer's RBC is determined according to the formula stated in the RBC instructions. The formula may adjust for the covariance among the following factors determined according to the formula stated in the RBC instructions: (1) Asset risk; (2) Credit risk; (3) Underwriting risk; and (4) Other business and relevant risks as stated in the RBC instructions.

(1) Asset risk;

(2) Credit risk;

(3) Underwriting risk; and

(4) Other business and relevant risks as stated in the RBC instructions.

(d) An excess of capital over the amount produced by the risk-based capital requirements contained in this subchapter and the formulas, schedules, and instructions referenced in this subchapter are desirable in the business of insurance. Insurers should seek to maintain capital above the RBC levels needed by this subchapter. Additional capital is used and useful in the insurance business and helps to secure an insurer against various risks inherent in or affecting the business of insurance and not accounted for or only partially measured by the risk-based capital requirements contained in this subchapter.

(e) If a domestic insurer files an RBC report that in the judgment of the Insurance Commissioner is inaccurate, the Insurance Commissioner shall adjust the RBC report to correct the inaccuracy and notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. An RBC report as so adjusted is referred to as an "adjusted RBC report".

Amended by Act 2015, No. 1223,§ 22, eff. 7/22/2015.

Acts 1995, No. 622, § 1; 2001, No. 1603, § 13; 2011, No. 760, § 4.
Ark. Code Ann. § 23-74-610 — AR Code / Title 23 / Chapter 74 / Subchapter 6 / Section 23-74-610
Unfair methods of competition and unfair and deceptive acts and practices
Status: in_force

Every society authorized to do business in this state shall be subject to the Trade Practices Act, § 23-66-201 et seq. However, nothing in the Trade Practices Act, § 23-66-201 et seq., shall be construed as applying to or affecting the right of any society to determine its eligibility requirements for membership, or be construed as applying to or affecting the offering of benefits exclusively to members or persons eligible for membership in the society by a subsidiary corporation or affiliated organization of the society. Acts 1989, No. 881, § 1.

Every society authorized to do business in this state shall be subject to the Trade Practices Act, § 23-66-201 et seq. However, nothing in the Trade Practices Act, § 23-66-201 et seq., shall be construed as applying to or affecting the right of any society to determine its eligibility requirements for membership, or be construed as applying to or affecting the offering of benefits exclusively to members or persons eligible for membership in the society by a subsidiary corporation or affiliated organization of the society.

Acts 1989, No. 881, § 1.
Ark. Code Ann. § 23-13-264 — AR Code / Title 23 / Chapter 13 / Subchapter 2 / Section 23-13-264
Disposition of forfeited bonds and fines
Status: in_force

One-half (1/2) of the amount of forfeited bonds and one-half (1/2) of the fines collected for violations of this subchapter shall be remitted by the tenth day of each month to the Administration of Justice Funds Section of the Office of Administrative Services of the Department of Finance and Administration on a form provided by that office for deposit into the General Revenue Fund Account of the State Apportionment Fund. Acts 1955, No. 397, § 22; 1983, No. 565, § 6; A.S.A. 1947, § 73-1775; Acts 2005, No. 1934, § 15.

One-half (1/2) of the amount of forfeited bonds and one-half (1/2) of the fines collected for violations of this subchapter shall be remitted by the tenth day of each month to the Administration of Justice Funds Section of the Office of Administrative Services of the Department of Finance and Administration on a form provided by that office for deposit into the General Revenue Fund Account of the State Apportionment Fund.

Acts 1955, No. 397, § 22; 1983, No. 565, § 6; A.S.A. 1947, § 73-1775; Acts 2005, No. 1934, § 15.
Ark. Code Ann. § 23-92-601 — AR Code / Title 23 / Chapter 92 / Subchapter 6 / Section 23-92-601
Title
Status: in_force

This subchapter shall be known and may be cited as the "340B Drug Pricing Nondiscrimination Act". Added by Act 2021, No. 1103,§ 1, eff. 7/28/2021.

This subchapter shall be known and may be cited as the "340B Drug Pricing Nondiscrimination Act".

Added by Act 2021, No. 1103,§ 1, eff. 7/28/2021.
Ark. Code Ann. § 23-63-834 — AR Code / Title 23 / Chapter 63 / Subchapter 8 / Section 23-63-834
Cancellation of treasury stock
Status: in_force

(a) By resolution of its board of directors, any legal reserve life insurance company may cancel at any time all or any part of its treasury shares. (b) (1) In such an event, a statement of cancellation shall be filed as provided in this section. (2) Any statement of cancellation shall be executed and filed in accordance with the provisions of § 23-69-107(c) , shall be verified by one (1) of the officers signing the statement, and shall set forth: (A) The name of the insurance company; (B) The number of treasury shares cancelled by resolution duly adopted by the board of directors, itemized by classes and series, and the date of its adoption; (C) The aggregate number of issued shares, itemized by classes and series, after giving effect to the cancellation; (D) The amount, expressed in dollars, of the paid-up capital of the insurance company, after giving effect to the cancellation; and (E) A copy of the resolution effecting the cancellation. (3) When a statement of cancellation is filed in accordance with § 23-69-107(c) , the paid-up capital of the insurance company shall be deemed to be reduced by that part of the paid-up capital which was, at the time of the cancellation, represented by the shares so cancelled, and the shares so cancelled shall be restored to the status of authorized but unissued shares. (c) Nothing contained in this section shall be construed to forbid a cancellation of shares or a reduction of stated capital in any other manner permitted by § 23-69-107 . Acts 1971, No. 293, § 3; A.S.A. 1947, § 66-2634.1.

(a) By resolution of its board of directors, any legal reserve life insurance company may cancel at any time all or any part of its treasury shares.

(b) (1) In such an event, a statement of cancellation shall be filed as provided in this section. (2) Any statement of cancellation shall be executed and filed in accordance with the provisions of § 23-69-107(c) , shall be verified by one (1) of the officers signing the statement, and shall set forth: (A) The name of the insurance company; (B) The number of treasury shares cancelled by resolution duly adopted by the board of directors, itemized by classes and series, and the date of its adoption; (C) The aggregate number of issued shares, itemized by classes and series, after giving effect to the cancellation; (D) The amount, expressed in dollars, of the paid-up capital of the insurance company, after giving effect to the cancellation; and (E) A copy of the resolution effecting the cancellation. (3) When a statement of cancellation is filed in accordance with § 23-69-107(c) , the paid-up capital of the insurance company shall be deemed to be reduced by that part of the paid-up capital which was, at the time of the cancellation, represented by the shares so cancelled, and the shares so cancelled shall be restored to the status of authorized but unissued shares.

(1) In such an event, a statement of cancellation shall be filed as provided in this section.

(2) Any statement of cancellation shall be executed and filed in accordance with the provisions of § 23-69-107(c) , shall be verified by one (1) of the officers signing the statement, and shall set forth: (A) The name of the insurance company; (B) The number of treasury shares cancelled by resolution duly adopted by the board of directors, itemized by classes and series, and the date of its adoption; (C) The aggregate number of issued shares, itemized by classes and series, after giving effect to the cancellation; (D) The amount, expressed in dollars, of the paid-up capital of the insurance company, after giving effect to the cancellation; and (E) A copy of the resolution effecting the cancellation.

(A) The name of the insurance company;

(B) The number of treasury shares cancelled by resolution duly adopted by the board of directors, itemized by classes and series, and the date of its adoption;

(C) The aggregate number of issued shares, itemized by classes and series, after giving effect to the cancellation;

(D) The amount, expressed in dollars, of the paid-up capital of the insurance company, after giving effect to the cancellation; and

(E) A copy of the resolution effecting the cancellation.

(3) When a statement of cancellation is filed in accordance with § 23-69-107(c) , the paid-up capital of the insurance company shall be deemed to be reduced by that part of the paid-up capital which was, at the time of the cancellation, represented by the shares so cancelled, and the shares so cancelled shall be restored to the status of authorized but unissued shares.

(c) Nothing contained in this section shall be construed to forbid a cancellation of shares or a reduction of stated capital in any other manner permitted by § 23-69-107 .

Acts 1971, No. 293, § 3; A.S.A. 1947, § 66-2634.1.
Ark. Code Ann. § 23-15-202 — AR Code / Title 23 / Chapter 15 / Subchapter 2 / Section 23-15-202
Purpose
Status: in_force

It is the purpose of this subchapter to empower the Arkansas Public Service Commission to submit a satisfactory certification pursuant to Section 5 of the Natural Gas Pipeline Safety Act of 1968, Pub. L. No. 90-481, and to otherwise protect the public peace, health, and safety of the citizens of this state. Acts 1971, No. 285, § 9; A.S.A. 1947, § 73-1916; Acts 1991, No. 793, § 1.

It is the purpose of this subchapter to empower the Arkansas Public Service Commission to submit a satisfactory certification pursuant to Section 5 of the Natural Gas Pipeline Safety Act of 1968, Pub. L. No. 90-481, and to otherwise protect the public peace, health, and safety of the citizens of this state.

Acts 1971, No. 285, § 9; A.S.A. 1947, § 73-1916; Acts 1991, No. 793, § 1.
Ark. Code Ann. § 23-12-805 — AR Code / Title 23 / Chapter 12 / Subchapter 8 / Section 23-12-805
Willful interference with railroads - Damages
Status: in_force

(a) If any person willfully does or causes any act whatever, whereby any building, construction, or work of any railroad corporation in this state, or any engine, machine, structure, or any matter or thing appertaining to the railroad corporation shall be stopped, obstructed, injured, impaired, weakened, or destroyed, the person so offending shall be guilty of a violation and upon conviction shall forfeit and pay to the railroad corporation so injured, etc., treble the amount of damages sustained by means of such an offense. (b) All penalties imposed by this section may be sued for by the prosecuting attorney and in the name of the people of the State of Arkansas in any court of this state having competent jurisdiction. Amended by Act 2023, No. 180,§ 7, eff. 8/1/2023. Acts 1868, No. 71, §§ 37, 38, p. 290; C. & M. Dig., §§ 8576, 8593; Pope's Dig., §§ 11154, 11171; A.S.A. 1947, §§ 73-1105, 73-1106.

(a) If any person willfully does or causes any act whatever, whereby any building, construction, or work of any railroad corporation in this state, or any engine, machine, structure, or any matter or thing appertaining to the railroad corporation shall be stopped, obstructed, injured, impaired, weakened, or destroyed, the person so offending shall be guilty of a violation and upon conviction shall forfeit and pay to the railroad corporation so injured, etc., treble the amount of damages sustained by means of such an offense.

(b) All penalties imposed by this section may be sued for by the prosecuting attorney and in the name of the people of the State of Arkansas in any court of this state having competent jurisdiction.

Amended by Act 2023, No. 180,§ 7, eff. 8/1/2023.

Acts 1868, No. 71, §§ 37, 38, p. 290; C. & M. Dig., §§ 8576, 8593; Pope's Dig., §§ 11154, 11171; A.S.A. 1947, §§ 73-1105, 73-1106.
Ark. Code Ann. § 23-1-103 — AR Code / Title 23 / Chapter 1 / Section 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance
Status: in_force

(a) Every public utility and every person or corporation shall obey and comply with every requirement of this act and of every order, decision, direction, or rule made or prescribed by the commission in the matters specified or any other matter in any way relating to or affecting the business of any public utility. The commission shall do everything necessary or proper in order to secure compliance with, and observance of, every order, decision, direction, or rule by all officers, agents, and employees of every public utility. (b) (1) Upon a finding by the commission that any jurisdictional water, gas, telephone, or electric public utility has knowingly, willfully, and purposefully violated any of the provisions of this act, by agent or otherwise, the commission shall assess a civil sanction of one thousand dollars ($1,000) on the utility. (2) Each instance of violation shall constitute a separate violation. However, in case of a continued violation, each day's continuance thereof shall not be deemed to be a separate and distinct violation. (3) The power and authority of the commission to impose civil sanctions are not to be affected by any other civil or criminal proceeding, concerning the same violation, nor shall the imposition of the sanction preclude the commission from imposing other sanctions which are provided for by law. (4) The proceeds from the civil sanctions imposed under this subsection shall be deposited into the State Treasury as special revenues and credited to the Public Service Commission Fund. (5) The imposition of a civil sanction under this subsection is subject to review by the commission and by the Court of Appeals in the manner provided by §§ 23-2-422 - 23-2-424 . Amended by Act 2019, No. 315,§ 2371, eff. 7/24/2019. Acts 1935, No. 324, § 61; Pope's Dig., § 2121; Acts 1985, No. 688, § 3; A.S.A. 1947, §§ 73-257.

(a) Every public utility and every person or corporation shall obey and comply with every requirement of this act and of every order, decision, direction, or rule made or prescribed by the commission in the matters specified or any other matter in any way relating to or affecting the business of any public utility. The commission shall do everything necessary or proper in order to secure compliance with, and observance of, every order, decision, direction, or rule by all officers, agents, and employees of every public utility.

(b) (1) Upon a finding by the commission that any jurisdictional water, gas, telephone, or electric public utility has knowingly, willfully, and purposefully violated any of the provisions of this act, by agent or otherwise, the commission shall assess a civil sanction of one thousand dollars ($1,000) on the utility. (2) Each instance of violation shall constitute a separate violation. However, in case of a continued violation, each day's continuance thereof shall not be deemed to be a separate and distinct violation. (3) The power and authority of the commission to impose civil sanctions are not to be affected by any other civil or criminal proceeding, concerning the same violation, nor shall the imposition of the sanction preclude the commission from imposing other sanctions which are provided for by law. (4) The proceeds from the civil sanctions imposed under this subsection shall be deposited into the State Treasury as special revenues and credited to the Public Service Commission Fund. (5) The imposition of a civil sanction under this subsection is subject to review by the commission and by the Court of Appeals in the manner provided by §§ 23-2-422 - 23-2-424 .

(1) Upon a finding by the commission that any jurisdictional water, gas, telephone, or electric public utility has knowingly, willfully, and purposefully violated any of the provisions of this act, by agent or otherwise, the commission shall assess a civil sanction of one thousand dollars ($1,000) on the utility.

(2) Each instance of violation shall constitute a separate violation. However, in case of a continued violation, each day's continuance thereof shall not be deemed to be a separate and distinct violation.

(3) The power and authority of the commission to impose civil sanctions are not to be affected by any other civil or criminal proceeding, concerning the same violation, nor shall the imposition of the sanction preclude the commission from imposing other sanctions which are provided for by law.

(4) The proceeds from the civil sanctions imposed under this subsection shall be deposited into the State Treasury as special revenues and credited to the Public Service Commission Fund.

(5) The imposition of a civil sanction under this subsection is subject to review by the commission and by the Court of Appeals in the manner provided by §§ 23-2-422 - 23-2-424 .

Amended by Act 2019, No. 315,§ 2371, eff. 7/24/2019.

Acts 1935, No. 324, § 61; Pope's Dig., § 2121; Acts 1985, No. 688, § 3; A.S.A. 1947, §§ 73-257.
Ark. Code Ann. § 23-68-125 — AR Code / Title 23 / Chapter 68 / Section 23-68-125
Voidable transfers and liens
Status: in_force

(a) Any transfer of, or lien upon, the property of an insurer which is made or created within four (4) months prior to the granting of an order to show cause under this chapter with the intent of giving to any creditor a preference or of enabling him or her to obtain a greater percentage of his or her debt than any other creditor of the same class and which is accepted by the creditor having reasonable cause to believe that the preference will occur, shall be voidable. (b) Every director, officer, employee, stockholder, member, subscriber, and any other person acting on behalf of the insurer who shall be concerned in any act or deed and every person receiving thereby any property of the insurer or the benefit thereof shall be personally liable therefor and shall be bound to account to the Insurance Commissioner. (c) The commissioner as receiver in any proceeding under this chapter may avoid any transfer of or lien upon the property of an insurer which any creditor, stockholder, subscriber, or member of such insurer might have avoided and may recover the property so transferred unless such person was a bona fide holder for value prior to the date of the entering of an order to show cause under this chapter. The property or its value may be recovered from anyone who has received it except a bona fide holder for value as herein specified. Acts 1959, No. 148, § 663; A.S.A. 1947, § 66-4826.

(a) Any transfer of, or lien upon, the property of an insurer which is made or created within four (4) months prior to the granting of an order to show cause under this chapter with the intent of giving to any creditor a preference or of enabling him or her to obtain a greater percentage of his or her debt than any other creditor of the same class and which is accepted by the creditor having reasonable cause to believe that the preference will occur, shall be voidable.

(b) Every director, officer, employee, stockholder, member, subscriber, and any other person acting on behalf of the insurer who shall be concerned in any act or deed and every person receiving thereby any property of the insurer or the benefit thereof shall be personally liable therefor and shall be bound to account to the Insurance Commissioner.

(c) The commissioner as receiver in any proceeding under this chapter may avoid any transfer of or lien upon the property of an insurer which any creditor, stockholder, subscriber, or member of such insurer might have avoided and may recover the property so transferred unless such person was a bona fide holder for value prior to the date of the entering of an order to show cause under this chapter. The property or its value may be recovered from anyone who has received it except a bona fide holder for value as herein specified.

Acts 1959, No. 148, § 663; A.S.A. 1947, § 66-4826.
Ark. Code Ann. § 23-4-706 — AR Code / Title 23 / Chapter 4 / Subchapter 7 / Section 23-4-706
Penalties - Actions to recover
Status: in_force

(a) If any person or corporation operating a railroad or express company in this state, or any receiver, trustee, or lessee of any such person or corporation, violates any of the provisions of this act or aids or abets, or violates the tariff of charges as fixed by the Arkansas Department of Transportation or any of the rules regarding railroads or express companies as made by the department and for which there is no other penalty prescribed in this act, then the person or corporation, receiver, trustee, or lessee shall be liable to a penalty of not less than five hundred dollars ($500) nor more than three thousand dollars ($3,000) for each violation of this act or such tariff of charges or rules and regulations. (b) (1) The penalty may be recovered by an action to be brought in the name of the State of Arkansas in the county in which the violation may occur. (2) (A) The department shall institute the action, and actions for the recovery of the penalties prescribed in this act, through the prosecuting attorney of the proper district. (B) The prosecuting attorney shall be allowed a fee by the court not to exceed twenty-five percent (25%) of the amount collected. (C) If any prosecuting attorney shall neglect for fifteen (15) days after notice to bring suit, the department may employ some other attorney at law to bring the suit who shall be allowed a fee therefor to be fixed by the court but not to exceed twenty-five percent (25%) of the amount collected. In such a case, the prosecuting attorney shall not interfere. (3) No such suit shall be dismissed or compromised without the consent of the court and of the department. (c) In all trials of cases brought for a violation of any tariff charges by the department, it may be shown in defense that the tariff so fixed was unjust. Nothing in this section shall be so construed as to in any manner interfere with the action for damages as provided in § 23-4-705 . Amended by Act 2017, No. 707,§ 135, eff. 8/1/2017. Acts 1899, No. 53, § 18, p. 82; A.S.A. 1947, §§ 73-1414, 73-1414n.

(a) If any person or corporation operating a railroad or express company in this state, or any receiver, trustee, or lessee of any such person or corporation, violates any of the provisions of this act or aids or abets, or violates the tariff of charges as fixed by the Arkansas Department of Transportation or any of the rules regarding railroads or express companies as made by the department and for which there is no other penalty prescribed in this act, then the person or corporation, receiver, trustee, or lessee shall be liable to a penalty of not less than five hundred dollars ($500) nor more than three thousand dollars ($3,000) for each violation of this act or such tariff of charges or rules and regulations.

(b) (1) The penalty may be recovered by an action to be brought in the name of the State of Arkansas in the county in which the violation may occur. (2) (A) The department shall institute the action, and actions for the recovery of the penalties prescribed in this act, through the prosecuting attorney of the proper district. (B) The prosecuting attorney shall be allowed a fee by the court not to exceed twenty-five percent (25%) of the amount collected. (C) If any prosecuting attorney shall neglect for fifteen (15) days after notice to bring suit, the department may employ some other attorney at law to bring the suit who shall be allowed a fee therefor to be fixed by the court but not to exceed twenty-five percent (25%) of the amount collected. In such a case, the prosecuting attorney shall not interfere. (3) No such suit shall be dismissed or compromised without the consent of the court and of the department.

(1) The penalty may be recovered by an action to be brought in the name of the State of Arkansas in the county in which the violation may occur.

(2) (A) The department shall institute the action, and actions for the recovery of the penalties prescribed in this act, through the prosecuting attorney of the proper district. (B) The prosecuting attorney shall be allowed a fee by the court not to exceed twenty-five percent (25%) of the amount collected. (C) If any prosecuting attorney shall neglect for fifteen (15) days after notice to bring suit, the department may employ some other attorney at law to bring the suit who shall be allowed a fee therefor to be fixed by the court but not to exceed twenty-five percent (25%) of the amount collected. In such a case, the prosecuting attorney shall not interfere.

(A) The department shall institute the action, and actions for the recovery of the penalties prescribed in this act, through the prosecuting attorney of the proper district.

(B) The prosecuting attorney shall be allowed a fee by the court not to exceed twenty-five percent (25%) of the amount collected.

(C) If any prosecuting attorney shall neglect for fifteen (15) days after notice to bring suit, the department may employ some other attorney at law to bring the suit who shall be allowed a fee therefor to be fixed by the court but not to exceed twenty-five percent (25%) of the amount collected. In such a case, the prosecuting attorney shall not interfere.

(3) No such suit shall be dismissed or compromised without the consent of the court and of the department.

(c) In all trials of cases brought for a violation of any tariff charges by the department, it may be shown in defense that the tariff so fixed was unjust. Nothing in this section shall be so construed as to in any manner interfere with the action for damages as provided in § 23-4-705 .

Amended by Act 2017, No. 707,§ 135, eff. 8/1/2017.

Acts 1899, No. 53, § 18, p. 82; A.S.A. 1947, §§ 73-1414, 73-1414n.
Ark. Code Ann. § 23-112-105 — AR Code / Title 23 / Chapter 112 / Subchapter 1 / Section 23-112-105
Civil damages
Status: in_force

(a) A licensee suffering pecuniary loss because of any willful failure by any other licensee to comply with this chapter, other than a new automobile or truck dealer's failure to comply with § 23-112-301(d)(1) and (2) or with any rule promulgated by the Arkansas Motor Vehicle Commission under authority vested in it by this chapter, may recover reasonable damages and attorney's fees therefor in any court of competent jurisdiction. (b) If a motor vehicle dealer prevails in an action against a manufacturer, distributor, second-stage manufacturer, importer, converter, manufacturer branch or division, or distributor branch or division under any provision of this chapter, the motor vehicle dealer shall also have a cause of action against the manufacturer, distributor, second-stage manufacturer, importer, converter, manufacturer branch or division, or distributor branch or division for attorney's fees, if none have been awarded in an earlier administrative hearing. Amended by Act 2019, No. 315,§ 2827, eff. 7/24/2019. Amended by Act 2013, No. 1043,§ 3, eff. 1/1/2014. Acts 1975, No. 388, § 9; A.S.A. 1947, § 75-2309; Acts 1989, No. 678, § 3; 2011, No. 1005, § 4.

(a) A licensee suffering pecuniary loss because of any willful failure by any other licensee to comply with this chapter, other than a new automobile or truck dealer's failure to comply with § 23-112-301(d)(1) and (2) or with any rule promulgated by the Arkansas Motor Vehicle Commission under authority vested in it by this chapter, may recover reasonable damages and attorney's fees therefor in any court of competent jurisdiction.

(b) If a motor vehicle dealer prevails in an action against a manufacturer, distributor, second-stage manufacturer, importer, converter, manufacturer branch or division, or distributor branch or division under any provision of this chapter, the motor vehicle dealer shall also have a cause of action against the manufacturer, distributor, second-stage manufacturer, importer, converter, manufacturer branch or division, or distributor branch or division for attorney's fees, if none have been awarded in an earlier administrative hearing.

Amended by Act 2019, No. 315,§ 2827, eff. 7/24/2019.

Amended by Act 2013, No. 1043,§ 3, eff. 1/1/2014.

Acts 1975, No. 388, § 9; A.S.A. 1947, § 75-2309; Acts 1989, No. 678, § 3; 2011, No. 1005, § 4.
Ark. Code Ann. § 23-93-203 — AR Code / Title 23 / Chapter 93 / Subchapter 2 / Section 23-93-203
License not transferable - Limitation on contracts
Status: in_force

(a) No license is transferable, and no license issued pursuant to this subchapter has value for sale or exchange as property. (b) No provider or other owning entity shall sell or transfer ownership of the facility or enter into a contract with a third-party provider for management of the facility unless the State Insurance Department approves such a transfer or contract. Acts 1993, No. 787, § 4.

(a) No license is transferable, and no license issued pursuant to this subchapter has value for sale or exchange as property.

(b) No provider or other owning entity shall sell or transfer ownership of the facility or enter into a contract with a third-party provider for management of the facility unless the State Insurance Department approves such a transfer or contract.

Acts 1993, No. 787, § 4.
Ark. Code Ann. § 23-99-1303 — AR Code / Title 23 / Chapter 99 / Subchapter 13 / Section 23-99-1303
Waiver prohibited
Status: in_force

(a) This subchapter shall not be waived by contract. (b) A contractual arrangement or actions taken in conflict with this subchapter or that purport to waive any requirement of this subchapter are void. Added by Act 2019, No. 736,§ 1, eff. 7/24/2019.

(a) This subchapter shall not be waived by contract.

(b) A contractual arrangement or actions taken in conflict with this subchapter or that purport to waive any requirement of this subchapter are void.

Added by Act 2019, No. 736,§ 1, eff. 7/24/2019.
Ark. Code Ann. § 23-17-303 — AR Code / Title 23 / Chapter 17 / Subchapter 3 / Section 23-17-303
Definitions
Status: in_force

As used in this subchapter, unless the context otherwise requires: (1) "Commission" means the Arkansas Public Service Commission; (2) "Interexchange carriers" includes persons, corporations, or other organizations which provide communications services which interconnect with local exchanges under provisions of the interstate and intrastate access charges tariffs and may include such other persons, corporations, or organizations engaged in interexchange communication services as the commission may find necessary for the successful administration of the fund established in § 23-17-304 ; (3) "Interexchange communication services" means all services whereby interexchange carriers transmit voice, data, or other messages within Arkansas, whether or not the transmission is at any point on the facilities of a local exchange carrier; and (4) "Local exchange carriers" means persons, corporations, or other organizations which provide local exchange telephone service as defined by the commission. Acts 1983, No. 483, § 3; A.S.A. 1947, § 73-2603.

As used in this subchapter, unless the context otherwise requires:

(1) "Commission" means the Arkansas Public Service Commission;

(2) "Interexchange carriers" includes persons, corporations, or other organizations which provide communications services which interconnect with local exchanges under provisions of the interstate and intrastate access charges tariffs and may include such other persons, corporations, or organizations engaged in interexchange communication services as the commission may find necessary for the successful administration of the fund established in § 23-17-304 ;

(3) "Interexchange communication services" means all services whereby interexchange carriers transmit voice, data, or other messages within Arkansas, whether or not the transmission is at any point on the facilities of a local exchange carrier; and

(4) "Local exchange carriers" means persons, corporations, or other organizations which provide local exchange telephone service as defined by the commission.

Acts 1983, No. 483, § 3; A.S.A. 1947, § 73-2603.
Ark. Code Ann. § 23-55-606 — AR Code / Title 23 / Chapter 55 / Section 23-55-606
Anti-money laundering program and reports
Status: in_force

(a) Every licensee shall comply with all state and federal laws, rules, and regulations relating to the detection and prevention of money laundering. (b) Every licensee shall maintain an anti-money laundering program in accordance with 31 C.F.R. § 103.125 . The program shall be reviewed and updated as necessary to ensure that the program continues to be effective in detecting and deterring money laundering activities. (c) At a minimum, the program shall include: (1) A system of internal controls to ensure ongoing compliance; (2) Independent testing for compliance to be conducted by bank personnel or by an outside party; (3) Designation of an individual or individuals who are responsible for coordinating and monitoring day-to-day compliance; (4) Training for appropriate personnel; and (5) Appropriate risk-based procedures for conducting ongoing customer due diligence to include without limitation: (A) Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and (B) (i) Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information. (ii) For purposes of subdivision (c)(5)(B)(i) of this section, customer information shall include information regarding the beneficial owners of legal entity customers. (d) Every licensee shall comply with the regulations of its federal functional regulator governing such programs. (e) A licensee and an authorized delegate shall file with the commissioner all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. § 5311 (1994), 31 C.F.R. § 103 (2000), and other federal and state laws pertaining to money laundering. (f) The timely filing of a complete and accurate report required under subsection (e) of this section with the appropriate federal agency satisfies compliance with the requirements of subsection (e) of this section, unless the commissioner notifies the licensee that reports of this type are not being regularly and comprehensively transmitted by the federal agency to the commissioner. Amended by Act 2017, No. 620,§ 5, eff. 8/1/2017. Acts 2007, No. 1595, § 1.

(a) Every licensee shall comply with all state and federal laws, rules, and regulations relating to the detection and prevention of money laundering.

(b) Every licensee shall maintain an anti-money laundering program in accordance with 31 C.F.R. § 103.125 . The program shall be reviewed and updated as necessary to ensure that the program continues to be effective in detecting and deterring money laundering activities.

(c) At a minimum, the program shall include: (1) A system of internal controls to ensure ongoing compliance; (2) Independent testing for compliance to be conducted by bank personnel or by an outside party; (3) Designation of an individual or individuals who are responsible for coordinating and monitoring day-to-day compliance; (4) Training for appropriate personnel; and (5) Appropriate risk-based procedures for conducting ongoing customer due diligence to include without limitation: (A) Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and (B) (i) Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information. (ii) For purposes of subdivision (c)(5)(B)(i) of this section, customer information shall include information regarding the beneficial owners of legal entity customers.

(1) A system of internal controls to ensure ongoing compliance;

(2) Independent testing for compliance to be conducted by bank personnel or by an outside party;

(3) Designation of an individual or individuals who are responsible for coordinating and monitoring day-to-day compliance;

(4) Training for appropriate personnel; and

(5) Appropriate risk-based procedures for conducting ongoing customer due diligence to include without limitation: (A) Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and (B) (i) Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information. (ii) For purposes of subdivision (c)(5)(B)(i) of this section, customer information shall include information regarding the beneficial owners of legal entity customers.

(A) Understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile; and

(B) (i) Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information. (ii) For purposes of subdivision (c)(5)(B)(i) of this section, customer information shall include information regarding the beneficial owners of legal entity customers.

(i) Conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information.

(ii) For purposes of subdivision (c)(5)(B)(i) of this section, customer information shall include information regarding the beneficial owners of legal entity customers.

(d) Every licensee shall comply with the regulations of its federal functional regulator governing such programs.

(e) A licensee and an authorized delegate shall file with the commissioner all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. § 5311 (1994), 31 C.F.R. § 103 (2000), and other federal and state laws pertaining to money laundering.

(f) The timely filing of a complete and accurate report required under subsection (e) of this section with the appropriate federal agency satisfies compliance with the requirements of subsection (e) of this section, unless the commissioner notifies the licensee that reports of this type are not being regularly and comprehensively transmitted by the federal agency to the commissioner.

Amended by Act 2017, No. 620,§ 5, eff. 8/1/2017.

Acts 2007, No. 1595, § 1.
Ark. Code Ann. § 23-14-127 — AR Code / Title 23 / Chapter 14 / Section 23-14-127
Emergency landings or takeoffs
Status: in_force

No common carrier by aircraft shall be deemed to have violated any term, condition, or limitation of its certificate by landing or taking off during an emergency at a point not named in its certificate, or by operating during an emergency between terminal and intermediate points other than those specified in its certificate. Acts 1945, No. 252, § 8; A.S.A. 1947, § 74-408.

No common carrier by aircraft shall be deemed to have violated any term, condition, or limitation of its certificate by landing or taking off during an emergency at a point not named in its certificate, or by operating during an emergency between terminal and intermediate points other than those specified in its certificate.

Acts 1945, No. 252, § 8; A.S.A. 1947, § 74-408.
Ark. Code Ann. § 23-68-117 — AR Code / Title 23 / Chapter 68 / Section 23-68-117
Claims against foreign insurers
Status: in_force

(1) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against such insurer who reside within this state may file claims either with the ancillary receiver, if any, appointed in this state, or with the domiciliary receiver. All such claims must be filed on or before the last date fixed for the filing of claims in the domiciliary delinquency proceedings. (2) Controverted claims belonging to claimants residing in this state may either: (a) Be proved in the domiciliary state as provided by the law of that state; or (b) If ancillary proceedings have been commenced in this state, be proved in those proceedings. In the event that any such claimant elects to prove his or her claim in this state, he or she shall file his or her claim with the ancillary receiver and shall give notice in writing to the receiver in the domiciliary state, either by registered mail or by personal service at least forty (40) days prior to the date set for hearing. The notice shall contain a concise statement of the amount of the claim, the facts on which the claim is based, and the priorities asserted, if any. If the domiciliary receiver within thirty (30) days after the giving of such notice shall give notice in writing to the ancillary receiver and to the claimant, either by registered mail or by personal service, of his or her intention to contest such claim, he or she shall be entitled to appear or to be represented in any proceeding in this state involving adjudication of the claim. The final allowance of the claim by the courts of this state shall be accepted as conclusive as to its amount and shall also be accepted as conclusive as to its priority, if any, against special deposits or other security located within this state. Acts 1959, No. 148, § 654; A.S.A. 1947, § 66-4817.

(1) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against such insurer who reside within this state may file claims either with the ancillary receiver, if any, appointed in this state, or with the domiciliary receiver. All such claims must be filed on or before the last date fixed for the filing of claims in the domiciliary delinquency proceedings.

(2) Controverted claims belonging to claimants residing in this state may either: (a) Be proved in the domiciliary state as provided by the law of that state; or (b) If ancillary proceedings have been commenced in this state, be proved in those proceedings. In the event that any such claimant elects to prove his or her claim in this state, he or she shall file his or her claim with the ancillary receiver and shall give notice in writing to the receiver in the domiciliary state, either by registered mail or by personal service at least forty (40) days prior to the date set for hearing. The notice shall contain a concise statement of the amount of the claim, the facts on which the claim is based, and the priorities asserted, if any. If the domiciliary receiver within thirty (30) days after the giving of such notice shall give notice in writing to the ancillary receiver and to the claimant, either by registered mail or by personal service, of his or her intention to contest such claim, he or she shall be entitled to appear or to be represented in any proceeding in this state involving adjudication of the claim. The final allowance of the claim by the courts of this state shall be accepted as conclusive as to its amount and shall also be accepted as conclusive as to its priority, if any, against special deposits or other security located within this state.

(a) Be proved in the domiciliary state as provided by the law of that state; or

(b) If ancillary proceedings have been commenced in this state, be proved in those proceedings. In the event that any such claimant elects to prove his or her claim in this state, he or she shall file his or her claim with the ancillary receiver and shall give notice in writing to the receiver in the domiciliary state, either by registered mail or by personal service at least forty (40) days prior to the date set for hearing. The notice shall contain a concise statement of the amount of the claim, the facts on which the claim is based, and the priorities asserted, if any. If the domiciliary receiver within thirty (30) days after the giving of such notice shall give notice in writing to the ancillary receiver and to the claimant, either by registered mail or by personal service, of his or her intention to contest such claim, he or she shall be entitled to appear or to be represented in any proceeding in this state involving adjudication of the claim. The final allowance of the claim by the courts of this state shall be accepted as conclusive as to its amount and shall also be accepted as conclusive as to its priority, if any, against special deposits or other security located within this state.

In the event that any such claimant elects to prove his or her claim in this state, he or she shall file his or her claim with the ancillary receiver and shall give notice in writing to the receiver in the domiciliary state, either by registered mail or by personal service at least forty (40) days prior to the date set for hearing. The notice shall contain a concise statement of the amount of the claim, the facts on which the claim is based, and the priorities asserted, if any. If the domiciliary receiver within thirty (30) days after the giving of such notice shall give notice in writing to the ancillary receiver and to the claimant, either by registered mail or by personal service, of his or her intention to contest such claim, he or she shall be entitled to appear or to be represented in any proceeding in this state involving adjudication of the claim. The final allowance of the claim by the courts of this state shall be accepted as conclusive as to its amount and shall also be accepted as conclusive as to its priority, if any, against special deposits or other security located within this state.

Acts 1959, No. 148, § 654; A.S.A. 1947, § 66-4817.
Ark. Code Ann. § 23-17-219 — AR Code / Title 23 / Chapter 17 / Subchapter 2 / Section 23-17-219
Board of directors - Elections - Term of office - Vacancies
Status: in_force

(a) The directors of a cooperative shall hold office until their terms expire or until their successors are elected and qualified. (b) (1) At each annual meeting or, in case of failure to hold the annual meeting as specified in the bylaws, at a special meeting called for that purpose, the members shall elect directors to hold office for the term for which they are elected and until their successors have been elected and qualified. (2) Instead of electing all of the directors annually, the bylaws may provide for staggered terms of no longer than nine (9) years for each director if approved at a meeting of the members. (c) Any vacancy occurring in the board shall be filled by the remaining directors. Such persons so elected to fill a vacancy shall serve until the board of directors shall call for an election to elect a successor, and until the successor has been elected and qualified. Acts 1951, No. 51, §§ 20, 21; A.S.A. 1947, §§ 77-1620, 77-1621; Acts 1989, No. 437, § 12; 1999, No. 946, § 8.

(a) The directors of a cooperative shall hold office until their terms expire or until their successors are elected and qualified.

(b) (1) At each annual meeting or, in case of failure to hold the annual meeting as specified in the bylaws, at a special meeting called for that purpose, the members shall elect directors to hold office for the term for which they are elected and until their successors have been elected and qualified. (2) Instead of electing all of the directors annually, the bylaws may provide for staggered terms of no longer than nine (9) years for each director if approved at a meeting of the members.

(1) At each annual meeting or, in case of failure to hold the annual meeting as specified in the bylaws, at a special meeting called for that purpose, the members shall elect directors to hold office for the term for which they are elected and until their successors have been elected and qualified.

(2) Instead of electing all of the directors annually, the bylaws may provide for staggered terms of no longer than nine (9) years for each director if approved at a meeting of the members.

(c) Any vacancy occurring in the board shall be filled by the remaining directors. Such persons so elected to fill a vacancy shall serve until the board of directors shall call for an election to elect a successor, and until the successor has been elected and qualified.

Acts 1951, No. 51, §§ 20, 21; A.S.A. 1947, §§ 77-1620, 77-1621; Acts 1989, No. 437, § 12; 1999, No. 946, § 8.
Ark. Code Ann. § 23-113-501 — AR Code / Title 23 / Chapter 113 / Subchapter 5 / Section 23-113-501
Privilege fees
Status: in_force

(a) Franchise holders conducting wagering on electronic games of skill under this chapter shall pay the following fees for the privilege of conducting the wagering: (1) An amount equal to eighteen percent (18%) of the net wagering revenues from electronic games of skill shall be paid by the franchise holder to the Secretary of the Department of Finance and Administration for disposition under § 23-113-604 ; (2) An amount equal to one-half of one percent (0.5%) of the net wagering revenues from electronic games of skill shall be paid by the franchise holder to the county in which the franchise holder is operating the electronic games of skill; and (3) An amount equal to one and one-half percent (1.5%) of the net wagering revenues from electronic games of skill shall be paid by the franchise holder to the city or town in which the franchise holder is operating the electronic games of skill. (b) The privilege fees shall be paid on a monthly basis pursuant to rules and procedures adopted by the secretary. It shall be the duty of a franchise holder on or before the twentieth day of each month to deliver to the secretary upon forms prescribed and furnished by the secretary a return under oath showing the total net wagering revenues from electronic games of skill during the preceding calendar month. (c) The privilege fees levied by this section are in lieu of any state or local gross receipts, sales, or other similar taxes, and to this end the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., shall not be applicable to gross receipts derived by franchise holders from wagering on electronic games of skill. (d) The privilege fee payable to the secretary under subdivision (a)(1) of this section shall be administered by the secretary pursuant to the Arkansas Tax Procedure Act, § 26-18-101 et seq. However, regulatory authority over licensing and other matters under this chapter not relating to the administration, payment, and collection of the privilege fee shall remain with the Arkansas Racing Commission. Amended by Act 2019, No. 910,§ 3518, eff. 7/1/2019. Acts 2005, No. 1151, § 1.

(a) Franchise holders conducting wagering on electronic games of skill under this chapter shall pay the following fees for the privilege of conducting the wagering: (1) An amount equal to eighteen percent (18%) of the net wagering revenues from electronic games of skill shall be paid by the franchise holder to the Secretary of the Department of Finance and Administration for disposition under § 23-113-604 ; (2) An amount equal to one-half of one percent (0.5%) of the net wagering revenues from electronic games of skill shall be paid by the franchise holder to the county in which the franchise holder is operating the electronic games of skill; and (3) An amount equal to one and one-half percent (1.5%) of the net wagering revenues from electronic games of skill shall be paid by the franchise holder to the city or town in which the franchise holder is operating the electronic games of skill.

(1) An amount equal to eighteen percent (18%) of the net wagering revenues from electronic games of skill shall be paid by the franchise holder to the Secretary of the Department of Finance and Administration for disposition under § 23-113-604 ;

(2) An amount equal to one-half of one percent (0.5%) of the net wagering revenues from electronic games of skill shall be paid by the franchise holder to the county in which the franchise holder is operating the electronic games of skill; and

(3) An amount equal to one and one-half percent (1.5%) of the net wagering revenues from electronic games of skill shall be paid by the franchise holder to the city or town in which the franchise holder is operating the electronic games of skill.

(b) The privilege fees shall be paid on a monthly basis pursuant to rules and procedures adopted by the secretary. It shall be the duty of a franchise holder on or before the twentieth day of each month to deliver to the secretary upon forms prescribed and furnished by the secretary a return under oath showing the total net wagering revenues from electronic games of skill during the preceding calendar month.

(c) The privilege fees levied by this section are in lieu of any state or local gross receipts, sales, or other similar taxes, and to this end the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., shall not be applicable to gross receipts derived by franchise holders from wagering on electronic games of skill.

(d) The privilege fee payable to the secretary under subdivision (a)(1) of this section shall be administered by the secretary pursuant to the Arkansas Tax Procedure Act, § 26-18-101 et seq. However, regulatory authority over licensing and other matters under this chapter not relating to the administration, payment, and collection of the privilege fee shall remain with the Arkansas Racing Commission.

Amended by Act 2019, No. 910,§ 3518, eff. 7/1/2019.

Acts 2005, No. 1151, § 1.
Ark. Code Ann. § 23-63-104 — AR Code / Title 23 / Chapter 63 / Subchapter 1 / Section 23-63-104
Domicile of alien insurer
Status: in_force

(a) For the purpose of the Arkansas Insurance Code, except as provided under § 23-68-102(6) , the domicile of an alien insurer, other than insurers formed under the laws of Canada, shall be that state designated by the insurer in writing filed with the Insurance Commissioner at time of admission to this state or within six (6) months after June 11, 1959, whichever date is the later, and may be any one (1) of the following states: (1) That in which the insurer was first authorized to transact insurance; (2) That in which is located the insurer's principal place of business in the United States; or (3) That in which is held the larger deposit of trusteed assets of the insurer for the protection of its policyholders, or policyholders and creditors, in the United States. (b) If the insurer makes no designation, its domicile shall be deemed to be that state in which is located its principal place of business in the United States. Acts 1959, No. 148, § 67; A.S.A. 1947, § 66-2225.

(a) For the purpose of the Arkansas Insurance Code, except as provided under § 23-68-102(6) , the domicile of an alien insurer, other than insurers formed under the laws of Canada, shall be that state designated by the insurer in writing filed with the Insurance Commissioner at time of admission to this state or within six (6) months after June 11, 1959, whichever date is the later, and may be any one (1) of the following states: (1) That in which the insurer was first authorized to transact insurance; (2) That in which is located the insurer's principal place of business in the United States; or (3) That in which is held the larger deposit of trusteed assets of the insurer for the protection of its policyholders, or policyholders and creditors, in the United States.

(1) That in which the insurer was first authorized to transact insurance;

(2) That in which is located the insurer's principal place of business in the United States; or

(3) That in which is held the larger deposit of trusteed assets of the insurer for the protection of its policyholders, or policyholders and creditors, in the United States.

(b) If the insurer makes no designation, its domicile shall be deemed to be that state in which is located its principal place of business in the United States.

Acts 1959, No. 148, § 67; A.S.A. 1947, § 66-2225.
Ark. Code Ann. § 23-3-105 — AR Code / Title 23 / Chapter 3 / Subchapter 1 / Section 23-3-105
Stocks, bonds, notes, etc. - Amount of issue
Status: in_force

The commission shall have no power to authorize the issuance of stocks, notes, bonds, or other evidence of indebtedness of any public utility in an aggregate amount at any time exceeding the fair value of the properties of the issuer and the reasonable cost of the issuance and sale of the issues. Acts 1935, No. 324, § 59; Pope's Dig., § 2119; Acts 1973, No. 410, § 1; 1981, No. 709, § 1; A.S.A. 1947, § 73-255.

The commission shall have no power to authorize the issuance of stocks, notes, bonds, or other evidence of indebtedness of any public utility in an aggregate amount at any time exceeding the fair value of the properties of the issuer and the reasonable cost of the issuance and sale of the issues.

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. § 23-13-262 — AR Code / Title 23 / Chapter 13 / Subchapter 2 / Section 23-13-262
Actions to recover penalties
Status: in_force

(a) An action to recover a penalty under §§ 23-13-234 and 23-13-257 - 23-13-264 or to enforce the powers of the Arkansas Department of Transportation under this subchapter or any other law may be brought in any circuit court in this state in the name of the State of Arkansas, on relation to the department, and shall be commenced and prosecuted to final judgment by the counsel to the department. (b) In any such action, all penalties incurred up to the time of commencing the action may be sued for and recovered therein. (c) The commencement of an action to recover a penalty shall not be or be held to be a waiver of the right to recover any other penalty. Acts 1955, No. 397, § 22; 1983, No. 565, § 5; A.S.A. 1947, § 73-1775; Acts 2003, No. 1117, § 3.

(a) An action to recover a penalty under §§ 23-13-234 and 23-13-257 - 23-13-264 or to enforce the powers of the Arkansas Department of Transportation under this subchapter or any other law may be brought in any circuit court in this state in the name of the State of Arkansas, on relation to the department, and shall be commenced and prosecuted to final judgment by the counsel to the department.

(b) In any such action, all penalties incurred up to the time of commencing the action may be sued for and recovered therein.

(c) The commencement of an action to recover a penalty shall not be or be held to be a waiver of the right to recover any other penalty.

Acts 1955, No. 397, § 22; 1983, No. 565, § 5; A.S.A. 1947, § 73-1775; Acts 2003, No. 1117, § 3.
Ark. Code Ann. § 23-92-417 — AR Code / Title 23 / Chapter 92 / Subchapter 4 / Section 23-92-417
Employer service assurance organization - Permitted activities
Status: in_force

In addition to other activities permitted, any employer service assurance organization may: (1) Provide services under § 23-92-414 and § 23-92-419(b) ; (2) Develop and administer standards, procedures, and programs of accreditation and financial assurance and other services for professional employer organizations and state agencies unless otherwise prohibited by law; and (3) Furnish any other services not prohibited by this subchapter. Acts 2003, No. 1750, § 1.

In addition to other activities permitted, any employer service assurance organization may:

(1) Provide services under § 23-92-414 and § 23-92-419(b) ;

(2) Develop and administer standards, procedures, and programs of accreditation and financial assurance and other services for professional employer organizations and state agencies unless otherwise prohibited by law; and

(3) Furnish any other services not prohibited by this subchapter.

Acts 2003, No. 1750, § 1.
Ark. Code Ann. § 23-55-1006 — AR Code / Title 23 / Chapter 55 / Section 23-55-1006
[Repealed]
Status: repealed

Repealed by Act 2023, No. 442,§ 12, eff. 8/1/2023. Amended by Act 2013, No. 531,§ 9, eff. 8/16/2013. Acts 2011, No. 733, § 15.

Repealed by Act 2023, No. 442,§ 12, eff. 8/1/2023.

Amended by Act 2013, No. 531,§ 9, eff. 8/16/2013.

Acts 2011, No. 733, § 15.
Ark. Code Ann. § 23-79-2101 — AR Code / Title 23 / Chapter 79 / Subchapter 21 / Section 23-79-2101
Legislative findings and intent
Status: in_force

(a) The General Assembly finds that: (1) Health benefit plans are increasingly making use of step therapy protocols under which patients are required to try one (1) or more prescription drugs before coverage is provided for a drug selected by the patient's healthcare provider; (2) Such step therapy protocols, if the step therapy protocols are based on well-developed scientific standards and administered in a flexible manner that takes into account the individual needs of a patient, can play an important role in controlling healthcare costs; and (3) Without uniform policies in the state for step therapy protocols, a patient may not receive the equivalent or most appropriate treatment. (b) It is the intent of the General Assembly that: (1) To require healthcare insurers to base step therapy protocols on appropriate clinical practice guidelines or published peer-reviewed data developed by independent experts with knowledge of the condition or conditions under consideration is a matter of public interest; and (2) Patients have access to a fair, transparent, and independent process for requesting a step therapy protocol exception when the patient's physician deems it appropriate. Added by Act 2021, No. 97,§ 2, eff. 1/1/2022.

(a) The General Assembly finds that: (1) Health benefit plans are increasingly making use of step therapy protocols under which patients are required to try one (1) or more prescription drugs before coverage is provided for a drug selected by the patient's healthcare provider; (2) Such step therapy protocols, if the step therapy protocols are based on well-developed scientific standards and administered in a flexible manner that takes into account the individual needs of a patient, can play an important role in controlling healthcare costs; and (3) Without uniform policies in the state for step therapy protocols, a patient may not receive the equivalent or most appropriate treatment.

(1) Health benefit plans are increasingly making use of step therapy protocols under which patients are required to try one (1) or more prescription drugs before coverage is provided for a drug selected by the patient's healthcare provider;

(2) Such step therapy protocols, if the step therapy protocols are based on well-developed scientific standards and administered in a flexible manner that takes into account the individual needs of a patient, can play an important role in controlling healthcare costs; and

(3) Without uniform policies in the state for step therapy protocols, a patient may not receive the equivalent or most appropriate treatment.

(b) It is the intent of the General Assembly that: (1) To require healthcare insurers to base step therapy protocols on appropriate clinical practice guidelines or published peer-reviewed data developed by independent experts with knowledge of the condition or conditions under consideration is a matter of public interest; and (2) Patients have access to a fair, transparent, and independent process for requesting a step therapy protocol exception when the patient's physician deems it appropriate.

(1) To require healthcare insurers to base step therapy protocols on appropriate clinical practice guidelines or published peer-reviewed data developed by independent experts with knowledge of the condition or conditions under consideration is a matter of public interest; and

(2) Patients have access to a fair, transparent, and independent process for requesting a step therapy protocol exception when the patient's physician deems it appropriate.

Added by Act 2021, No. 97,§ 2, eff. 1/1/2022.
Ark. Code Ann. § 23-81-111 — AR Code / Title 23 / Chapter 81 / Subchapter 1 / Section 23-81-111
Life insurance - Reinstatement provision
Status: in_force

There shall be a provision that unless the policy has been surrendered for its cash surrender value or its cash surrender value has been exhausted, or unless the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within three (3) years from the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears, and the payment or reinstatement of any other indebtedness to the insurer upon the policy, all with interest at a rate not exceeding six percent (6%) per annum compounded annually. Acts 1959, No. 148, § 319; A.S.A. 1947, § 66-3310.

There shall be a provision that unless the policy has been surrendered for its cash surrender value or its cash surrender value has been exhausted, or unless the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within three (3) years from the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears, and the payment or reinstatement of any other indebtedness to the insurer upon the policy, all with interest at a rate not exceeding six percent (6%) per annum compounded annually.

Acts 1959, No. 148, § 319; A.S.A. 1947, § 66-3310.
Ark. Code Ann. § 23-81-703 — AR Code / Title 23 / Chapter 81 / Subchapter 7 / Section 23-81-703
Required disclosures to payee
Status: in_force

Not less than three (3) days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement in bold type no smaller than fourteen (14) points, setting forth: (1) The amounts and due dates of the structured settlement payments to be transferred; (2) The aggregate amount of the payments; (3) The discounted present value of the payments to be transferred, which shall be identified as the "calculation of current value of the transferred structured settlement payments under federal standards for valuing annuities", and the amount of the applicable federal rate used in calculating the discounted present value; (4) The gross advance amount; (5) An itemized listing of all applicable transfer expenses, other than attorney's fees and related disbursements payable in connection with the transferee's application for approval of the transfer, and the transferee's best estimate of the amount of any such fees and disbursements; (6) The net advance amount; (7) The amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; and (8) A statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the third business day after the date the agreement is signed by the payee. Acts 2005, No. 2215, § 1.

Not less than three (3) days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement in bold type no smaller than fourteen (14) points, setting forth:

(1) The amounts and due dates of the structured settlement payments to be transferred;

(2) The aggregate amount of the payments;

(3) The discounted present value of the payments to be transferred, which shall be identified as the "calculation of current value of the transferred structured settlement payments under federal standards for valuing annuities", and the amount of the applicable federal rate used in calculating the discounted present value;

(4) The gross advance amount;

(5) An itemized listing of all applicable transfer expenses, other than attorney's fees and related disbursements payable in connection with the transferee's application for approval of the transfer, and the transferee's best estimate of the amount of any such fees and disbursements;

(6) The net advance amount;

(7) The amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; and

(8) A statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the third business day after the date the agreement is signed by the payee.

Acts 2005, No. 2215, § 1.
Ark. Code Ann. § 23-51-159 — AR Code / Title 23 / Chapter 51 / Section 23-51-159
Examination and reports
Status: in_force

When any state trust company shall be in process of voluntary liquidation, it shall be subject to examination by the Bank Commissioner, and shall furnish such reports from time to time as may be called for by the commissioner. Acts 1997, No. 940, § 59.

When any state trust company shall be in process of voluntary liquidation, it shall be subject to examination by the Bank Commissioner, and shall furnish such reports from time to time as may be called for by the commissioner.

Acts 1997, No. 940, § 59.
Ark. Code Ann. § 23-47-603 — AR Code / Title 23 / Chapter 47 / Subchapter 6 / Section 23-47-603
Bank service companies
Status: in_force

(a) As used in this section, unless the context otherwise requires: (1) "Bank service company" means a corporation or limited liability company organized for the exclusive purpose of performing bank services for one (1) or more persons, which is owned by one (1) or more state banks and one (1) or more persons; and (2) "Bank services" means services such as check and deposit sorting and posting, computation and posting of interest and other credits and charges; preparation and mailing of checks, statements, notices, and similar items; any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a person; or any other activities authorized by the Bank Commissioner. (b) (1) With the prior approval of the commissioner and subject to the conditions that may be prescribed by him or her, a state bank may establish, create, or invest in a bank service company to furnish bank services to owners of the bank service company and other persons. (2) The total of a state bank's loans to and investments in a bank service company shall not exceed twenty percent (20%) of the bank's capital base. (c) When a state bank becomes the sole owner of a bank service company, it shall become an operating subsidiary of the bank and be governed by § 23-47-601 . Acts 1997, No. 89, § 1.

(a) As used in this section, unless the context otherwise requires: (1) "Bank service company" means a corporation or limited liability company organized for the exclusive purpose of performing bank services for one (1) or more persons, which is owned by one (1) or more state banks and one (1) or more persons; and (2) "Bank services" means services such as check and deposit sorting and posting, computation and posting of interest and other credits and charges; preparation and mailing of checks, statements, notices, and similar items; any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a person; or any other activities authorized by the Bank Commissioner.

(1) "Bank service company" means a corporation or limited liability company organized for the exclusive purpose of performing bank services for one (1) or more persons, which is owned by one (1) or more state banks and one (1) or more persons; and

(2) "Bank services" means services such as check and deposit sorting and posting, computation and posting of interest and other credits and charges; preparation and mailing of checks, statements, notices, and similar items; any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a person; or any other activities authorized by the Bank Commissioner.

(b) (1) With the prior approval of the commissioner and subject to the conditions that may be prescribed by him or her, a state bank may establish, create, or invest in a bank service company to furnish bank services to owners of the bank service company and other persons. (2) The total of a state bank's loans to and investments in a bank service company shall not exceed twenty percent (20%) of the bank's capital base.

(1) With the prior approval of the commissioner and subject to the conditions that may be prescribed by him or her, a state bank may establish, create, or invest in a bank service company to furnish bank services to owners of the bank service company and other persons.

(2) The total of a state bank's loans to and investments in a bank service company shall not exceed twenty percent (20%) of the bank's capital base.

(c) When a state bank becomes the sole owner of a bank service company, it shall become an operating subsidiary of the bank and be governed by § 23-47-601 .

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-80-404 — AR Code / Title 23 / Chapter 80 / Subchapter 4 / Section 23-80-404
Uniform card requirement
Status: in_force

(a) Every health benefit plan that provides coverage for prescription drugs or devices and issues a card or other technology for claims processing and every administrator of such plans, including third-party administrators for self-insured plans, pharmacy benefit managers, and administrators of state plans, shall issue to all covered persons a uniform card or other technology containing uniform prescription drug information as required under this subchapter. (b) The uniform prescription drug information card or other technology shall: (1) (A) Be in a format approved by the National Council for Prescription Drug Programs, in which case the card or other technology shall include all fields of information required by the council and conform to the most recent pharmacy information card or other technology implementation guide produced by the council. (B) In the alternative, the card or other technology shall conform to a national format established in an administrative rule by the Insurance Commissioner; (2) Include in a clear, readable, and understandable manner all information, exclusive of information provided on the prescription as required by law or regulation, that is necessary to process a claim for prescription drug benefits under the health benefit plan; (3) Format and arrange all information on the card or other technology in a manner that corresponds both in content and format to the content and format required by the health benefit plan to process the claim for prescription drug benefits; (4) Conform all information on the card or other technology not specified by the council to a content and format established in an administrative rule by the commissioner; and (5) If the health benefit plan requires a conditional or situational field as defined by the council, conform the conditional or situational field to the most recent pharmacy information card or other technology implementation guide produced by the council or to a national format established in an administrative rule by the commissioner. Acts 2001, No. 1409, § 4; 2003, No. 1473, § 54.

(a) Every health benefit plan that provides coverage for prescription drugs or devices and issues a card or other technology for claims processing and every administrator of such plans, including third-party administrators for self-insured plans, pharmacy benefit managers, and administrators of state plans, shall issue to all covered persons a uniform card or other technology containing uniform prescription drug information as required under this subchapter.

(b) The uniform prescription drug information card or other technology shall: (1) (A) Be in a format approved by the National Council for Prescription Drug Programs, in which case the card or other technology shall include all fields of information required by the council and conform to the most recent pharmacy information card or other technology implementation guide produced by the council. (B) In the alternative, the card or other technology shall conform to a national format established in an administrative rule by the Insurance Commissioner; (2) Include in a clear, readable, and understandable manner all information, exclusive of information provided on the prescription as required by law or regulation, that is necessary to process a claim for prescription drug benefits under the health benefit plan; (3) Format and arrange all information on the card or other technology in a manner that corresponds both in content and format to the content and format required by the health benefit plan to process the claim for prescription drug benefits; (4) Conform all information on the card or other technology not specified by the council to a content and format established in an administrative rule by the commissioner; and (5) If the health benefit plan requires a conditional or situational field as defined by the council, conform the conditional or situational field to the most recent pharmacy information card or other technology implementation guide produced by the council or to a national format established in an administrative rule by the commissioner.

(1) (A) Be in a format approved by the National Council for Prescription Drug Programs, in which case the card or other technology shall include all fields of information required by the council and conform to the most recent pharmacy information card or other technology implementation guide produced by the council. (B) In the alternative, the card or other technology shall conform to a national format established in an administrative rule by the Insurance Commissioner;

(A) Be in a format approved by the National Council for Prescription Drug Programs, in which case the card or other technology shall include all fields of information required by the council and conform to the most recent pharmacy information card or other technology implementation guide produced by the council.

(B) In the alternative, the card or other technology shall conform to a national format established in an administrative rule by the Insurance Commissioner;

(2) Include in a clear, readable, and understandable manner all information, exclusive of information provided on the prescription as required by law or regulation, that is necessary to process a claim for prescription drug benefits under the health benefit plan;

(3) Format and arrange all information on the card or other technology in a manner that corresponds both in content and format to the content and format required by the health benefit plan to process the claim for prescription drug benefits;

(4) Conform all information on the card or other technology not specified by the council to a content and format established in an administrative rule by the commissioner; and

(5) If the health benefit plan requires a conditional or situational field as defined by the council, conform the conditional or situational field to the most recent pharmacy information card or other technology implementation guide produced by the council or to a national format established in an administrative rule by the commissioner.

Acts 2001, No. 1409, § 4; 2003, No. 1473, § 54.
Ark. Code Ann. § 23-86-406 — AR Code / Title 23 / Chapter 86 / Subchapter 4 / Section 23-86-406
Effect of subchapter on coverage of specific services
Status: in_force

Nothing in this subchapter shall be construed to require a health maintenance organization to cover any specific healthcare service. Acts 1999, No. 1469, § 6.

Nothing in this subchapter shall be construed to require a health maintenance organization to cover any specific healthcare service.

Acts 1999, No. 1469, § 6.
Ark. Code Ann. § 23-78-116 — AR Code / Title 23 / Chapter 78 / Section 23-78-116
Membership dues and assessments
Status: in_force

(a) From and after February 18, 1953, a burial association organized or operating in this state shall not issue a certificate providing benefits for a member for an assessment or membership dues less than the minimum assessment or minimum dues prescribed for the benefits by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services. (b) However, dues and assessments of the membership as of February 18, 1953, shall not be changed by the board. Amended by Act 2017, No. 788,§ 79, eff. 7/1/2018. Acts 1953, No. 91, § 11; A.S.A. 1947, § 66-1811.

(a) From and after February 18, 1953, a burial association organized or operating in this state shall not issue a certificate providing benefits for a member for an assessment or membership dues less than the minimum assessment or minimum dues prescribed for the benefits by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services.

(b) However, dues and assessments of the membership as of February 18, 1953, shall not be changed by the board.

Amended by Act 2017, No. 788,§ 79, eff. 7/1/2018.

Acts 1953, No. 91, § 11; A.S.A. 1947, § 66-1811.
Ark. Code Ann. § 23-64-204 — AR Code / Title 23 / Chapter 64 / Subchapter 2 / Section 23-64-204
Application for insurance consultant's license
Status: in_force

(a) Application for an insurance consultant's license shall be made to the Insurance Commissioner by the applicant and be signed and sworn to by the applicant along with a nonrefundable application fee as prescribed by regulation. (b) The form of application shall require full answers to such questions as may reasonably be necessary to determine the applicant's identity, residence, personal history, business record, experience in insurance, and other facts, such as, but not limited to, criminal convictions, pleas, pending charges, bankruptcies, or filings for bankruptcy or any other items, as required by the commissioner to determine whether the applicant meets the applicable qualifications mandated. (c) The application shall state the kinds of insurance proposed to be transacted. (d) If the applicant for license is a firm, limited liability company, or corporation, the application shall show the names of all members, managers, officers, and directors and shall designate each individual who is to exercise the powers to be conferred by the license. Each individual so designated shall furnish information with respect to himself or herself, as part of the application, as though licensed as an individual licensee. (e) The application shall also show whether the applicant or individual designee under the license was ever previously licensed to transact any kind of insurance in this state or elsewhere, whether the license was ever refused, suspended, or revoked, and whether any insurer or insurance licensee claims an applicant is indebted to it, and if so, the details thereof. (f) (1) If the application is approved and if the nonrefundable application fee is paid, an examination permit will be issued to the applicant. (2) The permit will be valid for a period of ninety (90) days from the date of issuance. (3) If the applicant does not schedule and appear for examination within that ninety-day period, the permit shall expire and the applicant may be required to file a new application and shall pay another nonrefundable application fee before issuance of another examination permit to the applicant. (4) If an applicant appears for examination but fails to pass the examination, the applicant shall be required to pay a nonrefundable reexamination fee before reexamination. Acts 1959, No. 148, § 156; 1979, No. 942, § 21; 1983, No. 522, §§ 15-17; A.S.A. 1947, § 66-2813; Acts 1987, No. 622, § 4; 1993, No. 901, § 21; 1997, No. 1004, § 1; 1999, No. 1270, § 1; 2001, No. 580, § 8.

(a) Application for an insurance consultant's license shall be made to the Insurance Commissioner by the applicant and be signed and sworn to by the applicant along with a nonrefundable application fee as prescribed by regulation.

(b) The form of application shall require full answers to such questions as may reasonably be necessary to determine the applicant's identity, residence, personal history, business record, experience in insurance, and other facts, such as, but not limited to, criminal convictions, pleas, pending charges, bankruptcies, or filings for bankruptcy or any other items, as required by the commissioner to determine whether the applicant meets the applicable qualifications mandated.

(c) The application shall state the kinds of insurance proposed to be transacted.

(d) If the applicant for license is a firm, limited liability company, or corporation, the application shall show the names of all members, managers, officers, and directors and shall designate each individual who is to exercise the powers to be conferred by the license. Each individual so designated shall furnish information with respect to himself or herself, as part of the application, as though licensed as an individual licensee.

(e) The application shall also show whether the applicant or individual designee under the license was ever previously licensed to transact any kind of insurance in this state or elsewhere, whether the license was ever refused, suspended, or revoked, and whether any insurer or insurance licensee claims an applicant is indebted to it, and if so, the details thereof.

(f) (1) If the application is approved and if the nonrefundable application fee is paid, an examination permit will be issued to the applicant. (2) The permit will be valid for a period of ninety (90) days from the date of issuance. (3) If the applicant does not schedule and appear for examination within that ninety-day period, the permit shall expire and the applicant may be required to file a new application and shall pay another nonrefundable application fee before issuance of another examination permit to the applicant. (4) If an applicant appears for examination but fails to pass the examination, the applicant shall be required to pay a nonrefundable reexamination fee before reexamination.

(1) If the application is approved and if the nonrefundable application fee is paid, an examination permit will be issued to the applicant.

(2) The permit will be valid for a period of ninety (90) days from the date of issuance.

(3) If the applicant does not schedule and appear for examination within that ninety-day period, the permit shall expire and the applicant may be required to file a new application and shall pay another nonrefundable application fee before issuance of another examination permit to the applicant.

(4) If an applicant appears for examination but fails to pass the examination, the applicant shall be required to pay a nonrefundable reexamination fee before reexamination.

Acts 1959, No. 148, § 156; 1979, No. 942, § 21; 1983, No. 522, §§ 15-17; A.S.A. 1947, § 66-2813; Acts 1987, No. 622, § 4; 1993, No. 901, § 21; 1997, No. 1004, § 1; 1999, No. 1270, § 1; 2001, No. 580, § 8.
Ark. Code Ann. § 23-91-223 — AR Code / Title 23 / Chapter 91 / Subchapter 2 / Section 23-91-223
[Repealed]
Status: repealed

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023. Acts 1977, No. 368, § 16; A.S.A. 1947, § 66-5416.

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.

Acts 1977, No. 368, § 16; A.S.A. 1947, § 66-5416.
Ark. Code Ann. § 23-4-603 — AR Code / Title 23 / Chapter 4 / Subchapter 6 / Section 23-4-603
Railroads - Charges to be reasonable and just
Status: in_force

All charges made for any service rendered or to be rendered in the transportation of passengers or property on any railroad in this state, or in connection therewith, or for receiving, delivering, storing, or handling such property shall be reasonable and just. Every unjust and unreasonable charge for such a service is prohibited and declared to be unlawful. Acts 1887, No. 81, § 9, p. 113; C. & M. Dig., § 857; Pope's Dig., § 1061; A.S.A. 1947, § 73-1401.

All charges made for any service rendered or to be rendered in the transportation of passengers or property on any railroad in this state, or in connection therewith, or for receiving, delivering, storing, or handling such property shall be reasonable and just. Every unjust and unreasonable charge for such a service is prohibited and declared to be unlawful.

Acts 1887, No. 81, § 9, p. 113; C. & M. Dig., § 857; Pope's Dig., § 1061; A.S.A. 1947, § 73-1401.
Ark. Code Ann. § 23-93-110 — AR Code / Title 23 / Chapter 93 / Subchapter 1 / Section 23-93-110
Untrue, deceptive, or misleading statements prohibited
Status: in_force

(a) No provider shall make, publish, disseminate, circulate, or place before the public or cause, directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in a newspaper or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over any radio or television station, or in any other way, an advertisement, announcement, or statement of any sort containing any assertion, representation, or untrue, deceptive, or misleading statement. (b) No provider shall file with the State Insurance Department or make, publish, disseminate, circulate, or deliver to any person or place before the public or cause, directly or indirectly, to be made, published, disseminated, circulated, or delivered to any person, or placed before the public any financial statement which does not accurately state its true financial condition. Acts 1987, No. 329, § 7.

(a) No provider shall make, publish, disseminate, circulate, or place before the public or cause, directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in a newspaper or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over any radio or television station, or in any other way, an advertisement, announcement, or statement of any sort containing any assertion, representation, or untrue, deceptive, or misleading statement.

(b) No provider shall file with the State Insurance Department or make, publish, disseminate, circulate, or deliver to any person or place before the public or cause, directly or indirectly, to be made, published, disseminated, circulated, or delivered to any person, or placed before the public any financial statement which does not accurately state its true financial condition.

Acts 1987, No. 329, § 7.
Ark. Code Ann. § 23-99-905 — AR Code / Title 23 / Chapter 99 / Subchapter 9 / Section 23-99-905
Enforcement
Status: in_force

(a) The State Insurance Department shall develop and promulgate rules for the implementation and enforcement of this subchapter. (b) In addition to or as an alternative to any enforcement action by the department, a healthcare provider or an organization that represents healthcare providers may enforce this subchapter by filing suit against a healthcare payor in: (1) Pulaski County Circuit Court; or (2) The circuit court of a county in Arkansas in which one (1) of the healthcare provider claimants resides or does business. Amended by Act 2019, No. 862,§ 1, eff. 7/24/2019. Added by Act 2017, No. 724,§ 2, eff. 8/1/2017.

(a) The State Insurance Department shall develop and promulgate rules for the implementation and enforcement of this subchapter.

(b) In addition to or as an alternative to any enforcement action by the department, a healthcare provider or an organization that represents healthcare providers may enforce this subchapter by filing suit against a healthcare payor in: (1) Pulaski County Circuit Court; or (2) The circuit court of a county in Arkansas in which one (1) of the healthcare provider claimants resides or does business.

(1) Pulaski County Circuit Court; or

(2) The circuit court of a county in Arkansas in which one (1) of the healthcare provider claimants resides or does business.

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

Added by Act 2017, No. 724,§ 2, eff. 8/1/2017.
Ark. Code Ann. § 23-114-307 — AR Code / Title 23 / Chapter 114 / Subchapter 3 / Section 23-114-307
Licenses and fees - Distributors and manufacturers
Status: in_force

(a) A distributor license may be issued to a distributor of bingo equipment and is subject to renewal on an annual basis. The annual fee for this license shall be two thousand five hundred dollars ($2,500). (b) A manufacturer license may be issued to a manufacturer of bingo equipment and is subject to renewal on an annual basis. The annual fee for this license shall be two thousand five hundred dollars ($2,500). Acts 2007, No. 388, § 1.

(a) A distributor license may be issued to a distributor of bingo equipment and is subject to renewal on an annual basis. The annual fee for this license shall be two thousand five hundred dollars ($2,500).

(b) A manufacturer license may be issued to a manufacturer of bingo equipment and is subject to renewal on an annual basis. The annual fee for this license shall be two thousand five hundred dollars ($2,500).

Acts 2007, No. 388, § 1.
Ark. Code Ann. § 23-53-106 — AR Code / Title 23 / Chapter 53 / Section 23-53-106
Enforcement
Status: in_force

(a) (1) Any violation of this chapter constitutes an unconscionable or deceptive act or practice as defined under § 4-88-101 et seq. (2) (A) Except as provided in § 23-53-105(a)(2)(A) or (B) , any person found by a preponderance of the evidence to have violated this chapter shall be liable to the borrower for the following: (i) (a) Actual damages, including consequential and incidental damages. (b) The borrower shall not be required to demonstrate reliance in order to receive actual damages; (ii) Statutory damages equal to twenty-five percent (25%) of the finance charges agreed to in the home loan agreement plus ten percent (10%) of the amount financed; (iii) Punitive damages when the violation was malicious or reckless and when otherwise allowable by applicable law; and (iv) Costs and reasonable attorney's fees. (B) A borrower may be granted injunctive, declaratory, and other equitable relief as the court deems appropriate in an action to enforce compliance with this chapter. (b) The intentional violation of this chapter renders the high-cost home loan agreement void, and the creditor shall have no right to collect, receive, or retain any principal, interest, or other charges at all with respect to the loan, and the borrower may recover any payments made under the agreement. (c) The right of rescission granted under 15 U.S.C. § 1601 et seq., as it existed on March 1, 2003, for violations of that law and all other remedies provided under this chapter shall be available to a borrower by way of recoupment against a party foreclosing on the high-cost home loan or collecting on the loan, at any time during the term of the loan. (d) The remedies provided in this section are not intended to be the exclusive remedies available to a borrower, nor must the borrower exhaust any administrative remedies provided under this chapter or any other applicable law before proceeding under this section. (e) Corrections and Unintentional Violations. (1) A creditor in a home loan who when acting in good faith fails to comply with the provisions of this chapter will not be deemed to have violated this section if the creditor establishes that either: (A) Within thirty (30) days of the loan closing and before receiving any notice from the borrower of the compliance failure: (i) The creditor has made appropriate restitution to the borrower; and (ii) Appropriate adjustments are made to the loan; or (B) Within sixty (60) days of the loan closing and before receiving any notice from the borrower of the compliance failure, and the compliance failure was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any errors: (i) The borrower is notified of the compliance failure; (ii) Appropriate restitution is made to the borrower; and (iii) Appropriate adjustments are made to the loan. (2) (A) Examples of bona fide errors include clerical, calculation, computer malfunction and programming, and printing errors. (B) An error of legal judgment with respect to a person's obligations under this section is not a bona fide error. (f) Cumulative. The remedies provided under this chapter are cumulative and independent of and in addition to any other rights under other laws. Acts 2003, No. 1340, § 5[6].

(a) (1) Any violation of this chapter constitutes an unconscionable or deceptive act or practice as defined under § 4-88-101 et seq. (2) (A) Except as provided in § 23-53-105(a)(2)(A) or (B) , any person found by a preponderance of the evidence to have violated this chapter shall be liable to the borrower for the following: (i) (a) Actual damages, including consequential and incidental damages. (b) The borrower shall not be required to demonstrate reliance in order to receive actual damages; (ii) Statutory damages equal to twenty-five percent (25%) of the finance charges agreed to in the home loan agreement plus ten percent (10%) of the amount financed; (iii) Punitive damages when the violation was malicious or reckless and when otherwise allowable by applicable law; and (iv) Costs and reasonable attorney's fees. (B) A borrower may be granted injunctive, declaratory, and other equitable relief as the court deems appropriate in an action to enforce compliance with this chapter.

(1) Any violation of this chapter constitutes an unconscionable or deceptive act or practice as defined under § 4-88-101 et seq.

(2) (A) Except as provided in § 23-53-105(a)(2)(A) or (B) , any person found by a preponderance of the evidence to have violated this chapter shall be liable to the borrower for the following: (i) (a) Actual damages, including consequential and incidental damages. (b) The borrower shall not be required to demonstrate reliance in order to receive actual damages; (ii) Statutory damages equal to twenty-five percent (25%) of the finance charges agreed to in the home loan agreement plus ten percent (10%) of the amount financed; (iii) Punitive damages when the violation was malicious or reckless and when otherwise allowable by applicable law; and (iv) Costs and reasonable attorney's fees. (B) A borrower may be granted injunctive, declaratory, and other equitable relief as the court deems appropriate in an action to enforce compliance with this chapter.

(A) Except as provided in § 23-53-105(a)(2)(A) or (B) , any person found by a preponderance of the evidence to have violated this chapter shall be liable to the borrower for the following: (i) (a) Actual damages, including consequential and incidental damages. (b) The borrower shall not be required to demonstrate reliance in order to receive actual damages; (ii) Statutory damages equal to twenty-five percent (25%) of the finance charges agreed to in the home loan agreement plus ten percent (10%) of the amount financed; (iii) Punitive damages when the violation was malicious or reckless and when otherwise allowable by applicable law; and (iv) Costs and reasonable attorney's fees.

(i) (a) Actual damages, including consequential and incidental damages. (b) The borrower shall not be required to demonstrate reliance in order to receive actual damages;

(a) Actual damages, including consequential and incidental damages.

(b) The borrower shall not be required to demonstrate reliance in order to receive actual damages;

(ii) Statutory damages equal to twenty-five percent (25%) of the finance charges agreed to in the home loan agreement plus ten percent (10%) of the amount financed;

(iii) Punitive damages when the violation was malicious or reckless and when otherwise allowable by applicable law; and

(iv) Costs and reasonable attorney's fees.

(B) A borrower may be granted injunctive, declaratory, and other equitable relief as the court deems appropriate in an action to enforce compliance with this chapter.

(b) The intentional violation of this chapter renders the high-cost home loan agreement void, and the creditor shall have no right to collect, receive, or retain any principal, interest, or other charges at all with respect to the loan, and the borrower may recover any payments made under the agreement.

(c) The right of rescission granted under 15 U.S.C. § 1601 et seq., as it existed on March 1, 2003, for violations of that law and all other remedies provided under this chapter shall be available to a borrower by way of recoupment against a party foreclosing on the high-cost home loan or collecting on the loan, at any time during the term of the loan.

(d) The remedies provided in this section are not intended to be the exclusive remedies available to a borrower, nor must the borrower exhaust any administrative remedies provided under this chapter or any other applicable law before proceeding under this section.

(e) Corrections and Unintentional Violations. (1) A creditor in a home loan who when acting in good faith fails to comply with the provisions of this chapter will not be deemed to have violated this section if the creditor establishes that either: (A) Within thirty (30) days of the loan closing and before receiving any notice from the borrower of the compliance failure: (i) The creditor has made appropriate restitution to the borrower; and (ii) Appropriate adjustments are made to the loan; or (B) Within sixty (60) days of the loan closing and before receiving any notice from the borrower of the compliance failure, and the compliance failure was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any errors: (i) The borrower is notified of the compliance failure; (ii) Appropriate restitution is made to the borrower; and (iii) Appropriate adjustments are made to the loan. (2) (A) Examples of bona fide errors include clerical, calculation, computer malfunction and programming, and printing errors. (B) An error of legal judgment with respect to a person's obligations under this section is not a bona fide error.

(1) A creditor in a home loan who when acting in good faith fails to comply with the provisions of this chapter will not be deemed to have violated this section if the creditor establishes that either: (A) Within thirty (30) days of the loan closing and before receiving any notice from the borrower of the compliance failure: (i) The creditor has made appropriate restitution to the borrower; and (ii) Appropriate adjustments are made to the loan; or (B) Within sixty (60) days of the loan closing and before receiving any notice from the borrower of the compliance failure, and the compliance failure was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any errors: (i) The borrower is notified of the compliance failure; (ii) Appropriate restitution is made to the borrower; and (iii) Appropriate adjustments are made to the loan.

(A) Within thirty (30) days of the loan closing and before receiving any notice from the borrower of the compliance failure: (i) The creditor has made appropriate restitution to the borrower; and (ii) Appropriate adjustments are made to the loan; or

(i) The creditor has made appropriate restitution to the borrower; and

(ii) Appropriate adjustments are made to the loan; or

(B) Within sixty (60) days of the loan closing and before receiving any notice from the borrower of the compliance failure, and the compliance failure was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any errors: (i) The borrower is notified of the compliance failure; (ii) Appropriate restitution is made to the borrower; and (iii) Appropriate adjustments are made to the loan.

(i) The borrower is notified of the compliance failure;

(ii) Appropriate restitution is made to the borrower; and

(iii) Appropriate adjustments are made to the loan.

(2) (A) Examples of bona fide errors include clerical, calculation, computer malfunction and programming, and printing errors. (B) An error of legal judgment with respect to a person's obligations under this section is not a bona fide error.

(A) Examples of bona fide errors include clerical, calculation, computer malfunction and programming, and printing errors.

(B) An error of legal judgment with respect to a person's obligations under this section is not a bona fide error.

(f) Cumulative. The remedies provided under this chapter are cumulative and independent of and in addition to any other rights under other laws.

Acts 2003, No. 1340, § 5[6].
Ark. Code Ann. § 23-83-102 — AR Code / Title 23 / Chapter 83 / Section 23-83-102
Employee groups
Status: in_force

A policy issued to an employer or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, shall be subject to the following requirements: (1) (A) The employees eligible for insurance under the policy shall be all of the employees of the employer, or all of any classes thereof. (B) The policy may provide that the term "employees" shall include the employees of one (1) or more subsidiary corporations and the employees, individual proprietors, and partners of one (1) or more affiliated corporations, proprietorships, or partnerships if the business of the employer and of the affiliated corporations, proprietorships, or partnerships is under common control. (C) The policy may provide that the term "employees" shall include the individual proprietor or partners if the employer is an individual proprietorship or partnership. (D) The policy may provide that the term "employees" shall include retired employees and directors of a corporate employer. (E) A policy issued to insure the employees of a public body may provide that the term "employees" shall include elected or appointed officials; (2) The premium for the policy shall be paid either from the employer's funds or from funds contributed by the insured employees, or from both. Except as provided in subdivision (3) of this section, a policy on which no part of the premium is to be derived from funds contributed by the insured employees must insure all eligible employees, except those who reject the coverage in writing; and (3) An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer. Acts 1981, No. 898, § 2; A.S.A. 1947, § 66-3502.

A policy issued to an employer or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, shall be subject to the following requirements:

(1) (A) The employees eligible for insurance under the policy shall be all of the employees of the employer, or all of any classes thereof. (B) The policy may provide that the term "employees" shall include the employees of one (1) or more subsidiary corporations and the employees, individual proprietors, and partners of one (1) or more affiliated corporations, proprietorships, or partnerships if the business of the employer and of the affiliated corporations, proprietorships, or partnerships is under common control. (C) The policy may provide that the term "employees" shall include the individual proprietor or partners if the employer is an individual proprietorship or partnership. (D) The policy may provide that the term "employees" shall include retired employees and directors of a corporate employer. (E) A policy issued to insure the employees of a public body may provide that the term "employees" shall include elected or appointed officials;

(A) The employees eligible for insurance under the policy shall be all of the employees of the employer, or all of any classes thereof.

(B) The policy may provide that the term "employees" shall include the employees of one (1) or more subsidiary corporations and the employees, individual proprietors, and partners of one (1) or more affiliated corporations, proprietorships, or partnerships if the business of the employer and of the affiliated corporations, proprietorships, or partnerships is under common control.

(C) The policy may provide that the term "employees" shall include the individual proprietor or partners if the employer is an individual proprietorship or partnership.

(D) The policy may provide that the term "employees" shall include retired employees and directors of a corporate employer.

(E) A policy issued to insure the employees of a public body may provide that the term "employees" shall include elected or appointed officials;

(2) The premium for the policy shall be paid either from the employer's funds or from funds contributed by the insured employees, or from both. Except as provided in subdivision (3) of this section, a policy on which no part of the premium is to be derived from funds contributed by the insured employees must insure all eligible employees, except those who reject the coverage in writing; and

(3) An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.

Acts 1981, No. 898, § 2; A.S.A. 1947, § 66-3502.
Ark. Code Ann. § 23-18-324 — AR Code / Title 23 / Chapter 18 / Subchapter 3 / Section 23-18-324
Consolidation
Status: in_force

(a) (1) Any two (2) or more corporations may enter into an agreement for the consolidation of the corporations. (2) The agreement shall set forth the terms and conditions of the consolidation, the name of the proposed consolidated corporation, the number of its directors, not fewer than three (3), the time of the annual meeting and election, and the names of at least three (3) persons to be directors until the first annual meeting. (3) If such an agreement is approved by the votes of a majority of the members of each corporation present in person or by proxy at any regular meeting or at any special meeting of its members called for that purpose, the directors named in the agreement shall sign and acknowledge as incorporators articles of consolidation conforming substantially to original articles of incorporation of a corporation organized under this subchapter. (b) (1) The articles of consolidation shall be executed, acknowledged, filed, and recorded in the same manner as the original articles of incorporation of a corporation organized under this subchapter. (2) As soon as the Secretary of State shall have accepted the articles of consolidation for filing and recording and issued a certificate of consolidation, the proposed consolidated corporation, described in the articles under its designated name, shall be and become a body corporate, with all the powers of a corporation as originally organized under this subchapter. Acts 1937, No. 342, § 27; Pope's Dig., § 2341; A.S.A. 1947, § 77-1127.

(a) (1) Any two (2) or more corporations may enter into an agreement for the consolidation of the corporations. (2) The agreement shall set forth the terms and conditions of the consolidation, the name of the proposed consolidated corporation, the number of its directors, not fewer than three (3), the time of the annual meeting and election, and the names of at least three (3) persons to be directors until the first annual meeting. (3) If such an agreement is approved by the votes of a majority of the members of each corporation present in person or by proxy at any regular meeting or at any special meeting of its members called for that purpose, the directors named in the agreement shall sign and acknowledge as incorporators articles of consolidation conforming substantially to original articles of incorporation of a corporation organized under this subchapter.

(1) Any two (2) or more corporations may enter into an agreement for the consolidation of the corporations.

(2) The agreement shall set forth the terms and conditions of the consolidation, the name of the proposed consolidated corporation, the number of its directors, not fewer than three (3), the time of the annual meeting and election, and the names of at least three (3) persons to be directors until the first annual meeting.

(3) If such an agreement is approved by the votes of a majority of the members of each corporation present in person or by proxy at any regular meeting or at any special meeting of its members called for that purpose, the directors named in the agreement shall sign and acknowledge as incorporators articles of consolidation conforming substantially to original articles of incorporation of a corporation organized under this subchapter.

(b) (1) The articles of consolidation shall be executed, acknowledged, filed, and recorded in the same manner as the original articles of incorporation of a corporation organized under this subchapter. (2) As soon as the Secretary of State shall have accepted the articles of consolidation for filing and recording and issued a certificate of consolidation, the proposed consolidated corporation, described in the articles under its designated name, shall be and become a body corporate, with all the powers of a corporation as originally organized under this subchapter.

(1) The articles of consolidation shall be executed, acknowledged, filed, and recorded in the same manner as the original articles of incorporation of a corporation organized under this subchapter.

(2) As soon as the Secretary of State shall have accepted the articles of consolidation for filing and recording and issued a certificate of consolidation, the proposed consolidated corporation, described in the articles under its designated name, shall be and become a body corporate, with all the powers of a corporation as originally organized under this subchapter.

Acts 1937, No. 342, § 27; Pope's Dig., § 2341; A.S.A. 1947, § 77-1127.
Ark. Code Ann. § 23-79-805 — AR Code / Title 23 / Chapter 79 / Subchapter 8 / Section 23-79-805
Rules
Status: in_force

The Insurance Commissioner may promulgate rules necessary to implement the provisions of this subchapter. Amended by Act 2019, No. 315,§ 2721, eff. 7/24/2019. Acts 2001, No. 924, § 5.

The Insurance Commissioner may promulgate rules necessary to implement the provisions of this subchapter.

Amended by Act 2019, No. 315,§ 2721, eff. 7/24/2019.

Acts 2001, No. 924, § 5.
Ark. Code Ann. § 23-3-120 — AR Code / Title 23 / Chapter 3 / Subchapter 1 / Section 23-3-120
Definition
Status: in_force

As used in this subchapter, unless the context requires otherwise, the terms "corporation" or "company" include a corporation and a limited liability company. Acts 2001, No. 1291, § 12.

As used in this subchapter, unless the context requires otherwise, the terms "corporation" or "company" include a corporation and a limited liability company.

Acts 2001, No. 1291, § 12.
Ark. Code Ann. § 23-61-705 — AR Code / Title 23 / Chapter 61 / Subchapter 7 / Section 23-61-705
Insurers' regulation fees - Deposit into State Insurance Department Trust Fund as special revenues
Status: in_force

The Insurance Commissioner shall deposit all administrative and financial regulation fees and any penalties assessed under this subchapter directly into the State Insurance Department Trust Fund as special revenues. Acts 1993, No. 652, § 5.

The Insurance Commissioner shall deposit all administrative and financial regulation fees and any penalties assessed under this subchapter directly into the State Insurance Department Trust Fund as special revenues.

Acts 1993, No. 652, § 5.
Ark. Code Ann. § 23-46-511 — AR Code / Title 23 / Chapter 46 / Subchapter 5 / Section 23-46-511
Retention of records
Status: in_force

(a) Every state bank or subsidiary trust company shall retain its business records for periods that are or may be prescribed by or in accordance with the terms of this section. (b) Each state bank or subsidiary trust company shall retain permanently the minute books of meetings of its stockholders and directors, its capital stock ledger and capital stock certificate ledger or stubs, and all records which the Bank Commissioner and the State Banking Board shall, in accordance with the terms of this section, require to be retained permanently. (c) All records other than those described in subsection (b) of this section shall be retained for periods that the commissioner and board, in accordance with the terms of this section, shall prescribe. (d) The commissioner shall issue rules, with the approval of the board, prescribing the period for which records must be maintained. The periods may be permanent or for a term of years. (e) Any state bank or subsidiary trust company may dispose of any records which have been retained for the period prescribed in accordance with the terms of this section and shall, after it has disposed of a record, thereafter be under no duty to produce the record in any action or proceeding. (f) (1) In lieu of retention of the original records, any state bank or subsidiary trust company may cause any or all of its records, and records held at any time in its custody, including those held by it as a fiduciary, to be photographed or otherwise reproduced in permanent form. (2) Any photograph or other reproduction shall have the same force and effect as the original thereof and be admitted into evidence equally as with the original. Amended by Act 2019, No. 315,§ 2534, eff. 7/24/2019. Acts 1997, No. 89, § 1.

(a) Every state bank or subsidiary trust company shall retain its business records for periods that are or may be prescribed by or in accordance with the terms of this section.

(b) Each state bank or subsidiary trust company shall retain permanently the minute books of meetings of its stockholders and directors, its capital stock ledger and capital stock certificate ledger or stubs, and all records which the Bank Commissioner and the State Banking Board shall, in accordance with the terms of this section, require to be retained permanently.

(c) All records other than those described in subsection (b) of this section shall be retained for periods that the commissioner and board, in accordance with the terms of this section, shall prescribe.

(d) The commissioner shall issue rules, with the approval of the board, prescribing the period for which records must be maintained. The periods may be permanent or for a term of years.

(e) Any state bank or subsidiary trust company may dispose of any records which have been retained for the period prescribed in accordance with the terms of this section and shall, after it has disposed of a record, thereafter be under no duty to produce the record in any action or proceeding.

(f) (1) In lieu of retention of the original records, any state bank or subsidiary trust company may cause any or all of its records, and records held at any time in its custody, including those held by it as a fiduciary, to be photographed or otherwise reproduced in permanent form. (2) Any photograph or other reproduction shall have the same force and effect as the original thereof and be admitted into evidence equally as with the original.

(1) In lieu of retention of the original records, any state bank or subsidiary trust company may cause any or all of its records, and records held at any time in its custody, including those held by it as a fiduciary, to be photographed or otherwise reproduced in permanent form.

(2) Any photograph or other reproduction shall have the same force and effect as the original thereof and be admitted into evidence equally as with the original.

Amended by Act 2019, No. 315,§ 2534, eff. 7/24/2019.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-102-105 — AR Code / Title 23 / Chapter 102 / Section 23-102-105
Board
Status: in_force

(a) The Arkansas Earthquake Authority shall operate subject to the supervision and control of the Board of the Arkansas Earthquake Authority. There shall be a board of seven (7) members to be appointed by the Insurance Commissioner, which shall meet at least annually to review and prescribe operating rules. The commissioner shall apportion the number of positions into three (3) classes which shall consist of the following members: (1) Three (3) members shall be representatives of foreign insurance companies; (2) Two (2) members shall be representatives of domestic insurance companies; (3) One (1) member shall be a licensed insurance agent; and (4) One (1) member shall be a consumer. (b) The commissioner shall appoint members by class of one-year terms, two-year terms, and three-year terms. Thereafter, at each annual meeting, members appointed to succeed those whose terms expire shall be appointed to three-year terms. (c) The board shall elect one (1) of its members as chair. (d) Any vacancy in the board occurring for any reason other than the expiration of a term shall be filled for the unexpired term in the same manner as the original appointment. (e) Members of the board may be reimbursed from moneys of the authority for actual and necessary expenses incurred by them to attend board meetings but shall not otherwise be compensated for their services. Acts 1999, No. 1343, § 5.

(a) The Arkansas Earthquake Authority shall operate subject to the supervision and control of the Board of the Arkansas Earthquake Authority. There shall be a board of seven (7) members to be appointed by the Insurance Commissioner, which shall meet at least annually to review and prescribe operating rules. The commissioner shall apportion the number of positions into three (3) classes which shall consist of the following members: (1) Three (3) members shall be representatives of foreign insurance companies; (2) Two (2) members shall be representatives of domestic insurance companies; (3) One (1) member shall be a licensed insurance agent; and (4) One (1) member shall be a consumer.

(1) Three (3) members shall be representatives of foreign insurance companies;

(2) Two (2) members shall be representatives of domestic insurance companies;

(3) One (1) member shall be a licensed insurance agent; and

(4) One (1) member shall be a consumer.

(b) The commissioner shall appoint members by class of one-year terms, two-year terms, and three-year terms. Thereafter, at each annual meeting, members appointed to succeed those whose terms expire shall be appointed to three-year terms.

(c) The board shall elect one (1) of its members as chair.

(d) Any vacancy in the board occurring for any reason other than the expiration of a term shall be filled for the unexpired term in the same manner as the original appointment.

(e) Members of the board may be reimbursed from moneys of the authority for actual and necessary expenses incurred by them to attend board meetings but shall not otherwise be compensated for their services.

Acts 1999, No. 1343, § 5.
Ark. Code Ann. § 23-114-703 — AR Code / Title 23 / Chapter 114 / Subchapter 7 / Section 23-114-703
Inspection of premises
Status: in_force

The Department of Finance and Administration may enter and inspect the premises where: (1) A raffle or a game of bingo is being conducted or intended to be conducted; or (2) Equipment used or intended for use in a raffle or a game of bingo is located. Acts 2007, No. 388, § 1.

The Department of Finance and Administration may enter and inspect the premises where:

(1) A raffle or a game of bingo is being conducted or intended to be conducted; or

(2) Equipment used or intended for use in a raffle or a game of bingo is located.

Acts 2007, No. 388, § 1.
Ark. Code Ann. § 23-3-506 — AR Code / Title 23 / Chapter 3 / Subchapter 5 / Section 23-3-506
Objections to petition
Status: in_force

Any person, corporation, company, municipal agency, state agency, or institution whose rights or interests may be affected by such a proposed navigable water crossing may file written objections to the granting of the prayer of the petition. Acts 1961, No. 188, § 6; A.S.A. 1947, § 73-2206.

Any person, corporation, company, municipal agency, state agency, or institution whose rights or interests may be affected by such a proposed navigable water crossing may file written objections to the granting of the prayer of the petition.

Acts 1961, No. 188, § 6; A.S.A. 1947, § 73-2206.
Ark. Code Ann. § 23-69-146 — AR Code / Title 23 / Chapter 69 / Subchapter 1 / Section 23-69-146
Effect of exchange under plan of exchange
Status: in_force

(a) (1) When the plan of exchange of shares, as filed with the Insurance Commissioner as required under § 23-69-144 , becomes effective, the exchange provided for therein is considered to have been consummated, and each shareholder of the domestic stock insurance company acquired ceases to be a shareholder of the company. (2) The ownership of all shares of the issued and outstanding stock of the company, except shares payment of the value of which is required to be made by the company under § 23-69-148 , vests in the acquiring person automatically without any physical transfer or deposit of certificates representing the shares. (3) All shares, payment of the value of which is required to be made by the company under § 23-69-148 , are considered no longer outstanding shares of the company. (4) The acquiring person thereupon becomes the sole shareholder of the domestic stock insurance company and has all the rights, privileges, immunities, and powers and, except as otherwise provided, is subject to all of the duties and liabilities to the extent provided by law of a shareholder of an insurance company organized under the laws of this state. (b) (1) Certificates representing shares of the domestic insurance company to be acquired prior to the plan of exchange becoming effective, except certificates representing shares payment of the value of which is required under § 23-69-148 , shall, after the plan of exchange becomes effective, represent: (A) Shares of the issued and outstanding capital stock or other securities issued by the acquiring persons; and (B) The right, if any, to receive cash or other consideration upon such terms as are specified in the plan of exchange. (2) However, the plan of exchange may specify that all certificates shall, after the plan of exchange becomes effective, represent only the right to receive shares of stock or other securities issued by the acquiring person, or cash or other consideration or any combination thereof upon such terms as are specified in the plan of exchange. Acts 1971, No. 301, § 5; 1979, No. 942, § 12; A.S.A. 1947, § 66-4248.1.

(a) (1) When the plan of exchange of shares, as filed with the Insurance Commissioner as required under § 23-69-144 , becomes effective, the exchange provided for therein is considered to have been consummated, and each shareholder of the domestic stock insurance company acquired ceases to be a shareholder of the company. (2) The ownership of all shares of the issued and outstanding stock of the company, except shares payment of the value of which is required to be made by the company under § 23-69-148 , vests in the acquiring person automatically without any physical transfer or deposit of certificates representing the shares. (3) All shares, payment of the value of which is required to be made by the company under § 23-69-148 , are considered no longer outstanding shares of the company. (4) The acquiring person thereupon becomes the sole shareholder of the domestic stock insurance company and has all the rights, privileges, immunities, and powers and, except as otherwise provided, is subject to all of the duties and liabilities to the extent provided by law of a shareholder of an insurance company organized under the laws of this state.

(1) When the plan of exchange of shares, as filed with the Insurance Commissioner as required under § 23-69-144 , becomes effective, the exchange provided for therein is considered to have been consummated, and each shareholder of the domestic stock insurance company acquired ceases to be a shareholder of the company.

(2) The ownership of all shares of the issued and outstanding stock of the company, except shares payment of the value of which is required to be made by the company under § 23-69-148 , vests in the acquiring person automatically without any physical transfer or deposit of certificates representing the shares.

(3) All shares, payment of the value of which is required to be made by the company under § 23-69-148 , are considered no longer outstanding shares of the company.

(4) The acquiring person thereupon becomes the sole shareholder of the domestic stock insurance company and has all the rights, privileges, immunities, and powers and, except as otherwise provided, is subject to all of the duties and liabilities to the extent provided by law of a shareholder of an insurance company organized under the laws of this state.

(b) (1) Certificates representing shares of the domestic insurance company to be acquired prior to the plan of exchange becoming effective, except certificates representing shares payment of the value of which is required under § 23-69-148 , shall, after the plan of exchange becomes effective, represent: (A) Shares of the issued and outstanding capital stock or other securities issued by the acquiring persons; and (B) The right, if any, to receive cash or other consideration upon such terms as are specified in the plan of exchange. (2) However, the plan of exchange may specify that all certificates shall, after the plan of exchange becomes effective, represent only the right to receive shares of stock or other securities issued by the acquiring person, or cash or other consideration or any combination thereof upon such terms as are specified in the plan of exchange.

(1) Certificates representing shares of the domestic insurance company to be acquired prior to the plan of exchange becoming effective, except certificates representing shares payment of the value of which is required under § 23-69-148 , shall, after the plan of exchange becomes effective, represent: (A) Shares of the issued and outstanding capital stock or other securities issued by the acquiring persons; and (B) The right, if any, to receive cash or other consideration upon such terms as are specified in the plan of exchange.

(A) Shares of the issued and outstanding capital stock or other securities issued by the acquiring persons; and

(B) The right, if any, to receive cash or other consideration upon such terms as are specified in the plan of exchange.

(2) However, the plan of exchange may specify that all certificates shall, after the plan of exchange becomes effective, represent only the right to receive shares of stock or other securities issued by the acquiring person, or cash or other consideration or any combination thereof upon such terms as are specified in the plan of exchange.

Acts 1971, No. 301, § 5; 1979, No. 942, § 12; A.S.A. 1947, § 66-4248.1.