Ark. Code Ann. § 23-65-101 — AR Code / Title 23 / Chapter 65 / Subchapter 1 / Section 23-65-101
Unauthorized insurance transactions prohibited
Status: in_force

(a) (1) No person or entity in this state shall act as agent or broker for or otherwise represent or aid any insurer, health maintenance organization, multiple employer welfare arrangement, multiple employer trust, association, or any other person or entity in the solicitation, negotiation, or effectuation of insurance, inspection of risks, fixing of rates, investigation or adjustment of losses, collection of premiums, or in any other manner in the transaction of insurance with respect to subjects of insurance resident, located, or to be performed in this state if that person or entity is not authorized or licensed by the State Insurance Department for those purposes. (2) (A) No person or entity shall act as a producer, adjuster, or consultant without first obtaining appropriate licensure or registration as required by the insurance laws of this state for the transaction of insurance with respect to subjects of insurance or self-insurance resident, located, or to be performed in this state. (B) No person or entity shall act as a multiple employer trust or multiple employer welfare arrangement without first obtaining appropriate registration or licensing as required by § 23-92-101 . (C) No person or entity shall act as a third-party administrator for a multiple employer trust, multiple employer welfare arrangement, collectively bargained trust, self-insurance plan, or any other plan providing accident and health insurance benefits to the citizens of this state without first obtaining appropriate registration as required by § 23-92-201 et seq. (D) Any producer who knows or has reason to know that a health plan is not licensed in accordance with the Arkansas Insurance Code shall immediately report the health plan to the department. (b) (1) (A) The Insurance Commissioner may summarily order a person or entity to cease and desist from an act or practice when the commissioner has reason to believe that the person or entity has not complied with the requirements of this section or any other provision of the Arkansas Insurance Code. (B) Upon the entry of the cease and desist order, the commissioner shall promptly notify the person or entity named: (i) That the order has been entered; (ii) The reasons for the order; and (iii) Of the person's or entity's right to a hearing on the order. (2) (A) A hearing shall be held on the written request of the person or entity named in the cease and desist order if the commissioner receives the request within thirty (30) days of the date of the entry of the order or if otherwise ordered by the commissioner. (B) If no hearing is requested and none is ordered by the commissioner, the order will remain in effect until it is modified or vacated by the commissioner. (C) If a hearing is requested or ordered and after notice of an opportunity for hearing, the commissioner may affirm, modify, or vacate the cease and desist order. (D) The person or entity named in the cease and desist order shall have the burden of proving: (i) That the actions, methods, or practices described in the order are not in violation of the Arkansas Insurance Code; and (ii) The grounds upon which the commissioner should modify or vacate an order issued under this section. (3) (A) After issuance of an order under subdivision (b)(1)(B) of this section, the commissioner may apply to Pulaski County Circuit Court to temporarily or permanently enjoin the act or practice and to enforce compliance with the Arkansas Insurance Code or any rule or order under the Arkansas Insurance Code. (B) However, the commissioner may apply directly to Pulaski County Circuit Court for a temporary or permanent injunction under subdivision (b)(3)(A) of this section. (C) Upon a proper showing, the court shall enter a permanent or temporary injunction, restraining order, or writ of mandamus. (D) The commissioner shall not be required to post a bond. (c) The commissioner may also seek and the appropriate court may grant any other ancillary relief which may be in the public interest, including the appointment of a receiver, temporary receiver, conservator, or declaratory judgment, obtaining an accounting, disgorgement, assessment of a fine, or other relief as may be appropriate in the public interest. (d) This section does not prohibit or restrict the informal disposition of a proceeding by stipulation, settlement, consent, or default. (e) Any insurance producer licensed in this state, or any other person, who knowingly sells, solicits, or negotiates a product of an unauthorized person or entity in violation of this section or who knowingly represents or aids an unauthorized person or entity in violation of this section shall be guilty of a Class D felony. (f) Any insurance producer licensed in this state, or any other person, who sells, solicits, or negotiates a product of an unauthorized person or entity in violation of this section or who represents or aids an unauthorized person or entity in violation of this section may be personally liable for all damages caused by the unauthorized person or entity, including claims unpaid by the unauthorized person or entity. (g) Any person or entity who violates or otherwise fails to comply with a cease and desist order of the commissioner under this section while that order is in effect may be subject, at the discretion of the commissioner, to any one (1) or more of the following: (1) A monetary penalty of not more than ten thousand dollars ($10,000); (2) Suspension or revocation of the person's or entity's license or registration; and (3) Upon the commissioner's petition filed in Pulaski County Circuit Court and upon good cause shown, that court may order injunctive relief. (h) The following shall be applicable to hearings held, orders issued, and penalties levied by the commissioner under this section: (1) The provisions of § 23-61-301 , as to witnesses and evidence; (2) Section 23-61-302 , as to immunity from prosecution; (3) The provisions of §§ 23-61-303 - 23-61-305 , as to hearings; (4) The provisions of §§ 23-61-306 and 23-61-307 , as to orders on hearings and appeals of orders; (5) The provisions of § 23-66-210(a)(1) , as to monetary penalties; and (6) The provisions of § 23-66-212 , as to judicial review of cease and desist orders. (i) The commissioner may promulgate such reasonable rules as are necessary to carry out the provisions of this section. (j) (1) The commissioner shall have the power to examine and investigate the affairs of every person or entity suspected of engaging in activities which are prohibited by this section or by any other provision of the Arkansas Insurance Code. (2) All licensees of the commissioner shall assist the commissioner in examinations and investigations conducted under this section. (k) The powers vested in the commissioner by this section shall be additional to any other powers to enforce any penalties, fines, or forfeitures authorized by law or other provisions of the Arkansas Insurance Code with respect to activities that are prohibited by this section or the Arkansas Insurance Code. (l) This section shall not apply to: (1) Acceptance of service of process by the commissioner under § 23-65-203 ; and (2) Surplus lines insurance and other transactions as to which a certificate of authority is not required of an insurer, as stated in § 23-63-201 . Amended by Act 2019, No. 315,§ 2661, eff. 7/24/2019. Amended by Act 2017, No. 283,§ 12, eff. 8/1/2017. Acts 1959, No. 148, § 181; A.S.A. 1947, § 66-2901; Acts 1987, No. 400, § 1; 1991, No. 1123, § 2; 1993, No. 901, § 32; 2001, No. 1603, § 22; 2003, No. 516, § 5; 2005, No. 1697, §§ 10, 11.

(a) (1) No person or entity in this state shall act as agent or broker for or otherwise represent or aid any insurer, health maintenance organization, multiple employer welfare arrangement, multiple employer trust, association, or any other person or entity in the solicitation, negotiation, or effectuation of insurance, inspection of risks, fixing of rates, investigation or adjustment of losses, collection of premiums, or in any other manner in the transaction of insurance with respect to subjects of insurance resident, located, or to be performed in this state if that person or entity is not authorized or licensed by the State Insurance Department for those purposes. (2) (A) No person or entity shall act as a producer, adjuster, or consultant without first obtaining appropriate licensure or registration as required by the insurance laws of this state for the transaction of insurance with respect to subjects of insurance or self-insurance resident, located, or to be performed in this state. (B) No person or entity shall act as a multiple employer trust or multiple employer welfare arrangement without first obtaining appropriate registration or licensing as required by § 23-92-101 . (C) No person or entity shall act as a third-party administrator for a multiple employer trust, multiple employer welfare arrangement, collectively bargained trust, self-insurance plan, or any other plan providing accident and health insurance benefits to the citizens of this state without first obtaining appropriate registration as required by § 23-92-201 et seq. (D) Any producer who knows or has reason to know that a health plan is not licensed in accordance with the Arkansas Insurance Code shall immediately report the health plan to the department.

(1) No person or entity in this state shall act as agent or broker for or otherwise represent or aid any insurer, health maintenance organization, multiple employer welfare arrangement, multiple employer trust, association, or any other person or entity in the solicitation, negotiation, or effectuation of insurance, inspection of risks, fixing of rates, investigation or adjustment of losses, collection of premiums, or in any other manner in the transaction of insurance with respect to subjects of insurance resident, located, or to be performed in this state if that person or entity is not authorized or licensed by the State Insurance Department for those purposes.

(2) (A) No person or entity shall act as a producer, adjuster, or consultant without first obtaining appropriate licensure or registration as required by the insurance laws of this state for the transaction of insurance with respect to subjects of insurance or self-insurance resident, located, or to be performed in this state. (B) No person or entity shall act as a multiple employer trust or multiple employer welfare arrangement without first obtaining appropriate registration or licensing as required by § 23-92-101 . (C) No person or entity shall act as a third-party administrator for a multiple employer trust, multiple employer welfare arrangement, collectively bargained trust, self-insurance plan, or any other plan providing accident and health insurance benefits to the citizens of this state without first obtaining appropriate registration as required by § 23-92-201 et seq. (D) Any producer who knows or has reason to know that a health plan is not licensed in accordance with the Arkansas Insurance Code shall immediately report the health plan to the department.

(A) No person or entity shall act as a producer, adjuster, or consultant without first obtaining appropriate licensure or registration as required by the insurance laws of this state for the transaction of insurance with respect to subjects of insurance or self-insurance resident, located, or to be performed in this state.

(B) No person or entity shall act as a multiple employer trust or multiple employer welfare arrangement without first obtaining appropriate registration or licensing as required by § 23-92-101 .

(C) No person or entity shall act as a third-party administrator for a multiple employer trust, multiple employer welfare arrangement, collectively bargained trust, self-insurance plan, or any other plan providing accident and health insurance benefits to the citizens of this state without first obtaining appropriate registration as required by § 23-92-201 et seq.

(D) Any producer who knows or has reason to know that a health plan is not licensed in accordance with the Arkansas Insurance Code shall immediately report the health plan to the department.

(b) (1) (A) The Insurance Commissioner may summarily order a person or entity to cease and desist from an act or practice when the commissioner has reason to believe that the person or entity has not complied with the requirements of this section or any other provision of the Arkansas Insurance Code. (B) Upon the entry of the cease and desist order, the commissioner shall promptly notify the person or entity named: (i) That the order has been entered; (ii) The reasons for the order; and (iii) Of the person's or entity's right to a hearing on the order. (2) (A) A hearing shall be held on the written request of the person or entity named in the cease and desist order if the commissioner receives the request within thirty (30) days of the date of the entry of the order or if otherwise ordered by the commissioner. (B) If no hearing is requested and none is ordered by the commissioner, the order will remain in effect until it is modified or vacated by the commissioner. (C) If a hearing is requested or ordered and after notice of an opportunity for hearing, the commissioner may affirm, modify, or vacate the cease and desist order. (D) The person or entity named in the cease and desist order shall have the burden of proving: (i) That the actions, methods, or practices described in the order are not in violation of the Arkansas Insurance Code; and (ii) The grounds upon which the commissioner should modify or vacate an order issued under this section. (3) (A) After issuance of an order under subdivision (b)(1)(B) of this section, the commissioner may apply to Pulaski County Circuit Court to temporarily or permanently enjoin the act or practice and to enforce compliance with the Arkansas Insurance Code or any rule or order under the Arkansas Insurance Code. (B) However, the commissioner may apply directly to Pulaski County Circuit Court for a temporary or permanent injunction under subdivision (b)(3)(A) of this section. (C) Upon a proper showing, the court shall enter a permanent or temporary injunction, restraining order, or writ of mandamus. (D) The commissioner shall not be required to post a bond.

(1) (A) The Insurance Commissioner may summarily order a person or entity to cease and desist from an act or practice when the commissioner has reason to believe that the person or entity has not complied with the requirements of this section or any other provision of the Arkansas Insurance Code. (B) Upon the entry of the cease and desist order, the commissioner shall promptly notify the person or entity named: (i) That the order has been entered; (ii) The reasons for the order; and (iii) Of the person's or entity's right to a hearing on the order.

(A) The Insurance Commissioner may summarily order a person or entity to cease and desist from an act or practice when the commissioner has reason to believe that the person or entity has not complied with the requirements of this section or any other provision of the Arkansas Insurance Code.

(B) Upon the entry of the cease and desist order, the commissioner shall promptly notify the person or entity named: (i) That the order has been entered; (ii) The reasons for the order; and (iii) Of the person's or entity's right to a hearing on the order.

(i) That the order has been entered;

(ii) The reasons for the order; and

(iii) Of the person's or entity's right to a hearing on the order.

(2) (A) A hearing shall be held on the written request of the person or entity named in the cease and desist order if the commissioner receives the request within thirty (30) days of the date of the entry of the order or if otherwise ordered by the commissioner. (B) If no hearing is requested and none is ordered by the commissioner, the order will remain in effect until it is modified or vacated by the commissioner. (C) If a hearing is requested or ordered and after notice of an opportunity for hearing, the commissioner may affirm, modify, or vacate the cease and desist order. (D) The person or entity named in the cease and desist order shall have the burden of proving: (i) That the actions, methods, or practices described in the order are not in violation of the Arkansas Insurance Code; and (ii) The grounds upon which the commissioner should modify or vacate an order issued under this section.

(A) A hearing shall be held on the written request of the person or entity named in the cease and desist order if the commissioner receives the request within thirty (30) days of the date of the entry of the order or if otherwise ordered by the commissioner.

(B) If no hearing is requested and none is ordered by the commissioner, the order will remain in effect until it is modified or vacated by the commissioner.

(C) If a hearing is requested or ordered and after notice of an opportunity for hearing, the commissioner may affirm, modify, or vacate the cease and desist order.

(D) The person or entity named in the cease and desist order shall have the burden of proving: (i) That the actions, methods, or practices described in the order are not in violation of the Arkansas Insurance Code; and (ii) The grounds upon which the commissioner should modify or vacate an order issued under this section.

(i) That the actions, methods, or practices described in the order are not in violation of the Arkansas Insurance Code; and

(ii) The grounds upon which the commissioner should modify or vacate an order issued under this section.

(3) (A) After issuance of an order under subdivision (b)(1)(B) of this section, the commissioner may apply to Pulaski County Circuit Court to temporarily or permanently enjoin the act or practice and to enforce compliance with the Arkansas Insurance Code or any rule or order under the Arkansas Insurance Code. (B) However, the commissioner may apply directly to Pulaski County Circuit Court for a temporary or permanent injunction under subdivision (b)(3)(A) of this section. (C) Upon a proper showing, the court shall enter a permanent or temporary injunction, restraining order, or writ of mandamus. (D) The commissioner shall not be required to post a bond.

(A) After issuance of an order under subdivision (b)(1)(B) of this section, the commissioner may apply to Pulaski County Circuit Court to temporarily or permanently enjoin the act or practice and to enforce compliance with the Arkansas Insurance Code or any rule or order under the Arkansas Insurance Code.

(B) However, the commissioner may apply directly to Pulaski County Circuit Court for a temporary or permanent injunction under subdivision (b)(3)(A) of this section.

(C) Upon a proper showing, the court shall enter a permanent or temporary injunction, restraining order, or writ of mandamus.

(D) The commissioner shall not be required to post a bond.

(c) The commissioner may also seek and the appropriate court may grant any other ancillary relief which may be in the public interest, including the appointment of a receiver, temporary receiver, conservator, or declaratory judgment, obtaining an accounting, disgorgement, assessment of a fine, or other relief as may be appropriate in the public interest.

(d) This section does not prohibit or restrict the informal disposition of a proceeding by stipulation, settlement, consent, or default.

(e) Any insurance producer licensed in this state, or any other person, who knowingly sells, solicits, or negotiates a product of an unauthorized person or entity in violation of this section or who knowingly represents or aids an unauthorized person or entity in violation of this section shall be guilty of a Class D felony.

(f) Any insurance producer licensed in this state, or any other person, who sells, solicits, or negotiates a product of an unauthorized person or entity in violation of this section or who represents or aids an unauthorized person or entity in violation of this section may be personally liable for all damages caused by the unauthorized person or entity, including claims unpaid by the unauthorized person or entity.

(g) Any person or entity who violates or otherwise fails to comply with a cease and desist order of the commissioner under this section while that order is in effect may be subject, at the discretion of the commissioner, to any one (1) or more of the following: (1) A monetary penalty of not more than ten thousand dollars ($10,000); (2) Suspension or revocation of the person's or entity's license or registration; and (3) Upon the commissioner's petition filed in Pulaski County Circuit Court and upon good cause shown, that court may order injunctive relief.

(1) A monetary penalty of not more than ten thousand dollars ($10,000);

(2) Suspension or revocation of the person's or entity's license or registration; and

(3) Upon the commissioner's petition filed in Pulaski County Circuit Court and upon good cause shown, that court may order injunctive relief.

(h) The following shall be applicable to hearings held, orders issued, and penalties levied by the commissioner under this section: (1) The provisions of § 23-61-301 , as to witnesses and evidence; (2) Section 23-61-302 , as to immunity from prosecution; (3) The provisions of §§ 23-61-303 - 23-61-305 , as to hearings; (4) The provisions of §§ 23-61-306 and 23-61-307 , as to orders on hearings and appeals of orders; (5) The provisions of § 23-66-210(a)(1) , as to monetary penalties; and (6) The provisions of § 23-66-212 , as to judicial review of cease and desist orders.

(1) The provisions of § 23-61-301 , as to witnesses and evidence;

(2) Section 23-61-302 , as to immunity from prosecution;

(3) The provisions of §§ 23-61-303 - 23-61-305 , as to hearings;

(4) The provisions of §§ 23-61-306 and 23-61-307 , as to orders on hearings and appeals of orders;

(5) The provisions of § 23-66-210(a)(1) , as to monetary penalties; and

(6) The provisions of § 23-66-212 , as to judicial review of cease and desist orders.

(i) The commissioner may promulgate such reasonable rules as are necessary to carry out the provisions of this section.

(j) (1) The commissioner shall have the power to examine and investigate the affairs of every person or entity suspected of engaging in activities which are prohibited by this section or by any other provision of the Arkansas Insurance Code. (2) All licensees of the commissioner shall assist the commissioner in examinations and investigations conducted under this section.

(1) The commissioner shall have the power to examine and investigate the affairs of every person or entity suspected of engaging in activities which are prohibited by this section or by any other provision of the Arkansas Insurance Code.

(2) All licensees of the commissioner shall assist the commissioner in examinations and investigations conducted under this section.

(k) The powers vested in the commissioner by this section shall be additional to any other powers to enforce any penalties, fines, or forfeitures authorized by law or other provisions of the Arkansas Insurance Code with respect to activities that are prohibited by this section or the Arkansas Insurance Code.

(l) This section shall not apply to: (1) Acceptance of service of process by the commissioner under § 23-65-203 ; and (2) Surplus lines insurance and other transactions as to which a certificate of authority is not required of an insurer, as stated in § 23-63-201 .

(1) Acceptance of service of process by the commissioner under § 23-65-203 ; and

(2) Surplus lines insurance and other transactions as to which a certificate of authority is not required of an insurer, as stated in § 23-63-201 .

Amended by Act 2019, No. 315,§ 2661, eff. 7/24/2019.

Amended by Act 2017, No. 283,§ 12, eff. 8/1/2017.

Acts 1959, No. 148, § 181; A.S.A. 1947, § 66-2901; Acts 1987, No. 400, § 1; 1991, No. 1123, § 2; 1993, No. 901, § 32; 2001, No. 1603, § 22; 2003, No. 516, § 5; 2005, No. 1697, §§ 10, 11.
Ark. Code Ann. § 23-61-805 — AR Code / Title 23 / Chapter 61 / Subchapter 8 / Section 23-61-805
Funding - Publication of costs
Status: in_force

(a) (1) The General Assembly shall establish a reasonable initial assessment or user fee and reasonable increases or decreases in the amount of future assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers for the efficient operation of the Arkansas Health Insurance Marketplace. (2) Annually by October 1, the State Insurance Department shall report to the Legislative Council in the manner and format that the Legislative Council requires the recommendations of the department for the initial assessment or user fee and increases or decreases in the amount of future assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers. (3) Annually by December 1, the Legislative Council shall review the recommendations of the department under subdivision (a)(2) of this section and report to the President Pro Tempore of the Senate and the Speaker of the House of Representatives the recommendations of the Legislative Council for the initial assessment or user fee and future increases or decreases in the amount of assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers. (b) (1) All assessments and fees shall be due and payable upon receipt in the matter required by the Insurance Commissioner and shall be delinquent if not paid within thirty (30) days of the receipt of notice of the assessment by the health insurer. (2) (A) Failure to timely pay the assessment shall automatically subject the health insurer to a penalty not to exceed ten percent (10%) of the assessment plus interest as established under subsection (a) of this section. (B) The penalty and interest is due and payable within the next thirty-day period. (3) The commissioner may enforce the collection of the assessment and penalty and interest in accordance with this subchapter and the Arkansas Insurance Code. (4) The commissioner may waive the penalty and interest authorized by this subsection if the commissioner determines that compelling circumstances exist that justify a waiver. (c) (1) The department shall publish the average costs of licensing, regulatory fees, and any other payments required by the Arkansas Health Insurance Marketplace and the administrative costs of the Arkansas Health Insurance Marketplace on an internet website to educate consumers on such costs. (2) Information published under subdivision (c)(1) of this section shall include information on moneys lost to waste, fraud, and abuse. Amended by Act 2019, No. 391,§ 6, eff. 7/24/2019. Amended by Act 2019, No. 107,§ 4, eff. 3/15/2019. Amended by Act 2016EX2, No. 1,§ 3, eff. 1/1/2017. Amended by Act 2016EX2, No. 2,§ 3, eff. 1/1/2017. Added by Act 2013, No. 1500,§ 1, eff. 4/23/2013.

(a) (1) The General Assembly shall establish a reasonable initial assessment or user fee and reasonable increases or decreases in the amount of future assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers for the efficient operation of the Arkansas Health Insurance Marketplace. (2) Annually by October 1, the State Insurance Department shall report to the Legislative Council in the manner and format that the Legislative Council requires the recommendations of the department for the initial assessment or user fee and increases or decreases in the amount of future assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers. (3) Annually by December 1, the Legislative Council shall review the recommendations of the department under subdivision (a)(2) of this section and report to the President Pro Tempore of the Senate and the Speaker of the House of Representatives the recommendations of the Legislative Council for the initial assessment or user fee and future increases or decreases in the amount of assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers.

(1) The General Assembly shall establish a reasonable initial assessment or user fee and reasonable increases or decreases in the amount of future assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers for the efficient operation of the Arkansas Health Insurance Marketplace.

(2) Annually by October 1, the State Insurance Department shall report to the Legislative Council in the manner and format that the Legislative Council requires the recommendations of the department for the initial assessment or user fee and increases or decreases in the amount of future assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers.

(3) Annually by December 1, the Legislative Council shall review the recommendations of the department under subdivision (a)(2) of this section and report to the President Pro Tempore of the Senate and the Speaker of the House of Representatives the recommendations of the Legislative Council for the initial assessment or user fee and future increases or decreases in the amount of assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers.

(b) (1) All assessments and fees shall be due and payable upon receipt in the matter required by the Insurance Commissioner and shall be delinquent if not paid within thirty (30) days of the receipt of notice of the assessment by the health insurer. (2) (A) Failure to timely pay the assessment shall automatically subject the health insurer to a penalty not to exceed ten percent (10%) of the assessment plus interest as established under subsection (a) of this section. (B) The penalty and interest is due and payable within the next thirty-day period. (3) The commissioner may enforce the collection of the assessment and penalty and interest in accordance with this subchapter and the Arkansas Insurance Code. (4) The commissioner may waive the penalty and interest authorized by this subsection if the commissioner determines that compelling circumstances exist that justify a waiver.

(1) All assessments and fees shall be due and payable upon receipt in the matter required by the Insurance Commissioner and shall be delinquent if not paid within thirty (30) days of the receipt of notice of the assessment by the health insurer.

(2) (A) Failure to timely pay the assessment shall automatically subject the health insurer to a penalty not to exceed ten percent (10%) of the assessment plus interest as established under subsection (a) of this section. (B) The penalty and interest is due and payable within the next thirty-day period.

(A) Failure to timely pay the assessment shall automatically subject the health insurer to a penalty not to exceed ten percent (10%) of the assessment plus interest as established under subsection (a) of this section.

(B) The penalty and interest is due and payable within the next thirty-day period.

(3) The commissioner may enforce the collection of the assessment and penalty and interest in accordance with this subchapter and the Arkansas Insurance Code.

(4) The commissioner may waive the penalty and interest authorized by this subsection if the commissioner determines that compelling circumstances exist that justify a waiver.

(c) (1) The department shall publish the average costs of licensing, regulatory fees, and any other payments required by the Arkansas Health Insurance Marketplace and the administrative costs of the Arkansas Health Insurance Marketplace on an internet website to educate consumers on such costs. (2) Information published under subdivision (c)(1) of this section shall include information on moneys lost to waste, fraud, and abuse.

(1) The department shall publish the average costs of licensing, regulatory fees, and any other payments required by the Arkansas Health Insurance Marketplace and the administrative costs of the Arkansas Health Insurance Marketplace on an internet website to educate consumers on such costs.

(2) Information published under subdivision (c)(1) of this section shall include information on moneys lost to waste, fraud, and abuse.

Amended by Act 2019, No. 391,§ 6, eff. 7/24/2019.

Amended by Act 2019, No. 107,§ 4, eff. 3/15/2019.

Amended by Act 2016EX2, No. 1,§ 3, eff. 1/1/2017.

Amended by Act 2016EX2, No. 2,§ 3, eff. 1/1/2017.

Added by Act 2013, No. 1500,§ 1, eff. 4/23/2013.
Ark. Code Ann. § 23-98-110 — AR Code / Title 23 / Chapter 98 / Section 23-98-110
Approval of forms and rates
Status: in_force

(a) All minimum basic benefit policy forms, including applications, enrollment forms, policies, certificates, evidences of coverage, riders, amendments, endorsements, disclosure forms, and marketing communications used in connection with the sale or advertisement of a minimum basic benefit policy shall be submitted to the Insurance Commissioner for approval in the same manner as required by § 23-79-109(a) or § 23-76-112(a) . (b) Minimum basic benefit policies are subject to the filing and approval statutes and rules of the state. No rate shall be considered reasonable nor shall it be approved unless: (1) It is based upon a pool, community rating, or other rating formula acceptable to the commissioner; and (2) (A) As to individual policies and policies issued to qualified trusts, it is likely to produce a loss ratio, as certified by a qualified actuary, which is acceptable to the commissioner, but in no event shall such a loss ratio be less than sixty-five percent (65%). (B) However, the commissioner may set a minimum loss ratio for group policies issued pursuant to this chapter if the commissioner determines that inequitable or unfair treatment of policyholders would otherwise result. (c) To the extent that an insurer has a surplus in a given year which has been generated on minimum basic benefit policies issued pursuant to this chapter to a qualified group by a loss ratio of less than seventy-five percent (75%) or issued pursuant to this chapter to qualified individuals, qualified families, or qualified trusts by a loss ratio of less than sixty-five percent (65%), that surplus shall be taken into consideration in setting rates in following years in such manner as to benefit the holders of such minimum basic benefit policies. (d) (1) The commissioner may require that as to each minimum basic benefit policy approved, the insurer provide a statement of the portion of the rate or premium applicable to the minimum basic benefit policy coverage required by this chapter, or the commissioner pursuant to this chapter, or such other information as the commissioner may require so that prospective purchasers of policies pursuant to this chapter may have an ability to make a direct comparison of the cost of the minimum basic benefits within policies of the same class issued by different insurers. (2) The commissioner may include rate comparison or other cost information in the form of notice which may be provided by the commissioner to employers pursuant to this chapter. Amended by Act 2019, No. 315,§ 2798, eff. 7/24/2019. Acts 1991, No. 238, § 9.

(a) All minimum basic benefit policy forms, including applications, enrollment forms, policies, certificates, evidences of coverage, riders, amendments, endorsements, disclosure forms, and marketing communications used in connection with the sale or advertisement of a minimum basic benefit policy shall be submitted to the Insurance Commissioner for approval in the same manner as required by § 23-79-109(a) or § 23-76-112(a) .

(b) Minimum basic benefit policies are subject to the filing and approval statutes and rules of the state. No rate shall be considered reasonable nor shall it be approved unless: (1) It is based upon a pool, community rating, or other rating formula acceptable to the commissioner; and (2) (A) As to individual policies and policies issued to qualified trusts, it is likely to produce a loss ratio, as certified by a qualified actuary, which is acceptable to the commissioner, but in no event shall such a loss ratio be less than sixty-five percent (65%). (B) However, the commissioner may set a minimum loss ratio for group policies issued pursuant to this chapter if the commissioner determines that inequitable or unfair treatment of policyholders would otherwise result.

(1) It is based upon a pool, community rating, or other rating formula acceptable to the commissioner; and

(2) (A) As to individual policies and policies issued to qualified trusts, it is likely to produce a loss ratio, as certified by a qualified actuary, which is acceptable to the commissioner, but in no event shall such a loss ratio be less than sixty-five percent (65%). (B) However, the commissioner may set a minimum loss ratio for group policies issued pursuant to this chapter if the commissioner determines that inequitable or unfair treatment of policyholders would otherwise result.

(A) As to individual policies and policies issued to qualified trusts, it is likely to produce a loss ratio, as certified by a qualified actuary, which is acceptable to the commissioner, but in no event shall such a loss ratio be less than sixty-five percent (65%).

(B) However, the commissioner may set a minimum loss ratio for group policies issued pursuant to this chapter if the commissioner determines that inequitable or unfair treatment of policyholders would otherwise result.

(c) To the extent that an insurer has a surplus in a given year which has been generated on minimum basic benefit policies issued pursuant to this chapter to a qualified group by a loss ratio of less than seventy-five percent (75%) or issued pursuant to this chapter to qualified individuals, qualified families, or qualified trusts by a loss ratio of less than sixty-five percent (65%), that surplus shall be taken into consideration in setting rates in following years in such manner as to benefit the holders of such minimum basic benefit policies.

(d) (1) The commissioner may require that as to each minimum basic benefit policy approved, the insurer provide a statement of the portion of the rate or premium applicable to the minimum basic benefit policy coverage required by this chapter, or the commissioner pursuant to this chapter, or such other information as the commissioner may require so that prospective purchasers of policies pursuant to this chapter may have an ability to make a direct comparison of the cost of the minimum basic benefits within policies of the same class issued by different insurers. (2) The commissioner may include rate comparison or other cost information in the form of notice which may be provided by the commissioner to employers pursuant to this chapter.

(1) The commissioner may require that as to each minimum basic benefit policy approved, the insurer provide a statement of the portion of the rate or premium applicable to the minimum basic benefit policy coverage required by this chapter, or the commissioner pursuant to this chapter, or such other information as the commissioner may require so that prospective purchasers of policies pursuant to this chapter may have an ability to make a direct comparison of the cost of the minimum basic benefits within policies of the same class issued by different insurers.

(2) The commissioner may include rate comparison or other cost information in the form of notice which may be provided by the commissioner to employers pursuant to this chapter.

Amended by Act 2019, No. 315,§ 2798, eff. 7/24/2019.

Acts 1991, No. 238, § 9.
Ark. Code Ann. § 23-63-805 — AR Code / Title 23 / Chapter 63 / Subchapter 8 / Section 23-63-805
Diversification of investments - Definitions
Status: in_force

An insurer shall invest in or hold as admitted assets categories of investments only within applicable limits as follows: (1) One Person. (A) (i) (a) Except with the consent of the Insurance Commissioner and except as otherwise specified in this subchapter, an insurer shall not have, directly or indirectly through an investment subsidiary, an investment under this subchapter if, as a result of and after giving effect to the investment, the insurer holds more than five percent (5%) of its admitted assets in investments of all kinds issued, assumed, accepted, insured, or guaranteed by a single person or five percent (5%) of its admitted assets in investments in the voting securities of a depository institution or any company that controls the institution. (b) The five percent (5%) limitation under subdivision (1)(A)(i) (a) of this section shall not apply to the aggregate amounts insured by a single financial guaranty insurer with the highest generic rating issued by a nationally recognized statistical rating organization. (ii) (a) Investments in certificates of deposit and savings and loan association deposits in any one (1) person may be the greater of: (1) Ten percent (10%) of the insurer's assets; or (2) The maximum amount of federal insurance applicable to the deposit. (b) The restriction under subdivision (1)(A)(i) (a) of this section does not apply to general obligations of the United States or any state or include policy loans made under § 23-63-821 . (iii) The applicable limitation shall be twenty-five percent (25%) rather than five percent (5%) for investments permitted under § 23-63-812 . (B) If upon enactment, the immediate application of this provision would have the effect of reducing the admitted asset value of assets held by a particular insurer, the insurer may continue to reflect as admitted those assets that would be admissible but for the enactment of this provision, until the annual statement filing for the year ended December 31, 2004; (2) Minimum Capital. An insurer, other than a title insurer, shall invest and maintain invested funds not less in amount than the minimum paid-in capital stock required under the Arkansas Insurance Code of a domestic stock insurer transacting like kinds of insurance only in cash and the securities provided for under §§ 23-63-806 , 23-63-808 , and 23-63-826 ; (3) Life Insurance Reserves. A life insurer shall also invest and keep invested its funds in amount not less than seventy-five percent (75%) of the reserves under its life insurance policies and annuity contracts, other than variable annuities, in force, in cash, securities, or investments allowed under this subchapter, other than stocks of subsidiaries of the insurer; (4) Common Stocks. An insurer, other than a life insurer, may invest and have invested at any one (1) time an aggregate amount not more than twenty-five percent (25%) of its assets in all stocks under § 23-63-816 concerning common stocks, § 23-63-817 concerning insurance stocks, and § 23-63-820 concerning investment trust securities. A life insurer may so invest and have invested in the stocks no more than ten percent (10%) of its assets. This provision shall not apply as to stock of a controlled or subsidiary insurance corporation or other corporation under § 23-63-817 or § 23-63-818 , or as to variable annuities; (5) Miscellaneous. Except with the commissioner's consent, an insurer shall not have invested at any one (1) time more than twenty percent (20%) of its assets in the class of securities described in §§ 23-63-815 and 23-63-819 ; (6) Other Specific Limits. Limits as to investments in the category of real estate shall be as provided in § 23-63-828 . Other specific limits shall apply as stated in the sections dealing with other respective kinds of investments; and (7) Limitations on Acquisitions and Investments. Notwithstanding any other provision of this subchapter to the contrary: (A) (i) No insurer shall acquire, directly or indirectly, any medium grade or lower grade obligation of any institution if, after giving effect to any such acquisition, the aggregate amount of all medium grade and lower grade obligations then held by the domestic insurer would exceed twenty percent (20%) of its admitted assets, provided that no more than ten percent (10%) of its admitted assets consist of obligations rated four (4), five (5), or six (6) by the Securities Valuation Office of the National Association of Insurance Commissioners, and no more than three percent (3%) of its admitted assets consist of obligations rated five (5) or six (6) by the Securities Valuation Office, and no more than one percent (1%) of its admitted assets consist of obligations rated six (6) by the Securities Valuation Office. Attaining or exceeding the limit of any one (1) category shall not preclude an insurer from acquiring obligations in other categories subject to the specific and multicategory limits. (ii) (a) No insurer may invest more than an aggregate of one percent (1%) of its admitted assets in medium grade obligations issued, guaranteed, or insured by any one (1) person or institution, nor may it invest more than one-half of one percent (0.5%) of its admitted assets in lower grade obligations issued, guaranteed, or insured by any one (1) person or institution. (b) In the case of a downgrade of securities held by an insurer, the commissioner may grant temporary relief from the investment limitations on medium grade obligations and lower grade obligations. (iii) An insurer may acquire an obligation of an institution in which the insurer already has one (1) or more obligations, if the obligation is acquired in order to protect an investment previously made in the obligations of the institution. Provided, that all such acquired obligations shall not exceed one-half of one percent (0.5%) of the insurer's admitted assets. (iv) Nothing contained in this subdivision (7): (a) Shall prohibit an insurer from acquiring any obligations which it has committed to acquire if the insurer would have been permitted to acquire that obligation pursuant to this subchapter on the date on which the insurer committed to purchase that obligation; (b) Shall prohibit an insurer from acquiring an obligation as a result of restructuring of a medium or lower grade obligation already held; or (c) Shall require an insurer to sell or otherwise dispose of any obligation legally acquired prior to March 16, 1993. (v) (a) The board of directors of any insurer which acquires or invests, directly or indirectly, more than two percent (2%) of its admitted assets in medium grade and lower grade obligations of any institution shall adopt a written plan for the making of such investments. (b) The plan, in addition to the guidelines with respect to the quality of the issues invested in, shall contain diversification standards, including, but not limited to, standards for issuer, industry, duration, liquidity, and geographic location; and (B) For purposes of this subdivision (7): (i) "Admitted assets" means the amount thereof as of the last day of the most recently concluded annual statement year, computed in the same manner as admitted assets pursuant to § 23-63-601 et seq.; (ii) "Aggregate amount" of medium grade and lower grade obligations means the aggregate statutory statement value thereof; (iii) "Institution" means a corporation, a joint-stock company, an association, a trust, a business partnership, a business joint venture, or similar entity; (iv) "Lower grade obligations" means obligations which are rated five (5) or six (6) by the Securities Valuation Office; and (v) "Medium grade obligations" means obligations which are rated three (3) or four (4) by the Securities Valuation Office. Amended by Act 2015, No. 231,§ 3, eff. 7/22/2015. Acts 1959, No. 148, § 101; 1981, No. 809, § 3; 1983, No. 522, § 7; A.S.A. 1947, § 66-2605; Acts 1993, No. 527, §§ 7, 8; 2001, No. 1604, § 35; 2005, No. 506, §§ 24-26.

An insurer shall invest in or hold as admitted assets categories of investments only within applicable limits as follows:

(1) One Person. (A) (i) (a) Except with the consent of the Insurance Commissioner and except as otherwise specified in this subchapter, an insurer shall not have, directly or indirectly through an investment subsidiary, an investment under this subchapter if, as a result of and after giving effect to the investment, the insurer holds more than five percent (5%) of its admitted assets in investments of all kinds issued, assumed, accepted, insured, or guaranteed by a single person or five percent (5%) of its admitted assets in investments in the voting securities of a depository institution or any company that controls the institution. (b) The five percent (5%) limitation under subdivision (1)(A)(i) (a) of this section shall not apply to the aggregate amounts insured by a single financial guaranty insurer with the highest generic rating issued by a nationally recognized statistical rating organization. (ii) (a) Investments in certificates of deposit and savings and loan association deposits in any one (1) person may be the greater of: (1) Ten percent (10%) of the insurer's assets; or (2) The maximum amount of federal insurance applicable to the deposit. (b) The restriction under subdivision (1)(A)(i) (a) of this section does not apply to general obligations of the United States or any state or include policy loans made under § 23-63-821 . (iii) The applicable limitation shall be twenty-five percent (25%) rather than five percent (5%) for investments permitted under § 23-63-812 . (B) If upon enactment, the immediate application of this provision would have the effect of reducing the admitted asset value of assets held by a particular insurer, the insurer may continue to reflect as admitted those assets that would be admissible but for the enactment of this provision, until the annual statement filing for the year ended December 31, 2004;

(A) (i) (a) Except with the consent of the Insurance Commissioner and except as otherwise specified in this subchapter, an insurer shall not have, directly or indirectly through an investment subsidiary, an investment under this subchapter if, as a result of and after giving effect to the investment, the insurer holds more than five percent (5%) of its admitted assets in investments of all kinds issued, assumed, accepted, insured, or guaranteed by a single person or five percent (5%) of its admitted assets in investments in the voting securities of a depository institution or any company that controls the institution. (b) The five percent (5%) limitation under subdivision (1)(A)(i) (a) of this section shall not apply to the aggregate amounts insured by a single financial guaranty insurer with the highest generic rating issued by a nationally recognized statistical rating organization. (ii) (a) Investments in certificates of deposit and savings and loan association deposits in any one (1) person may be the greater of: (1) Ten percent (10%) of the insurer's assets; or (2) The maximum amount of federal insurance applicable to the deposit. (b) The restriction under subdivision (1)(A)(i) (a) of this section does not apply to general obligations of the United States or any state or include policy loans made under § 23-63-821 . (iii) The applicable limitation shall be twenty-five percent (25%) rather than five percent (5%) for investments permitted under § 23-63-812 .

(i) (a) Except with the consent of the Insurance Commissioner and except as otherwise specified in this subchapter, an insurer shall not have, directly or indirectly through an investment subsidiary, an investment under this subchapter if, as a result of and after giving effect to the investment, the insurer holds more than five percent (5%) of its admitted assets in investments of all kinds issued, assumed, accepted, insured, or guaranteed by a single person or five percent (5%) of its admitted assets in investments in the voting securities of a depository institution or any company that controls the institution. (b) The five percent (5%) limitation under subdivision (1)(A)(i) (a) of this section shall not apply to the aggregate amounts insured by a single financial guaranty insurer with the highest generic rating issued by a nationally recognized statistical rating organization.

(a) Except with the consent of the Insurance Commissioner and except as otherwise specified in this subchapter, an insurer shall not have, directly or indirectly through an investment subsidiary, an investment under this subchapter if, as a result of and after giving effect to the investment, the insurer holds more than five percent (5%) of its admitted assets in investments of all kinds issued, assumed, accepted, insured, or guaranteed by a single person or five percent (5%) of its admitted assets in investments in the voting securities of a depository institution or any company that controls the institution.

(b) The five percent (5%) limitation under subdivision (1)(A)(i) (a) of this section shall not apply to the aggregate amounts insured by a single financial guaranty insurer with the highest generic rating issued by a nationally recognized statistical rating organization.

(ii) (a) Investments in certificates of deposit and savings and loan association deposits in any one (1) person may be the greater of: (1) Ten percent (10%) of the insurer's assets; or (2) The maximum amount of federal insurance applicable to the deposit. (b) The restriction under subdivision (1)(A)(i) (a) of this section does not apply to general obligations of the United States or any state or include policy loans made under § 23-63-821 .

(a) Investments in certificates of deposit and savings and loan association deposits in any one (1) person may be the greater of: (1) Ten percent (10%) of the insurer's assets; or (2) The maximum amount of federal insurance applicable to the deposit.

(1) Ten percent (10%) of the insurer's assets; or

(2) The maximum amount of federal insurance applicable to the deposit.

(b) The restriction under subdivision (1)(A)(i) (a) of this section does not apply to general obligations of the United States or any state or include policy loans made under § 23-63-821 .

(iii) The applicable limitation shall be twenty-five percent (25%) rather than five percent (5%) for investments permitted under § 23-63-812 .

(B) If upon enactment, the immediate application of this provision would have the effect of reducing the admitted asset value of assets held by a particular insurer, the insurer may continue to reflect as admitted those assets that would be admissible but for the enactment of this provision, until the annual statement filing for the year ended December 31, 2004;

(2) Minimum Capital. An insurer, other than a title insurer, shall invest and maintain invested funds not less in amount than the minimum paid-in capital stock required under the Arkansas Insurance Code of a domestic stock insurer transacting like kinds of insurance only in cash and the securities provided for under §§ 23-63-806 , 23-63-808 , and 23-63-826 ;

(3) Life Insurance Reserves. A life insurer shall also invest and keep invested its funds in amount not less than seventy-five percent (75%) of the reserves under its life insurance policies and annuity contracts, other than variable annuities, in force, in cash, securities, or investments allowed under this subchapter, other than stocks of subsidiaries of the insurer;

(4) Common Stocks. An insurer, other than a life insurer, may invest and have invested at any one (1) time an aggregate amount not more than twenty-five percent (25%) of its assets in all stocks under § 23-63-816 concerning common stocks, § 23-63-817 concerning insurance stocks, and § 23-63-820 concerning investment trust securities. A life insurer may so invest and have invested in the stocks no more than ten percent (10%) of its assets. This provision shall not apply as to stock of a controlled or subsidiary insurance corporation or other corporation under § 23-63-817 or § 23-63-818 , or as to variable annuities;

(5) Miscellaneous. Except with the commissioner's consent, an insurer shall not have invested at any one (1) time more than twenty percent (20%) of its assets in the class of securities described in §§ 23-63-815 and 23-63-819 ;

(6) Other Specific Limits. Limits as to investments in the category of real estate shall be as provided in § 23-63-828 . Other specific limits shall apply as stated in the sections dealing with other respective kinds of investments; and

(7) Limitations on Acquisitions and Investments. Notwithstanding any other provision of this subchapter to the contrary: (A) (i) No insurer shall acquire, directly or indirectly, any medium grade or lower grade obligation of any institution if, after giving effect to any such acquisition, the aggregate amount of all medium grade and lower grade obligations then held by the domestic insurer would exceed twenty percent (20%) of its admitted assets, provided that no more than ten percent (10%) of its admitted assets consist of obligations rated four (4), five (5), or six (6) by the Securities Valuation Office of the National Association of Insurance Commissioners, and no more than three percent (3%) of its admitted assets consist of obligations rated five (5) or six (6) by the Securities Valuation Office, and no more than one percent (1%) of its admitted assets consist of obligations rated six (6) by the Securities Valuation Office. Attaining or exceeding the limit of any one (1) category shall not preclude an insurer from acquiring obligations in other categories subject to the specific and multicategory limits. (ii) (a) No insurer may invest more than an aggregate of one percent (1%) of its admitted assets in medium grade obligations issued, guaranteed, or insured by any one (1) person or institution, nor may it invest more than one-half of one percent (0.5%) of its admitted assets in lower grade obligations issued, guaranteed, or insured by any one (1) person or institution. (b) In the case of a downgrade of securities held by an insurer, the commissioner may grant temporary relief from the investment limitations on medium grade obligations and lower grade obligations. (iii) An insurer may acquire an obligation of an institution in which the insurer already has one (1) or more obligations, if the obligation is acquired in order to protect an investment previously made in the obligations of the institution. Provided, that all such acquired obligations shall not exceed one-half of one percent (0.5%) of the insurer's admitted assets. (iv) Nothing contained in this subdivision (7): (a) Shall prohibit an insurer from acquiring any obligations which it has committed to acquire if the insurer would have been permitted to acquire that obligation pursuant to this subchapter on the date on which the insurer committed to purchase that obligation; (b) Shall prohibit an insurer from acquiring an obligation as a result of restructuring of a medium or lower grade obligation already held; or (c) Shall require an insurer to sell or otherwise dispose of any obligation legally acquired prior to March 16, 1993. (v) (a) The board of directors of any insurer which acquires or invests, directly or indirectly, more than two percent (2%) of its admitted assets in medium grade and lower grade obligations of any institution shall adopt a written plan for the making of such investments. (b) The plan, in addition to the guidelines with respect to the quality of the issues invested in, shall contain diversification standards, including, but not limited to, standards for issuer, industry, duration, liquidity, and geographic location; and (B) For purposes of this subdivision (7): (i) "Admitted assets" means the amount thereof as of the last day of the most recently concluded annual statement year, computed in the same manner as admitted assets pursuant to § 23-63-601 et seq.; (ii) "Aggregate amount" of medium grade and lower grade obligations means the aggregate statutory statement value thereof; (iii) "Institution" means a corporation, a joint-stock company, an association, a trust, a business partnership, a business joint venture, or similar entity; (iv) "Lower grade obligations" means obligations which are rated five (5) or six (6) by the Securities Valuation Office; and (v) "Medium grade obligations" means obligations which are rated three (3) or four (4) by the Securities Valuation Office.

(A) (i) No insurer shall acquire, directly or indirectly, any medium grade or lower grade obligation of any institution if, after giving effect to any such acquisition, the aggregate amount of all medium grade and lower grade obligations then held by the domestic insurer would exceed twenty percent (20%) of its admitted assets, provided that no more than ten percent (10%) of its admitted assets consist of obligations rated four (4), five (5), or six (6) by the Securities Valuation Office of the National Association of Insurance Commissioners, and no more than three percent (3%) of its admitted assets consist of obligations rated five (5) or six (6) by the Securities Valuation Office, and no more than one percent (1%) of its admitted assets consist of obligations rated six (6) by the Securities Valuation Office. Attaining or exceeding the limit of any one (1) category shall not preclude an insurer from acquiring obligations in other categories subject to the specific and multicategory limits. (ii) (a) No insurer may invest more than an aggregate of one percent (1%) of its admitted assets in medium grade obligations issued, guaranteed, or insured by any one (1) person or institution, nor may it invest more than one-half of one percent (0.5%) of its admitted assets in lower grade obligations issued, guaranteed, or insured by any one (1) person or institution. (b) In the case of a downgrade of securities held by an insurer, the commissioner may grant temporary relief from the investment limitations on medium grade obligations and lower grade obligations. (iii) An insurer may acquire an obligation of an institution in which the insurer already has one (1) or more obligations, if the obligation is acquired in order to protect an investment previously made in the obligations of the institution. Provided, that all such acquired obligations shall not exceed one-half of one percent (0.5%) of the insurer's admitted assets. (iv) Nothing contained in this subdivision (7): (a) Shall prohibit an insurer from acquiring any obligations which it has committed to acquire if the insurer would have been permitted to acquire that obligation pursuant to this subchapter on the date on which the insurer committed to purchase that obligation; (b) Shall prohibit an insurer from acquiring an obligation as a result of restructuring of a medium or lower grade obligation already held; or (c) Shall require an insurer to sell or otherwise dispose of any obligation legally acquired prior to March 16, 1993. (v) (a) The board of directors of any insurer which acquires or invests, directly or indirectly, more than two percent (2%) of its admitted assets in medium grade and lower grade obligations of any institution shall adopt a written plan for the making of such investments. (b) The plan, in addition to the guidelines with respect to the quality of the issues invested in, shall contain diversification standards, including, but not limited to, standards for issuer, industry, duration, liquidity, and geographic location; and

(i) No insurer shall acquire, directly or indirectly, any medium grade or lower grade obligation of any institution if, after giving effect to any such acquisition, the aggregate amount of all medium grade and lower grade obligations then held by the domestic insurer would exceed twenty percent (20%) of its admitted assets, provided that no more than ten percent (10%) of its admitted assets consist of obligations rated four (4), five (5), or six (6) by the Securities Valuation Office of the National Association of Insurance Commissioners, and no more than three percent (3%) of its admitted assets consist of obligations rated five (5) or six (6) by the Securities Valuation Office, and no more than one percent (1%) of its admitted assets consist of obligations rated six (6) by the Securities Valuation Office. Attaining or exceeding the limit of any one (1) category shall not preclude an insurer from acquiring obligations in other categories subject to the specific and multicategory limits.

(ii) (a) No insurer may invest more than an aggregate of one percent (1%) of its admitted assets in medium grade obligations issued, guaranteed, or insured by any one (1) person or institution, nor may it invest more than one-half of one percent (0.5%) of its admitted assets in lower grade obligations issued, guaranteed, or insured by any one (1) person or institution. (b) In the case of a downgrade of securities held by an insurer, the commissioner may grant temporary relief from the investment limitations on medium grade obligations and lower grade obligations.

(a) No insurer may invest more than an aggregate of one percent (1%) of its admitted assets in medium grade obligations issued, guaranteed, or insured by any one (1) person or institution, nor may it invest more than one-half of one percent (0.5%) of its admitted assets in lower grade obligations issued, guaranteed, or insured by any one (1) person or institution.

(b) In the case of a downgrade of securities held by an insurer, the commissioner may grant temporary relief from the investment limitations on medium grade obligations and lower grade obligations.

(iii) An insurer may acquire an obligation of an institution in which the insurer already has one (1) or more obligations, if the obligation is acquired in order to protect an investment previously made in the obligations of the institution. Provided, that all such acquired obligations shall not exceed one-half of one percent (0.5%) of the insurer's admitted assets.

(iv) Nothing contained in this subdivision (7): (a) Shall prohibit an insurer from acquiring any obligations which it has committed to acquire if the insurer would have been permitted to acquire that obligation pursuant to this subchapter on the date on which the insurer committed to purchase that obligation; (b) Shall prohibit an insurer from acquiring an obligation as a result of restructuring of a medium or lower grade obligation already held; or (c) Shall require an insurer to sell or otherwise dispose of any obligation legally acquired prior to March 16, 1993.

(a) Shall prohibit an insurer from acquiring any obligations which it has committed to acquire if the insurer would have been permitted to acquire that obligation pursuant to this subchapter on the date on which the insurer committed to purchase that obligation;

(b) Shall prohibit an insurer from acquiring an obligation as a result of restructuring of a medium or lower grade obligation already held; or

(c) Shall require an insurer to sell or otherwise dispose of any obligation legally acquired prior to March 16, 1993.

(v) (a) The board of directors of any insurer which acquires or invests, directly or indirectly, more than two percent (2%) of its admitted assets in medium grade and lower grade obligations of any institution shall adopt a written plan for the making of such investments. (b) The plan, in addition to the guidelines with respect to the quality of the issues invested in, shall contain diversification standards, including, but not limited to, standards for issuer, industry, duration, liquidity, and geographic location; and

(a) The board of directors of any insurer which acquires or invests, directly or indirectly, more than two percent (2%) of its admitted assets in medium grade and lower grade obligations of any institution shall adopt a written plan for the making of such investments.

(b) The plan, in addition to the guidelines with respect to the quality of the issues invested in, shall contain diversification standards, including, but not limited to, standards for issuer, industry, duration, liquidity, and geographic location; and

(B) For purposes of this subdivision (7): (i) "Admitted assets" means the amount thereof as of the last day of the most recently concluded annual statement year, computed in the same manner as admitted assets pursuant to § 23-63-601 et seq.; (ii) "Aggregate amount" of medium grade and lower grade obligations means the aggregate statutory statement value thereof; (iii) "Institution" means a corporation, a joint-stock company, an association, a trust, a business partnership, a business joint venture, or similar entity; (iv) "Lower grade obligations" means obligations which are rated five (5) or six (6) by the Securities Valuation Office; and (v) "Medium grade obligations" means obligations which are rated three (3) or four (4) by the Securities Valuation Office.

(i) "Admitted assets" means the amount thereof as of the last day of the most recently concluded annual statement year, computed in the same manner as admitted assets pursuant to § 23-63-601 et seq.;

(ii) "Aggregate amount" of medium grade and lower grade obligations means the aggregate statutory statement value thereof;

(iii) "Institution" means a corporation, a joint-stock company, an association, a trust, a business partnership, a business joint venture, or similar entity;

(iv) "Lower grade obligations" means obligations which are rated five (5) or six (6) by the Securities Valuation Office; and

(v) "Medium grade obligations" means obligations which are rated three (3) or four (4) by the Securities Valuation Office.

Amended by Act 2015, No. 231,§ 3, eff. 7/22/2015.

Acts 1959, No. 148, § 101; 1981, No. 809, § 3; 1983, No. 522, § 7; A.S.A. 1947, § 66-2605; Acts 1993, No. 527, §§ 7, 8; 2001, No. 1604, § 35; 2005, No. 506, §§ 24-26.
Ark. Code Ann. § 23-118-102 — AR Code / Title 23 / Chapter 118 / Section 23-118-102
Definitions
Status: in_force

As used in this chapter: (1) (A) "Esports" means any form of multiplayer competition in which competitors compete against each other using video gaming consoles, computers, or other electronic devices. (B) "Esports" includes the ability to compete or perform in front of an audience, and through an online platform, broadcast on television, or at an in-person event. (C) "Esports" does not include: (i) A house-banked game in which participants compete or play against the house, including without limitation an operator, rather than other participants; (ii) A casino-style gambling game or other gambling game customarily offered at a casino; (iii) A game based on or otherwise involving horse racing or dog racing; or (iv) Any electronic pull-tab game or similar traditional gambling game; (2) "Esports tournament competitor" means an individual or group of individuals who function as a team that competes in a paid or nonpaid esports tournament offered by an esports tournament organizer; (3) "Esports tournament organizer" means a person that: (A) Is engaged in the business of professionally conducting paid esports tournaments for cash prizes for esports tournament competitors; and (B) Requires cash or cash equivalent as an entry fee to be paid by a member of the general public who competes in a paid esports tournament; (4) "Nonpaid esports tournament" means any: (A) Esports event organized by an educational institution or charity, nonprofit, or other institution that awards nonmonetary prizes to esports tournament competitors; or (B) Event that does not require an entry or venue fee to compete in esports; (5) (A) "Paid esports tournament" means, and is limited to, any esports event facilitated by an esports tournament organizer for a cash prize or other monetary compensation if an esports tournament competitor is required to pay an entry or venue fee to compete. (B) "Paid esports tournament" includes any esports tournament or contest that meets the following conditions: (i) The values of all prizes and awards offered to winning esports tournament competitors in public contests, and the method through which prizing is determined, are established and made known to the esports tournament competitors in advance of the tournament or contest; (ii) All winning outcomes reflect the relative knowledge and skill of the esports tournament competitors and are determined by the results of the performance of esports tournament competitors; (iii) A winning outcome is determined by the results of fully completed contests or events and not merely a portion of a contest or event, except that an esports tournament competitor may be credited for results in a suspended or shortened contest or event that has been suspended or shortened by a decision of the esports tournament organizer on account of weather or other natural or unforeseen events; and (iv) (a) Each paid esports tournament competitor is required to pay an entry fee to compete. (b) Each nonpaid esports tournament competitor is exempted from the requirement to pay an entry fee to compete. (c) Payment under subdivision (5)(B)(iv) (a) of this section shall be with cash or a cash equivalent and is not gambling for the purposes of § 5-66-101 et seq.; and (6) "Person" means any association, corporation, limited liability company, fiduciary, individual, joint stock company, joint venture, partnership, sole proprietorship, or other private legal entity. Added by Act 2023, No. 439,§ 1, eff. 8/1/2023.

As used in this chapter:

(1) (A) "Esports" means any form of multiplayer competition in which competitors compete against each other using video gaming consoles, computers, or other electronic devices. (B) "Esports" includes the ability to compete or perform in front of an audience, and through an online platform, broadcast on television, or at an in-person event. (C) "Esports" does not include: (i) A house-banked game in which participants compete or play against the house, including without limitation an operator, rather than other participants; (ii) A casino-style gambling game or other gambling game customarily offered at a casino; (iii) A game based on or otherwise involving horse racing or dog racing; or (iv) Any electronic pull-tab game or similar traditional gambling game;

(A) "Esports" means any form of multiplayer competition in which competitors compete against each other using video gaming consoles, computers, or other electronic devices.

(B) "Esports" includes the ability to compete or perform in front of an audience, and through an online platform, broadcast on television, or at an in-person event.

(C) "Esports" does not include: (i) A house-banked game in which participants compete or play against the house, including without limitation an operator, rather than other participants; (ii) A casino-style gambling game or other gambling game customarily offered at a casino; (iii) A game based on or otherwise involving horse racing or dog racing; or (iv) Any electronic pull-tab game or similar traditional gambling game;

(i) A house-banked game in which participants compete or play against the house, including without limitation an operator, rather than other participants;

(ii) A casino-style gambling game or other gambling game customarily offered at a casino;

(iii) A game based on or otherwise involving horse racing or dog racing; or

(iv) Any electronic pull-tab game or similar traditional gambling game;

(2) "Esports tournament competitor" means an individual or group of individuals who function as a team that competes in a paid or nonpaid esports tournament offered by an esports tournament organizer;

(3) "Esports tournament organizer" means a person that: (A) Is engaged in the business of professionally conducting paid esports tournaments for cash prizes for esports tournament competitors; and (B) Requires cash or cash equivalent as an entry fee to be paid by a member of the general public who competes in a paid esports tournament;

(A) Is engaged in the business of professionally conducting paid esports tournaments for cash prizes for esports tournament competitors; and

(B) Requires cash or cash equivalent as an entry fee to be paid by a member of the general public who competes in a paid esports tournament;

(4) "Nonpaid esports tournament" means any: (A) Esports event organized by an educational institution or charity, nonprofit, or other institution that awards nonmonetary prizes to esports tournament competitors; or (B) Event that does not require an entry or venue fee to compete in esports;

(A) Esports event organized by an educational institution or charity, nonprofit, or other institution that awards nonmonetary prizes to esports tournament competitors; or

(B) Event that does not require an entry or venue fee to compete in esports;

(5) (A) "Paid esports tournament" means, and is limited to, any esports event facilitated by an esports tournament organizer for a cash prize or other monetary compensation if an esports tournament competitor is required to pay an entry or venue fee to compete. (B) "Paid esports tournament" includes any esports tournament or contest that meets the following conditions: (i) The values of all prizes and awards offered to winning esports tournament competitors in public contests, and the method through which prizing is determined, are established and made known to the esports tournament competitors in advance of the tournament or contest; (ii) All winning outcomes reflect the relative knowledge and skill of the esports tournament competitors and are determined by the results of the performance of esports tournament competitors; (iii) A winning outcome is determined by the results of fully completed contests or events and not merely a portion of a contest or event, except that an esports tournament competitor may be credited for results in a suspended or shortened contest or event that has been suspended or shortened by a decision of the esports tournament organizer on account of weather or other natural or unforeseen events; and (iv) (a) Each paid esports tournament competitor is required to pay an entry fee to compete. (b) Each nonpaid esports tournament competitor is exempted from the requirement to pay an entry fee to compete. (c) Payment under subdivision (5)(B)(iv) (a) of this section shall be with cash or a cash equivalent and is not gambling for the purposes of § 5-66-101 et seq.; and

(A) "Paid esports tournament" means, and is limited to, any esports event facilitated by an esports tournament organizer for a cash prize or other monetary compensation if an esports tournament competitor is required to pay an entry or venue fee to compete.

(B) "Paid esports tournament" includes any esports tournament or contest that meets the following conditions: (i) The values of all prizes and awards offered to winning esports tournament competitors in public contests, and the method through which prizing is determined, are established and made known to the esports tournament competitors in advance of the tournament or contest; (ii) All winning outcomes reflect the relative knowledge and skill of the esports tournament competitors and are determined by the results of the performance of esports tournament competitors; (iii) A winning outcome is determined by the results of fully completed contests or events and not merely a portion of a contest or event, except that an esports tournament competitor may be credited for results in a suspended or shortened contest or event that has been suspended or shortened by a decision of the esports tournament organizer on account of weather or other natural or unforeseen events; and (iv) (a) Each paid esports tournament competitor is required to pay an entry fee to compete. (b) Each nonpaid esports tournament competitor is exempted from the requirement to pay an entry fee to compete. (c) Payment under subdivision (5)(B)(iv) (a) of this section shall be with cash or a cash equivalent and is not gambling for the purposes of § 5-66-101 et seq.; and

(i) The values of all prizes and awards offered to winning esports tournament competitors in public contests, and the method through which prizing is determined, are established and made known to the esports tournament competitors in advance of the tournament or contest;

(ii) All winning outcomes reflect the relative knowledge and skill of the esports tournament competitors and are determined by the results of the performance of esports tournament competitors;

(iii) A winning outcome is determined by the results of fully completed contests or events and not merely a portion of a contest or event, except that an esports tournament competitor may be credited for results in a suspended or shortened contest or event that has been suspended or shortened by a decision of the esports tournament organizer on account of weather or other natural or unforeseen events; and

(iv) (a) Each paid esports tournament competitor is required to pay an entry fee to compete. (b) Each nonpaid esports tournament competitor is exempted from the requirement to pay an entry fee to compete. (c) Payment under subdivision (5)(B)(iv) (a) of this section shall be with cash or a cash equivalent and is not gambling for the purposes of § 5-66-101 et seq.; and

(a) Each paid esports tournament competitor is required to pay an entry fee to compete.

(b) Each nonpaid esports tournament competitor is exempted from the requirement to pay an entry fee to compete.

(c) Payment under subdivision (5)(B)(iv) (a) of this section shall be with cash or a cash equivalent and is not gambling for the purposes of § 5-66-101 et seq.; and

(6) "Person" means any association, corporation, limited liability company, fiduciary, individual, joint stock company, joint venture, partnership, sole proprietorship, or other private legal entity.

Added by Act 2023, No. 439,§ 1, eff. 8/1/2023.
Ark. Code Ann. § 23-99-1603 — AR Code / Title 23 / Chapter 99 / Subchapter 16 / Section 23-99-1603
Electronic access to medical records sufficient
Status: in_force

(a) A healthcare provider that provides healthcare services to an enrollee may grant electronic access to the healthcare provider's medical records system to a healthcare payor or the healthcare payor's authorized designee: (1) To evaluate potential health care to be provided to an enrollee; (2) To review healthcare services already provided to an enrollee; (3) To make a determination on an authorization required for the enrollee to receive a medically-necessary healthcare service; or (4) For any other reason related to healthcare services for an enrollee, including without limitation quality, payment, or other general operations required to provide healthcare services. (b) A healthcare provider is not required to provide electronic access to medical records to a healthcare payor or the healthcare payor's authorized designee. (c) For the purposes of subdivision (a)(2) of this section, a healthcare payor shall not require a healthcare provider to submit any paper, facsimile, email, or other type of requested format of medical records if the healthcare payor or the healthcare payor's authorized designee has been granted electronic access to the healthcare provider's medical records unless the medical records sought are not available or accessible electronically. (d) If there is a dispute over access to medical records between a healthcare payor and a healthcare provider, then the offer of electronic access to medical records by the healthcare provider shall be deemed to satisfy any request made by the healthcare payor. (e) The initial grant of electronic access to a healthcare provider's medical records system under this subchapter does not initiate any timelines associated with reviewing medical records. Added by Act 2023, No. 502,§ 1, eff. 1/1/2024.

(a) A healthcare provider that provides healthcare services to an enrollee may grant electronic access to the healthcare provider's medical records system to a healthcare payor or the healthcare payor's authorized designee: (1) To evaluate potential health care to be provided to an enrollee; (2) To review healthcare services already provided to an enrollee; (3) To make a determination on an authorization required for the enrollee to receive a medically-necessary healthcare service; or (4) For any other reason related to healthcare services for an enrollee, including without limitation quality, payment, or other general operations required to provide healthcare services.

(1) To evaluate potential health care to be provided to an enrollee;

(2) To review healthcare services already provided to an enrollee;

(3) To make a determination on an authorization required for the enrollee to receive a medically-necessary healthcare service; or

(4) For any other reason related to healthcare services for an enrollee, including without limitation quality, payment, or other general operations required to provide healthcare services.

(b) A healthcare provider is not required to provide electronic access to medical records to a healthcare payor or the healthcare payor's authorized designee.

(c) For the purposes of subdivision (a)(2) of this section, a healthcare payor shall not require a healthcare provider to submit any paper, facsimile, email, or other type of requested format of medical records if the healthcare payor or the healthcare payor's authorized designee has been granted electronic access to the healthcare provider's medical records unless the medical records sought are not available or accessible electronically.

(d) If there is a dispute over access to medical records between a healthcare payor and a healthcare provider, then the offer of electronic access to medical records by the healthcare provider shall be deemed to satisfy any request made by the healthcare payor.

(e) The initial grant of electronic access to a healthcare provider's medical records system under this subchapter does not initiate any timelines associated with reviewing medical records.

Added by Act 2023, No. 502,§ 1, eff. 1/1/2024.
Ark. Code Ann. § 23-82-107 — AR Code / Title 23 / Chapter 82 / Section 23-82-107
Incontestability provision
Status: in_force

There shall be a provision that the policy, exclusive of provisions relating to disability benefits or to additional benefits in the event of death by accident or accidental means, shall be incontestable, except for nonpayment of premiums, after it has been in force during the lifetime of the insured for a period of two (2) years from its date of issue. Acts 1959, No. 148, § 351; A.S.A. 1947, § 66-3406.

There shall be a provision that the policy, exclusive of provisions relating to disability benefits or to additional benefits in the event of death by accident or accidental means, shall be incontestable, except for nonpayment of premiums, after it has been in force during the lifetime of the insured for a period of two (2) years from its date of issue.

Acts 1959, No. 148, § 351; A.S.A. 1947, § 66-3406.
Ark. Code Ann. § 23-55-607 — AR Code / Title 23 / Chapter 55 / Section 23-55-607
Confidentiality
Status: in_force

(a) Unless otherwise specified in this section, all information filed with the commissioner shall be available for public inspection under rules promulgated by the commissioner consistent with state and federal law governing the disclosure of public information. (b) Except for reasonably segregable portions of information and records that by law would routinely be made available to a party other than an agency in litigation with the commissioner, the commissioner shall not publish or make available: (1) Information contained in reports, summaries, analyses, letters, or memoranda arising out of, in anticipation of, or in connection with an investigation, examination, or inspection of the books and records of any person; (2) Interagency or intra-agency memoranda or letters, including without limitation: (A) Records that reflect discussions between or consideration by the commissioner or members of the staff of the State Securities Department or the staff of the Department of Commerce working for the State Securities Department, or both, of any action taken or proposed to be taken by the commissioner or by any members of the staff of the State Securities Department or the staff of the Department of Commerce working for the State Securities Department; and (B) Reports, summaries, analyses, conclusions, or any other work product of the commissioner or of attorneys, accountants, analysts, or other members of the commissioner's staff, prepared in the course of an: (i) Inspection of the books or records of a person whose affairs are regulated by the commissioner; or (ii) Examination, investigation, or litigation conducted by or on behalf of the commissioner; (3) Personnel files, medical files, and similar files if disclosure would constitute a clearly unwarranted invasion of personal privacy, including without limitation: (A) Information concerning employees of the State Securities Department or employees of the Department of Commerce working for the State Securities Department and all persons subject to rule by the State Securities Department; and (B) Personal information reported to the commissioner under the department's rules concerning registration about employees of applicants, licensees, or their agents; (4) (A) Investigatory records compiled for law enforcement purposes to the extent that production of the records would: (i) Interfere with enforcement proceedings; (ii) Deprive a person of a right to a fair trial or an impartial adjudication; or (iii) Disclose the identity of a confidential source. (B) The commissioner may also withhold investigatory records that would: (i) Constitute an unwarranted invasion of personal privacy; (ii) Disclose investigative techniques and procedures; or (iii) Endanger the life or physical safety of law enforcement personnel. (C) As used in this section, "investigatory records" includes: (i) All documents, records, transcripts, correspondence, and related memoranda and work products concerning examinations and other investigations and related litigation as authorized by law that pertain to or may disclose the possible violation by any person of any provision of the statutes or rules administered by the commissioner; and (ii) All written communications from or to any person confidentially complaining or otherwise furnishing information about a possible violation, as well as all correspondence and memoranda in connection with the confidential complaint or information; (5) Information contained in or related to examinations, operating reports, or condition reports prepared by, on behalf of, or for the use of any agency responsible for the regulation or supervision of financial institutions, check issuers, money transmitters, money services providers, or money service businesses; (6) (A) Financial records of any applicant, licensee, or the agent of an applicant or licensee obtained during or as a result of an examination by the commissioner. (B) However, when a record under this article is required to be filed with the commissioner as part of an application for license, annual renewal, or otherwise, the record, including financial statements prepared by certified public accountants, shall be public information unless sections of the information are bound separately and are marked "confidential" by the applicant, licensee, or agent upon filing. (C) Information under subdivision (b)(6)(B) of this section bound separately and marked "confidential" shall be deemed nonpublic until ten (10) days after the commissioner has given the applicant, licensee, or agent notice that an order will be entered deeming the material public information. (D) An applicant, licensee, or agent may seek an injunction from the Pulaski County Circuit Court ordering the commissioner to withhold the information as nonpublic pending a final order from a court of competent jurisdiction if the order of the commissioner under subdivision (b)(6)(C) of this section is appealed under applicable law; (7) Trade secrets obtained from any person; or (8) Any other records that are required to be closed to the public and are not deemed open to public inspection under other law. (c) The commissioner may disclose information not otherwise subject to disclosure under subsection (a) to representatives of state or federal agencies who promise in a record that they will maintain the confidentiality of the information; or the commissioner finds that the release is reasonably necessary for the protection of the public and in the interests of justice, and the licensee has been given previous notice by the commissioner of its intent to release the information. (d) This section does not prohibit the commissioner from disclosing to the public a list of persons licensed under this chapter or the aggregated financial data concerning those licensees. Amended by Act 2019, No. 315,§ 2607, eff. 7/24/2019. Amended by Act 2019, No. 910,§ 589, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 588, eff. 7/1/2019. Acts 2007, No. 1595, § 1.

(a) Unless otherwise specified in this section, all information filed with the commissioner shall be available for public inspection under rules promulgated by the commissioner consistent with state and federal law governing the disclosure of public information.

(b) Except for reasonably segregable portions of information and records that by law would routinely be made available to a party other than an agency in litigation with the commissioner, the commissioner shall not publish or make available: (1) Information contained in reports, summaries, analyses, letters, or memoranda arising out of, in anticipation of, or in connection with an investigation, examination, or inspection of the books and records of any person; (2) Interagency or intra-agency memoranda or letters, including without limitation: (A) Records that reflect discussions between or consideration by the commissioner or members of the staff of the State Securities Department or the staff of the Department of Commerce working for the State Securities Department, or both, of any action taken or proposed to be taken by the commissioner or by any members of the staff of the State Securities Department or the staff of the Department of Commerce working for the State Securities Department; and (B) Reports, summaries, analyses, conclusions, or any other work product of the commissioner or of attorneys, accountants, analysts, or other members of the commissioner's staff, prepared in the course of an: (i) Inspection of the books or records of a person whose affairs are regulated by the commissioner; or (ii) Examination, investigation, or litigation conducted by or on behalf of the commissioner; (3) Personnel files, medical files, and similar files if disclosure would constitute a clearly unwarranted invasion of personal privacy, including without limitation: (A) Information concerning employees of the State Securities Department or employees of the Department of Commerce working for the State Securities Department and all persons subject to rule by the State Securities Department; and (B) Personal information reported to the commissioner under the department's rules concerning registration about employees of applicants, licensees, or their agents; (4) (A) Investigatory records compiled for law enforcement purposes to the extent that production of the records would: (i) Interfere with enforcement proceedings; (ii) Deprive a person of a right to a fair trial or an impartial adjudication; or (iii) Disclose the identity of a confidential source. (B) The commissioner may also withhold investigatory records that would: (i) Constitute an unwarranted invasion of personal privacy; (ii) Disclose investigative techniques and procedures; or (iii) Endanger the life or physical safety of law enforcement personnel. (C) As used in this section, "investigatory records" includes: (i) All documents, records, transcripts, correspondence, and related memoranda and work products concerning examinations and other investigations and related litigation as authorized by law that pertain to or may disclose the possible violation by any person of any provision of the statutes or rules administered by the commissioner; and (ii) All written communications from or to any person confidentially complaining or otherwise furnishing information about a possible violation, as well as all correspondence and memoranda in connection with the confidential complaint or information; (5) Information contained in or related to examinations, operating reports, or condition reports prepared by, on behalf of, or for the use of any agency responsible for the regulation or supervision of financial institutions, check issuers, money transmitters, money services providers, or money service businesses; (6) (A) Financial records of any applicant, licensee, or the agent of an applicant or licensee obtained during or as a result of an examination by the commissioner. (B) However, when a record under this article is required to be filed with the commissioner as part of an application for license, annual renewal, or otherwise, the record, including financial statements prepared by certified public accountants, shall be public information unless sections of the information are bound separately and are marked "confidential" by the applicant, licensee, or agent upon filing. (C) Information under subdivision (b)(6)(B) of this section bound separately and marked "confidential" shall be deemed nonpublic until ten (10) days after the commissioner has given the applicant, licensee, or agent notice that an order will be entered deeming the material public information. (D) An applicant, licensee, or agent may seek an injunction from the Pulaski County Circuit Court ordering the commissioner to withhold the information as nonpublic pending a final order from a court of competent jurisdiction if the order of the commissioner under subdivision (b)(6)(C) of this section is appealed under applicable law; (7) Trade secrets obtained from any person; or (8) Any other records that are required to be closed to the public and are not deemed open to public inspection under other law.

(1) Information contained in reports, summaries, analyses, letters, or memoranda arising out of, in anticipation of, or in connection with an investigation, examination, or inspection of the books and records of any person;

(2) Interagency or intra-agency memoranda or letters, including without limitation: (A) Records that reflect discussions between or consideration by the commissioner or members of the staff of the State Securities Department or the staff of the Department of Commerce working for the State Securities Department, or both, of any action taken or proposed to be taken by the commissioner or by any members of the staff of the State Securities Department or the staff of the Department of Commerce working for the State Securities Department; and (B) Reports, summaries, analyses, conclusions, or any other work product of the commissioner or of attorneys, accountants, analysts, or other members of the commissioner's staff, prepared in the course of an: (i) Inspection of the books or records of a person whose affairs are regulated by the commissioner; or (ii) Examination, investigation, or litigation conducted by or on behalf of the commissioner;

(A) Records that reflect discussions between or consideration by the commissioner or members of the staff of the State Securities Department or the staff of the Department of Commerce working for the State Securities Department, or both, of any action taken or proposed to be taken by the commissioner or by any members of the staff of the State Securities Department or the staff of the Department of Commerce working for the State Securities Department; and

(B) Reports, summaries, analyses, conclusions, or any other work product of the commissioner or of attorneys, accountants, analysts, or other members of the commissioner's staff, prepared in the course of an: (i) Inspection of the books or records of a person whose affairs are regulated by the commissioner; or (ii) Examination, investigation, or litigation conducted by or on behalf of the commissioner;

(i) Inspection of the books or records of a person whose affairs are regulated by the commissioner; or

(ii) Examination, investigation, or litigation conducted by or on behalf of the commissioner;

(3) Personnel files, medical files, and similar files if disclosure would constitute a clearly unwarranted invasion of personal privacy, including without limitation: (A) Information concerning employees of the State Securities Department or employees of the Department of Commerce working for the State Securities Department and all persons subject to rule by the State Securities Department; and (B) Personal information reported to the commissioner under the department's rules concerning registration about employees of applicants, licensees, or their agents;

(A) Information concerning employees of the State Securities Department or employees of the Department of Commerce working for the State Securities Department and all persons subject to rule by the State Securities Department; and

(B) Personal information reported to the commissioner under the department's rules concerning registration about employees of applicants, licensees, or their agents;

(4) (A) Investigatory records compiled for law enforcement purposes to the extent that production of the records would: (i) Interfere with enforcement proceedings; (ii) Deprive a person of a right to a fair trial or an impartial adjudication; or (iii) Disclose the identity of a confidential source. (B) The commissioner may also withhold investigatory records that would: (i) Constitute an unwarranted invasion of personal privacy; (ii) Disclose investigative techniques and procedures; or (iii) Endanger the life or physical safety of law enforcement personnel. (C) As used in this section, "investigatory records" includes: (i) All documents, records, transcripts, correspondence, and related memoranda and work products concerning examinations and other investigations and related litigation as authorized by law that pertain to or may disclose the possible violation by any person of any provision of the statutes or rules administered by the commissioner; and (ii) All written communications from or to any person confidentially complaining or otherwise furnishing information about a possible violation, as well as all correspondence and memoranda in connection with the confidential complaint or information;

(A) Investigatory records compiled for law enforcement purposes to the extent that production of the records would: (i) Interfere with enforcement proceedings; (ii) Deprive a person of a right to a fair trial or an impartial adjudication; or (iii) Disclose the identity of a confidential source.

(i) Interfere with enforcement proceedings;

(ii) Deprive a person of a right to a fair trial or an impartial adjudication; or

(iii) Disclose the identity of a confidential source.

(B) The commissioner may also withhold investigatory records that would: (i) Constitute an unwarranted invasion of personal privacy; (ii) Disclose investigative techniques and procedures; or (iii) Endanger the life or physical safety of law enforcement personnel.

(i) Constitute an unwarranted invasion of personal privacy;

(ii) Disclose investigative techniques and procedures; or

(iii) Endanger the life or physical safety of law enforcement personnel.

(C) As used in this section, "investigatory records" includes: (i) All documents, records, transcripts, correspondence, and related memoranda and work products concerning examinations and other investigations and related litigation as authorized by law that pertain to or may disclose the possible violation by any person of any provision of the statutes or rules administered by the commissioner; and (ii) All written communications from or to any person confidentially complaining or otherwise furnishing information about a possible violation, as well as all correspondence and memoranda in connection with the confidential complaint or information;

(i) All documents, records, transcripts, correspondence, and related memoranda and work products concerning examinations and other investigations and related litigation as authorized by law that pertain to or may disclose the possible violation by any person of any provision of the statutes or rules administered by the commissioner; and

(ii) All written communications from or to any person confidentially complaining or otherwise furnishing information about a possible violation, as well as all correspondence and memoranda in connection with the confidential complaint or information;

(5) Information contained in or related to examinations, operating reports, or condition reports prepared by, on behalf of, or for the use of any agency responsible for the regulation or supervision of financial institutions, check issuers, money transmitters, money services providers, or money service businesses;

(6) (A) Financial records of any applicant, licensee, or the agent of an applicant or licensee obtained during or as a result of an examination by the commissioner. (B) However, when a record under this article is required to be filed with the commissioner as part of an application for license, annual renewal, or otherwise, the record, including financial statements prepared by certified public accountants, shall be public information unless sections of the information are bound separately and are marked "confidential" by the applicant, licensee, or agent upon filing. (C) Information under subdivision (b)(6)(B) of this section bound separately and marked "confidential" shall be deemed nonpublic until ten (10) days after the commissioner has given the applicant, licensee, or agent notice that an order will be entered deeming the material public information. (D) An applicant, licensee, or agent may seek an injunction from the Pulaski County Circuit Court ordering the commissioner to withhold the information as nonpublic pending a final order from a court of competent jurisdiction if the order of the commissioner under subdivision (b)(6)(C) of this section is appealed under applicable law;

(A) Financial records of any applicant, licensee, or the agent of an applicant or licensee obtained during or as a result of an examination by the commissioner.

(B) However, when a record under this article is required to be filed with the commissioner as part of an application for license, annual renewal, or otherwise, the record, including financial statements prepared by certified public accountants, shall be public information unless sections of the information are bound separately and are marked "confidential" by the applicant, licensee, or agent upon filing.

(C) Information under subdivision (b)(6)(B) of this section bound separately and marked "confidential" shall be deemed nonpublic until ten (10) days after the commissioner has given the applicant, licensee, or agent notice that an order will be entered deeming the material public information.

(D) An applicant, licensee, or agent may seek an injunction from the Pulaski County Circuit Court ordering the commissioner to withhold the information as nonpublic pending a final order from a court of competent jurisdiction if the order of the commissioner under subdivision (b)(6)(C) of this section is appealed under applicable law;

(7) Trade secrets obtained from any person; or

(8) Any other records that are required to be closed to the public and are not deemed open to public inspection under other law.

(c) The commissioner may disclose information not otherwise subject to disclosure under subsection (a) to representatives of state or federal agencies who promise in a record that they will maintain the confidentiality of the information; or the commissioner finds that the release is reasonably necessary for the protection of the public and in the interests of justice, and the licensee has been given previous notice by the commissioner of its intent to release the information.

(d) This section does not prohibit the commissioner from disclosing to the public a list of persons licensed under this chapter or the aggregated financial data concerning those licensees.

Amended by Act 2019, No. 315,§ 2607, eff. 7/24/2019.

Amended by Act 2019, No. 910,§ 589, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 588, eff. 7/1/2019.

Acts 2007, No. 1595, § 1.
Ark. Code Ann. § 23-99-1122 — AR Code / Title 23 / Chapter 99 / Subchapter 11 / Section 23-99-1122
Denial or rescission of prior authorization exemption
Status: in_force

(a) A healthcare insurer may rescind an exemption from prior authorization requirements of a healthcare provider under § 23-99-1120 only if: (1) The healthcare insurer makes a determination that, on the basis of a retrospective review of a random sample of claims selected by the healthcare insurer during the most recent evaluation period described by § 23-99-1120(e) , less than ninety percent (90%) of the claims for the particular healthcare service met the medical necessity criteria that would have been used by the healthcare insurer when conducting prior authorization review for the particular healthcare service during the relevant evaluation period; (2) The healthcare insurer complies with other applicable requirements specified in this section, including without limitation: (A) Notifying the healthcare provider no less than twenty-five (25) days before the proposed rescission is to take effect; and (B) Providing: (i) An identification of the healthcare service that an exemption is being rescinded, the date the notice is issued, and the effective date of the rescission; (ii) A plain-language explanation of how the healthcare provider may appeal and seek an independent review of the determination, the date the notice is issued, and the company's address and contact information for returning the form by mail or email to request an appeal; (iii) A statement of the total number of payable claims submitted by or in connection with the healthcare provider during the most recent evaluation period that were eligible to be evaluated with respect to the healthcare service subject to rescission, the number of claims included in the random sample, and the sample information used to make the determination, including without limitation: (a) Identification of each claim included in the random sample; (b) The healthcare insurer's determination of whether each claim met the healthcare insurer's screening criteria; and (c) For any claim determined to not have met the healthcare insurer's screening criteria: (1) The principal reasons for the determination that the claim did not meet the healthcare insurer's screening criteria, including, if applicable, a statement that the determination was based on a failure to submit specified medical records; (2) The clinical basis for the determination that the claim did not meet the healthcare insurer's screening criteria; (3) A description of the sources of the screening criteria that were used as guidelines in making the determination; and (4) The professional specialty of the healthcare provider who made the determination; (iv) A space to be filled out by the healthcare provider that includes: (a) The name, address, contact information, and identification number of the healthcare provider requesting an independent review; (b) An indication of whether or not the healthcare provider is requesting that the entity performing the independent review examine the same random sample or a different random sample of claims, if available; and (c) The date the appeal is being requested; and (v) An instruction to the healthcare provider to return the form to the healthcare insurer before the date the rescission becomes effective; and (3) The healthcare provider performs five (5) or fewer of a particular healthcare service in the most recent six-month evaluation period under § 23-99-1120(e) . (b) A determination made under subdivision (a)(1) of this section shall be made by a physician who: (1) Possesses a current and unrestricted license to practice medicine in this state; and (2) Has the same or similar specialty as the healthcare provider. (c) (1) A healthcare insurer that is conducting an evaluation under subsection (a) of this section to determine whether or not a healthcare provider still qualifies for a prior authorization exemption may request medical records and documents required for the retrospective review, limited to no more than twenty (20) claims for a particular healthcare service. (2) A healthcare insurer shall provide a healthcare provider at least thirty (30) days to provide the medical records requested under subdivision (c)(1) of this section. (d) A healthcare insurer may deny an exemption from prior authorization requirements under § 23-99-1120 only if: (1) The healthcare provider does not have an exemption at the time of the relevant evaluation period; and (2) The healthcare insurer provides the healthcare provider with: (A) Actual data for the relevant prior authorization request evaluation period; and (B) Detailed information sufficient to demonstrate that the healthcare provider does not meet the criteria for an exemption from prior authorization requirements for the particular healthcare service under § 23-99-1120 . (e) A healthcare insurer shall: (1) Allow a healthcare provider to designate an email address or a mailing address for communications regarding exemptions, denials, and rescissions; (2) Provide an option for a healthcare provider to submit a request for an appeal by mail, by email, or by other electronic method; and (3) Include an explanation of how a healthcare provider may update his or her preferred contact information and delivery method on the healthcare insurer's website and for all communications issued under this section. Added by Act 2023, No. 575,§ 5, eff. 8/1/2023.

(a) A healthcare insurer may rescind an exemption from prior authorization requirements of a healthcare provider under § 23-99-1120 only if: (1) The healthcare insurer makes a determination that, on the basis of a retrospective review of a random sample of claims selected by the healthcare insurer during the most recent evaluation period described by § 23-99-1120(e) , less than ninety percent (90%) of the claims for the particular healthcare service met the medical necessity criteria that would have been used by the healthcare insurer when conducting prior authorization review for the particular healthcare service during the relevant evaluation period; (2) The healthcare insurer complies with other applicable requirements specified in this section, including without limitation: (A) Notifying the healthcare provider no less than twenty-five (25) days before the proposed rescission is to take effect; and (B) Providing: (i) An identification of the healthcare service that an exemption is being rescinded, the date the notice is issued, and the effective date of the rescission; (ii) A plain-language explanation of how the healthcare provider may appeal and seek an independent review of the determination, the date the notice is issued, and the company's address and contact information for returning the form by mail or email to request an appeal; (iii) A statement of the total number of payable claims submitted by or in connection with the healthcare provider during the most recent evaluation period that were eligible to be evaluated with respect to the healthcare service subject to rescission, the number of claims included in the random sample, and the sample information used to make the determination, including without limitation: (a) Identification of each claim included in the random sample; (b) The healthcare insurer's determination of whether each claim met the healthcare insurer's screening criteria; and (c) For any claim determined to not have met the healthcare insurer's screening criteria: (1) The principal reasons for the determination that the claim did not meet the healthcare insurer's screening criteria, including, if applicable, a statement that the determination was based on a failure to submit specified medical records; (2) The clinical basis for the determination that the claim did not meet the healthcare insurer's screening criteria; (3) A description of the sources of the screening criteria that were used as guidelines in making the determination; and (4) The professional specialty of the healthcare provider who made the determination; (iv) A space to be filled out by the healthcare provider that includes: (a) The name, address, contact information, and identification number of the healthcare provider requesting an independent review; (b) An indication of whether or not the healthcare provider is requesting that the entity performing the independent review examine the same random sample or a different random sample of claims, if available; and (c) The date the appeal is being requested; and (v) An instruction to the healthcare provider to return the form to the healthcare insurer before the date the rescission becomes effective; and (3) The healthcare provider performs five (5) or fewer of a particular healthcare service in the most recent six-month evaluation period under § 23-99-1120(e) .

(1) The healthcare insurer makes a determination that, on the basis of a retrospective review of a random sample of claims selected by the healthcare insurer during the most recent evaluation period described by § 23-99-1120(e) , less than ninety percent (90%) of the claims for the particular healthcare service met the medical necessity criteria that would have been used by the healthcare insurer when conducting prior authorization review for the particular healthcare service during the relevant evaluation period;

(2) The healthcare insurer complies with other applicable requirements specified in this section, including without limitation: (A) Notifying the healthcare provider no less than twenty-five (25) days before the proposed rescission is to take effect; and (B) Providing: (i) An identification of the healthcare service that an exemption is being rescinded, the date the notice is issued, and the effective date of the rescission; (ii) A plain-language explanation of how the healthcare provider may appeal and seek an independent review of the determination, the date the notice is issued, and the company's address and contact information for returning the form by mail or email to request an appeal; (iii) A statement of the total number of payable claims submitted by or in connection with the healthcare provider during the most recent evaluation period that were eligible to be evaluated with respect to the healthcare service subject to rescission, the number of claims included in the random sample, and the sample information used to make the determination, including without limitation: (a) Identification of each claim included in the random sample; (b) The healthcare insurer's determination of whether each claim met the healthcare insurer's screening criteria; and (c) For any claim determined to not have met the healthcare insurer's screening criteria: (1) The principal reasons for the determination that the claim did not meet the healthcare insurer's screening criteria, including, if applicable, a statement that the determination was based on a failure to submit specified medical records; (2) The clinical basis for the determination that the claim did not meet the healthcare insurer's screening criteria; (3) A description of the sources of the screening criteria that were used as guidelines in making the determination; and (4) The professional specialty of the healthcare provider who made the determination; (iv) A space to be filled out by the healthcare provider that includes: (a) The name, address, contact information, and identification number of the healthcare provider requesting an independent review; (b) An indication of whether or not the healthcare provider is requesting that the entity performing the independent review examine the same random sample or a different random sample of claims, if available; and (c) The date the appeal is being requested; and (v) An instruction to the healthcare provider to return the form to the healthcare insurer before the date the rescission becomes effective; and

(A) Notifying the healthcare provider no less than twenty-five (25) days before the proposed rescission is to take effect; and

(B) Providing: (i) An identification of the healthcare service that an exemption is being rescinded, the date the notice is issued, and the effective date of the rescission; (ii) A plain-language explanation of how the healthcare provider may appeal and seek an independent review of the determination, the date the notice is issued, and the company's address and contact information for returning the form by mail or email to request an appeal; (iii) A statement of the total number of payable claims submitted by or in connection with the healthcare provider during the most recent evaluation period that were eligible to be evaluated with respect to the healthcare service subject to rescission, the number of claims included in the random sample, and the sample information used to make the determination, including without limitation: (a) Identification of each claim included in the random sample; (b) The healthcare insurer's determination of whether each claim met the healthcare insurer's screening criteria; and (c) For any claim determined to not have met the healthcare insurer's screening criteria: (1) The principal reasons for the determination that the claim did not meet the healthcare insurer's screening criteria, including, if applicable, a statement that the determination was based on a failure to submit specified medical records; (2) The clinical basis for the determination that the claim did not meet the healthcare insurer's screening criteria; (3) A description of the sources of the screening criteria that were used as guidelines in making the determination; and (4) The professional specialty of the healthcare provider who made the determination; (iv) A space to be filled out by the healthcare provider that includes: (a) The name, address, contact information, and identification number of the healthcare provider requesting an independent review; (b) An indication of whether or not the healthcare provider is requesting that the entity performing the independent review examine the same random sample or a different random sample of claims, if available; and (c) The date the appeal is being requested; and (v) An instruction to the healthcare provider to return the form to the healthcare insurer before the date the rescission becomes effective; and

(i) An identification of the healthcare service that an exemption is being rescinded, the date the notice is issued, and the effective date of the rescission;

(ii) A plain-language explanation of how the healthcare provider may appeal and seek an independent review of the determination, the date the notice is issued, and the company's address and contact information for returning the form by mail or email to request an appeal;

(iii) A statement of the total number of payable claims submitted by or in connection with the healthcare provider during the most recent evaluation period that were eligible to be evaluated with respect to the healthcare service subject to rescission, the number of claims included in the random sample, and the sample information used to make the determination, including without limitation: (a) Identification of each claim included in the random sample; (b) The healthcare insurer's determination of whether each claim met the healthcare insurer's screening criteria; and (c) For any claim determined to not have met the healthcare insurer's screening criteria: (1) The principal reasons for the determination that the claim did not meet the healthcare insurer's screening criteria, including, if applicable, a statement that the determination was based on a failure to submit specified medical records; (2) The clinical basis for the determination that the claim did not meet the healthcare insurer's screening criteria; (3) A description of the sources of the screening criteria that were used as guidelines in making the determination; and (4) The professional specialty of the healthcare provider who made the determination;

(a) Identification of each claim included in the random sample;

(b) The healthcare insurer's determination of whether each claim met the healthcare insurer's screening criteria; and

(c) For any claim determined to not have met the healthcare insurer's screening criteria: (1) The principal reasons for the determination that the claim did not meet the healthcare insurer's screening criteria, including, if applicable, a statement that the determination was based on a failure to submit specified medical records; (2) The clinical basis for the determination that the claim did not meet the healthcare insurer's screening criteria; (3) A description of the sources of the screening criteria that were used as guidelines in making the determination; and (4) The professional specialty of the healthcare provider who made the determination;

(1) The principal reasons for the determination that the claim did not meet the healthcare insurer's screening criteria, including, if applicable, a statement that the determination was based on a failure to submit specified medical records;

(2) The clinical basis for the determination that the claim did not meet the healthcare insurer's screening criteria;

(3) A description of the sources of the screening criteria that were used as guidelines in making the determination; and

(4) The professional specialty of the healthcare provider who made the determination;

(iv) A space to be filled out by the healthcare provider that includes: (a) The name, address, contact information, and identification number of the healthcare provider requesting an independent review; (b) An indication of whether or not the healthcare provider is requesting that the entity performing the independent review examine the same random sample or a different random sample of claims, if available; and (c) The date the appeal is being requested; and

(a) The name, address, contact information, and identification number of the healthcare provider requesting an independent review;

(b) An indication of whether or not the healthcare provider is requesting that the entity performing the independent review examine the same random sample or a different random sample of claims, if available; and

(c) The date the appeal is being requested; and

(v) An instruction to the healthcare provider to return the form to the healthcare insurer before the date the rescission becomes effective; and

(3) The healthcare provider performs five (5) or fewer of a particular healthcare service in the most recent six-month evaluation period under § 23-99-1120(e) .

(b) A determination made under subdivision (a)(1) of this section shall be made by a physician who: (1) Possesses a current and unrestricted license to practice medicine in this state; and (2) Has the same or similar specialty as the healthcare provider.

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

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

(c) (1) A healthcare insurer that is conducting an evaluation under subsection (a) of this section to determine whether or not a healthcare provider still qualifies for a prior authorization exemption may request medical records and documents required for the retrospective review, limited to no more than twenty (20) claims for a particular healthcare service. (2) A healthcare insurer shall provide a healthcare provider at least thirty (30) days to provide the medical records requested under subdivision (c)(1) of this section.

(1) A healthcare insurer that is conducting an evaluation under subsection (a) of this section to determine whether or not a healthcare provider still qualifies for a prior authorization exemption may request medical records and documents required for the retrospective review, limited to no more than twenty (20) claims for a particular healthcare service.

(2) A healthcare insurer shall provide a healthcare provider at least thirty (30) days to provide the medical records requested under subdivision (c)(1) of this section.

(d) A healthcare insurer may deny an exemption from prior authorization requirements under § 23-99-1120 only if: (1) The healthcare provider does not have an exemption at the time of the relevant evaluation period; and (2) The healthcare insurer provides the healthcare provider with: (A) Actual data for the relevant prior authorization request evaluation period; and (B) Detailed information sufficient to demonstrate that the healthcare provider does not meet the criteria for an exemption from prior authorization requirements for the particular healthcare service under § 23-99-1120 .

(1) The healthcare provider does not have an exemption at the time of the relevant evaluation period; and

(2) The healthcare insurer provides the healthcare provider with: (A) Actual data for the relevant prior authorization request evaluation period; and (B) Detailed information sufficient to demonstrate that the healthcare provider does not meet the criteria for an exemption from prior authorization requirements for the particular healthcare service under § 23-99-1120 .

(A) Actual data for the relevant prior authorization request evaluation period; and

(B) Detailed information sufficient to demonstrate that the healthcare provider does not meet the criteria for an exemption from prior authorization requirements for the particular healthcare service under § 23-99-1120 .

(e) A healthcare insurer shall: (1) Allow a healthcare provider to designate an email address or a mailing address for communications regarding exemptions, denials, and rescissions; (2) Provide an option for a healthcare provider to submit a request for an appeal by mail, by email, or by other electronic method; and (3) Include an explanation of how a healthcare provider may update his or her preferred contact information and delivery method on the healthcare insurer's website and for all communications issued under this section.

(1) Allow a healthcare provider to designate an email address or a mailing address for communications regarding exemptions, denials, and rescissions;

(2) Provide an option for a healthcare provider to submit a request for an appeal by mail, by email, or by other electronic method; and

(3) Include an explanation of how a healthcare provider may update his or her preferred contact information and delivery method on the healthcare insurer's website and for all communications issued under this section.

Added by Act 2023, No. 575,§ 5, eff. 8/1/2023.
Ark. Code Ann. § 23-48-1011 — AR Code / Title 23 / Chapter 48 / Subchapter 10 / Section 23-48-1011
Appeal from revocation
Status: in_force

(a) (1) An out-of-state bank may appeal the Bank Commissioner's revocation of its certificate of authority to the Pulaski County Circuit Court within thirty (30) days after service of the certificate of revocation is perfected under § 23-48-1007 . (2) The out-of-state bank appeals by petitioning the court to set aside the revocation and attaching to the petition copies of its certificate of authority and the commissioner's certificate of revocation. (b) The court may order the commissioner to reinstate the certificate of authority or may take any other action the court considers appropriate. (c) The court's final decision may be appealed as in other civil proceedings. Acts 1997, No. 408, § 20.

(a) (1) An out-of-state bank may appeal the Bank Commissioner's revocation of its certificate of authority to the Pulaski County Circuit Court within thirty (30) days after service of the certificate of revocation is perfected under § 23-48-1007 . (2) The out-of-state bank appeals by petitioning the court to set aside the revocation and attaching to the petition copies of its certificate of authority and the commissioner's certificate of revocation.

(1) An out-of-state bank may appeal the Bank Commissioner's revocation of its certificate of authority to the Pulaski County Circuit Court within thirty (30) days after service of the certificate of revocation is perfected under § 23-48-1007 .

(2) The out-of-state bank appeals by petitioning the court to set aside the revocation and attaching to the petition copies of its certificate of authority and the commissioner's certificate of revocation.

(b) The court may order the commissioner to reinstate the certificate of authority or may take any other action the court considers appropriate.

(c) The court's final decision may be appealed as in other civil proceedings.

Acts 1997, No. 408, § 20.
Ark. Code Ann. § 23-12-105 — AR Code / Title 23 / Chapter 12 / Subchapter 1 / Section 23-12-105
Attorney's fee taxed in suits for transportation violations
Status: in_force

In all actions at law or suits in equity against any railroad company, its assignees, lessees, or other persons owning or operating any railroad in this state, or partly therein, for the violation of any law regulating the transportation of freight or passengers by any such railroad, if the plaintiff recovers in any such action or suit he or she shall also recover a reasonable attorney's fee, to be taxed as part of the costs therein and collected as other costs may be by law collected. Acts 1887, No. 127, § 1, p. 224; C. & M. Dig., § 851; Pope's Dig., § 1055; A.S.A. 1947, § 73-819.

In all actions at law or suits in equity against any railroad company, its assignees, lessees, or other persons owning or operating any railroad in this state, or partly therein, for the violation of any law regulating the transportation of freight or passengers by any such railroad, if the plaintiff recovers in any such action or suit he or she shall also recover a reasonable attorney's fee, to be taxed as part of the costs therein and collected as other costs may be by law collected.

Acts 1887, No. 127, § 1, p. 224; C. & M. Dig., § 851; Pope's Dig., § 1055; A.S.A. 1947, § 73-819.
Ark. Code Ann. § 23-99-706 — AR Code / Title 23 / Chapter 99 / Subchapter 7 / Section 23-99-706
Enforcement and penalties
Status: in_force

The Secretary of the Department of Health shall have the power to implement and enforce this subchapter. Amended by Act 2019, No. 910,§ 5115, eff. 7/1/2019. Acts 1999, No. 1200, § 6.

The Secretary of the Department of Health shall have the power to implement and enforce this subchapter.

Amended by Act 2019, No. 910,§ 5115, eff. 7/1/2019.

Acts 1999, No. 1200, § 6.
Ark. Code Ann. § 23-112-613 — AR Code / Title 23 / Chapter 112 / Subchapter 6 / Section 23-112-613
Delivery prior to sale - Disclosures - Definitions
Status: in_force

(a) As used in this section: (1) (A) "Contract for sale" means the final agreement between a used motor vehicle dealer and a consumer that: (i) Includes all material terms of the sale of a motor vehicle; and (ii) Is binding upon the seller, the buyer, and any necessary third-party financer. (B) "Contract for sale" includes a financing agreement and all material financing terms if the motor vehicle is to be financed; and (2) "Delivery prior to sale" means a delivery of a motor vehicle by a used motor vehicle dealer to a consumer prior to the completion and execution by both parties of a contract for sale. (b) If a used motor vehicle dealer engages in a delivery prior to sale, then the used motor vehicle dealer shall provide the consumer with an agreement for delivery prior to sale at the time of delivery of the motor vehicle to the consumer. (c) (1) The agreement for delivery prior to sale shall be: (A) Printed in at least 12-point type; and (B) Signed by the consumer and the used motor vehicle dealer or the dealer's representative. (2) The agreement for delivery prior to sale shall not be considered a contract for sale. (d) The agreement for delivery prior to sale shall include all of the following terms: (1) Unless the consumer is approved for financing and both parties have executed a contract for sale, then the used motor vehicle dealer shall not: (A) Deposit or cash any down payment provided by the consumer; and (B) Sell any motor vehicle that is presented by the consumer as a trade-in; (2) The consumer retains the right to cancel the purchase of a motor vehicle if: (A) The used motor vehicle dealer changes any terms; or (B) The consumer fails to obtain financing that meets the agreed-upon interest rate; (3) If a consumer who executes an agreement for delivery prior to sale chooses not to execute a contract for sale or otherwise cancels the purchase as provided under this section, then: (A) The used motor vehicle dealer shall not: (i) Impose any charge or penalty against the consumer; or (ii) Deposit or cash any down payment provided by the consumer; and (B) The used motor vehicle dealer shall immediately return any motor vehicle that was presented by the consumer as a trade-in; and (4) If the consumer decides not to purchase the motor vehicle, the consumer shall return the motor vehicle to the used motor vehicle dealer within forty-eight (48) hours after the consumer notifies the dealer. (e) If a consumer fails to return a motor vehicle pursuant to subdivision (d)(4) of this section, then the used motor vehicle dealer may recover the vehicle without the necessity of judicial process if the recovery is possible without committing an act of breaking or entering or breach of the peace. (f) The Division of Arkansas State Police shall promulgate rules to implement, enforce, and administer this section. Amended by Act 2019, No. 315,§ 2835, eff. 7/24/2019. Acts 2005, No. 1687, § 2.

(a) As used in this section: (1) (A) "Contract for sale" means the final agreement between a used motor vehicle dealer and a consumer that: (i) Includes all material terms of the sale of a motor vehicle; and (ii) Is binding upon the seller, the buyer, and any necessary third-party financer. (B) "Contract for sale" includes a financing agreement and all material financing terms if the motor vehicle is to be financed; and (2) "Delivery prior to sale" means a delivery of a motor vehicle by a used motor vehicle dealer to a consumer prior to the completion and execution by both parties of a contract for sale.

(1) (A) "Contract for sale" means the final agreement between a used motor vehicle dealer and a consumer that: (i) Includes all material terms of the sale of a motor vehicle; and (ii) Is binding upon the seller, the buyer, and any necessary third-party financer. (B) "Contract for sale" includes a financing agreement and all material financing terms if the motor vehicle is to be financed; and

(A) "Contract for sale" means the final agreement between a used motor vehicle dealer and a consumer that: (i) Includes all material terms of the sale of a motor vehicle; and (ii) Is binding upon the seller, the buyer, and any necessary third-party financer.

(i) Includes all material terms of the sale of a motor vehicle; and

(ii) Is binding upon the seller, the buyer, and any necessary third-party financer.

(B) "Contract for sale" includes a financing agreement and all material financing terms if the motor vehicle is to be financed; and

(2) "Delivery prior to sale" means a delivery of a motor vehicle by a used motor vehicle dealer to a consumer prior to the completion and execution by both parties of a contract for sale.

(b) If a used motor vehicle dealer engages in a delivery prior to sale, then the used motor vehicle dealer shall provide the consumer with an agreement for delivery prior to sale at the time of delivery of the motor vehicle to the consumer.

(c) (1) The agreement for delivery prior to sale shall be: (A) Printed in at least 12-point type; and (B) Signed by the consumer and the used motor vehicle dealer or the dealer's representative. (2) The agreement for delivery prior to sale shall not be considered a contract for sale.

(1) The agreement for delivery prior to sale shall be: (A) Printed in at least 12-point type; and (B) Signed by the consumer and the used motor vehicle dealer or the dealer's representative.

(A) Printed in at least 12-point type; and

(B) Signed by the consumer and the used motor vehicle dealer or the dealer's representative.

(2) The agreement for delivery prior to sale shall not be considered a contract for sale.

(d) The agreement for delivery prior to sale shall include all of the following terms: (1) Unless the consumer is approved for financing and both parties have executed a contract for sale, then the used motor vehicle dealer shall not: (A) Deposit or cash any down payment provided by the consumer; and (B) Sell any motor vehicle that is presented by the consumer as a trade-in; (2) The consumer retains the right to cancel the purchase of a motor vehicle if: (A) The used motor vehicle dealer changes any terms; or (B) The consumer fails to obtain financing that meets the agreed-upon interest rate; (3) If a consumer who executes an agreement for delivery prior to sale chooses not to execute a contract for sale or otherwise cancels the purchase as provided under this section, then: (A) The used motor vehicle dealer shall not: (i) Impose any charge or penalty against the consumer; or (ii) Deposit or cash any down payment provided by the consumer; and (B) The used motor vehicle dealer shall immediately return any motor vehicle that was presented by the consumer as a trade-in; and (4) If the consumer decides not to purchase the motor vehicle, the consumer shall return the motor vehicle to the used motor vehicle dealer within forty-eight (48) hours after the consumer notifies the dealer.

(1) Unless the consumer is approved for financing and both parties have executed a contract for sale, then the used motor vehicle dealer shall not: (A) Deposit or cash any down payment provided by the consumer; and (B) Sell any motor vehicle that is presented by the consumer as a trade-in;

(A) Deposit or cash any down payment provided by the consumer; and

(B) Sell any motor vehicle that is presented by the consumer as a trade-in;

(2) The consumer retains the right to cancel the purchase of a motor vehicle if: (A) The used motor vehicle dealer changes any terms; or (B) The consumer fails to obtain financing that meets the agreed-upon interest rate;

(A) The used motor vehicle dealer changes any terms; or

(B) The consumer fails to obtain financing that meets the agreed-upon interest rate;

(3) If a consumer who executes an agreement for delivery prior to sale chooses not to execute a contract for sale or otherwise cancels the purchase as provided under this section, then: (A) The used motor vehicle dealer shall not: (i) Impose any charge or penalty against the consumer; or (ii) Deposit or cash any down payment provided by the consumer; and (B) The used motor vehicle dealer shall immediately return any motor vehicle that was presented by the consumer as a trade-in; and

(A) The used motor vehicle dealer shall not: (i) Impose any charge or penalty against the consumer; or (ii) Deposit or cash any down payment provided by the consumer; and

(i) Impose any charge or penalty against the consumer; or

(ii) Deposit or cash any down payment provided by the consumer; and

(B) The used motor vehicle dealer shall immediately return any motor vehicle that was presented by the consumer as a trade-in; and

(4) If the consumer decides not to purchase the motor vehicle, the consumer shall return the motor vehicle to the used motor vehicle dealer within forty-eight (48) hours after the consumer notifies the dealer.

(e) If a consumer fails to return a motor vehicle pursuant to subdivision (d)(4) of this section, then the used motor vehicle dealer may recover the vehicle without the necessity of judicial process if the recovery is possible without committing an act of breaking or entering or breach of the peace.

(f) The Division of Arkansas State Police shall promulgate rules to implement, enforce, and administer this section.

Amended by Act 2019, No. 315,§ 2835, eff. 7/24/2019.

Acts 2005, No. 1687, § 2.
Ark. Code Ann. § 23-79-107 — AR Code / Title 23 / Chapter 79 / Subchapter 1 / Section 23-79-107
Application - Statements as representations
Status: in_force

(a) A statement in an application or in negotiations for a life or accident and health insurance policy or annuity contract by or in behalf of the insured or annuitant are representations and not warranties. Misrepresentations, omissions, concealment of facts, and incorrect statements shall not prevent a recovery under the policy or contract unless: (1) Fraudulent; or (2) Material either to the acceptance of the risk or to the hazard assumed by the insurer. (b) In any action to rescind any policy or contract or to recover thereon, if any misrepresentation with respect to a medical impairment is proved by the insurer and the insured or any other person having or claiming a right under the contract shall prevent full disclosure and proof of the nature of the medical impairment, then the misrepresentation shall be presumed to have been material. (c) In any action to rescind any policy or contract or to recover thereon, a misrepresentation is material if there is a causal relationship between the misrepresentation and the hazard resulting in a loss under the policy or contract. Acts 1989, No. 662, § 1; 2001, No. 1604, § 82; 2011, No. 1054, § 1.

(a) A statement in an application or in negotiations for a life or accident and health insurance policy or annuity contract by or in behalf of the insured or annuitant are representations and not warranties. Misrepresentations, omissions, concealment of facts, and incorrect statements shall not prevent a recovery under the policy or contract unless: (1) Fraudulent; or (2) Material either to the acceptance of the risk or to the hazard assumed by the insurer.

(1) Fraudulent; or

(2) Material either to the acceptance of the risk or to the hazard assumed by the insurer.

(b) In any action to rescind any policy or contract or to recover thereon, if any misrepresentation with respect to a medical impairment is proved by the insurer and the insured or any other person having or claiming a right under the contract shall prevent full disclosure and proof of the nature of the medical impairment, then the misrepresentation shall be presumed to have been material.

(c) In any action to rescind any policy or contract or to recover thereon, a misrepresentation is material if there is a causal relationship between the misrepresentation and the hazard resulting in a loss under the policy or contract.

Acts 1989, No. 662, § 1; 2001, No. 1604, § 82; 2011, No. 1054, § 1.
Ark. Code Ann. § 23-99-304 — AR Code / Title 23 / Chapter 99 / Subchapter 3 / Section 23-99-304
Subchapter not to prevent treatment
Status: in_force

Nothing in this subchapter shall prevent any person covered by a health benefit plan from receiving emergency eye care nor shall it prevent any person from exercising his or her right to receive treatment from his or her personal doctor and being reimbursed in accordance with the terms and fee schedule of the health benefit plan. Acts 1995, No. 515, § 4; 1995, No. 1092, § 4.

Nothing in this subchapter shall prevent any person covered by a health benefit plan from receiving emergency eye care nor shall it prevent any person from exercising his or her right to receive treatment from his or her personal doctor and being reimbursed in accordance with the terms and fee schedule of the health benefit plan.

Acts 1995, No. 515, § 4; 1995, No. 1092, § 4.
Ark. Code Ann. § 23-61-709 — AR Code / Title 23 / Chapter 61 / Subchapter 7 / Section 23-61-709
Insurance Commissioner's authority, powers, and duties
Status: in_force

(a) The Insurance Commissioner shall be duly authorized to promulgate rules necessary to effectuate the purposes of this subchapter. (b) Upon his or her determination and finding that State Insurance Department appropriations or funding is insufficient to operate the department efficiently or to allow the commissioner to perform all of his or her statutorily mandated duties and tasks, the commissioner may, in his or her discretion, by rule following notice and a public hearing, increase the amounts of the fees, license fees, fines, penalties, and revenues as provided in this subchapter for deposit into the State Insurance Department Trust Fund as special revenues. (c) (1) Further, in his or her discretion the commissioner may establish and collect as special revenues additional or increased fees and penalties not otherwise specified in this subchapter, for direct deposit into the fund as special revenues if the fees and revenues provided by this subchapter are insufficient, in connection with all other revenues appropriated to and funded for the department, to defray all the expenses of the department in the efficient discharge of its administrative and regulatory powers and duties as prescribed by law. (2) Any special revenues and fees established by the commissioner by the authority of this section shall be classified in and meet the criteria of the Category A fees or Category B fees specified by § 23-61-708 . (3) Upon collection by the commissioner, these funds shall be deposited as special revenues directly into the fund. (4) The commissioner may from time to time alter the amounts of the fees specified in the companion rules to this subchapter by amending the rules pursuant to the procedures of the Arkansas Administrative Procedure Act, § 25-15-201 et seq., as necessary to the continued support and operation of the department. Amended by Act 2019, No. 315,§ 2623, eff. 7/24/2019. Acts 1993, No. 652, § 10.

(a) The Insurance Commissioner shall be duly authorized to promulgate rules necessary to effectuate the purposes of this subchapter.

(b) Upon his or her determination and finding that State Insurance Department appropriations or funding is insufficient to operate the department efficiently or to allow the commissioner to perform all of his or her statutorily mandated duties and tasks, the commissioner may, in his or her discretion, by rule following notice and a public hearing, increase the amounts of the fees, license fees, fines, penalties, and revenues as provided in this subchapter for deposit into the State Insurance Department Trust Fund as special revenues.

(c) (1) Further, in his or her discretion the commissioner may establish and collect as special revenues additional or increased fees and penalties not otherwise specified in this subchapter, for direct deposit into the fund as special revenues if the fees and revenues provided by this subchapter are insufficient, in connection with all other revenues appropriated to and funded for the department, to defray all the expenses of the department in the efficient discharge of its administrative and regulatory powers and duties as prescribed by law. (2) Any special revenues and fees established by the commissioner by the authority of this section shall be classified in and meet the criteria of the Category A fees or Category B fees specified by § 23-61-708 . (3) Upon collection by the commissioner, these funds shall be deposited as special revenues directly into the fund. (4) The commissioner may from time to time alter the amounts of the fees specified in the companion rules to this subchapter by amending the rules pursuant to the procedures of the Arkansas Administrative Procedure Act, § 25-15-201 et seq., as necessary to the continued support and operation of the department.

(1) Further, in his or her discretion the commissioner may establish and collect as special revenues additional or increased fees and penalties not otherwise specified in this subchapter, for direct deposit into the fund as special revenues if the fees and revenues provided by this subchapter are insufficient, in connection with all other revenues appropriated to and funded for the department, to defray all the expenses of the department in the efficient discharge of its administrative and regulatory powers and duties as prescribed by law.

(2) Any special revenues and fees established by the commissioner by the authority of this section shall be classified in and meet the criteria of the Category A fees or Category B fees specified by § 23-61-708 .

(3) Upon collection by the commissioner, these funds shall be deposited as special revenues directly into the fund.

(4) The commissioner may from time to time alter the amounts of the fees specified in the companion rules to this subchapter by amending the rules pursuant to the procedures of the Arkansas Administrative Procedure Act, § 25-15-201 et seq., as necessary to the continued support and operation of the department.

Amended by Act 2019, No. 315,§ 2623, eff. 7/24/2019.

Acts 1993, No. 652, § 10.
Ark. Code Ann. § 23-63-1617 — AR Code / Title 23 / Chapter 63 / Subchapter 16 / Section 23-63-1617
Reorganizations, receiverships, and injunctions
Status: in_force

Except as provided in this subchapter, the terms and conditions in the Arkansas Insurance Code pertaining to insurance reorganizations, receiverships, and injunctions apply to captive insurance companies formed or licensed under this subchapter. Acts 2001, No. 1391, § 17.

Except as provided in this subchapter, the terms and conditions in the Arkansas Insurance Code pertaining to insurance reorganizations, receiverships, and injunctions apply to captive insurance companies formed or licensed under this subchapter.

Acts 2001, No. 1391, § 17.
Ark. Code Ann. § 23-63-811 — AR Code / Title 23 / Chapter 63 / Subchapter 8 / Section 23-63-811
Local industrial development bonds
Status: in_force

An insurer may invest in the negotiable first-lien bonds issued by local industrial development corporations organized under the Arkansas Industrial Development Act, § 15-4-101 et seq. Acts 1959, No. 148, § 107; A.S.A. 1947, § 66-2611.

An insurer may invest in the negotiable first-lien bonds issued by local industrial development corporations organized under the Arkansas Industrial Development Act, § 15-4-101 et seq.

Acts 1959, No. 148, § 107; A.S.A. 1947, § 66-2611.
Ark. Code Ann. § 23-51-148 — AR Code / Title 23 / Chapter 51 / Section 23-51-148
Bonding requirements
Status: in_force

(a) The board of a state trust company shall require protection and indemnity for clients in reasonable amounts established by rules adopted under this chapter, against dishonesty, fraud, defalcation, forgery, theft, and other similar insurable losses, with corporate insurance or surety companies: (1) Authorized to do business in this state; or (2) Acceptable to the Bank Commissioner and otherwise lawfully permitted to issue the coverage against those losses in this state. (b) Except as otherwise provided by rule, coverage required under subsection (a) of this section must include each director, officer, and employee of the state trust company without regard to whether the person receives salary or other compensation. (c) A state trust company may apply to the commissioner for permission to eliminate the bonding requirement of this section for a particular individual. The commissioner shall approve the application if the commissioner finds that the bonding requirement is unnecessary or burdensome. Unless the application presents novel or unusual questions, the commissioner shall approve the application or set the application for hearing not later than sixty (60) days after the date the commissioner considers the application complete and accepted for filing. Amended by Act 2019, No. 315,§ 2594, eff. 7/24/2019. Acts 1997, No. 940, § 48.

(a) The board of a state trust company shall require protection and indemnity for clients in reasonable amounts established by rules adopted under this chapter, against dishonesty, fraud, defalcation, forgery, theft, and other similar insurable losses, with corporate insurance or surety companies: (1) Authorized to do business in this state; or (2) Acceptable to the Bank Commissioner and otherwise lawfully permitted to issue the coverage against those losses in this state.

(1) Authorized to do business in this state; or

(2) Acceptable to the Bank Commissioner and otherwise lawfully permitted to issue the coverage against those losses in this state.

(b) Except as otherwise provided by rule, coverage required under subsection (a) of this section must include each director, officer, and employee of the state trust company without regard to whether the person receives salary or other compensation.

(c) A state trust company may apply to the commissioner for permission to eliminate the bonding requirement of this section for a particular individual. The commissioner shall approve the application if the commissioner finds that the bonding requirement is unnecessary or burdensome. Unless the application presents novel or unusual questions, the commissioner shall approve the application or set the application for hearing not later than sixty (60) days after the date the commissioner considers the application complete and accepted for filing.

Amended by Act 2019, No. 315,§ 2594, eff. 7/24/2019.

Acts 1997, No. 940, § 48.
Ark. Code Ann. § 23-4-1207 — AR Code / Title 23 / Chapter 4 / Subchapter 12 / Section 23-4-1207
Formula - Adjustment of customer rates
Status: in_force

(a) Customer rates shall be adjusted in a formula rate review mechanism based on a comparison of the earned return rate to the target return rate. (b) Adjustments of customer rates shall be calculated using the following formula: (1) If the earned return rate is less than the target return rate minus five-tenths percent (0.5%), the formula rate review mechanism revenue level for the formula rate review test period shall be increased by an amount necessary to increase the earned return rate to the target return rate; (2) If the earned return rate is greater than the target return rate plus five-tenths percent (0.5%), the formula rate review mechanism revenue level for the formula rate review test period shall be decreased by an amount necessary to decrease the earned return rate to the target return rate; or (3) If the earned return rate is less than or equal to the target return rate plus five-tenths percent (0.5%) and greater than or equal to the target return rate minus five-tenths percent (0.5%), the formula rate review mechanism revenue level for the formula rate review test period shall not change or be adjusted. (c) If a formula rate review test period utilizes projected data under § 23-4-406 or a projected year, rates shall be adjusted by the netting of historical year differences under § 23-4-1206 . (d) (1) (A) The total change in the formula rate review mechanism revenue level shall be allocated to each applicable rate schedule based on an equal percentage of the base rate revenue used in the development of rates in the Arkansas Public Service Commission's order addressing the public utility's last application for a general change in rates and charges. (B) As part of an extension of the five-year term of a formula rate review under § 23-4-1208(a)(3) , for an electric utility if the electric utility's class of customers with the highest level of consumption per customer that has rates that include a demand component, and any successors to such a class, as they existed on January 1, 2021, has an annual usage for the class as a whole in excess of five million megawatt hours (5,000,000 MWh), the commission shall, and for all other utilities the commission may, adjust the cost allocation, with respect to the total change in the formula rate review mechanism revenue level under subdivision (d)(1)(A) of this section, to each applicable rate schedule consistent with § 23-4-422(b)(2) and § 23-4-422(d)(2) and using the public utility's most recent cost of service that was submitted under the terms of the public utility's formula rate review mechanism. (C) The public utility shall file the resulting rate schedules as part of any formula rate review compliance filing. (2) The total amount of a revenue increase or decrease for each rate class shall not exceed four percent (4%) of each rate class's total revenue for the twelve (12) calendar months preceding the formula rate review test period. (e) Only one (1) rate review adjustment shall occur during any period of three hundred sixty-five (365) days. Amended by Act 2021, No. 894,§ 4, eff. 4/25/2021. Amended by Act 2021, No. 404,§ 4, eff. 3/22/2021. Superseded by Act 2021, No. 894and repealed by Act 2023, No. 180,§ 1, eff. 8/1/2023 Added by Act 2015, No. 725,§ 3, eff. 3/27/2015.

(a) Customer rates shall be adjusted in a formula rate review mechanism based on a comparison of the earned return rate to the target return rate.

(b) Adjustments of customer rates shall be calculated using the following formula: (1) If the earned return rate is less than the target return rate minus five-tenths percent (0.5%), the formula rate review mechanism revenue level for the formula rate review test period shall be increased by an amount necessary to increase the earned return rate to the target return rate; (2) If the earned return rate is greater than the target return rate plus five-tenths percent (0.5%), the formula rate review mechanism revenue level for the formula rate review test period shall be decreased by an amount necessary to decrease the earned return rate to the target return rate; or (3) If the earned return rate is less than or equal to the target return rate plus five-tenths percent (0.5%) and greater than or equal to the target return rate minus five-tenths percent (0.5%), the formula rate review mechanism revenue level for the formula rate review test period shall not change or be adjusted.

(1) If the earned return rate is less than the target return rate minus five-tenths percent (0.5%), the formula rate review mechanism revenue level for the formula rate review test period shall be increased by an amount necessary to increase the earned return rate to the target return rate;

(2) If the earned return rate is greater than the target return rate plus five-tenths percent (0.5%), the formula rate review mechanism revenue level for the formula rate review test period shall be decreased by an amount necessary to decrease the earned return rate to the target return rate; or

(3) If the earned return rate is less than or equal to the target return rate plus five-tenths percent (0.5%) and greater than or equal to the target return rate minus five-tenths percent (0.5%), the formula rate review mechanism revenue level for the formula rate review test period shall not change or be adjusted.

(c) If a formula rate review test period utilizes projected data under § 23-4-406 or a projected year, rates shall be adjusted by the netting of historical year differences under § 23-4-1206 .

(d) (1) (A) The total change in the formula rate review mechanism revenue level shall be allocated to each applicable rate schedule based on an equal percentage of the base rate revenue used in the development of rates in the Arkansas Public Service Commission's order addressing the public utility's last application for a general change in rates and charges. (B) As part of an extension of the five-year term of a formula rate review under § 23-4-1208(a)(3) , for an electric utility if the electric utility's class of customers with the highest level of consumption per customer that has rates that include a demand component, and any successors to such a class, as they existed on January 1, 2021, has an annual usage for the class as a whole in excess of five million megawatt hours (5,000,000 MWh), the commission shall, and for all other utilities the commission may, adjust the cost allocation, with respect to the total change in the formula rate review mechanism revenue level under subdivision (d)(1)(A) of this section, to each applicable rate schedule consistent with § 23-4-422(b)(2) and § 23-4-422(d)(2) and using the public utility's most recent cost of service that was submitted under the terms of the public utility's formula rate review mechanism. (C) The public utility shall file the resulting rate schedules as part of any formula rate review compliance filing. (2) The total amount of a revenue increase or decrease for each rate class shall not exceed four percent (4%) of each rate class's total revenue for the twelve (12) calendar months preceding the formula rate review test period.

(1) (A) The total change in the formula rate review mechanism revenue level shall be allocated to each applicable rate schedule based on an equal percentage of the base rate revenue used in the development of rates in the Arkansas Public Service Commission's order addressing the public utility's last application for a general change in rates and charges. (B) As part of an extension of the five-year term of a formula rate review under § 23-4-1208(a)(3) , for an electric utility if the electric utility's class of customers with the highest level of consumption per customer that has rates that include a demand component, and any successors to such a class, as they existed on January 1, 2021, has an annual usage for the class as a whole in excess of five million megawatt hours (5,000,000 MWh), the commission shall, and for all other utilities the commission may, adjust the cost allocation, with respect to the total change in the formula rate review mechanism revenue level under subdivision (d)(1)(A) of this section, to each applicable rate schedule consistent with § 23-4-422(b)(2) and § 23-4-422(d)(2) and using the public utility's most recent cost of service that was submitted under the terms of the public utility's formula rate review mechanism. (C) The public utility shall file the resulting rate schedules as part of any formula rate review compliance filing.

(A) The total change in the formula rate review mechanism revenue level shall be allocated to each applicable rate schedule based on an equal percentage of the base rate revenue used in the development of rates in the Arkansas Public Service Commission's order addressing the public utility's last application for a general change in rates and charges.

(B) As part of an extension of the five-year term of a formula rate review under § 23-4-1208(a)(3) , for an electric utility if the electric utility's class of customers with the highest level of consumption per customer that has rates that include a demand component, and any successors to such a class, as they existed on January 1, 2021, has an annual usage for the class as a whole in excess of five million megawatt hours (5,000,000 MWh), the commission shall, and for all other utilities the commission may, adjust the cost allocation, with respect to the total change in the formula rate review mechanism revenue level under subdivision (d)(1)(A) of this section, to each applicable rate schedule consistent with § 23-4-422(b)(2) and § 23-4-422(d)(2) and using the public utility's most recent cost of service that was submitted under the terms of the public utility's formula rate review mechanism.

(C) The public utility shall file the resulting rate schedules as part of any formula rate review compliance filing.

(2) The total amount of a revenue increase or decrease for each rate class shall not exceed four percent (4%) of each rate class's total revenue for the twelve (12) calendar months preceding the formula rate review test period.

(e) Only one (1) rate review adjustment shall occur during any period of three hundred sixty-five (365) days.

Amended by Act 2021, No. 894,§ 4, eff. 4/25/2021.

Amended by Act 2021, No. 404,§ 4, eff. 3/22/2021. Superseded by Act 2021, No. 894and repealed by Act 2023, No. 180,§ 1, eff. 8/1/2023

Added by Act 2015, No. 725,§ 3, eff. 3/27/2015.
Ark. Code Ann. § 23-86-108 — AR Code / Title 23 / Chapter 86 / Subchapter 1 / Section 23-86-108
Group accident and health insurance - Required provisions
Status: in_force

Each group accident and health insurance policy shall contain in substance the following provisions: (1) A provision that, in the absence of fraud, all statements made by applicants or the policyholder or by an insured person shall be deemed representations and not warranties and that no statement made for the purpose of effecting insurance shall void the insurance or reduce benefits unless contained in a written instrument signed by the policyholder of the insured person, a copy of which has been furnished to the policyholder or to the person or his or her beneficiary; (2) (A) A provision that the insurer will furnish to the policyholder for delivery to each employee or member of the insured group a statement in summary form of the essential features of the insurance coverage of the employee or member and to whom benefits under the policy are payable. (B) If dependents are included in the coverage, only one (1) certificate need be issued for each family unit; (3) A provision that to the group originally insured may be added from time to time eligible new employees or members or dependents, as the case may be, in accordance with the terms of the policy; (4) (A) In any contract that contains a provision whereby coverage of a dependent in a family group terminates at a specified age, there shall also be a provision that coverage of an unmarried dependent who is incapable of sustaining employment by reason of intellectual and developmental disability or physical disability, who became so incapacitated prior to the attainment of nineteen (19) years of age and who is chiefly dependent upon the employee for support and maintenance, shall not terminate, but coverage shall continue so long as the coverage of the employee or member remains in force and so long as the dependent remains in such condition. (B) At the request and expense of the insurer, proof of the incapacity or dependency must be furnished to the insurer by the policyholder, except in no event shall this requirement preclude eligible dependents under Acts 1975, No. 649, § 5, as amended, regardless of age. (C) If the incapacity or dependency is thereafter removed or terminated, the policyholder shall so notify the insurer; (5) (A) No policy or contract of group accident and health insurance, including contracts issued by hospital and medical service corporations, that provides coverage for any of the following services when delivered on an inpatient basis shall hereafter be sold, delivered, or issued for delivery or offered for sale in this state unless the identical coverage for such services is provided when delivered on an outpatient basis: (i) Laboratory and pathological tests; (ii) X-rays; (iii) Chemotherapy; (iv) Radiation treatment; and (v) Renal dialysis. (B) However, the coverage required by subdivision (5)(A) of this section shall not be required when any policyholder or contract holder shall reject the coverage in writing. (C) The definition of the services referred to in this subdivision (5) shall be the same as found in § 23-85-133 . (D) All existing group contracts, including existing group contracts issued by hospital and medical service corporations, shall conform to the provisions of this subdivision (5) upon the first anniversary of the issue date, after March 12, 1981; (6) A provision that: (A) All benefits payable under the policy other than benefits for loss of time will be payable immediately upon receipt of written proof of such loss; (B) Subject to proof of loss, all accrued benefits payable under the policy for loss of time will be paid not later than at the expiration of each period of thirty (30) days during the continuance of the period for which the insurer is liable; and (C) Any balance remaining unpaid at the termination of that period will be paid immediately upon receipt of due proof; and (7) (A) Every insurer, hospital or medical service corporation, fraternal benefit society, self-funded healthcare plan, or health maintenance organization providing replacement coverage, with respect to group accident and health benefits within a period of sixty (60) days from the date of discontinuance of a prior plan, shall immediately cover all employees and dependents: (i) If each employee or dependent was validly covered under the previous plan at the date of the discontinuance; (ii) If each employee or dependent is a member of the class of individuals eligible for coverage under the succeeding carrier's plan, regardless of any of the plan's limitations or exclusions relating to "actively at work" or hospital confinement; and (iii) Only if the group accident and health benefits were provided to a group consisting of more than fifteen (15) members. (B) The succeeding carrier shall be entitled to deduct from its benefits any benefits payable by the previous carrier pursuant to an extension of benefits provision. (C) No provision in a succeeding carrier's plan of replacement coverage that would operate to reduce or exclude benefits on the basis that the condition giving rise to benefits preexisted the effective date of the succeeding carrier's plan shall be applied with respect to those employees and dependents validly insured under the previous carrier's policy on the date of discontinuance if benefits for the condition would have been payable under the previous carrier's plan. (D) The provisions of this section shall apply upon the issuance of an insurance policy or healthcare plan: (i) To a group whose benefits had previously been self-insured; (ii) To a self-insurer providing coverage to a group that had been previously covered by an insurer; and (iii) To a group that had previously been covered by an insurer. Amended by Act 2019, No. 1035,§ 53, eff. 7/24/2019. Acts 1959, No. 148, § 420; 1967, No. 418, § 3; 1969, No. 263, § 3; 1975, No. 404, §§ 2, 8; 1975, No. 649, §§ 2, 8; 1981, No. 810, § 1; 1983, No. 522, §§ 31, 32; A.S.A. 1947, § 66-3702; Acts 1987, No. 456, § 17; 1987, No. 478, § 1; 1997, No. 208, § 28; 2001, No. 1063, § 8.

Each group accident and health insurance policy shall contain in substance the following provisions:

(1) A provision that, in the absence of fraud, all statements made by applicants or the policyholder or by an insured person shall be deemed representations and not warranties and that no statement made for the purpose of effecting insurance shall void the insurance or reduce benefits unless contained in a written instrument signed by the policyholder of the insured person, a copy of which has been furnished to the policyholder or to the person or his or her beneficiary;

(2) (A) A provision that the insurer will furnish to the policyholder for delivery to each employee or member of the insured group a statement in summary form of the essential features of the insurance coverage of the employee or member and to whom benefits under the policy are payable. (B) If dependents are included in the coverage, only one (1) certificate need be issued for each family unit;

(A) A provision that the insurer will furnish to the policyholder for delivery to each employee or member of the insured group a statement in summary form of the essential features of the insurance coverage of the employee or member and to whom benefits under the policy are payable.

(B) If dependents are included in the coverage, only one (1) certificate need be issued for each family unit;

(3) A provision that to the group originally insured may be added from time to time eligible new employees or members or dependents, as the case may be, in accordance with the terms of the policy;

(4) (A) In any contract that contains a provision whereby coverage of a dependent in a family group terminates at a specified age, there shall also be a provision that coverage of an unmarried dependent who is incapable of sustaining employment by reason of intellectual and developmental disability or physical disability, who became so incapacitated prior to the attainment of nineteen (19) years of age and who is chiefly dependent upon the employee for support and maintenance, shall not terminate, but coverage shall continue so long as the coverage of the employee or member remains in force and so long as the dependent remains in such condition. (B) At the request and expense of the insurer, proof of the incapacity or dependency must be furnished to the insurer by the policyholder, except in no event shall this requirement preclude eligible dependents under Acts 1975, No. 649, § 5, as amended, regardless of age. (C) If the incapacity or dependency is thereafter removed or terminated, the policyholder shall so notify the insurer;

(A) In any contract that contains a provision whereby coverage of a dependent in a family group terminates at a specified age, there shall also be a provision that coverage of an unmarried dependent who is incapable of sustaining employment by reason of intellectual and developmental disability or physical disability, who became so incapacitated prior to the attainment of nineteen (19) years of age and who is chiefly dependent upon the employee for support and maintenance, shall not terminate, but coverage shall continue so long as the coverage of the employee or member remains in force and so long as the dependent remains in such condition.

(B) At the request and expense of the insurer, proof of the incapacity or dependency must be furnished to the insurer by the policyholder, except in no event shall this requirement preclude eligible dependents under Acts 1975, No. 649, § 5, as amended, regardless of age.

(C) If the incapacity or dependency is thereafter removed or terminated, the policyholder shall so notify the insurer;

(5) (A) No policy or contract of group accident and health insurance, including contracts issued by hospital and medical service corporations, that provides coverage for any of the following services when delivered on an inpatient basis shall hereafter be sold, delivered, or issued for delivery or offered for sale in this state unless the identical coverage for such services is provided when delivered on an outpatient basis: (i) Laboratory and pathological tests; (ii) X-rays; (iii) Chemotherapy; (iv) Radiation treatment; and (v) Renal dialysis. (B) However, the coverage required by subdivision (5)(A) of this section shall not be required when any policyholder or contract holder shall reject the coverage in writing. (C) The definition of the services referred to in this subdivision (5) shall be the same as found in § 23-85-133 . (D) All existing group contracts, including existing group contracts issued by hospital and medical service corporations, shall conform to the provisions of this subdivision (5) upon the first anniversary of the issue date, after March 12, 1981;

(A) No policy or contract of group accident and health insurance, including contracts issued by hospital and medical service corporations, that provides coverage for any of the following services when delivered on an inpatient basis shall hereafter be sold, delivered, or issued for delivery or offered for sale in this state unless the identical coverage for such services is provided when delivered on an outpatient basis: (i) Laboratory and pathological tests; (ii) X-rays; (iii) Chemotherapy; (iv) Radiation treatment; and (v) Renal dialysis.

(i) Laboratory and pathological tests;

(ii) X-rays;

(iii) Chemotherapy;

(iv) Radiation treatment; and

(v) Renal dialysis.

(B) However, the coverage required by subdivision (5)(A) of this section shall not be required when any policyholder or contract holder shall reject the coverage in writing.

(C) The definition of the services referred to in this subdivision (5) shall be the same as found in § 23-85-133 .

(D) All existing group contracts, including existing group contracts issued by hospital and medical service corporations, shall conform to the provisions of this subdivision (5) upon the first anniversary of the issue date, after March 12, 1981;

(6) A provision that: (A) All benefits payable under the policy other than benefits for loss of time will be payable immediately upon receipt of written proof of such loss; (B) Subject to proof of loss, all accrued benefits payable under the policy for loss of time will be paid not later than at the expiration of each period of thirty (30) days during the continuance of the period for which the insurer is liable; and (C) Any balance remaining unpaid at the termination of that period will be paid immediately upon receipt of due proof; and

(A) All benefits payable under the policy other than benefits for loss of time will be payable immediately upon receipt of written proof of such loss;

(B) Subject to proof of loss, all accrued benefits payable under the policy for loss of time will be paid not later than at the expiration of each period of thirty (30) days during the continuance of the period for which the insurer is liable; and

(C) Any balance remaining unpaid at the termination of that period will be paid immediately upon receipt of due proof; and

(7) (A) Every insurer, hospital or medical service corporation, fraternal benefit society, self-funded healthcare plan, or health maintenance organization providing replacement coverage, with respect to group accident and health benefits within a period of sixty (60) days from the date of discontinuance of a prior plan, shall immediately cover all employees and dependents: (i) If each employee or dependent was validly covered under the previous plan at the date of the discontinuance; (ii) If each employee or dependent is a member of the class of individuals eligible for coverage under the succeeding carrier's plan, regardless of any of the plan's limitations or exclusions relating to "actively at work" or hospital confinement; and (iii) Only if the group accident and health benefits were provided to a group consisting of more than fifteen (15) members. (B) The succeeding carrier shall be entitled to deduct from its benefits any benefits payable by the previous carrier pursuant to an extension of benefits provision. (C) No provision in a succeeding carrier's plan of replacement coverage that would operate to reduce or exclude benefits on the basis that the condition giving rise to benefits preexisted the effective date of the succeeding carrier's plan shall be applied with respect to those employees and dependents validly insured under the previous carrier's policy on the date of discontinuance if benefits for the condition would have been payable under the previous carrier's plan. (D) The provisions of this section shall apply upon the issuance of an insurance policy or healthcare plan: (i) To a group whose benefits had previously been self-insured; (ii) To a self-insurer providing coverage to a group that had been previously covered by an insurer; and (iii) To a group that had previously been covered by an insurer.

(A) Every insurer, hospital or medical service corporation, fraternal benefit society, self-funded healthcare plan, or health maintenance organization providing replacement coverage, with respect to group accident and health benefits within a period of sixty (60) days from the date of discontinuance of a prior plan, shall immediately cover all employees and dependents: (i) If each employee or dependent was validly covered under the previous plan at the date of the discontinuance; (ii) If each employee or dependent is a member of the class of individuals eligible for coverage under the succeeding carrier's plan, regardless of any of the plan's limitations or exclusions relating to "actively at work" or hospital confinement; and (iii) Only if the group accident and health benefits were provided to a group consisting of more than fifteen (15) members.

(i) If each employee or dependent was validly covered under the previous plan at the date of the discontinuance;

(ii) If each employee or dependent is a member of the class of individuals eligible for coverage under the succeeding carrier's plan, regardless of any of the plan's limitations or exclusions relating to "actively at work" or hospital confinement; and

(iii) Only if the group accident and health benefits were provided to a group consisting of more than fifteen (15) members.

(B) The succeeding carrier shall be entitled to deduct from its benefits any benefits payable by the previous carrier pursuant to an extension of benefits provision.

(C) No provision in a succeeding carrier's plan of replacement coverage that would operate to reduce or exclude benefits on the basis that the condition giving rise to benefits preexisted the effective date of the succeeding carrier's plan shall be applied with respect to those employees and dependents validly insured under the previous carrier's policy on the date of discontinuance if benefits for the condition would have been payable under the previous carrier's plan.

(D) The provisions of this section shall apply upon the issuance of an insurance policy or healthcare plan: (i) To a group whose benefits had previously been self-insured; (ii) To a self-insurer providing coverage to a group that had been previously covered by an insurer; and (iii) To a group that had previously been covered by an insurer.

(i) To a group whose benefits had previously been self-insured;

(ii) To a self-insurer providing coverage to a group that had been previously covered by an insurer; and

(iii) To a group that had previously been covered by an insurer.

Amended by Act 2019, No. 1035,§ 53, eff. 7/24/2019.

Acts 1959, No. 148, § 420; 1967, No. 418, § 3; 1969, No. 263, § 3; 1975, No. 404, §§ 2, 8; 1975, No. 649, §§ 2, 8; 1981, No. 810, § 1; 1983, No. 522, §§ 31, 32; A.S.A. 1947, § 66-3702; Acts 1987, No. 456, § 17; 1987, No. 478, § 1; 1997, No. 208, § 28; 2001, No. 1063, § 8.
Ark. Code Ann. § 23-65-311 — AR Code / Title 23 / Chapter 65 / Subchapter 3 / Section 23-65-311
Evidence of insurance - Changes - Definition
Status: in_force

(a) (1) Upon placing a surplus lines coverage, the surplus lines broker shall promptly issue and deliver to the insured evidence of the insurance, consisting either of the policy as issued by the insurer or the surplus lines broker's certificate if the policy is not available. (2) (A) The certificate shall be executed by the surplus lines broker and show: (i) The subject, coverage, conditions, and term of the insurance; (ii) The premium charged; (iii) Taxes collected from the insured; and (iv) The name and address of the insurer. (B) If the direct risk is assumed by more than one (1) insurer, the certificate shall state the name, address, and proportion of the entire direct risk assumed by each insurer. (b) If there is a change to the identity of the insurers after the issuance and delivery of the certificate, a change to the proportion of the direct risk assumed by the insurers as stated in the surplus lines broker's original certificate, or a change in any other material respect as to the insurance coverage evidenced by the certificate, the surplus lines broker shall promptly issue and deliver to the insured a substitute certificate accurately showing the current status of the coverages and the insurers responsible. (c) If a policy issued by the insurer is not available upon placement of the insurance and the surplus lines broker has issued and delivered his or her certificate as provided in subsection (a) of this section, the surplus lines broker shall promptly provide upon a request of the insured the policy of the insurer evidencing the insurance. (d) A surplus lines broker who knowingly or negligently issues a false certificate of insurance or who fails to promptly notify the insured of any material change with respect to the insurance by delivery to the insured of a substitute certificate as provided in subsection (b) of this section, upon conviction of the surplus lines broker, shall be subject to the penalties provided by § 23-60-108 or to a greater applicable penalty provided by law. (e) (1) (A) Upon written request, each approved but nonadmitted surplus lines insurer shall mail or deliver the policyholder's claim loss information to the policyholder or his or her surplus lines broker within thirty (30) days from the date of receipt of the request from the policyholder. (B) If the claim loss information is provided to the surplus lines broker, the surplus lines broker shall deliver the claim loss information to the policyholder within seven (7) days from the date of receipt of the claim loss information from the surplus lines insurer. (C) If the surplus lines broker generates the claim loss information for the surplus lines insurer, the claim loss information shall be provided to the policyholder within thirty (30) days from the date of receipt of the request from the policyholder. (2) (A) "Claim loss information" as used in this subsection means the: (i) Date of loss; (ii) Property insured; and (iii) Amount paid. (B) "Claim loss information" as used in this subsection does not include supporting claim file documentation, including without limitation copies of claim files, investigation reports, evaluation statements, insured's statements, and documents protected by a common law or statutory privilege. (3) The surplus lines insurer or the surplus lines broker may charge a reasonable fee for providing the claim loss information as part of the expense of underwriting the policy. (4) The surplus lines insurer and the surplus lines broker are not required to maintain claim loss information for more than five (5) years following the termination of coverage. Acts 1959, No. 148, § 197; A.S.A. 1947, § 66-2917; Acts 2005, No. 1697, § 34; 2009, No. 726, § 33; 2011, No. 1055, § 2.

(a) (1) Upon placing a surplus lines coverage, the surplus lines broker shall promptly issue and deliver to the insured evidence of the insurance, consisting either of the policy as issued by the insurer or the surplus lines broker's certificate if the policy is not available. (2) (A) The certificate shall be executed by the surplus lines broker and show: (i) The subject, coverage, conditions, and term of the insurance; (ii) The premium charged; (iii) Taxes collected from the insured; and (iv) The name and address of the insurer. (B) If the direct risk is assumed by more than one (1) insurer, the certificate shall state the name, address, and proportion of the entire direct risk assumed by each insurer.

(1) Upon placing a surplus lines coverage, the surplus lines broker shall promptly issue and deliver to the insured evidence of the insurance, consisting either of the policy as issued by the insurer or the surplus lines broker's certificate if the policy is not available.

(2) (A) The certificate shall be executed by the surplus lines broker and show: (i) The subject, coverage, conditions, and term of the insurance; (ii) The premium charged; (iii) Taxes collected from the insured; and (iv) The name and address of the insurer. (B) If the direct risk is assumed by more than one (1) insurer, the certificate shall state the name, address, and proportion of the entire direct risk assumed by each insurer.

(A) The certificate shall be executed by the surplus lines broker and show: (i) The subject, coverage, conditions, and term of the insurance; (ii) The premium charged; (iii) Taxes collected from the insured; and (iv) The name and address of the insurer.

(i) The subject, coverage, conditions, and term of the insurance;

(ii) The premium charged;

(iii) Taxes collected from the insured; and

(iv) The name and address of the insurer.

(B) If the direct risk is assumed by more than one (1) insurer, the certificate shall state the name, address, and proportion of the entire direct risk assumed by each insurer.

(b) If there is a change to the identity of the insurers after the issuance and delivery of the certificate, a change to the proportion of the direct risk assumed by the insurers as stated in the surplus lines broker's original certificate, or a change in any other material respect as to the insurance coverage evidenced by the certificate, the surplus lines broker shall promptly issue and deliver to the insured a substitute certificate accurately showing the current status of the coverages and the insurers responsible.

(c) If a policy issued by the insurer is not available upon placement of the insurance and the surplus lines broker has issued and delivered his or her certificate as provided in subsection (a) of this section, the surplus lines broker shall promptly provide upon a request of the insured the policy of the insurer evidencing the insurance.

(d) A surplus lines broker who knowingly or negligently issues a false certificate of insurance or who fails to promptly notify the insured of any material change with respect to the insurance by delivery to the insured of a substitute certificate as provided in subsection (b) of this section, upon conviction of the surplus lines broker, shall be subject to the penalties provided by § 23-60-108 or to a greater applicable penalty provided by law.

(e) (1) (A) Upon written request, each approved but nonadmitted surplus lines insurer shall mail or deliver the policyholder's claim loss information to the policyholder or his or her surplus lines broker within thirty (30) days from the date of receipt of the request from the policyholder. (B) If the claim loss information is provided to the surplus lines broker, the surplus lines broker shall deliver the claim loss information to the policyholder within seven (7) days from the date of receipt of the claim loss information from the surplus lines insurer. (C) If the surplus lines broker generates the claim loss information for the surplus lines insurer, the claim loss information shall be provided to the policyholder within thirty (30) days from the date of receipt of the request from the policyholder. (2) (A) "Claim loss information" as used in this subsection means the: (i) Date of loss; (ii) Property insured; and (iii) Amount paid. (B) "Claim loss information" as used in this subsection does not include supporting claim file documentation, including without limitation copies of claim files, investigation reports, evaluation statements, insured's statements, and documents protected by a common law or statutory privilege. (3) The surplus lines insurer or the surplus lines broker may charge a reasonable fee for providing the claim loss information as part of the expense of underwriting the policy. (4) The surplus lines insurer and the surplus lines broker are not required to maintain claim loss information for more than five (5) years following the termination of coverage.

(1) (A) Upon written request, each approved but nonadmitted surplus lines insurer shall mail or deliver the policyholder's claim loss information to the policyholder or his or her surplus lines broker within thirty (30) days from the date of receipt of the request from the policyholder. (B) If the claim loss information is provided to the surplus lines broker, the surplus lines broker shall deliver the claim loss information to the policyholder within seven (7) days from the date of receipt of the claim loss information from the surplus lines insurer. (C) If the surplus lines broker generates the claim loss information for the surplus lines insurer, the claim loss information shall be provided to the policyholder within thirty (30) days from the date of receipt of the request from the policyholder.

(A) Upon written request, each approved but nonadmitted surplus lines insurer shall mail or deliver the policyholder's claim loss information to the policyholder or his or her surplus lines broker within thirty (30) days from the date of receipt of the request from the policyholder.

(B) If the claim loss information is provided to the surplus lines broker, the surplus lines broker shall deliver the claim loss information to the policyholder within seven (7) days from the date of receipt of the claim loss information from the surplus lines insurer.

(C) If the surplus lines broker generates the claim loss information for the surplus lines insurer, the claim loss information shall be provided to the policyholder within thirty (30) days from the date of receipt of the request from the policyholder.

(2) (A) "Claim loss information" as used in this subsection means the: (i) Date of loss; (ii) Property insured; and (iii) Amount paid. (B) "Claim loss information" as used in this subsection does not include supporting claim file documentation, including without limitation copies of claim files, investigation reports, evaluation statements, insured's statements, and documents protected by a common law or statutory privilege.

(A) "Claim loss information" as used in this subsection means the: (i) Date of loss; (ii) Property insured; and (iii) Amount paid.

(i) Date of loss;

(ii) Property insured; and

(iii) Amount paid.

(B) "Claim loss information" as used in this subsection does not include supporting claim file documentation, including without limitation copies of claim files, investigation reports, evaluation statements, insured's statements, and documents protected by a common law or statutory privilege.

(3) The surplus lines insurer or the surplus lines broker may charge a reasonable fee for providing the claim loss information as part of the expense of underwriting the policy.

(4) The surplus lines insurer and the surplus lines broker are not required to maintain claim loss information for more than five (5) years following the termination of coverage.

Acts 1959, No. 148, § 197; A.S.A. 1947, § 66-2917; Acts 2005, No. 1697, § 34; 2009, No. 726, § 33; 2011, No. 1055, § 2.