Ark. Code Ann. § 23-73-113 — AR Code / Title 23 / Chapter 73 / Section 23-73-113
Continuance of certificate of authority
Status: in_force

(a) For continuance of an original certificate of authority, a farmers' mutual aid company or association shall file with the Insurance Commissioner: (1) A concise statement of its financial condition, management, and affairs on a form satisfactory to the commissioner; (2) Other documents or stipulations as the commissioner may reasonably require to evidence compliance with the provisions of this chapter; and (3) Pay any fees required by the Arkansas Insurance Code to be paid for filing the accompanying documents and for the certificate of authority if granted. (b) (1) After September 1, 2005, the commissioner shall prepare and send to each qualified farmers' mutual aid association or company a substitute Arkansas certificate of authority evidencing full licensure from the original date when the association or company was issued a certificate of authority. (2) (A) A certificate issued under subdivision (b)(1) of this section shall: (i) Be and remain the property of the State of Arkansas; (ii) Render any previous certificate of authority null and void as of the effective date of the new certificate; (iii) Remain in force and effect until it expires or is suspended, revoked, or surrendered; and (iv) Be continuous, subject to compliance with annual fee and reporting requirements. (B) The association or company shall promptly deliver the certificate to the commissioner upon the certificate's expiration, suspension, revocation, or surrender. (C) (i) If for any reason the association or company is not entitled to a continuation of the certificate of authority, the commissioner: (a) May refuse to continue the certificate; and (b) Shall give either written or electronic notice of the refusal to continue the certificate to the association or company. (ii) The certificate of authority shall expire on the next May 1 following the notice provided in subdivision (b)(2)(C)(i) (b) of this section. (c) After notice and a hearing, the commissioner may suspend or revoke a certificate of authority if the association or company: (1) No longer meets the requirements for holding a certificate of authority or is impaired or insolvent; (2) Is using methods or practices in the conduct of its business that unreasonably expose its members, policyholders, or the public to injury; (3) Has refused to be examined or to produce its accounts, records, or files for examination when required by the commissioner, or if any of its officers, directors, or key personnel have refused to give information with respect to the association's or company's affairs when required by the commissioner; (4) Has failed to pay a final judgment against it; or (5) Has violated or failed to comply with any applicable provision of the Arkansas Code or any lawful order or rule of the commissioner. Amended by Act 2019, No. 315,§ 2693, eff. 7/24/2019. Acts 1959, No. 148, § 590; A.S.A. 1947, § 66-4612; Acts 1997, No. 774, § 1; 2005, No. 2004, § 3.

(a) For continuance of an original certificate of authority, a farmers' mutual aid company or association shall file with the Insurance Commissioner: (1) A concise statement of its financial condition, management, and affairs on a form satisfactory to the commissioner; (2) Other documents or stipulations as the commissioner may reasonably require to evidence compliance with the provisions of this chapter; and (3) Pay any fees required by the Arkansas Insurance Code to be paid for filing the accompanying documents and for the certificate of authority if granted.

(1) A concise statement of its financial condition, management, and affairs on a form satisfactory to the commissioner;

(2) Other documents or stipulations as the commissioner may reasonably require to evidence compliance with the provisions of this chapter; and

(3) Pay any fees required by the Arkansas Insurance Code to be paid for filing the accompanying documents and for the certificate of authority if granted.

(b) (1) After September 1, 2005, the commissioner shall prepare and send to each qualified farmers' mutual aid association or company a substitute Arkansas certificate of authority evidencing full licensure from the original date when the association or company was issued a certificate of authority. (2) (A) A certificate issued under subdivision (b)(1) of this section shall: (i) Be and remain the property of the State of Arkansas; (ii) Render any previous certificate of authority null and void as of the effective date of the new certificate; (iii) Remain in force and effect until it expires or is suspended, revoked, or surrendered; and (iv) Be continuous, subject to compliance with annual fee and reporting requirements. (B) The association or company shall promptly deliver the certificate to the commissioner upon the certificate's expiration, suspension, revocation, or surrender. (C) (i) If for any reason the association or company is not entitled to a continuation of the certificate of authority, the commissioner: (a) May refuse to continue the certificate; and (b) Shall give either written or electronic notice of the refusal to continue the certificate to the association or company. (ii) The certificate of authority shall expire on the next May 1 following the notice provided in subdivision (b)(2)(C)(i) (b) of this section.

(1) After September 1, 2005, the commissioner shall prepare and send to each qualified farmers' mutual aid association or company a substitute Arkansas certificate of authority evidencing full licensure from the original date when the association or company was issued a certificate of authority.

(2) (A) A certificate issued under subdivision (b)(1) of this section shall: (i) Be and remain the property of the State of Arkansas; (ii) Render any previous certificate of authority null and void as of the effective date of the new certificate; (iii) Remain in force and effect until it expires or is suspended, revoked, or surrendered; and (iv) Be continuous, subject to compliance with annual fee and reporting requirements. (B) The association or company shall promptly deliver the certificate to the commissioner upon the certificate's expiration, suspension, revocation, or surrender. (C) (i) If for any reason the association or company is not entitled to a continuation of the certificate of authority, the commissioner: (a) May refuse to continue the certificate; and (b) Shall give either written or electronic notice of the refusal to continue the certificate to the association or company. (ii) The certificate of authority shall expire on the next May 1 following the notice provided in subdivision (b)(2)(C)(i) (b) of this section.

(A) A certificate issued under subdivision (b)(1) of this section shall: (i) Be and remain the property of the State of Arkansas; (ii) Render any previous certificate of authority null and void as of the effective date of the new certificate; (iii) Remain in force and effect until it expires or is suspended, revoked, or surrendered; and (iv) Be continuous, subject to compliance with annual fee and reporting requirements.

(i) Be and remain the property of the State of Arkansas;

(ii) Render any previous certificate of authority null and void as of the effective date of the new certificate;

(iii) Remain in force and effect until it expires or is suspended, revoked, or surrendered; and

(iv) Be continuous, subject to compliance with annual fee and reporting requirements.

(B) The association or company shall promptly deliver the certificate to the commissioner upon the certificate's expiration, suspension, revocation, or surrender.

(C) (i) If for any reason the association or company is not entitled to a continuation of the certificate of authority, the commissioner: (a) May refuse to continue the certificate; and (b) Shall give either written or electronic notice of the refusal to continue the certificate to the association or company. (ii) The certificate of authority shall expire on the next May 1 following the notice provided in subdivision (b)(2)(C)(i) (b) of this section.

(i) If for any reason the association or company is not entitled to a continuation of the certificate of authority, the commissioner: (a) May refuse to continue the certificate; and (b) Shall give either written or electronic notice of the refusal to continue the certificate to the association or company.

(a) May refuse to continue the certificate; and

(b) Shall give either written or electronic notice of the refusal to continue the certificate to the association or company.

(ii) The certificate of authority shall expire on the next May 1 following the notice provided in subdivision (b)(2)(C)(i) (b) of this section.

(c) After notice and a hearing, the commissioner may suspend or revoke a certificate of authority if the association or company: (1) No longer meets the requirements for holding a certificate of authority or is impaired or insolvent; (2) Is using methods or practices in the conduct of its business that unreasonably expose its members, policyholders, or the public to injury; (3) Has refused to be examined or to produce its accounts, records, or files for examination when required by the commissioner, or if any of its officers, directors, or key personnel have refused to give information with respect to the association's or company's affairs when required by the commissioner; (4) Has failed to pay a final judgment against it; or (5) Has violated or failed to comply with any applicable provision of the Arkansas Code or any lawful order or rule of the commissioner.

(1) No longer meets the requirements for holding a certificate of authority or is impaired or insolvent;

(2) Is using methods or practices in the conduct of its business that unreasonably expose its members, policyholders, or the public to injury;

(3) Has refused to be examined or to produce its accounts, records, or files for examination when required by the commissioner, or if any of its officers, directors, or key personnel have refused to give information with respect to the association's or company's affairs when required by the commissioner;

(4) Has failed to pay a final judgment against it; or

(5) Has violated or failed to comply with any applicable provision of the Arkansas Code or any lawful order or rule of the commissioner.

Amended by Act 2019, No. 315,§ 2693, eff. 7/24/2019.

Acts 1959, No. 148, § 590; A.S.A. 1947, § 66-4612; Acts 1997, No. 774, § 1; 2005, No. 2004, § 3.
Ark. Code Ann. § 23-13-213 — AR Code / Title 23 / Chapter 13 / Subchapter 2 / Section 23-13-213
Appeals - Stay of operating authority pending appeal
Status: in_force

If the party appealing desires to stay the beginning of the operating authority granted by the Arkansas Department of Transportation, the party shall file with the motion for appeal a bond, with surety thereon approved by the Pulaski County Circuit Court. The bond shall be conditioned that the appealing party will pay to the party in whose favor the order appealed from operates all damages which the party may suffer by reason of the stay of operation under the order in the event the orders shall be affirmed or sustained upon final adjudication. The operating authority granted by the department shall be stayed until the matter has been finally adjudicated. Amended by Act 2017, No. 707,§ 190, eff. 8/1/2017. Acts 1955, No. 397, § 7; 1959, No. 267, § 1; A.S.A. 1947, § 73-1760.

If the party appealing desires to stay the beginning of the operating authority granted by the Arkansas Department of Transportation, the party shall file with the motion for appeal a bond, with surety thereon approved by the Pulaski County Circuit Court. The bond shall be conditioned that the appealing party will pay to the party in whose favor the order appealed from operates all damages which the party may suffer by reason of the stay of operation under the order in the event the orders shall be affirmed or sustained upon final adjudication. The operating authority granted by the department shall be stayed until the matter has been finally adjudicated.

Amended by Act 2017, No. 707,§ 190, eff. 8/1/2017.

Acts 1955, No. 397, § 7; 1959, No. 267, § 1; A.S.A. 1947, § 73-1760.
Ark. Code Ann. § 23-99-406 — AR Code / Title 23 / Chapter 99 / Subchapter 4 / Section 23-99-406
Obstetrical and gynecological services
Status: in_force

(a) In order to ensure that healthcare benefits are safely and appropriately delivered to women, insurers which require the selection or assignment of a primary care physician shall allow each covered person who is a woman to select a participating obstetrician/gynecologist in addition to her primary care physician. (b) If the woman chooses to make this selection, the insurer shall allow the woman to go directly to her selected obstetrician/gynecologist, without referral from her primary care physician, for obstetrical and gynecological services. Acts 1997, No. 1196, § 6.

(a) In order to ensure that healthcare benefits are safely and appropriately delivered to women, insurers which require the selection or assignment of a primary care physician shall allow each covered person who is a woman to select a participating obstetrician/gynecologist in addition to her primary care physician.

(b) If the woman chooses to make this selection, the insurer shall allow the woman to go directly to her selected obstetrician/gynecologist, without referral from her primary care physician, for obstetrical and gynecological services.

Acts 1997, No. 1196, § 6.
Ark. Code Ann. § 23-115-801 — AR Code / Title 23 / Chapter 115 / Subchapter 8 / Section 23-115-801
Lottery proceeds
Status: in_force

(a) (1) Lottery proceeds are the property of the Office of the Arkansas Lottery. (2) (A) The office shall pay its operating expenses from its lottery proceeds. (B) (i) An amount of lottery proceeds determined by the office to maximize net proceeds for scholarships shall be made available as prize money. (ii) (a) Subdivision (a)(2)(B)(i) of this section does not create any lien, entitlement, cause of action, or other private right. (b) In setting the terms of a lottery, the office shall determine any rights of holders of tickets or shares. (3) The percentage of lottery proceeds determined by the office to be net proceeds shall equal an amount determined by the office to maximize net proceeds for scholarships. (b) (1) (A) On or before the fifteenth day of each month, the office shall deposit the net proceeds from the lottery into one (1) Lottery Scholarship Trust Account at one (1) or more financial institutions. (B) (i) The office shall establish the Lottery Scholarship Trust Account as required under subdivision (b)(1)(A) of this section to fund the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., and any other scholarship funded with net proceeds from the state lottery in a financial institution into which the office shall transfer: (a) Excess funding returned to the office under § 6-85-212(d)(2)(B)(i) from the previous academic year; and (b) Net proceeds remaining in the Lottery Scholarship Trust Account from the previous academic year after the office: (1) Transfers under subdivision (c)(2) of this section the funds requested by the Division of Higher Education; and (2) Deposits the amount necessary into the Scholarship Shortfall Reserve Trust Account under § 23-115-802 to maintain an amount equal to twenty million dollars ($20,000,000). (ii) The funds transferred by the office into the Lottery Scholarship Trust Account for the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., and any other scholarship funded with net proceeds from the state lottery as established under subdivision (b)(1)(B)(i) of this section shall be used for: (a) Arkansas Workforce Challenge Scholarships; (b) Any management fees charged by the financial institution to manage the trust account for scholarship award supplements; (c) Arkansas Concurrent Challenge Scholarships; (d) Arkansas Academic Challenge Scholarships; and (e) Any other scholarship funded with net proceeds from the state lottery. (iii) Annually, the office shall transfer to the division the funds from the previous academic year, if any, that were transferred by the office into the Lottery Scholarship Trust Account established under subdivision (b)(1)(B)(i) of this section for distribution of Arkansas Academic Challenge Scholarships, Arkansas Workforce Challenge Scholarships, Arkansas Concurrent Challenge Scholarships, and any other scholarship funded with net proceeds from the state lottery. (2) The office shall follow the investment policy guidelines of the State Board of Finance in selecting a financial institution and managing the net proceeds from the lottery deposited into the Lottery Scholarship Trust Account. (c) (1) The Commissioner of the Division of Higher Education shall certify to the office the amount of net proceeds from the state lottery needed to fund the scholarships awarded to recipients under the following scholarship programs for each semester of an academic year based on the contents of the Lottery Scholarship Trust Account at the end of the immediately preceding fiscal year: (A) The Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq.; (B) The Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq.; (C) The Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq.; and (D) Any other scholarship funded with net proceeds from the state lottery. (2) (A) The office shall transfer the funds requested by the commissioner under subdivision (c)(1) of this section into one (1) or more trust accounts at one (1) or more financial institutions meeting the requirements of subdivision (b)(2) of this section maintained by the division. (B) The commissioner shall disburse trust account funds only in the name of the recipient: (i) To an approved institution of higher education; or (ii) If a recipient transfers to another approved institution of higher education, to the approved institution of higher education where the recipient transferred. (C) The following shall be based on the available funds from the previous fiscal year: (i) The amount transferred by the office for existing scholarships under subdivision (c)(2)(A) of this section; and (ii) Any new scholarship that is funded with net proceeds from the state lottery or the Higher Education Grants Fund Account, as applicable. (D) (i) (a) However, if available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section to fund all scholarships funded with net proceeds from the state lottery or the Higher Education Grants Fund Account, as applicable, the first priority for the award of scholarships funded with available funds is the award of scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq. (b) If available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section to fund all scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., then the available funds shall be distributed to recipients of scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., on a pro rata basis as determined by the division and reviewed by the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee. (c) The commissioner shall immediately notify the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee, upon becoming aware that available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section. (ii) (a) If available funds remain after the award of all scholarships under the Arkansas Academic Challenge Program, § 6-85-201 et seq., then the available funds shall be distributed to recipients of scholarships under the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., and the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., on a pro rata basis as determined by the division. (b) Distribution of scholarships with remaining available funds on a pro rata basis under subdivision (c)(2)(D)(ii) (a) of this section shall ensure the equal distribution of scholarships to student scholarship recipients enrolled in two-year institutions of higher education and four-year institutions of higher education. (3) By August 1 of each year, the commissioner shall provide to the Secretary of the Department of Finance and Administration and to the Legislative Council for the academic year just ended an accounting of all trust accounts maintained by the division, including without limitation: (A) Total deposits to all trust accounts; (B) Total disbursements from the trust accounts; and (C) The balance remaining in the trust accounts. (d) (1) The General Assembly finds that: (A) The administration of scholarships with proceeds from the lottery are expenses of the office; and (B) Because the division has the expertise and experienced staff needed to efficiently and appropriately administer the scholarships, the office shall use the services of the division to administer scholarships funded with net proceeds from the lottery. (2) (A) Annually by April 1, the division shall provide to the office and to the Legislative Council the division's budget for the administrative expenditures allowed under this subsection. (B) Annually by October 31, the division shall provide an invoice to the office for reimbursement of the administrative expenditures allowed under this subsection, including without limitation: (i) For each employee the: (a) Type of position, whether full-time, part-time, permanent, or temporary; and (b) Salary paid; (ii) A description of other expenditures requested in the invoice; and (iii) An explanation of the increase, if any, of actual expenditures over the budgeted expenditures. (C) Only direct expenditures of the division to administer scholarship funding with net proceeds from the lottery may be invoiced to the office under subdivision (d)(2)(B) of this section. (3) (A) Annually by November 1, the office shall file a copy of the invoice with the Legislative Council for its review. (B) The Legislative Council shall review the invoice and forward its comments, if any, to the office. (C) (i) The office shall reimburse the division for the costs of administering the scholarship awards funded with net proceeds from the lottery after the Legislative Council's review under this subsection. (ii) After the reimbursement of funds received by the division from the office under subdivision (d)(3)(C)(i) of this section, the division may refund the funds to the: (a) Division of Higher Education Fund Account; or (b) Higher Education Grants Fund Account. Amended by Act 2023, No. 870,§ 42, eff. 7/1/2023. Amended by Act 2023, No. 786,§ 48, eff. 4/12/2023. Amended by Act 2021, No. 636,§ 6, eff. 7/1/2021. Amended by Act 2019, No. 456,§ 2, eff. 7/24/2019. Amended by Act 2019, No. 910,§ 3548, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 3547, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 3546, eff. 7/1/2019. Amended by Act 2017, No. 613,§ 5, eff. 3/23/2017. Amended by Act 2015, No. 1262,§ 2, eff. 7/22/2015. Amended by Act 2015, No. 1258,§ 36, eff. 7/22/2015. Amended by Act 2015, No. 218,§ 25, eff. 2/26/2015. Amended by Act 2013, No. 1173,§ 17, eff. 4/12/2013. Acts 2009, No. 605, § 1; 2009, No. 606, § 1; 2010, No. 265, § 32; 2010, No. 294, § 32.

(a) (1) Lottery proceeds are the property of the Office of the Arkansas Lottery. (2) (A) The office shall pay its operating expenses from its lottery proceeds. (B) (i) An amount of lottery proceeds determined by the office to maximize net proceeds for scholarships shall be made available as prize money. (ii) (a) Subdivision (a)(2)(B)(i) of this section does not create any lien, entitlement, cause of action, or other private right. (b) In setting the terms of a lottery, the office shall determine any rights of holders of tickets or shares. (3) The percentage of lottery proceeds determined by the office to be net proceeds shall equal an amount determined by the office to maximize net proceeds for scholarships.

(1) Lottery proceeds are the property of the Office of the Arkansas Lottery.

(2) (A) The office shall pay its operating expenses from its lottery proceeds. (B) (i) An amount of lottery proceeds determined by the office to maximize net proceeds for scholarships shall be made available as prize money. (ii) (a) Subdivision (a)(2)(B)(i) of this section does not create any lien, entitlement, cause of action, or other private right. (b) In setting the terms of a lottery, the office shall determine any rights of holders of tickets or shares.

(A) The office shall pay its operating expenses from its lottery proceeds.

(B) (i) An amount of lottery proceeds determined by the office to maximize net proceeds for scholarships shall be made available as prize money. (ii) (a) Subdivision (a)(2)(B)(i) of this section does not create any lien, entitlement, cause of action, or other private right. (b) In setting the terms of a lottery, the office shall determine any rights of holders of tickets or shares.

(i) An amount of lottery proceeds determined by the office to maximize net proceeds for scholarships shall be made available as prize money.

(ii) (a) Subdivision (a)(2)(B)(i) of this section does not create any lien, entitlement, cause of action, or other private right. (b) In setting the terms of a lottery, the office shall determine any rights of holders of tickets or shares.

(a) Subdivision (a)(2)(B)(i) of this section does not create any lien, entitlement, cause of action, or other private right.

(b) In setting the terms of a lottery, the office shall determine any rights of holders of tickets or shares.

(3) The percentage of lottery proceeds determined by the office to be net proceeds shall equal an amount determined by the office to maximize net proceeds for scholarships.

(b) (1) (A) On or before the fifteenth day of each month, the office shall deposit the net proceeds from the lottery into one (1) Lottery Scholarship Trust Account at one (1) or more financial institutions. (B) (i) The office shall establish the Lottery Scholarship Trust Account as required under subdivision (b)(1)(A) of this section to fund the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., and any other scholarship funded with net proceeds from the state lottery in a financial institution into which the office shall transfer: (a) Excess funding returned to the office under § 6-85-212(d)(2)(B)(i) from the previous academic year; and (b) Net proceeds remaining in the Lottery Scholarship Trust Account from the previous academic year after the office: (1) Transfers under subdivision (c)(2) of this section the funds requested by the Division of Higher Education; and (2) Deposits the amount necessary into the Scholarship Shortfall Reserve Trust Account under § 23-115-802 to maintain an amount equal to twenty million dollars ($20,000,000). (ii) The funds transferred by the office into the Lottery Scholarship Trust Account for the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., and any other scholarship funded with net proceeds from the state lottery as established under subdivision (b)(1)(B)(i) of this section shall be used for: (a) Arkansas Workforce Challenge Scholarships; (b) Any management fees charged by the financial institution to manage the trust account for scholarship award supplements; (c) Arkansas Concurrent Challenge Scholarships; (d) Arkansas Academic Challenge Scholarships; and (e) Any other scholarship funded with net proceeds from the state lottery. (iii) Annually, the office shall transfer to the division the funds from the previous academic year, if any, that were transferred by the office into the Lottery Scholarship Trust Account established under subdivision (b)(1)(B)(i) of this section for distribution of Arkansas Academic Challenge Scholarships, Arkansas Workforce Challenge Scholarships, Arkansas Concurrent Challenge Scholarships, and any other scholarship funded with net proceeds from the state lottery. (2) The office shall follow the investment policy guidelines of the State Board of Finance in selecting a financial institution and managing the net proceeds from the lottery deposited into the Lottery Scholarship Trust Account.

(1) (A) On or before the fifteenth day of each month, the office shall deposit the net proceeds from the lottery into one (1) Lottery Scholarship Trust Account at one (1) or more financial institutions. (B) (i) The office shall establish the Lottery Scholarship Trust Account as required under subdivision (b)(1)(A) of this section to fund the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., and any other scholarship funded with net proceeds from the state lottery in a financial institution into which the office shall transfer: (a) Excess funding returned to the office under § 6-85-212(d)(2)(B)(i) from the previous academic year; and (b) Net proceeds remaining in the Lottery Scholarship Trust Account from the previous academic year after the office: (1) Transfers under subdivision (c)(2) of this section the funds requested by the Division of Higher Education; and (2) Deposits the amount necessary into the Scholarship Shortfall Reserve Trust Account under § 23-115-802 to maintain an amount equal to twenty million dollars ($20,000,000). (ii) The funds transferred by the office into the Lottery Scholarship Trust Account for the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., and any other scholarship funded with net proceeds from the state lottery as established under subdivision (b)(1)(B)(i) of this section shall be used for: (a) Arkansas Workforce Challenge Scholarships; (b) Any management fees charged by the financial institution to manage the trust account for scholarship award supplements; (c) Arkansas Concurrent Challenge Scholarships; (d) Arkansas Academic Challenge Scholarships; and (e) Any other scholarship funded with net proceeds from the state lottery. (iii) Annually, the office shall transfer to the division the funds from the previous academic year, if any, that were transferred by the office into the Lottery Scholarship Trust Account established under subdivision (b)(1)(B)(i) of this section for distribution of Arkansas Academic Challenge Scholarships, Arkansas Workforce Challenge Scholarships, Arkansas Concurrent Challenge Scholarships, and any other scholarship funded with net proceeds from the state lottery.

(A) On or before the fifteenth day of each month, the office shall deposit the net proceeds from the lottery into one (1) Lottery Scholarship Trust Account at one (1) or more financial institutions.

(B) (i) The office shall establish the Lottery Scholarship Trust Account as required under subdivision (b)(1)(A) of this section to fund the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., and any other scholarship funded with net proceeds from the state lottery in a financial institution into which the office shall transfer: (a) Excess funding returned to the office under § 6-85-212(d)(2)(B)(i) from the previous academic year; and (b) Net proceeds remaining in the Lottery Scholarship Trust Account from the previous academic year after the office: (1) Transfers under subdivision (c)(2) of this section the funds requested by the Division of Higher Education; and (2) Deposits the amount necessary into the Scholarship Shortfall Reserve Trust Account under § 23-115-802 to maintain an amount equal to twenty million dollars ($20,000,000). (ii) The funds transferred by the office into the Lottery Scholarship Trust Account for the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., and any other scholarship funded with net proceeds from the state lottery as established under subdivision (b)(1)(B)(i) of this section shall be used for: (a) Arkansas Workforce Challenge Scholarships; (b) Any management fees charged by the financial institution to manage the trust account for scholarship award supplements; (c) Arkansas Concurrent Challenge Scholarships; (d) Arkansas Academic Challenge Scholarships; and (e) Any other scholarship funded with net proceeds from the state lottery. (iii) Annually, the office shall transfer to the division the funds from the previous academic year, if any, that were transferred by the office into the Lottery Scholarship Trust Account established under subdivision (b)(1)(B)(i) of this section for distribution of Arkansas Academic Challenge Scholarships, Arkansas Workforce Challenge Scholarships, Arkansas Concurrent Challenge Scholarships, and any other scholarship funded with net proceeds from the state lottery.

(i) The office shall establish the Lottery Scholarship Trust Account as required under subdivision (b)(1)(A) of this section to fund the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., and any other scholarship funded with net proceeds from the state lottery in a financial institution into which the office shall transfer: (a) Excess funding returned to the office under § 6-85-212(d)(2)(B)(i) from the previous academic year; and (b) Net proceeds remaining in the Lottery Scholarship Trust Account from the previous academic year after the office: (1) Transfers under subdivision (c)(2) of this section the funds requested by the Division of Higher Education; and (2) Deposits the amount necessary into the Scholarship Shortfall Reserve Trust Account under § 23-115-802 to maintain an amount equal to twenty million dollars ($20,000,000).

(a) Excess funding returned to the office under § 6-85-212(d)(2)(B)(i) from the previous academic year; and

(b) Net proceeds remaining in the Lottery Scholarship Trust Account from the previous academic year after the office: (1) Transfers under subdivision (c)(2) of this section the funds requested by the Division of Higher Education; and (2) Deposits the amount necessary into the Scholarship Shortfall Reserve Trust Account under § 23-115-802 to maintain an amount equal to twenty million dollars ($20,000,000).

(1) Transfers under subdivision (c)(2) of this section the funds requested by the Division of Higher Education; and

(2) Deposits the amount necessary into the Scholarship Shortfall Reserve Trust Account under § 23-115-802 to maintain an amount equal to twenty million dollars ($20,000,000).

(ii) The funds transferred by the office into the Lottery Scholarship Trust Account for the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., and any other scholarship funded with net proceeds from the state lottery as established under subdivision (b)(1)(B)(i) of this section shall be used for: (a) Arkansas Workforce Challenge Scholarships; (b) Any management fees charged by the financial institution to manage the trust account for scholarship award supplements; (c) Arkansas Concurrent Challenge Scholarships; (d) Arkansas Academic Challenge Scholarships; and (e) Any other scholarship funded with net proceeds from the state lottery.

(a) Arkansas Workforce Challenge Scholarships;

(b) Any management fees charged by the financial institution to manage the trust account for scholarship award supplements;

(c) Arkansas Concurrent Challenge Scholarships;

(d) Arkansas Academic Challenge Scholarships; and

(e) Any other scholarship funded with net proceeds from the state lottery.

(iii) Annually, the office shall transfer to the division the funds from the previous academic year, if any, that were transferred by the office into the Lottery Scholarship Trust Account established under subdivision (b)(1)(B)(i) of this section for distribution of Arkansas Academic Challenge Scholarships, Arkansas Workforce Challenge Scholarships, Arkansas Concurrent Challenge Scholarships, and any other scholarship funded with net proceeds from the state lottery.

(2) The office shall follow the investment policy guidelines of the State Board of Finance in selecting a financial institution and managing the net proceeds from the lottery deposited into the Lottery Scholarship Trust Account.

(c) (1) The Commissioner of the Division of Higher Education shall certify to the office the amount of net proceeds from the state lottery needed to fund the scholarships awarded to recipients under the following scholarship programs for each semester of an academic year based on the contents of the Lottery Scholarship Trust Account at the end of the immediately preceding fiscal year: (A) The Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq.; (B) The Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq.; (C) The Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq.; and (D) Any other scholarship funded with net proceeds from the state lottery. (2) (A) The office shall transfer the funds requested by the commissioner under subdivision (c)(1) of this section into one (1) or more trust accounts at one (1) or more financial institutions meeting the requirements of subdivision (b)(2) of this section maintained by the division. (B) The commissioner shall disburse trust account funds only in the name of the recipient: (i) To an approved institution of higher education; or (ii) If a recipient transfers to another approved institution of higher education, to the approved institution of higher education where the recipient transferred. (C) The following shall be based on the available funds from the previous fiscal year: (i) The amount transferred by the office for existing scholarships under subdivision (c)(2)(A) of this section; and (ii) Any new scholarship that is funded with net proceeds from the state lottery or the Higher Education Grants Fund Account, as applicable. (D) (i) (a) However, if available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section to fund all scholarships funded with net proceeds from the state lottery or the Higher Education Grants Fund Account, as applicable, the first priority for the award of scholarships funded with available funds is the award of scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq. (b) If available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section to fund all scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., then the available funds shall be distributed to recipients of scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., on a pro rata basis as determined by the division and reviewed by the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee. (c) The commissioner shall immediately notify the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee, upon becoming aware that available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section. (ii) (a) If available funds remain after the award of all scholarships under the Arkansas Academic Challenge Program, § 6-85-201 et seq., then the available funds shall be distributed to recipients of scholarships under the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., and the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., on a pro rata basis as determined by the division. (b) Distribution of scholarships with remaining available funds on a pro rata basis under subdivision (c)(2)(D)(ii) (a) of this section shall ensure the equal distribution of scholarships to student scholarship recipients enrolled in two-year institutions of higher education and four-year institutions of higher education. (3) By August 1 of each year, the commissioner shall provide to the Secretary of the Department of Finance and Administration and to the Legislative Council for the academic year just ended an accounting of all trust accounts maintained by the division, including without limitation: (A) Total deposits to all trust accounts; (B) Total disbursements from the trust accounts; and (C) The balance remaining in the trust accounts.

(1) The Commissioner of the Division of Higher Education shall certify to the office the amount of net proceeds from the state lottery needed to fund the scholarships awarded to recipients under the following scholarship programs for each semester of an academic year based on the contents of the Lottery Scholarship Trust Account at the end of the immediately preceding fiscal year: (A) The Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq.; (B) The Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq.; (C) The Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq.; and (D) Any other scholarship funded with net proceeds from the state lottery.

(A) The Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq.;

(B) The Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq.;

(C) The Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq.; and

(D) Any other scholarship funded with net proceeds from the state lottery.

(2) (A) The office shall transfer the funds requested by the commissioner under subdivision (c)(1) of this section into one (1) or more trust accounts at one (1) or more financial institutions meeting the requirements of subdivision (b)(2) of this section maintained by the division. (B) The commissioner shall disburse trust account funds only in the name of the recipient: (i) To an approved institution of higher education; or (ii) If a recipient transfers to another approved institution of higher education, to the approved institution of higher education where the recipient transferred. (C) The following shall be based on the available funds from the previous fiscal year: (i) The amount transferred by the office for existing scholarships under subdivision (c)(2)(A) of this section; and (ii) Any new scholarship that is funded with net proceeds from the state lottery or the Higher Education Grants Fund Account, as applicable. (D) (i) (a) However, if available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section to fund all scholarships funded with net proceeds from the state lottery or the Higher Education Grants Fund Account, as applicable, the first priority for the award of scholarships funded with available funds is the award of scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq. (b) If available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section to fund all scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., then the available funds shall be distributed to recipients of scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., on a pro rata basis as determined by the division and reviewed by the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee. (c) The commissioner shall immediately notify the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee, upon becoming aware that available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section. (ii) (a) If available funds remain after the award of all scholarships under the Arkansas Academic Challenge Program, § 6-85-201 et seq., then the available funds shall be distributed to recipients of scholarships under the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., and the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., on a pro rata basis as determined by the division. (b) Distribution of scholarships with remaining available funds on a pro rata basis under subdivision (c)(2)(D)(ii) (a) of this section shall ensure the equal distribution of scholarships to student scholarship recipients enrolled in two-year institutions of higher education and four-year institutions of higher education.

(A) The office shall transfer the funds requested by the commissioner under subdivision (c)(1) of this section into one (1) or more trust accounts at one (1) or more financial institutions meeting the requirements of subdivision (b)(2) of this section maintained by the division.

(B) The commissioner shall disburse trust account funds only in the name of the recipient: (i) To an approved institution of higher education; or (ii) If a recipient transfers to another approved institution of higher education, to the approved institution of higher education where the recipient transferred.

(i) To an approved institution of higher education; or

(ii) If a recipient transfers to another approved institution of higher education, to the approved institution of higher education where the recipient transferred.

(C) The following shall be based on the available funds from the previous fiscal year: (i) The amount transferred by the office for existing scholarships under subdivision (c)(2)(A) of this section; and (ii) Any new scholarship that is funded with net proceeds from the state lottery or the Higher Education Grants Fund Account, as applicable.

(i) The amount transferred by the office for existing scholarships under subdivision (c)(2)(A) of this section; and

(ii) Any new scholarship that is funded with net proceeds from the state lottery or the Higher Education Grants Fund Account, as applicable.

(D) (i) (a) However, if available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section to fund all scholarships funded with net proceeds from the state lottery or the Higher Education Grants Fund Account, as applicable, the first priority for the award of scholarships funded with available funds is the award of scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq. (b) If available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section to fund all scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., then the available funds shall be distributed to recipients of scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., on a pro rata basis as determined by the division and reviewed by the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee. (c) The commissioner shall immediately notify the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee, upon becoming aware that available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section. (ii) (a) If available funds remain after the award of all scholarships under the Arkansas Academic Challenge Program, § 6-85-201 et seq., then the available funds shall be distributed to recipients of scholarships under the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., and the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., on a pro rata basis as determined by the division. (b) Distribution of scholarships with remaining available funds on a pro rata basis under subdivision (c)(2)(D)(ii) (a) of this section shall ensure the equal distribution of scholarships to student scholarship recipients enrolled in two-year institutions of higher education and four-year institutions of higher education.

(i) (a) However, if available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section to fund all scholarships funded with net proceeds from the state lottery or the Higher Education Grants Fund Account, as applicable, the first priority for the award of scholarships funded with available funds is the award of scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq. (b) If available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section to fund all scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., then the available funds shall be distributed to recipients of scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., on a pro rata basis as determined by the division and reviewed by the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee. (c) The commissioner shall immediately notify the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee, upon becoming aware that available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section.

(a) However, if available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section to fund all scholarships funded with net proceeds from the state lottery or the Higher Education Grants Fund Account, as applicable, the first priority for the award of scholarships funded with available funds is the award of scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq.

(b) If available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section to fund all scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., then the available funds shall be distributed to recipients of scholarships under the Arkansas Academic Challenge Scholarship Program, § 6-85-201 et seq., on a pro rata basis as determined by the division and reviewed by the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee.

(c) The commissioner shall immediately notify the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee, upon becoming aware that available funds are insufficient to meet the amount requested under subdivision (c)(1) of this section.

(ii) (a) If available funds remain after the award of all scholarships under the Arkansas Academic Challenge Program, § 6-85-201 et seq., then the available funds shall be distributed to recipients of scholarships under the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., and the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., on a pro rata basis as determined by the division. (b) Distribution of scholarships with remaining available funds on a pro rata basis under subdivision (c)(2)(D)(ii) (a) of this section shall ensure the equal distribution of scholarships to student scholarship recipients enrolled in two-year institutions of higher education and four-year institutions of higher education.

(a) If available funds remain after the award of all scholarships under the Arkansas Academic Challenge Program, § 6-85-201 et seq., then the available funds shall be distributed to recipients of scholarships under the Arkansas Workforce Challenge Scholarship Program, § 6-85-301 et seq., and the Arkansas Concurrent Challenge Scholarship Program, § 6-85-401 et seq., on a pro rata basis as determined by the division.

(b) Distribution of scholarships with remaining available funds on a pro rata basis under subdivision (c)(2)(D)(ii) (a) of this section shall ensure the equal distribution of scholarships to student scholarship recipients enrolled in two-year institutions of higher education and four-year institutions of higher education.

(3) By August 1 of each year, the commissioner shall provide to the Secretary of the Department of Finance and Administration and to the Legislative Council for the academic year just ended an accounting of all trust accounts maintained by the division, including without limitation: (A) Total deposits to all trust accounts; (B) Total disbursements from the trust accounts; and (C) The balance remaining in the trust accounts.

(A) Total deposits to all trust accounts;

(B) Total disbursements from the trust accounts; and

(C) The balance remaining in the trust accounts.

(d) (1) The General Assembly finds that: (A) The administration of scholarships with proceeds from the lottery are expenses of the office; and (B) Because the division has the expertise and experienced staff needed to efficiently and appropriately administer the scholarships, the office shall use the services of the division to administer scholarships funded with net proceeds from the lottery. (2) (A) Annually by April 1, the division shall provide to the office and to the Legislative Council the division's budget for the administrative expenditures allowed under this subsection. (B) Annually by October 31, the division shall provide an invoice to the office for reimbursement of the administrative expenditures allowed under this subsection, including without limitation: (i) For each employee the: (a) Type of position, whether full-time, part-time, permanent, or temporary; and (b) Salary paid; (ii) A description of other expenditures requested in the invoice; and (iii) An explanation of the increase, if any, of actual expenditures over the budgeted expenditures. (C) Only direct expenditures of the division to administer scholarship funding with net proceeds from the lottery may be invoiced to the office under subdivision (d)(2)(B) of this section. (3) (A) Annually by November 1, the office shall file a copy of the invoice with the Legislative Council for its review. (B) The Legislative Council shall review the invoice and forward its comments, if any, to the office. (C) (i) The office shall reimburse the division for the costs of administering the scholarship awards funded with net proceeds from the lottery after the Legislative Council's review under this subsection. (ii) After the reimbursement of funds received by the division from the office under subdivision (d)(3)(C)(i) of this section, the division may refund the funds to the: (a) Division of Higher Education Fund Account; or (b) Higher Education Grants Fund Account.

(1) The General Assembly finds that: (A) The administration of scholarships with proceeds from the lottery are expenses of the office; and (B) Because the division has the expertise and experienced staff needed to efficiently and appropriately administer the scholarships, the office shall use the services of the division to administer scholarships funded with net proceeds from the lottery.

(A) The administration of scholarships with proceeds from the lottery are expenses of the office; and

(B) Because the division has the expertise and experienced staff needed to efficiently and appropriately administer the scholarships, the office shall use the services of the division to administer scholarships funded with net proceeds from the lottery.

(2) (A) Annually by April 1, the division shall provide to the office and to the Legislative Council the division's budget for the administrative expenditures allowed under this subsection. (B) Annually by October 31, the division shall provide an invoice to the office for reimbursement of the administrative expenditures allowed under this subsection, including without limitation: (i) For each employee the: (a) Type of position, whether full-time, part-time, permanent, or temporary; and (b) Salary paid; (ii) A description of other expenditures requested in the invoice; and (iii) An explanation of the increase, if any, of actual expenditures over the budgeted expenditures. (C) Only direct expenditures of the division to administer scholarship funding with net proceeds from the lottery may be invoiced to the office under subdivision (d)(2)(B) of this section.

(A) Annually by April 1, the division shall provide to the office and to the Legislative Council the division's budget for the administrative expenditures allowed under this subsection.

(B) Annually by October 31, the division shall provide an invoice to the office for reimbursement of the administrative expenditures allowed under this subsection, including without limitation: (i) For each employee the: (a) Type of position, whether full-time, part-time, permanent, or temporary; and (b) Salary paid; (ii) A description of other expenditures requested in the invoice; and (iii) An explanation of the increase, if any, of actual expenditures over the budgeted expenditures.

(i) For each employee the: (a) Type of position, whether full-time, part-time, permanent, or temporary; and (b) Salary paid;

(a) Type of position, whether full-time, part-time, permanent, or temporary; and

(b) Salary paid;

(ii) A description of other expenditures requested in the invoice; and

(iii) An explanation of the increase, if any, of actual expenditures over the budgeted expenditures.

(C) Only direct expenditures of the division to administer scholarship funding with net proceeds from the lottery may be invoiced to the office under subdivision (d)(2)(B) of this section.

(3) (A) Annually by November 1, the office shall file a copy of the invoice with the Legislative Council for its review. (B) The Legislative Council shall review the invoice and forward its comments, if any, to the office. (C) (i) The office shall reimburse the division for the costs of administering the scholarship awards funded with net proceeds from the lottery after the Legislative Council's review under this subsection. (ii) After the reimbursement of funds received by the division from the office under subdivision (d)(3)(C)(i) of this section, the division may refund the funds to the: (a) Division of Higher Education Fund Account; or (b) Higher Education Grants Fund Account.

(A) Annually by November 1, the office shall file a copy of the invoice with the Legislative Council for its review.

(B) The Legislative Council shall review the invoice and forward its comments, if any, to the office.

(C) (i) The office shall reimburse the division for the costs of administering the scholarship awards funded with net proceeds from the lottery after the Legislative Council's review under this subsection. (ii) After the reimbursement of funds received by the division from the office under subdivision (d)(3)(C)(i) of this section, the division may refund the funds to the: (a) Division of Higher Education Fund Account; or (b) Higher Education Grants Fund Account.

(i) The office shall reimburse the division for the costs of administering the scholarship awards funded with net proceeds from the lottery after the Legislative Council's review under this subsection.

(ii) After the reimbursement of funds received by the division from the office under subdivision (d)(3)(C)(i) of this section, the division may refund the funds to the: (a) Division of Higher Education Fund Account; or (b) Higher Education Grants Fund Account.

(a) Division of Higher Education Fund Account; or

(b) Higher Education Grants Fund Account.

Amended by Act 2023, No. 870,§ 42, eff. 7/1/2023.

Amended by Act 2023, No. 786,§ 48, eff. 4/12/2023.

Amended by Act 2021, No. 636,§ 6, eff. 7/1/2021.

Amended by Act 2019, No. 456,§ 2, eff. 7/24/2019.

Amended by Act 2019, No. 910,§ 3548, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 3547, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 3546, eff. 7/1/2019.

Amended by Act 2017, No. 613,§ 5, eff. 3/23/2017.

Amended by Act 2015, No. 1262,§ 2, eff. 7/22/2015.

Amended by Act 2015, No. 1258,§ 36, eff. 7/22/2015.

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

Amended by Act 2013, No. 1173,§ 17, eff. 4/12/2013.

Acts 2009, No. 605, § 1; 2009, No. 606, § 1; 2010, No. 265, § 32; 2010, No. 294, § 32.
Ark. Code Ann. § 23-63-503 — AR Code / Title 23 / Chapter 63 / Subchapter 5 / Section 23-63-503
Definitions
Status: in_force

As used in this subchapter: (1) "Affiliate" of or person "affiliated" with a specific person means a person that directly or indirectly through one (1) or more intermediaries controls, is controlled by, or is under common control with the person specified; (2) (A) "Control" or "controlling" means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person unless the power is due to an official position or corporate office: (i) Through the ownership of voting securities; (ii) By contract other than a commercial contract for goods or nonmanagement services; or (iii) Otherwise. (B) (i) Control is presumed to exist if a person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing ten percent (10%) or more of the voting securities of another person. (ii) This presumption may be rebutted by a showing that control does not exist in fact. (C) After furnishing notice to the persons and the opportunity to be heard, the Insurance Commissioner may determine that control exists in fact, notwithstanding the absence of a presumption to that effect; (3) (A) "Enterprise risk" means any activity, circumstance, event, or series of events involving at least one (1) affiliate of an insurer that, if not remedied, are likely to have a material adverse effect on the financial condition or liquidity of the insurer or the insurer's insurance holding company as a whole. (B) "Enterprise risk" includes without limitation any action that may cause: (i) An insurer's risk-based capital to fall into company action level under: (a) The Risk-Based Capital Act, § 23-63-1301 et seq.; and (b) Section 23-63-1501 et seq.; or (ii) An insurer to be in a hazardous financial condition under State Insurance Department Rule 53; (4) "Group-wide supervisor" means a regulatory official authorized to conduct and coordinate group-wide supervision activities who is acknowledged by the commissioner under § 23-63-532 to have sufficient and significant contacts with the internationally active insurance group; (5) An "insurance holding company system" consists of two (2) or more affiliated persons, one (1) or more of which is an insurer. However, for purposes of this subchapter, the term shall not be deemed to include a domestic insurer or domestic holding company system authorized and doing business solely in this state and which is not affiliated with a foreign or alien insurer; (6) "Insurer" means the same as defined in § 23-60-102 , but "insurer" does not include: (A) Agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state; (B) Fraternal benefit societies; or (C) Nonprofit hospital and medical service corporations; (7) "Internationally active insurance group" means an insurance holding company system that: (A) Includes at least one (1) insurer registered under § 23-63-514 ; (B) Has premiums written in at least three (3) countries; (C) Has a percentage of gross premiums written outside the United States of at least ten percent (10%) of the insurance holding company system's total gross written premiums; and (D) Based on a three-year rolling average, the total assets of the insurance holding company system are at least fifty billion dollars ($50,000,000,000) or the total gross written premiums of the insurance holding company system are at least ten billion dollars ($10,000,000,000); (8) (A) "Person" includes a corporation, partnership, association, joint-stock company, business trust, unincorporated organization, depository corporation, a similar entity, or a combination of these entities acting in concert. (B) "Person" does not include a securities broker performing no more than the usual and customary broker's function. (C) "Person" includes an individual as that term is used in § 23-63-506 ; (9) "Security holder" means a person who owns a security of a named person, including: (A) Common stock; (B) Preferred stock; (C) Debt obligations; and (D) Any other security convertible into or evidencing the right to acquire these securities; (10) "Subsidiary" means an affiliate of a named person controlled by the person through one (1) or more intermediaries; and (11) "Voting security" includes a security convertible into or evidencing a right to acquire a voting security. Amended by Act 2015, No. 1223,§ 8, eff. 7/22/2015. Amended by Act 2013, No. 355,§ 6, eff. 8/16/2013. Acts 1971, No. 288, § 3; 1975, No. 729, § 4; A.S.A. 1947, § 66-5003; Acts 1991, No. 723, § 20; 2005, No. 506, § 20; 2009, No. 164, § 15; 2011, No. 887, § 1.

As used in this subchapter:

(1) "Affiliate" of or person "affiliated" with a specific person means a person that directly or indirectly through one (1) or more intermediaries controls, is controlled by, or is under common control with the person specified;

(2) (A) "Control" or "controlling" means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person unless the power is due to an official position or corporate office: (i) Through the ownership of voting securities; (ii) By contract other than a commercial contract for goods or nonmanagement services; or (iii) Otherwise. (B) (i) Control is presumed to exist if a person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing ten percent (10%) or more of the voting securities of another person. (ii) This presumption may be rebutted by a showing that control does not exist in fact. (C) After furnishing notice to the persons and the opportunity to be heard, the Insurance Commissioner may determine that control exists in fact, notwithstanding the absence of a presumption to that effect;

(A) "Control" or "controlling" means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person unless the power is due to an official position or corporate office: (i) Through the ownership of voting securities; (ii) By contract other than a commercial contract for goods or nonmanagement services; or (iii) Otherwise.

(i) Through the ownership of voting securities;

(ii) By contract other than a commercial contract for goods or nonmanagement services; or

(iii) Otherwise.

(B) (i) Control is presumed to exist if a person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing ten percent (10%) or more of the voting securities of another person. (ii) This presumption may be rebutted by a showing that control does not exist in fact.

(i) Control is presumed to exist if a person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing ten percent (10%) or more of the voting securities of another person.

(ii) This presumption may be rebutted by a showing that control does not exist in fact.

(C) After furnishing notice to the persons and the opportunity to be heard, the Insurance Commissioner may determine that control exists in fact, notwithstanding the absence of a presumption to that effect;

(3) (A) "Enterprise risk" means any activity, circumstance, event, or series of events involving at least one (1) affiliate of an insurer that, if not remedied, are likely to have a material adverse effect on the financial condition or liquidity of the insurer or the insurer's insurance holding company as a whole. (B) "Enterprise risk" includes without limitation any action that may cause: (i) An insurer's risk-based capital to fall into company action level under: (a) The Risk-Based Capital Act, § 23-63-1301 et seq.; and (b) Section 23-63-1501 et seq.; or (ii) An insurer to be in a hazardous financial condition under State Insurance Department Rule 53;

(A) "Enterprise risk" means any activity, circumstance, event, or series of events involving at least one (1) affiliate of an insurer that, if not remedied, are likely to have a material adverse effect on the financial condition or liquidity of the insurer or the insurer's insurance holding company as a whole.

(B) "Enterprise risk" includes without limitation any action that may cause: (i) An insurer's risk-based capital to fall into company action level under: (a) The Risk-Based Capital Act, § 23-63-1301 et seq.; and (b) Section 23-63-1501 et seq.; or (ii) An insurer to be in a hazardous financial condition under State Insurance Department Rule 53;

(i) An insurer's risk-based capital to fall into company action level under: (a) The Risk-Based Capital Act, § 23-63-1301 et seq.; and (b) Section 23-63-1501 et seq.; or

(a) The Risk-Based Capital Act, § 23-63-1301 et seq.; and

(b) Section 23-63-1501 et seq.; or

(ii) An insurer to be in a hazardous financial condition under State Insurance Department Rule 53;

(4) "Group-wide supervisor" means a regulatory official authorized to conduct and coordinate group-wide supervision activities who is acknowledged by the commissioner under § 23-63-532 to have sufficient and significant contacts with the internationally active insurance group;

(5) An "insurance holding company system" consists of two (2) or more affiliated persons, one (1) or more of which is an insurer. However, for purposes of this subchapter, the term shall not be deemed to include a domestic insurer or domestic holding company system authorized and doing business solely in this state and which is not affiliated with a foreign or alien insurer;

(6) "Insurer" means the same as defined in § 23-60-102 , but "insurer" does not include: (A) Agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state; (B) Fraternal benefit societies; or (C) Nonprofit hospital and medical service corporations;

(A) Agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state;

(B) Fraternal benefit societies; or

(C) Nonprofit hospital and medical service corporations;

(7) "Internationally active insurance group" means an insurance holding company system that: (A) Includes at least one (1) insurer registered under § 23-63-514 ; (B) Has premiums written in at least three (3) countries; (C) Has a percentage of gross premiums written outside the United States of at least ten percent (10%) of the insurance holding company system's total gross written premiums; and (D) Based on a three-year rolling average, the total assets of the insurance holding company system are at least fifty billion dollars ($50,000,000,000) or the total gross written premiums of the insurance holding company system are at least ten billion dollars ($10,000,000,000);

(A) Includes at least one (1) insurer registered under § 23-63-514 ;

(B) Has premiums written in at least three (3) countries;

(C) Has a percentage of gross premiums written outside the United States of at least ten percent (10%) of the insurance holding company system's total gross written premiums; and

(D) Based on a three-year rolling average, the total assets of the insurance holding company system are at least fifty billion dollars ($50,000,000,000) or the total gross written premiums of the insurance holding company system are at least ten billion dollars ($10,000,000,000);

(8) (A) "Person" includes a corporation, partnership, association, joint-stock company, business trust, unincorporated organization, depository corporation, a similar entity, or a combination of these entities acting in concert. (B) "Person" does not include a securities broker performing no more than the usual and customary broker's function. (C) "Person" includes an individual as that term is used in § 23-63-506 ;

(A) "Person" includes a corporation, partnership, association, joint-stock company, business trust, unincorporated organization, depository corporation, a similar entity, or a combination of these entities acting in concert.

(B) "Person" does not include a securities broker performing no more than the usual and customary broker's function.

(C) "Person" includes an individual as that term is used in § 23-63-506 ;

(9) "Security holder" means a person who owns a security of a named person, including: (A) Common stock; (B) Preferred stock; (C) Debt obligations; and (D) Any other security convertible into or evidencing the right to acquire these securities;

(A) Common stock;

(B) Preferred stock;

(C) Debt obligations; and

(D) Any other security convertible into or evidencing the right to acquire these securities;

(10) "Subsidiary" means an affiliate of a named person controlled by the person through one (1) or more intermediaries; and

(11) "Voting security" includes a security convertible into or evidencing a right to acquire a voting security.

Amended by Act 2015, No. 1223,§ 8, eff. 7/22/2015.

Amended by Act 2013, No. 355,§ 6, eff. 8/16/2013.

Acts 1971, No. 288, § 3; 1975, No. 729, § 4; A.S.A. 1947, § 66-5003; Acts 1991, No. 723, § 20; 2005, No. 506, § 20; 2009, No. 164, § 15; 2011, No. 887, § 1.
Ark. Code Ann. § 23-54-108 — AR Code / Title 23 / Chapter 54 / Section 23-54-108
Default
Status: in_force

(a) The reverse mortgage loan may become due and payable upon the occurrence of any one (1) of the following events: (1) The home securing the loan is sold or title to the home is otherwise transferred; (2) All borrowers cease occupying the home as a principal residence, except as provided in subsection (b) of this section; (3) Any fixed maturity date agreed to by the lender and the borrower occurs; or (4) An event occurs which is specified in the loan documents and which jeopardizes the lender's security. (b) (1) Temporary absences from the home not exceeding sixty (60) consecutive days shall not cause the mortgage to become due and payable. (2) Extended absences from the home exceeding sixty (60) consecutive days but less than one (1) year shall not cause the mortgage to become due and payable if the borrower has taken prior action which secures and protects the home in a manner satisfactory to the lender. (c) (1) The lender's right to collect reverse mortgage loan proceeds shall be subject to the applicable statute of limitations for written loan contracts. (2) Notwithstanding any other provision of law, the statute of limitations shall commence on the date that the reverse mortgage loan becomes due and payable as provided in the loan agreement. Acts 2005, No. 2166, § 1.

(a) The reverse mortgage loan may become due and payable upon the occurrence of any one (1) of the following events: (1) The home securing the loan is sold or title to the home is otherwise transferred; (2) All borrowers cease occupying the home as a principal residence, except as provided in subsection (b) of this section; (3) Any fixed maturity date agreed to by the lender and the borrower occurs; or (4) An event occurs which is specified in the loan documents and which jeopardizes the lender's security.

(1) The home securing the loan is sold or title to the home is otherwise transferred;

(2) All borrowers cease occupying the home as a principal residence, except as provided in subsection (b) of this section;

(3) Any fixed maturity date agreed to by the lender and the borrower occurs; or

(4) An event occurs which is specified in the loan documents and which jeopardizes the lender's security.

(b) (1) Temporary absences from the home not exceeding sixty (60) consecutive days shall not cause the mortgage to become due and payable. (2) Extended absences from the home exceeding sixty (60) consecutive days but less than one (1) year shall not cause the mortgage to become due and payable if the borrower has taken prior action which secures and protects the home in a manner satisfactory to the lender.

(1) Temporary absences from the home not exceeding sixty (60) consecutive days shall not cause the mortgage to become due and payable.

(2) Extended absences from the home exceeding sixty (60) consecutive days but less than one (1) year shall not cause the mortgage to become due and payable if the borrower has taken prior action which secures and protects the home in a manner satisfactory to the lender.

(c) (1) The lender's right to collect reverse mortgage loan proceeds shall be subject to the applicable statute of limitations for written loan contracts. (2) Notwithstanding any other provision of law, the statute of limitations shall commence on the date that the reverse mortgage loan becomes due and payable as provided in the loan agreement.

(1) The lender's right to collect reverse mortgage loan proceeds shall be subject to the applicable statute of limitations for written loan contracts.

(2) Notwithstanding any other provision of law, the statute of limitations shall commence on the date that the reverse mortgage loan becomes due and payable as provided in the loan agreement.

Acts 2005, No. 2166, § 1.
Ark. Code Ann. § 23-79-161 — AR Code / Title 23 / Chapter 79 / Subchapter 1 / Section 23-79-161
Payment for oral anticancer medications - Definitions
Status: in_force

(a) As used in this section: (1) "Anticancer medication" means any drug or biologic that is used to kill, slow, or prevent the growth of cancerous cells; (2) (A) "Health benefit plan" means any group or blanket plan, policy, or contract for healthcare services issued, renewed, or extended in this state and outside this state for an enrollee or certificate holder who is a resident of this state by healthcare insurers, including indemnity and managed care plans and the plans providing health benefits to state and public school employees under § 21-5-401 et seq., but excluding individual major medical plans and plans providing healthcare services under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., and the Public Employee Workers' Compensation Act, § 21-5-601 et seq. (B) "Health benefit plan" does not include an accident-only, specified disease, hospital indemnity, Medicare supplement, long-term care, disability income, or other limited benefit health insurance policy; and (3) "Healthcare insurer" means any insurance company, hospital and medical service corporation, or health maintenance organization issuing or delivering health benefit plans in this state and that is subject to any of the following laws: (A) The insurance laws of this state; (B) Section 23-75-101 et seq., pertaining to hospital and medical service corporations; and (C) Section 23-76-101 et seq., pertaining to health maintenance organizations. (b) Every health benefit plan that is issued, renewed, or extended in this state and every group health benefit plan that is issued, renewed, or extended outside this state, for an enrollee or certificate holder who is a resident of this state that provide coverage for anticancer medications that are injected or intravenously administered by a healthcare provider or a patient shall not require a higher copayment, coinsurance, or deductible amount for orally administered anticancer medications than the health benefit plan requires for injected or intravenously administered anticancer medications regardless of the formulation or benefit category determination by the health benefit plan. (c) (1) A healthcare insurer shall not impose a copayment, coinsurance, or a deductible amount or a combination of a copayment, coinsurance, or a deductible amount charged to the insured for orally administered anticancer medications that is greater than the copayment, coinsurance, or deductible amount charged to the insured for injected or intravenously administered anticancer medications. (2) A healthcare insurer shall not reclassify benefits with respect to cancer treatment medications or increase a copayment, deductible, or coinsurance amount for covered cancer treatment medications that are injected or intravenously administered unless: (A) The increase is applied generally to other medical or pharmaceutical benefits covered under the plan and is not done to circumvent subdivision (c)(1) of this section; (B) The reclassification of benefits with respect to cancer treatment medications is done in a manner that is consistent with this section; or (C) A healthcare insurer is applying cost-sharing increases consistent with the annual increases in the cost of health care. (d) (1) A health benefit plan may adopt policies to ensure that claims for coverage of orally administered anticancer medications submitted for payment comply with the same coding, documentation, and other requirements necessary for payment as those claims for coverage of injected or intravenously administered anticancer medications. (2) The Insurance Commissioner shall promulgate rules as may be necessary to implement this section. Added by Act 2017, No. 543,§ 1, eff. 8/1/2017.

(a) As used in this section: (1) "Anticancer medication" means any drug or biologic that is used to kill, slow, or prevent the growth of cancerous cells; (2) (A) "Health benefit plan" means any group or blanket plan, policy, or contract for healthcare services issued, renewed, or extended in this state and outside this state for an enrollee or certificate holder who is a resident of this state by healthcare insurers, including indemnity and managed care plans and the plans providing health benefits to state and public school employees under § 21-5-401 et seq., but excluding individual major medical plans and plans providing healthcare services under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., and the Public Employee Workers' Compensation Act, § 21-5-601 et seq. (B) "Health benefit plan" does not include an accident-only, specified disease, hospital indemnity, Medicare supplement, long-term care, disability income, or other limited benefit health insurance policy; and (3) "Healthcare insurer" means any insurance company, hospital and medical service corporation, or health maintenance organization issuing or delivering health benefit plans in this state and that is subject to any of the following laws: (A) The insurance laws of this state; (B) Section 23-75-101 et seq., pertaining to hospital and medical service corporations; and (C) Section 23-76-101 et seq., pertaining to health maintenance organizations.

(1) "Anticancer medication" means any drug or biologic that is used to kill, slow, or prevent the growth of cancerous cells;

(2) (A) "Health benefit plan" means any group or blanket plan, policy, or contract for healthcare services issued, renewed, or extended in this state and outside this state for an enrollee or certificate holder who is a resident of this state by healthcare insurers, including indemnity and managed care plans and the plans providing health benefits to state and public school employees under § 21-5-401 et seq., but excluding individual major medical plans and plans providing healthcare services under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., and the Public Employee Workers' Compensation Act, § 21-5-601 et seq. (B) "Health benefit plan" does not include an accident-only, specified disease, hospital indemnity, Medicare supplement, long-term care, disability income, or other limited benefit health insurance policy; and

(A) "Health benefit plan" means any group or blanket plan, policy, or contract for healthcare services issued, renewed, or extended in this state and outside this state for an enrollee or certificate holder who is a resident of this state by healthcare insurers, including indemnity and managed care plans and the plans providing health benefits to state and public school employees under § 21-5-401 et seq., but excluding individual major medical plans and plans providing healthcare services under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., and the Public Employee Workers' Compensation Act, § 21-5-601 et seq.

(B) "Health benefit plan" does not include an accident-only, specified disease, hospital indemnity, Medicare supplement, long-term care, disability income, or other limited benefit health insurance policy; and

(3) "Healthcare insurer" means any insurance company, hospital and medical service corporation, or health maintenance organization issuing or delivering health benefit plans in this state and that is subject to any of the following laws: (A) The insurance laws of this state; (B) Section 23-75-101 et seq., pertaining to hospital and medical service corporations; and (C) Section 23-76-101 et seq., pertaining to health maintenance organizations.

(A) The insurance laws of this state;

(B) Section 23-75-101 et seq., pertaining to hospital and medical service corporations; and

(C) Section 23-76-101 et seq., pertaining to health maintenance organizations.

(b) Every health benefit plan that is issued, renewed, or extended in this state and every group health benefit plan that is issued, renewed, or extended outside this state, for an enrollee or certificate holder who is a resident of this state that provide coverage for anticancer medications that are injected or intravenously administered by a healthcare provider or a patient shall not require a higher copayment, coinsurance, or deductible amount for orally administered anticancer medications than the health benefit plan requires for injected or intravenously administered anticancer medications regardless of the formulation or benefit category determination by the health benefit plan.

(c) (1) A healthcare insurer shall not impose a copayment, coinsurance, or a deductible amount or a combination of a copayment, coinsurance, or a deductible amount charged to the insured for orally administered anticancer medications that is greater than the copayment, coinsurance, or deductible amount charged to the insured for injected or intravenously administered anticancer medications. (2) A healthcare insurer shall not reclassify benefits with respect to cancer treatment medications or increase a copayment, deductible, or coinsurance amount for covered cancer treatment medications that are injected or intravenously administered unless: (A) The increase is applied generally to other medical or pharmaceutical benefits covered under the plan and is not done to circumvent subdivision (c)(1) of this section; (B) The reclassification of benefits with respect to cancer treatment medications is done in a manner that is consistent with this section; or (C) A healthcare insurer is applying cost-sharing increases consistent with the annual increases in the cost of health care.

(1) A healthcare insurer shall not impose a copayment, coinsurance, or a deductible amount or a combination of a copayment, coinsurance, or a deductible amount charged to the insured for orally administered anticancer medications that is greater than the copayment, coinsurance, or deductible amount charged to the insured for injected or intravenously administered anticancer medications.

(2) A healthcare insurer shall not reclassify benefits with respect to cancer treatment medications or increase a copayment, deductible, or coinsurance amount for covered cancer treatment medications that are injected or intravenously administered unless: (A) The increase is applied generally to other medical or pharmaceutical benefits covered under the plan and is not done to circumvent subdivision (c)(1) of this section; (B) The reclassification of benefits with respect to cancer treatment medications is done in a manner that is consistent with this section; or (C) A healthcare insurer is applying cost-sharing increases consistent with the annual increases in the cost of health care.

(A) The increase is applied generally to other medical or pharmaceutical benefits covered under the plan and is not done to circumvent subdivision (c)(1) of this section;

(B) The reclassification of benefits with respect to cancer treatment medications is done in a manner that is consistent with this section; or

(C) A healthcare insurer is applying cost-sharing increases consistent with the annual increases in the cost of health care.

(d) (1) A health benefit plan may adopt policies to ensure that claims for coverage of orally administered anticancer medications submitted for payment comply with the same coding, documentation, and other requirements necessary for payment as those claims for coverage of injected or intravenously administered anticancer medications. (2) The Insurance Commissioner shall promulgate rules as may be necessary to implement this section.

(1) A health benefit plan may adopt policies to ensure that claims for coverage of orally administered anticancer medications submitted for payment comply with the same coding, documentation, and other requirements necessary for payment as those claims for coverage of injected or intravenously administered anticancer medications.

(2) The Insurance Commissioner shall promulgate rules as may be necessary to implement this section.

Added by Act 2017, No. 543,§ 1, eff. 8/1/2017.
Ark. Code Ann. § 23-112-316 — AR Code / Title 23 / Chapter 112 / Subchapter 3 / Section 23-112-316
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 new 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 new motor vehicle dealer to a consumer prior to the completion and execution by both parties of a contract for sale. (b) If a new motor vehicle dealer engages in a delivery prior to sale, then the new 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 new 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 new 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 new 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 new 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 new 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 new 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 new 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 Arkansas Motor Vehicle Commission shall promulgate rules to implement, enforce, and administer this section. Amended by Act 2019, No. 315,§ 2834, eff. 7/24/2019. Acts 2005, No. 1687, § 1.

(a) As used in this section: (1) (A) "Contract for sale" means the final agreement between a new 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 new 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 new 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 new 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 new motor vehicle dealer to a consumer prior to the completion and execution by both parties of a contract for sale.

(b) If a new motor vehicle dealer engages in a delivery prior to sale, then the new 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 new 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 new motor vehicle dealer or the dealer's representative.

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

(B) Signed by the consumer and the new 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 new 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 new 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 new 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 new 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 new 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 new 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 new motor vehicle dealer changes any terms; or (B) The consumer fails to obtain financing that meets the agreed-upon interest rate;

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

(A) The new 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 new 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 new 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 new 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 Arkansas Motor Vehicle Commission shall promulgate rules to implement, enforce, and administer this section.

Amended by Act 2019, No. 315,§ 2834, eff. 7/24/2019.

Acts 2005, No. 1687, § 1.
Ark. Code Ann. § 23-92-506 — AR Code / Title 23 / Chapter 92 / Subchapter 5 / Section 23-92-506
Compensation - Prohibited practices - Definition
Status: in_force

(a) (1) The Insurance Commissioner may review and approve the compensation program of a pharmacy benefits manager with a health benefit plan to ensure that the reimbursement for pharmacist services paid to a pharmacist or pharmacy is fair and reasonable to provide an adequate pharmacy benefits manager network for a health benefit plan under the standards issued by rule of the State Insurance Department. (2) All information and data acquired during the review under subdivision (a)(1) of this section is: (A) Considered proprietary and confidential under § 23-61-107(a)(4) and § 23-61-207 ; and (B) Not subject to the Freedom of Information Act of 1967, § 25-19-101 et seq. (b) A pharmacy benefits manager or representative of a pharmacy benefits manager shall not: (1) Cause or knowingly permit the use of any advertisement, promotion, solicitation, representation, proposal, or offer that is untrue, deceptive, or misleading; (2) Unless reviewed and approved by the commissioner, charge a pharmacist or pharmacy a fee related to the adjudication of a claim, including without limitation a fee for: (A) The receipt and processing of a pharmacy claim; (B) The development or management of claims processing services in a pharmacy benefits manager network; or (C) Participation in a pharmacy benefits manager network; (3) Unless reviewed and approved by the commissioner in coordination with the Arkansas State Board of Pharmacy, require pharmacy accreditation standards or certification requirements inconsistent with, more stringent than, or in addition to requirements of the board; (4) (A) Reimburse a pharmacy or pharmacist in the state an amount less than the amount that the pharmacy benefits manager reimburses a pharmacy benefits manager affiliate for providing the same pharmacist services. (B) The amount shall be calculated on a per-unit basis using the same generic product identifier or generic code number; (5) (A) Pay or reimburse a pharmacy or pharmacist for the ingredient drug product component of pharmacist services less than the national average drug acquisition cost or, if the national average drug acquisition cost is unavailable, the wholesale acquisition cost. (B) (i) The Employee Benefits Division community pharmacy reimbursement model for pharmacist services in partnership with the University of Arkansas for Medical Sciences-based prescription drug program satisfies the intent of this subdivision (b)(5). (ii) A plan using the model described in subdivision (b)(5)(B)(i) of this section is exempt from complying with subdivision (b)(5)(A) of this section if the reimbursement model is maintained as determined by the commissioner. (iii) If a plan deviates from this reimbursement model, the plan shall be subject to subdivision (b)(5)(A) of this section; (6) Make or permit any reduction of payment for pharmacist services by a pharmacy benefits manager or a healthcare payor directly or indirectly to a pharmacy under a reconciliation process to an effective rate of reimbursement, including without limitation generic effective rates, brand effective rates, direct and indirect remuneration fees, or any other reduction or aggregate reduction of payment; (7) (A) Prohibit a pharmacist from dispensing HIV pre-exposure prophylaxis or HIV post-exposure prophylaxis under a statewide protocol. (B) As used in subdivision (b)(7)(A) of this section, "HIV" means the human immunodeficiency virus or any other identified causative agent of acquired immunodeficiency syndrome, commonly known as "AIDS"; or (8) Do any combination of the actions listed in subdivisions (b)(1)-(7) of this section. (c) A claim or aggregate of claims for pharmacist services shall not be directly or indirectly retroactively denied or reduced after adjudication of the claim or aggregate of claims unless: (1) The original claim was submitted fraudulently; (2) The original claim payment was incorrect because the pharmacy or pharmacist had already been paid for the pharmacist services; or (3) The pharmacist services were not properly rendered by the pharmacy or pharmacist. (d) Termination of a pharmacy or pharmacist from a pharmacy benefits manager network shall not release the pharmacy benefits manager from the obligation to make any payment due to the pharmacy or pharmacist for pharmacist services properly rendered. (e) The commissioner may issue a rule establishing prohibited practices of pharmacy benefits managers providing claims processing services or other prescription drug or device services for health benefit plans. Amended by Act 2023, No. 314,§ 4, eff. 8/1/2023. Amended by Act 2021, No. 665,§ 6, eff. 7/28/2021. Amended by Act 2019, No. 994,§ 10, eff. 7/24/2019. Amended by Act 2019, No. 994,§ 9, eff. 7/24/2019. Added by Act 2018EX2, No. 1,§ 1, eff. 3/15/2018. Added by Act 2018EX2, No. 3,§ 1, eff. 3/19/2018.

(a) (1) The Insurance Commissioner may review and approve the compensation program of a pharmacy benefits manager with a health benefit plan to ensure that the reimbursement for pharmacist services paid to a pharmacist or pharmacy is fair and reasonable to provide an adequate pharmacy benefits manager network for a health benefit plan under the standards issued by rule of the State Insurance Department. (2) All information and data acquired during the review under subdivision (a)(1) of this section is: (A) Considered proprietary and confidential under § 23-61-107(a)(4) and § 23-61-207 ; and (B) Not subject to the Freedom of Information Act of 1967, § 25-19-101 et seq.

(1) The Insurance Commissioner may review and approve the compensation program of a pharmacy benefits manager with a health benefit plan to ensure that the reimbursement for pharmacist services paid to a pharmacist or pharmacy is fair and reasonable to provide an adequate pharmacy benefits manager network for a health benefit plan under the standards issued by rule of the State Insurance Department.

(2) All information and data acquired during the review under subdivision (a)(1) of this section is: (A) Considered proprietary and confidential under § 23-61-107(a)(4) and § 23-61-207 ; and (B) Not subject to the Freedom of Information Act of 1967, § 25-19-101 et seq.

(A) Considered proprietary and confidential under § 23-61-107(a)(4) and § 23-61-207 ; and

(B) Not subject to the Freedom of Information Act of 1967, § 25-19-101 et seq.

(b) A pharmacy benefits manager or representative of a pharmacy benefits manager shall not: (1) Cause or knowingly permit the use of any advertisement, promotion, solicitation, representation, proposal, or offer that is untrue, deceptive, or misleading; (2) Unless reviewed and approved by the commissioner, charge a pharmacist or pharmacy a fee related to the adjudication of a claim, including without limitation a fee for: (A) The receipt and processing of a pharmacy claim; (B) The development or management of claims processing services in a pharmacy benefits manager network; or (C) Participation in a pharmacy benefits manager network; (3) Unless reviewed and approved by the commissioner in coordination with the Arkansas State Board of Pharmacy, require pharmacy accreditation standards or certification requirements inconsistent with, more stringent than, or in addition to requirements of the board; (4) (A) Reimburse a pharmacy or pharmacist in the state an amount less than the amount that the pharmacy benefits manager reimburses a pharmacy benefits manager affiliate for providing the same pharmacist services. (B) The amount shall be calculated on a per-unit basis using the same generic product identifier or generic code number; (5) (A) Pay or reimburse a pharmacy or pharmacist for the ingredient drug product component of pharmacist services less than the national average drug acquisition cost or, if the national average drug acquisition cost is unavailable, the wholesale acquisition cost. (B) (i) The Employee Benefits Division community pharmacy reimbursement model for pharmacist services in partnership with the University of Arkansas for Medical Sciences-based prescription drug program satisfies the intent of this subdivision (b)(5). (ii) A plan using the model described in subdivision (b)(5)(B)(i) of this section is exempt from complying with subdivision (b)(5)(A) of this section if the reimbursement model is maintained as determined by the commissioner. (iii) If a plan deviates from this reimbursement model, the plan shall be subject to subdivision (b)(5)(A) of this section; (6) Make or permit any reduction of payment for pharmacist services by a pharmacy benefits manager or a healthcare payor directly or indirectly to a pharmacy under a reconciliation process to an effective rate of reimbursement, including without limitation generic effective rates, brand effective rates, direct and indirect remuneration fees, or any other reduction or aggregate reduction of payment; (7) (A) Prohibit a pharmacist from dispensing HIV pre-exposure prophylaxis or HIV post-exposure prophylaxis under a statewide protocol. (B) As used in subdivision (b)(7)(A) of this section, "HIV" means the human immunodeficiency virus or any other identified causative agent of acquired immunodeficiency syndrome, commonly known as "AIDS"; or (8) Do any combination of the actions listed in subdivisions (b)(1)-(7) of this section.

(1) Cause or knowingly permit the use of any advertisement, promotion, solicitation, representation, proposal, or offer that is untrue, deceptive, or misleading;

(2) Unless reviewed and approved by the commissioner, charge a pharmacist or pharmacy a fee related to the adjudication of a claim, including without limitation a fee for: (A) The receipt and processing of a pharmacy claim; (B) The development or management of claims processing services in a pharmacy benefits manager network; or (C) Participation in a pharmacy benefits manager network;

(A) The receipt and processing of a pharmacy claim;

(B) The development or management of claims processing services in a pharmacy benefits manager network; or

(C) Participation in a pharmacy benefits manager network;

(3) Unless reviewed and approved by the commissioner in coordination with the Arkansas State Board of Pharmacy, require pharmacy accreditation standards or certification requirements inconsistent with, more stringent than, or in addition to requirements of the board;

(4) (A) Reimburse a pharmacy or pharmacist in the state an amount less than the amount that the pharmacy benefits manager reimburses a pharmacy benefits manager affiliate for providing the same pharmacist services. (B) The amount shall be calculated on a per-unit basis using the same generic product identifier or generic code number;

(A) Reimburse a pharmacy or pharmacist in the state an amount less than the amount that the pharmacy benefits manager reimburses a pharmacy benefits manager affiliate for providing the same pharmacist services.

(B) The amount shall be calculated on a per-unit basis using the same generic product identifier or generic code number;

(5) (A) Pay or reimburse a pharmacy or pharmacist for the ingredient drug product component of pharmacist services less than the national average drug acquisition cost or, if the national average drug acquisition cost is unavailable, the wholesale acquisition cost. (B) (i) The Employee Benefits Division community pharmacy reimbursement model for pharmacist services in partnership with the University of Arkansas for Medical Sciences-based prescription drug program satisfies the intent of this subdivision (b)(5). (ii) A plan using the model described in subdivision (b)(5)(B)(i) of this section is exempt from complying with subdivision (b)(5)(A) of this section if the reimbursement model is maintained as determined by the commissioner. (iii) If a plan deviates from this reimbursement model, the plan shall be subject to subdivision (b)(5)(A) of this section;

(A) Pay or reimburse a pharmacy or pharmacist for the ingredient drug product component of pharmacist services less than the national average drug acquisition cost or, if the national average drug acquisition cost is unavailable, the wholesale acquisition cost.

(B) (i) The Employee Benefits Division community pharmacy reimbursement model for pharmacist services in partnership with the University of Arkansas for Medical Sciences-based prescription drug program satisfies the intent of this subdivision (b)(5). (ii) A plan using the model described in subdivision (b)(5)(B)(i) of this section is exempt from complying with subdivision (b)(5)(A) of this section if the reimbursement model is maintained as determined by the commissioner. (iii) If a plan deviates from this reimbursement model, the plan shall be subject to subdivision (b)(5)(A) of this section;

(i) The Employee Benefits Division community pharmacy reimbursement model for pharmacist services in partnership with the University of Arkansas for Medical Sciences-based prescription drug program satisfies the intent of this subdivision (b)(5).

(ii) A plan using the model described in subdivision (b)(5)(B)(i) of this section is exempt from complying with subdivision (b)(5)(A) of this section if the reimbursement model is maintained as determined by the commissioner.

(iii) If a plan deviates from this reimbursement model, the plan shall be subject to subdivision (b)(5)(A) of this section;

(6) Make or permit any reduction of payment for pharmacist services by a pharmacy benefits manager or a healthcare payor directly or indirectly to a pharmacy under a reconciliation process to an effective rate of reimbursement, including without limitation generic effective rates, brand effective rates, direct and indirect remuneration fees, or any other reduction or aggregate reduction of payment;

(7) (A) Prohibit a pharmacist from dispensing HIV pre-exposure prophylaxis or HIV post-exposure prophylaxis under a statewide protocol. (B) As used in subdivision (b)(7)(A) of this section, "HIV" means the human immunodeficiency virus or any other identified causative agent of acquired immunodeficiency syndrome, commonly known as "AIDS"; or

(A) Prohibit a pharmacist from dispensing HIV pre-exposure prophylaxis or HIV post-exposure prophylaxis under a statewide protocol.

(B) As used in subdivision (b)(7)(A) of this section, "HIV" means the human immunodeficiency virus or any other identified causative agent of acquired immunodeficiency syndrome, commonly known as "AIDS"; or

(8) Do any combination of the actions listed in subdivisions (b)(1)-(7) of this section.

(c) A claim or aggregate of claims for pharmacist services shall not be directly or indirectly retroactively denied or reduced after adjudication of the claim or aggregate of claims unless: (1) The original claim was submitted fraudulently; (2) The original claim payment was incorrect because the pharmacy or pharmacist had already been paid for the pharmacist services; or (3) The pharmacist services were not properly rendered by the pharmacy or pharmacist.

(1) The original claim was submitted fraudulently;

(2) The original claim payment was incorrect because the pharmacy or pharmacist had already been paid for the pharmacist services; or

(3) The pharmacist services were not properly rendered by the pharmacy or pharmacist.

(d) Termination of a pharmacy or pharmacist from a pharmacy benefits manager network shall not release the pharmacy benefits manager from the obligation to make any payment due to the pharmacy or pharmacist for pharmacist services properly rendered.

(e) The commissioner may issue a rule establishing prohibited practices of pharmacy benefits managers providing claims processing services or other prescription drug or device services for health benefit plans.

Amended by Act 2023, No. 314,§ 4, eff. 8/1/2023.

Amended by Act 2021, No. 665,§ 6, eff. 7/28/2021.

Amended by Act 2019, No. 994,§ 10, eff. 7/24/2019.

Amended by Act 2019, No. 994,§ 9, eff. 7/24/2019.

Added by Act 2018EX2, No. 1,§ 1, eff. 3/15/2018.

Added by Act 2018EX2, No. 3,§ 1, eff. 3/19/2018.
Ark. Code Ann. § 23-4-909 — AR Code / Title 23 / Chapter 4 / Subchapter 9 / Section 23-4-909
Apportionment of rates and charges
Status: in_force

When determining how rates and charges established under § 23-4-903 are to be allocated among different rate classes, a co-op shall endeavor to apportion the rates and charges in a manner which reflects, as closely as practicable, the costs of providing service to each class. Acts 1987, No. 821, § 7.

When determining how rates and charges established under § 23-4-903 are to be allocated among different rate classes, a co-op shall endeavor to apportion the rates and charges in a manner which reflects, as closely as practicable, the costs of providing service to each class.

Acts 1987, No. 821, § 7.
Ark. Code Ann. § 23-47-710 — AR Code / Title 23 / Chapter 47 / Subchapter 7 / Section 23-47-710
Services provided by affiliates
Status: in_force

(a) Any bank, subsidiary trust company, or national trust company qualified to act as a fiduciary in this state is hereby specifically authorized to utilize its respective affiliates to provide services for any trust or estate for which the bank, subsidiary trust company, or national trust company acts as a trustee or other fiduciary, provided the bank, subsidiary trust company, or national trust company believes, in the exercise of the standard of care described in § 28-71-105 , that the services are reasonably necessary and that its affiliate can render the services, including, but not limited to, securities brokerage services, computer services, and banking services to the trust or estate as competently as similar services rendered by nonaffiliates and for compensation equal to or less than that charged by nonaffiliates. (b) Provided the foregoing requirements are met, an affiliate may be utilized by the bank, subsidiary trust company, or national trust company without the approval or consent of any person or specific authorization in the trust instrument, unless the power is expressly withheld in the trust instrument. Acts 1997, No. 89, § 1; 1997, No. 408, § 6.

(a) Any bank, subsidiary trust company, or national trust company qualified to act as a fiduciary in this state is hereby specifically authorized to utilize its respective affiliates to provide services for any trust or estate for which the bank, subsidiary trust company, or national trust company acts as a trustee or other fiduciary, provided the bank, subsidiary trust company, or national trust company believes, in the exercise of the standard of care described in § 28-71-105 , that the services are reasonably necessary and that its affiliate can render the services, including, but not limited to, securities brokerage services, computer services, and banking services to the trust or estate as competently as similar services rendered by nonaffiliates and for compensation equal to or less than that charged by nonaffiliates.

(b) Provided the foregoing requirements are met, an affiliate may be utilized by the bank, subsidiary trust company, or national trust company without the approval or consent of any person or specific authorization in the trust instrument, unless the power is expressly withheld in the trust instrument.

Acts 1997, No. 89, § 1; 1997, No. 408, § 6.
Ark. Code Ann. § 23-37-301 — AR Code / Title 23 / Chapter 37 / Subchapter 3 / Section 23-37-301
Application for charter
Status: in_force

(a) Application for a charter for a savings and loan association may be made by ten (10) or more citizens of this state, hereinafter referred to as "incorporators", by tendering to the supervisor, along with the prescribed filing fee, an application consisting of the following: (1) Two (2) copies of the articles of incorporation for the proposed association stating: (A) The name and the site of the principal office of the association; (B) The names and addresses of the incorporators; (C) The name and address of the resident agent for service of process on the association; (D) The term of the corporate existence, which may be either perpetual or limited to a fixed number of years; (E) Whether the association will carry on its business as a mutual association or as a permanent stock association; and (F) For a permanent stock association, the number of shares of permanent stock authorized and the par value of each share; (2) A statement as to: (A) The amount, if any, of permanent stock which has been subscribed and paid for at the time of filing; (B) The names and addresses of the subscribers and the amount subscribed by each; (C) The names, addresses, and amounts of savings accounts which have been subscribed; and (D) The amount of paid-in surplus or expense fund with which the association will commence business; (3) Two (2) copies of the bylaws under which the association proposes to operate; (4) The names and addresses of the chair of the incorporators, the proposed members of the board of directors, and the proposed officers; and (5) Any other information in regard to the proposed association and its operation which may be required by the Supervisor of Savings and Loan Associations. (b) The articles of incorporation and all statements of fact tendered to the supervisor in connection with an application for charter shall be subscribed and sworn to under the sanction of an oath, or such affirmation as is by law equivalent to an oath, made before an officer authorized to administer oaths. Acts 1963, No. 227, § 16; A.S.A. 1947, § 67-1816.

(a) Application for a charter for a savings and loan association may be made by ten (10) or more citizens of this state, hereinafter referred to as "incorporators", by tendering to the supervisor, along with the prescribed filing fee, an application consisting of the following: (1) Two (2) copies of the articles of incorporation for the proposed association stating: (A) The name and the site of the principal office of the association; (B) The names and addresses of the incorporators; (C) The name and address of the resident agent for service of process on the association; (D) The term of the corporate existence, which may be either perpetual or limited to a fixed number of years; (E) Whether the association will carry on its business as a mutual association or as a permanent stock association; and (F) For a permanent stock association, the number of shares of permanent stock authorized and the par value of each share; (2) A statement as to: (A) The amount, if any, of permanent stock which has been subscribed and paid for at the time of filing; (B) The names and addresses of the subscribers and the amount subscribed by each; (C) The names, addresses, and amounts of savings accounts which have been subscribed; and (D) The amount of paid-in surplus or expense fund with which the association will commence business; (3) Two (2) copies of the bylaws under which the association proposes to operate; (4) The names and addresses of the chair of the incorporators, the proposed members of the board of directors, and the proposed officers; and (5) Any other information in regard to the proposed association and its operation which may be required by the Supervisor of Savings and Loan Associations.

(1) Two (2) copies of the articles of incorporation for the proposed association stating: (A) The name and the site of the principal office of the association; (B) The names and addresses of the incorporators; (C) The name and address of the resident agent for service of process on the association; (D) The term of the corporate existence, which may be either perpetual or limited to a fixed number of years; (E) Whether the association will carry on its business as a mutual association or as a permanent stock association; and (F) For a permanent stock association, the number of shares of permanent stock authorized and the par value of each share;

(A) The name and the site of the principal office of the association;

(B) The names and addresses of the incorporators;

(C) The name and address of the resident agent for service of process on the association;

(D) The term of the corporate existence, which may be either perpetual or limited to a fixed number of years;

(E) Whether the association will carry on its business as a mutual association or as a permanent stock association; and

(F) For a permanent stock association, the number of shares of permanent stock authorized and the par value of each share;

(2) A statement as to: (A) The amount, if any, of permanent stock which has been subscribed and paid for at the time of filing; (B) The names and addresses of the subscribers and the amount subscribed by each; (C) The names, addresses, and amounts of savings accounts which have been subscribed; and (D) The amount of paid-in surplus or expense fund with which the association will commence business;

(A) The amount, if any, of permanent stock which has been subscribed and paid for at the time of filing;

(B) The names and addresses of the subscribers and the amount subscribed by each;

(C) The names, addresses, and amounts of savings accounts which have been subscribed; and

(D) The amount of paid-in surplus or expense fund with which the association will commence business;

(3) Two (2) copies of the bylaws under which the association proposes to operate;

(4) The names and addresses of the chair of the incorporators, the proposed members of the board of directors, and the proposed officers; and

(5) Any other information in regard to the proposed association and its operation which may be required by the Supervisor of Savings and Loan Associations.

(b) The articles of incorporation and all statements of fact tendered to the supervisor in connection with an application for charter shall be subscribed and sworn to under the sanction of an oath, or such affirmation as is by law equivalent to an oath, made before an officer authorized to administer oaths.

Acts 1963, No. 227, § 16; A.S.A. 1947, § 67-1816.
Ark. Code Ann. § 23-13-241 — AR Code / Title 23 / Chapter 13 / Subchapter 2 / Section 23-13-241
Common carriers - Schedules, rules, etc., affecting rates, fares, etc. - Hearings - Suspension proceedings
Status: in_force

(a) Whenever any schedule stating a new individual or joint rate, fare, charge, or classification for the transportation of passengers, or by any such carrier in conjunction with a common carrier or carriers by railroad, express, or water, or any rule or practice affecting the rate, fare, or charge, or the value of the service thereunder is filed with the Arkansas Department of Transportation, the department is authorized and empowered to enter upon a hearing concerning the lawfulness of the rate, fare, or charge, or the lawfulness of a rule or practice, upon the complaint of any interested party or upon its own initiative, at once, if the department so orders, without answer or other formal pleading by the interested carrier or carriers, but upon reasonable notice. (b) (1) Pending the hearing and the decision thereon, the department from time to time may suspend the operations of the schedule and defer the use of the rate, fare, or charge or such rule or practice for a period of thirty (30) days by filing with the schedule and delivering to the carriers affected thereby a statement in writing of its reasons for the suspension. (2) If the proceeding has not been concluded and a final order made within the thirty-day period, the department from time to time, by order, may extend the period of suspension, but not for a longer period in the aggregate than ninety (90) days beyond the time when it would otherwise go into effect. The department may make the order with reference thereto as would be proper in a proceeding instituted after it had become effective. (c) If the proceeding has not been concluded and an order made within the period of suspension, the proposed change, or rate, fare, or charge or classification, rule, or practice shall go into effect at the end of the period. Amended by Act 2019, No. 315,§ 2438, eff. 7/24/2019. Amended by Act 2017, No. 707,§ 212, eff. 8/1/2017 Acts 1955, No. 397, § 16; A.S.A. 1947, § 73-1769.

(a) Whenever any schedule stating a new individual or joint rate, fare, charge, or classification for the transportation of passengers, or by any such carrier in conjunction with a common carrier or carriers by railroad, express, or water, or any rule or practice affecting the rate, fare, or charge, or the value of the service thereunder is filed with the Arkansas Department of Transportation, the department is authorized and empowered to enter upon a hearing concerning the lawfulness of the rate, fare, or charge, or the lawfulness of a rule or practice, upon the complaint of any interested party or upon its own initiative, at once, if the department so orders, without answer or other formal pleading by the interested carrier or carriers, but upon reasonable notice.

(b) (1) Pending the hearing and the decision thereon, the department from time to time may suspend the operations of the schedule and defer the use of the rate, fare, or charge or such rule or practice for a period of thirty (30) days by filing with the schedule and delivering to the carriers affected thereby a statement in writing of its reasons for the suspension. (2) If the proceeding has not been concluded and a final order made within the thirty-day period, the department from time to time, by order, may extend the period of suspension, but not for a longer period in the aggregate than ninety (90) days beyond the time when it would otherwise go into effect. The department may make the order with reference thereto as would be proper in a proceeding instituted after it had become effective.

(1) Pending the hearing and the decision thereon, the department from time to time may suspend the operations of the schedule and defer the use of the rate, fare, or charge or such rule or practice for a period of thirty (30) days by filing with the schedule and delivering to the carriers affected thereby a statement in writing of its reasons for the suspension.

(2) If the proceeding has not been concluded and a final order made within the thirty-day period, the department from time to time, by order, may extend the period of suspension, but not for a longer period in the aggregate than ninety (90) days beyond the time when it would otherwise go into effect. The department may make the order with reference thereto as would be proper in a proceeding instituted after it had become effective.

(c) If the proceeding has not been concluded and an order made within the period of suspension, the proposed change, or rate, fare, or charge or classification, rule, or practice shall go into effect at the end of the period.

Amended by Act 2019, No. 315,§ 2438, eff. 7/24/2019.

Amended by Act 2017, No. 707,§ 212, eff. 8/1/2017

Acts 1955, No. 397, § 16; A.S.A. 1947, § 73-1769.
Ark. Code Ann. § 23-79-109 — AR Code / Title 23 / Chapter 79 / Subchapter 1 / Section 23-79-109
Filing and approval of forms - Definitions
Status: in_force

(a) (1) (A) (i) No basic insurance policy, or annuity contract form, or application form when written application is required and is to be made a part of the policy or contract, or printed rider or endorsement form or form of renewal certificate, shall be issued, delivered, or used as to a subject of insurance resident, located, or to be performed in this state unless the form has been filed with and approved by the Insurance Commissioner and, in the case of individual accident and health contracts, the rates have been filed with and approved by the commissioner. (ii) (a) The commissioner may consider a nonprofit insurer's surplus levels in determining whether a proposed rate is excessive. (b) Subdivision (a)(1)(A)(ii) (a) of this section does not apply to a nonprofit insurer that offers only limited scope dental benefits. (B) This subsection shall not apply to: (i) Policy or coverage forms for large commercial risks, as defined in subsection (g) of this section; (ii) Commercial umbrella policy or coverage forms; (iii) Excess umbrella policy or coverage forms; (iv) Excess of loss policy or coverage forms; (v) Public officials' liability policy or coverage forms; (vi) Fiduciary liability policy or coverage forms; (vii) Directors' and officers' liability policy or coverage forms; (viii) Kidnap and ransom policy or coverage forms; (ix) Political risk policy or coverage forms; (x) Expropriation coverage policy or coverage forms; (xi) Mortgage pool insurance policy or coverage forms; (xii) Railroad protective liability policy or coverage forms; (xiii) Equity loan programs, second mortgage coverage, policy or coverage forms; (xiv) Highly protected risk forms; (xv) Surety bonds; (xvi) Policies, orders, endorsements, or forms of unique character designed for, and used with relation to, insurance upon a particular subject, or that relate to the manner of distribution of benefits or to the reservation of rights and benefits under life and accident and health insurance policies and are used at the request of the individual policyholder, contract holder, or certificate holder; or (xvii) Policies, contracts, riders, endorsements, and certificates issued by surplus lines insurers. (C) The exemption of a particular type of insurance policy form from the requirement that it be filed with the commissioner and expressly approved thereby is not to be taken by an insurer as meaning that any insurance effected by the use of such a form may in any fashion be inconsistent with the statutory and common law of this state that is properly applicable thereto. (2) As to group insurance policies effectuated and delivered outside this state but covering persons resident in this state, the group certificates to be delivered or issued for delivery in this state shall be filed with and approved by the commissioner. (3) No group accident and health certificate of insurance may be extended to residents of this state under a group accident and health policy issued outside this state that does not include the provisions required for group policies issued in this state unless the commissioner determines that the provisions are not appropriate for the coverage provided. Upon request of the commissioner, copies of the group accident and health policies issued outside this state shall be made available on an informational basis. (4) On and after January 1, 1990, all Medicare supplement rates shall be based on a composite age basis only and shall not be based on any age banding or other groupings. (5) Nothing in this subsection shall prohibit an insurer or hospital and medical service corporation issuing Medicare supplement insurance policies from using its usual and customary underwriting procedures or excluding preexisting health conditions. However, no insurer shall refuse to issue a Medicare supplement policy based solely on the age of the applicant. (b) (1) Every filing shall be made not less than thirty (30) days in advance of any delivery. At the expiration of the thirty (30) days, the form or rate so filed shall be deemed approved unless prior thereto it has been affirmatively approved or disapproved by the commissioner. (2) Approval of the form or rate by the commissioner shall constitute a waiver of any unexpired portion of the waiting period. (3) The commissioner may extend by not more than an additional thirty (30) days the period within which he or she may so affirmatively approve or disapprove the form or rate by giving notice of the extension before expiration of the initial thirty-day period. (4) At the expiration of the period as so extended, and in the absence of prior affirmative approval or disapproval, the form or rate shall be deemed approved. (5) The commissioner may at any time, after notice and for cause shown, withdraw approval. (c) Notification disapproving the form or withdrawing a previous approval shall state the grounds therefor. (d) By order, the commissioner may exempt from the requirements of this section, for so long as he or she deems proper, any insurance document or form or type thereof as specified in the order to which, in his or her opinion, this section may not practically be applied or the filing and approval of which are, in his or her opinion, not desirable or necessary for the protection of the public. (e) This section shall apply also to any form used by domestic insurers for delivery in a jurisdiction outside this state, if the insurance supervisory official of the jurisdiction informs the commissioner that the form is not subject to approval or disapproval by that official, and upon the commissioner's written notice requiring the form to be submitted to him or her for the purpose. The same standards that are applicable to forms for domestic use shall apply to such forms. (f) No policy or contract form providing coverage for personal automobile liability that provides for a policy term of less than six (6) months shall be approved by the commissioner or issued for delivery in this state and used by insurers on and after January 1, 1992. However, the provisions of this subsection shall not restrict premium payment options offered by insurers. (g) (1) For purposes of this section, "large commercial risk" means an insured that has: (A) A total premium of two hundred fifty thousand dollars ($250,000) or more for property and casualty insurance; (B) At least twenty-five (25) full-time employees; and (C) A full-time certified risk manager to procure property and casualty insurance. For purposes of this subsection, "certified risk manager" means a risk manager with one (1) or more of the following credentials: (i) Associate in risk management; (ii) Chartered property casualty underwriter; or (iii) Certified risk manager. (2) The exemption for large commercial risk policy or coverage forms set forth in subdivision (a)(1) of this section shall not apply to workers' compensation, or employers' liability or professional liability insurance, including, but not limited to, medical malpractice insurance. (3) (A) In procuring coverage, a large commercial risk shall certify that it: (i) Meets the eligible criteria for an exempt commercial policyholder set out in this subsection; (ii) Is aware that the policy is unregulated for rates and forms; and (iii) Has the necessary expertise to negotiate its own policy language. (B) This certification shall be completed annually and remain on file with the producing agent or broker. (h) If the commissioner deems that the review as to either rates or forms, or both, required by this section as to any particular line or lines of insurance, can be performed in some other manner that provides sufficient protection to the consumers of this state and results in greater efficiency in bringing new or modified products within the line to market, the approval required by this section may be waived for such period as is deemed appropriate, or until revoked. (i) (1) If the commissioner disapproves a rate, the insurer may request that the commissioner provide the insurer with an actuarial analysis, interpretation of statistical data, and other methodology that was reviewed by the commissioner or his or her staff. (2) The information required under subdivision (i)(1) of this section shall be provided within five (5) working days after the receipt of the request. Amended by Act 2015, No. 1164,§ 4, eff. 7/22/2015. Amended by Act 2013, No. 1339,§ 1, eff. 8/16/2013. Amended by Act 2013, No. 1187,§ 1, eff. 8/16/2013. Acts 1959, No. 148, § 276; 1975, No. 841, § 1; 1979, No. 691, § 2; 1981, No. 809, § 13; 1985, No. 804, § 1; A.S.A. 1947, § 66-3209; Acts 1987, No. 268, § 1; 1989, No. 710, § 2; 1989, No. 815, § 1; 1991, No. 1123, § 11; 1992 (1st Ex. Sess.), No. 72, § 1; 1993, No. 901, § 39; 1999, No. 458, §§ 3, 4; 2001, No. 1604, §§ 84-87; 2009, No. 726, § 37.

(a) (1) (A) (i) No basic insurance policy, or annuity contract form, or application form when written application is required and is to be made a part of the policy or contract, or printed rider or endorsement form or form of renewal certificate, shall be issued, delivered, or used as to a subject of insurance resident, located, or to be performed in this state unless the form has been filed with and approved by the Insurance Commissioner and, in the case of individual accident and health contracts, the rates have been filed with and approved by the commissioner. (ii) (a) The commissioner may consider a nonprofit insurer's surplus levels in determining whether a proposed rate is excessive. (b) Subdivision (a)(1)(A)(ii) (a) of this section does not apply to a nonprofit insurer that offers only limited scope dental benefits. (B) This subsection shall not apply to: (i) Policy or coverage forms for large commercial risks, as defined in subsection (g) of this section; (ii) Commercial umbrella policy or coverage forms; (iii) Excess umbrella policy or coverage forms; (iv) Excess of loss policy or coverage forms; (v) Public officials' liability policy or coverage forms; (vi) Fiduciary liability policy or coverage forms; (vii) Directors' and officers' liability policy or coverage forms; (viii) Kidnap and ransom policy or coverage forms; (ix) Political risk policy or coverage forms; (x) Expropriation coverage policy or coverage forms; (xi) Mortgage pool insurance policy or coverage forms; (xii) Railroad protective liability policy or coverage forms; (xiii) Equity loan programs, second mortgage coverage, policy or coverage forms; (xiv) Highly protected risk forms; (xv) Surety bonds; (xvi) Policies, orders, endorsements, or forms of unique character designed for, and used with relation to, insurance upon a particular subject, or that relate to the manner of distribution of benefits or to the reservation of rights and benefits under life and accident and health insurance policies and are used at the request of the individual policyholder, contract holder, or certificate holder; or (xvii) Policies, contracts, riders, endorsements, and certificates issued by surplus lines insurers. (C) The exemption of a particular type of insurance policy form from the requirement that it be filed with the commissioner and expressly approved thereby is not to be taken by an insurer as meaning that any insurance effected by the use of such a form may in any fashion be inconsistent with the statutory and common law of this state that is properly applicable thereto. (2) As to group insurance policies effectuated and delivered outside this state but covering persons resident in this state, the group certificates to be delivered or issued for delivery in this state shall be filed with and approved by the commissioner. (3) No group accident and health certificate of insurance may be extended to residents of this state under a group accident and health policy issued outside this state that does not include the provisions required for group policies issued in this state unless the commissioner determines that the provisions are not appropriate for the coverage provided. Upon request of the commissioner, copies of the group accident and health policies issued outside this state shall be made available on an informational basis. (4) On and after January 1, 1990, all Medicare supplement rates shall be based on a composite age basis only and shall not be based on any age banding or other groupings. (5) Nothing in this subsection shall prohibit an insurer or hospital and medical service corporation issuing Medicare supplement insurance policies from using its usual and customary underwriting procedures or excluding preexisting health conditions. However, no insurer shall refuse to issue a Medicare supplement policy based solely on the age of the applicant.

(1) (A) (i) No basic insurance policy, or annuity contract form, or application form when written application is required and is to be made a part of the policy or contract, or printed rider or endorsement form or form of renewal certificate, shall be issued, delivered, or used as to a subject of insurance resident, located, or to be performed in this state unless the form has been filed with and approved by the Insurance Commissioner and, in the case of individual accident and health contracts, the rates have been filed with and approved by the commissioner. (ii) (a) The commissioner may consider a nonprofit insurer's surplus levels in determining whether a proposed rate is excessive. (b) Subdivision (a)(1)(A)(ii) (a) of this section does not apply to a nonprofit insurer that offers only limited scope dental benefits. (B) This subsection shall not apply to: (i) Policy or coverage forms for large commercial risks, as defined in subsection (g) of this section; (ii) Commercial umbrella policy or coverage forms; (iii) Excess umbrella policy or coverage forms; (iv) Excess of loss policy or coverage forms; (v) Public officials' liability policy or coverage forms; (vi) Fiduciary liability policy or coverage forms; (vii) Directors' and officers' liability policy or coverage forms; (viii) Kidnap and ransom policy or coverage forms; (ix) Political risk policy or coverage forms; (x) Expropriation coverage policy or coverage forms; (xi) Mortgage pool insurance policy or coverage forms; (xii) Railroad protective liability policy or coverage forms; (xiii) Equity loan programs, second mortgage coverage, policy or coverage forms; (xiv) Highly protected risk forms; (xv) Surety bonds; (xvi) Policies, orders, endorsements, or forms of unique character designed for, and used with relation to, insurance upon a particular subject, or that relate to the manner of distribution of benefits or to the reservation of rights and benefits under life and accident and health insurance policies and are used at the request of the individual policyholder, contract holder, or certificate holder; or (xvii) Policies, contracts, riders, endorsements, and certificates issued by surplus lines insurers. (C) The exemption of a particular type of insurance policy form from the requirement that it be filed with the commissioner and expressly approved thereby is not to be taken by an insurer as meaning that any insurance effected by the use of such a form may in any fashion be inconsistent with the statutory and common law of this state that is properly applicable thereto.

(A) (i) No basic insurance policy, or annuity contract form, or application form when written application is required and is to be made a part of the policy or contract, or printed rider or endorsement form or form of renewal certificate, shall be issued, delivered, or used as to a subject of insurance resident, located, or to be performed in this state unless the form has been filed with and approved by the Insurance Commissioner and, in the case of individual accident and health contracts, the rates have been filed with and approved by the commissioner. (ii) (a) The commissioner may consider a nonprofit insurer's surplus levels in determining whether a proposed rate is excessive. (b) Subdivision (a)(1)(A)(ii) (a) of this section does not apply to a nonprofit insurer that offers only limited scope dental benefits.

(i) No basic insurance policy, or annuity contract form, or application form when written application is required and is to be made a part of the policy or contract, or printed rider or endorsement form or form of renewal certificate, shall be issued, delivered, or used as to a subject of insurance resident, located, or to be performed in this state unless the form has been filed with and approved by the Insurance Commissioner and, in the case of individual accident and health contracts, the rates have been filed with and approved by the commissioner.

(ii) (a) The commissioner may consider a nonprofit insurer's surplus levels in determining whether a proposed rate is excessive. (b) Subdivision (a)(1)(A)(ii) (a) of this section does not apply to a nonprofit insurer that offers only limited scope dental benefits.

(a) The commissioner may consider a nonprofit insurer's surplus levels in determining whether a proposed rate is excessive.

(b) Subdivision (a)(1)(A)(ii) (a) of this section does not apply to a nonprofit insurer that offers only limited scope dental benefits.

(B) This subsection shall not apply to: (i) Policy or coverage forms for large commercial risks, as defined in subsection (g) of this section; (ii) Commercial umbrella policy or coverage forms; (iii) Excess umbrella policy or coverage forms; (iv) Excess of loss policy or coverage forms; (v) Public officials' liability policy or coverage forms; (vi) Fiduciary liability policy or coverage forms; (vii) Directors' and officers' liability policy or coverage forms; (viii) Kidnap and ransom policy or coverage forms; (ix) Political risk policy or coverage forms; (x) Expropriation coverage policy or coverage forms; (xi) Mortgage pool insurance policy or coverage forms; (xii) Railroad protective liability policy or coverage forms; (xiii) Equity loan programs, second mortgage coverage, policy or coverage forms; (xiv) Highly protected risk forms; (xv) Surety bonds; (xvi) Policies, orders, endorsements, or forms of unique character designed for, and used with relation to, insurance upon a particular subject, or that relate to the manner of distribution of benefits or to the reservation of rights and benefits under life and accident and health insurance policies and are used at the request of the individual policyholder, contract holder, or certificate holder; or (xvii) Policies, contracts, riders, endorsements, and certificates issued by surplus lines insurers.

(i) Policy or coverage forms for large commercial risks, as defined in subsection (g) of this section;

(ii) Commercial umbrella policy or coverage forms;

(iii) Excess umbrella policy or coverage forms;

(iv) Excess of loss policy or coverage forms;

(v) Public officials' liability policy or coverage forms;

(vi) Fiduciary liability policy or coverage forms;

(vii) Directors' and officers' liability policy or coverage forms;

(viii) Kidnap and ransom policy or coverage forms;

(ix) Political risk policy or coverage forms;

(x) Expropriation coverage policy or coverage forms;

(xi) Mortgage pool insurance policy or coverage forms;

(xii) Railroad protective liability policy or coverage forms;

(xiii) Equity loan programs, second mortgage coverage, policy or coverage forms;

(xiv) Highly protected risk forms;

(xv) Surety bonds;

(xvi) Policies, orders, endorsements, or forms of unique character designed for, and used with relation to, insurance upon a particular subject, or that relate to the manner of distribution of benefits or to the reservation of rights and benefits under life and accident and health insurance policies and are used at the request of the individual policyholder, contract holder, or certificate holder; or

(xvii) Policies, contracts, riders, endorsements, and certificates issued by surplus lines insurers.

(C) The exemption of a particular type of insurance policy form from the requirement that it be filed with the commissioner and expressly approved thereby is not to be taken by an insurer as meaning that any insurance effected by the use of such a form may in any fashion be inconsistent with the statutory and common law of this state that is properly applicable thereto.

(2) As to group insurance policies effectuated and delivered outside this state but covering persons resident in this state, the group certificates to be delivered or issued for delivery in this state shall be filed with and approved by the commissioner.

(3) No group accident and health certificate of insurance may be extended to residents of this state under a group accident and health policy issued outside this state that does not include the provisions required for group policies issued in this state unless the commissioner determines that the provisions are not appropriate for the coverage provided. Upon request of the commissioner, copies of the group accident and health policies issued outside this state shall be made available on an informational basis.

(4) On and after January 1, 1990, all Medicare supplement rates shall be based on a composite age basis only and shall not be based on any age banding or other groupings.

(5) Nothing in this subsection shall prohibit an insurer or hospital and medical service corporation issuing Medicare supplement insurance policies from using its usual and customary underwriting procedures or excluding preexisting health conditions. However, no insurer shall refuse to issue a Medicare supplement policy based solely on the age of the applicant.

(b) (1) Every filing shall be made not less than thirty (30) days in advance of any delivery. At the expiration of the thirty (30) days, the form or rate so filed shall be deemed approved unless prior thereto it has been affirmatively approved or disapproved by the commissioner. (2) Approval of the form or rate by the commissioner shall constitute a waiver of any unexpired portion of the waiting period. (3) The commissioner may extend by not more than an additional thirty (30) days the period within which he or she may so affirmatively approve or disapprove the form or rate by giving notice of the extension before expiration of the initial thirty-day period. (4) At the expiration of the period as so extended, and in the absence of prior affirmative approval or disapproval, the form or rate shall be deemed approved. (5) The commissioner may at any time, after notice and for cause shown, withdraw approval.

(1) Every filing shall be made not less than thirty (30) days in advance of any delivery. At the expiration of the thirty (30) days, the form or rate so filed shall be deemed approved unless prior thereto it has been affirmatively approved or disapproved by the commissioner.

(2) Approval of the form or rate by the commissioner shall constitute a waiver of any unexpired portion of the waiting period.

(3) The commissioner may extend by not more than an additional thirty (30) days the period within which he or she may so affirmatively approve or disapprove the form or rate by giving notice of the extension before expiration of the initial thirty-day period.

(4) At the expiration of the period as so extended, and in the absence of prior affirmative approval or disapproval, the form or rate shall be deemed approved.

(5) The commissioner may at any time, after notice and for cause shown, withdraw approval.

(c) Notification disapproving the form or withdrawing a previous approval shall state the grounds therefor.

(d) By order, the commissioner may exempt from the requirements of this section, for so long as he or she deems proper, any insurance document or form or type thereof as specified in the order to which, in his or her opinion, this section may not practically be applied or the filing and approval of which are, in his or her opinion, not desirable or necessary for the protection of the public.

(e) This section shall apply also to any form used by domestic insurers for delivery in a jurisdiction outside this state, if the insurance supervisory official of the jurisdiction informs the commissioner that the form is not subject to approval or disapproval by that official, and upon the commissioner's written notice requiring the form to be submitted to him or her for the purpose. The same standards that are applicable to forms for domestic use shall apply to such forms.

(f) No policy or contract form providing coverage for personal automobile liability that provides for a policy term of less than six (6) months shall be approved by the commissioner or issued for delivery in this state and used by insurers on and after January 1, 1992. However, the provisions of this subsection shall not restrict premium payment options offered by insurers.

(g) (1) For purposes of this section, "large commercial risk" means an insured that has: (A) A total premium of two hundred fifty thousand dollars ($250,000) or more for property and casualty insurance; (B) At least twenty-five (25) full-time employees; and (C) A full-time certified risk manager to procure property and casualty insurance. For purposes of this subsection, "certified risk manager" means a risk manager with one (1) or more of the following credentials: (i) Associate in risk management; (ii) Chartered property casualty underwriter; or (iii) Certified risk manager. (2) The exemption for large commercial risk policy or coverage forms set forth in subdivision (a)(1) of this section shall not apply to workers' compensation, or employers' liability or professional liability insurance, including, but not limited to, medical malpractice insurance. (3) (A) In procuring coverage, a large commercial risk shall certify that it: (i) Meets the eligible criteria for an exempt commercial policyholder set out in this subsection; (ii) Is aware that the policy is unregulated for rates and forms; and (iii) Has the necessary expertise to negotiate its own policy language. (B) This certification shall be completed annually and remain on file with the producing agent or broker.

(1) For purposes of this section, "large commercial risk" means an insured that has: (A) A total premium of two hundred fifty thousand dollars ($250,000) or more for property and casualty insurance; (B) At least twenty-five (25) full-time employees; and (C) A full-time certified risk manager to procure property and casualty insurance. For purposes of this subsection, "certified risk manager" means a risk manager with one (1) or more of the following credentials: (i) Associate in risk management; (ii) Chartered property casualty underwriter; or (iii) Certified risk manager.

(A) A total premium of two hundred fifty thousand dollars ($250,000) or more for property and casualty insurance;

(B) At least twenty-five (25) full-time employees; and

(C) A full-time certified risk manager to procure property and casualty insurance. For purposes of this subsection, "certified risk manager" means a risk manager with one (1) or more of the following credentials: (i) Associate in risk management; (ii) Chartered property casualty underwriter; or (iii) Certified risk manager.

(i) Associate in risk management;

(ii) Chartered property casualty underwriter; or

(iii) Certified risk manager.

(2) The exemption for large commercial risk policy or coverage forms set forth in subdivision (a)(1) of this section shall not apply to workers' compensation, or employers' liability or professional liability insurance, including, but not limited to, medical malpractice insurance.

(3) (A) In procuring coverage, a large commercial risk shall certify that it: (i) Meets the eligible criteria for an exempt commercial policyholder set out in this subsection; (ii) Is aware that the policy is unregulated for rates and forms; and (iii) Has the necessary expertise to negotiate its own policy language. (B) This certification shall be completed annually and remain on file with the producing agent or broker.

(A) In procuring coverage, a large commercial risk shall certify that it: (i) Meets the eligible criteria for an exempt commercial policyholder set out in this subsection; (ii) Is aware that the policy is unregulated for rates and forms; and (iii) Has the necessary expertise to negotiate its own policy language.

(i) Meets the eligible criteria for an exempt commercial policyholder set out in this subsection;

(ii) Is aware that the policy is unregulated for rates and forms; and

(iii) Has the necessary expertise to negotiate its own policy language.

(B) This certification shall be completed annually and remain on file with the producing agent or broker.

(h) If the commissioner deems that the review as to either rates or forms, or both, required by this section as to any particular line or lines of insurance, can be performed in some other manner that provides sufficient protection to the consumers of this state and results in greater efficiency in bringing new or modified products within the line to market, the approval required by this section may be waived for such period as is deemed appropriate, or until revoked.

(i) (1) If the commissioner disapproves a rate, the insurer may request that the commissioner provide the insurer with an actuarial analysis, interpretation of statistical data, and other methodology that was reviewed by the commissioner or his or her staff. (2) The information required under subdivision (i)(1) of this section shall be provided within five (5) working days after the receipt of the request.

(1) If the commissioner disapproves a rate, the insurer may request that the commissioner provide the insurer with an actuarial analysis, interpretation of statistical data, and other methodology that was reviewed by the commissioner or his or her staff.

(2) The information required under subdivision (i)(1) of this section shall be provided within five (5) working days after the receipt of the request.

Amended by Act 2015, No. 1164,§ 4, eff. 7/22/2015.

Amended by Act 2013, No. 1339,§ 1, eff. 8/16/2013.

Amended by Act 2013, No. 1187,§ 1, eff. 8/16/2013.

Acts 1959, No. 148, § 276; 1975, No. 841, § 1; 1979, No. 691, § 2; 1981, No. 809, § 13; 1985, No. 804, § 1; A.S.A. 1947, § 66-3209; Acts 1987, No. 268, § 1; 1989, No. 710, § 2; 1989, No. 815, § 1; 1991, No. 1123, § 11; 1992 (1st Ex. Sess.), No. 72, § 1; 1993, No. 901, § 39; 1999, No. 458, §§ 3, 4; 2001, No. 1604, §§ 84-87; 2009, No. 726, § 37.
Ark. Code Ann. § 23-111-307 — AR Code / Title 23 / Chapter 111 / Subchapter 3 / Section 23-111-307
Franchises granted prior to July 1, 1957
Status: in_force

(a) (1) Any permit granted prior to July 1, 1957, to conduct greyhound racing in this state is validated, and the action of the authority granting the permit is ratified and confirmed. (2) Whether or not the permit has been granted for a definite period of time, the holder of the permit shall pay a franchise fee in an amount of one thousand dollars ($1,000) and shall be deemed to have a franchise upon compliance with provisions of this chapter. (b) The franchise shall continue in effect so long as the holder thereof shall comply with all applicable laws of this state relating to greyhound racing or until the rights thereunder shall terminate by operation of law making greyhound racing unlawful in the area covered by the franchise or until the forfeit of the franchise by the holder thereof. Acts 1957, No. 191, § 6; A.S.A. 1947, § 84-2821.

(a) (1) Any permit granted prior to July 1, 1957, to conduct greyhound racing in this state is validated, and the action of the authority granting the permit is ratified and confirmed. (2) Whether or not the permit has been granted for a definite period of time, the holder of the permit shall pay a franchise fee in an amount of one thousand dollars ($1,000) and shall be deemed to have a franchise upon compliance with provisions of this chapter.

(1) Any permit granted prior to July 1, 1957, to conduct greyhound racing in this state is validated, and the action of the authority granting the permit is ratified and confirmed.

(2) Whether or not the permit has been granted for a definite period of time, the holder of the permit shall pay a franchise fee in an amount of one thousand dollars ($1,000) and shall be deemed to have a franchise upon compliance with provisions of this chapter.

(b) The franchise shall continue in effect so long as the holder thereof shall comply with all applicable laws of this state relating to greyhound racing or until the rights thereunder shall terminate by operation of law making greyhound racing unlawful in the area covered by the franchise or until the forfeit of the franchise by the holder thereof.

Acts 1957, No. 191, § 6; A.S.A. 1947, § 84-2821.
Ark. Code Ann. § 23-10-424 — AR Code / Title 23 / Chapter 10 / Subchapter 4 / Section 23-10-424
Unloading cars - Free time - Demurrage charges - Extension of free time
Status: in_force

(a) (1) Loaded cars containing fertilizers, hay, coal, coke, brick, sand, and lumber in covered cars and cars containing, in bulk, meat, potatoes, grain and grain products, or cottonseed and cottonseed hulls, taking track delivery, which are to be unloaded by consignee but, having been placed at an accessible point for unloading, are not unloaded within seventy-two (72) hours, computed from 7:00 a.m. of the day following the day legal notice of arrival is given, may be subject thereafter to a charge of demurrage of five dollars ($5.00) per car for each day or fraction of a day that they may remain loaded in possession of the railroad company. (2) All other loaded cars taking track delivery to be unloaded by the consignee shall be limited to forty-eight (48) hours of free time. (b) (1) When, after placing cars as required in this section and §§ 23-10-402 , 23-10-403 , 23-10-405 , 23-10-406 , 23-10-409 - 23-10-423 , and 23-10-425 - 23-10-431 , the railroad company shall, during or after free time, temporarily remove all or any of them, or in any way obstruct the unloading of the cars, then the consignee shall not be chargeable with the delay caused thereby. (2) When, on account of delay or irregularity in transportation, cars are bunched in transit and delivered to the consignee in numbers beyond his or her reasonable ascertained ability to unload within the free time prescribed in this section, he or she shall be allowed by the carrier such additional time as may be necessary to unload cars so in excess by the exercise of due and usual diligence on the part of the consignee. Acts 1907, No. 193, § 10, p. 453; C. & M. Dig., § 905; Pope's Dig., § 1109; A.S.A. 1947, § 73-1319.

(a) (1) Loaded cars containing fertilizers, hay, coal, coke, brick, sand, and lumber in covered cars and cars containing, in bulk, meat, potatoes, grain and grain products, or cottonseed and cottonseed hulls, taking track delivery, which are to be unloaded by consignee but, having been placed at an accessible point for unloading, are not unloaded within seventy-two (72) hours, computed from 7:00 a.m. of the day following the day legal notice of arrival is given, may be subject thereafter to a charge of demurrage of five dollars ($5.00) per car for each day or fraction of a day that they may remain loaded in possession of the railroad company. (2) All other loaded cars taking track delivery to be unloaded by the consignee shall be limited to forty-eight (48) hours of free time.

(1) Loaded cars containing fertilizers, hay, coal, coke, brick, sand, and lumber in covered cars and cars containing, in bulk, meat, potatoes, grain and grain products, or cottonseed and cottonseed hulls, taking track delivery, which are to be unloaded by consignee but, having been placed at an accessible point for unloading, are not unloaded within seventy-two (72) hours, computed from 7:00 a.m. of the day following the day legal notice of arrival is given, may be subject thereafter to a charge of demurrage of five dollars ($5.00) per car for each day or fraction of a day that they may remain loaded in possession of the railroad company.

(2) All other loaded cars taking track delivery to be unloaded by the consignee shall be limited to forty-eight (48) hours of free time.

(b) (1) When, after placing cars as required in this section and §§ 23-10-402 , 23-10-403 , 23-10-405 , 23-10-406 , 23-10-409 - 23-10-423 , and 23-10-425 - 23-10-431 , the railroad company shall, during or after free time, temporarily remove all or any of them, or in any way obstruct the unloading of the cars, then the consignee shall not be chargeable with the delay caused thereby. (2) When, on account of delay or irregularity in transportation, cars are bunched in transit and delivered to the consignee in numbers beyond his or her reasonable ascertained ability to unload within the free time prescribed in this section, he or she shall be allowed by the carrier such additional time as may be necessary to unload cars so in excess by the exercise of due and usual diligence on the part of the consignee.

(1) When, after placing cars as required in this section and §§ 23-10-402 , 23-10-403 , 23-10-405 , 23-10-406 , 23-10-409 - 23-10-423 , and 23-10-425 - 23-10-431 , the railroad company shall, during or after free time, temporarily remove all or any of them, or in any way obstruct the unloading of the cars, then the consignee shall not be chargeable with the delay caused thereby.

(2) When, on account of delay or irregularity in transportation, cars are bunched in transit and delivered to the consignee in numbers beyond his or her reasonable ascertained ability to unload within the free time prescribed in this section, he or she shall be allowed by the carrier such additional time as may be necessary to unload cars so in excess by the exercise of due and usual diligence on the part of the consignee.

Acts 1907, No. 193, § 10, p. 453; C. & M. Dig., § 905; Pope's Dig., § 1109; A.S.A. 1947, § 73-1319.
Ark. Code Ann. § 23-66-303 — AR Code / Title 23 / Chapter 66 / Subchapter 3 / Section 23-66-303
Intimidation or coercion of business
Status: in_force

No person shall use intimidation or coercion as a means of securing insurance business. Acts 1959, No. 148, § 224; A.S.A. 1947, § 66-3017.

No person shall use intimidation or coercion as a means of securing insurance business.

Acts 1959, No. 148, § 224; A.S.A. 1947, § 66-3017.
Ark. Code Ann. § 23-69-402 — AR Code / Title 23 / Chapter 69 / Subchapter 4 / Section 23-69-402
Findings and intent
Status: in_force

(a) The General Assembly finds that: (1) The Insurance Commissioner requires an insurer or insurance group to submit confidential and privileged information to the State Insurance Department to allow the commissioner to evaluate the financial condition and stability of the insurer or insurance group to protect the public; (2) An insurer or insurance group may be reluctant to provide this information to the commissioner due to the sensitive nature of the information that is specific to the insurer or insurance group's identification of risks material, including proprietary and trade secrets of the insurer or insurance group filing the report; and (3) The information required by the commissioner to evaluate the financial stability of an insurer or insurance group if disclosed to the public has the potential to cause harm to an insurer or insurance group. (b) It is the intent of the General Assembly to ensure that: (1) A method is established to clarify the requirements for an insurer or insurance group to maintain a risk management framework; (2) An insurer or insurance group is able to share its own risk and solvency assessment with the commissioner to enable the commissioner to assess the financial stability of an insurer or insurance group to meet policyholder obligations; (3) An insurer or insurance group's own risk assessment summary report remains confidential if filed with the commissioner, subject to the rules adopted by the commissioner, and shall not be published, made publically available, or subject to public disclosure; and (4) The commissioner may only share an insurer or insurance group's own risk assessment summary report as stated in this subchapter and as necessary to assist the commissioner in performing his or her duties. Added by Act 2015, No. 1223,§ 31, eff. 7/22/2015.

(a) The General Assembly finds that: (1) The Insurance Commissioner requires an insurer or insurance group to submit confidential and privileged information to the State Insurance Department to allow the commissioner to evaluate the financial condition and stability of the insurer or insurance group to protect the public; (2) An insurer or insurance group may be reluctant to provide this information to the commissioner due to the sensitive nature of the information that is specific to the insurer or insurance group's identification of risks material, including proprietary and trade secrets of the insurer or insurance group filing the report; and (3) The information required by the commissioner to evaluate the financial stability of an insurer or insurance group if disclosed to the public has the potential to cause harm to an insurer or insurance group.

(1) The Insurance Commissioner requires an insurer or insurance group to submit confidential and privileged information to the State Insurance Department to allow the commissioner to evaluate the financial condition and stability of the insurer or insurance group to protect the public;

(2) An insurer or insurance group may be reluctant to provide this information to the commissioner due to the sensitive nature of the information that is specific to the insurer or insurance group's identification of risks material, including proprietary and trade secrets of the insurer or insurance group filing the report; and

(3) The information required by the commissioner to evaluate the financial stability of an insurer or insurance group if disclosed to the public has the potential to cause harm to an insurer or insurance group.

(b) It is the intent of the General Assembly to ensure that: (1) A method is established to clarify the requirements for an insurer or insurance group to maintain a risk management framework; (2) An insurer or insurance group is able to share its own risk and solvency assessment with the commissioner to enable the commissioner to assess the financial stability of an insurer or insurance group to meet policyholder obligations; (3) An insurer or insurance group's own risk assessment summary report remains confidential if filed with the commissioner, subject to the rules adopted by the commissioner, and shall not be published, made publically available, or subject to public disclosure; and (4) The commissioner may only share an insurer or insurance group's own risk assessment summary report as stated in this subchapter and as necessary to assist the commissioner in performing his or her duties.

(1) A method is established to clarify the requirements for an insurer or insurance group to maintain a risk management framework;

(2) An insurer or insurance group is able to share its own risk and solvency assessment with the commissioner to enable the commissioner to assess the financial stability of an insurer or insurance group to meet policyholder obligations;

(3) An insurer or insurance group's own risk assessment summary report remains confidential if filed with the commissioner, subject to the rules adopted by the commissioner, and shall not be published, made publically available, or subject to public disclosure; and

(4) The commissioner may only share an insurer or insurance group's own risk assessment summary report as stated in this subchapter and as necessary to assist the commissioner in performing his or her duties.

Added by Act 2015, No. 1223,§ 31, eff. 7/22/2015.
Ark. Code Ann. § 23-79-146 — AR Code / Title 23 / Chapter 79 / Subchapter 1 / Section 23-79-146
Subrogation recovery
Status: in_force

(a) (1) Any casualty insurer, accident and health insurer, health maintenance organization, self-funded group, multiple-employer welfare arrangement, or hospital or medical services corporation that issues, delivers, or renews a contract of accident and health insurance or individual or group accident and healthcare coverage containing a provision for subrogation for any benefits or services of any kind furnished to an insured, or for payments made or credit extended to or on behalf of any covered person for a physical condition or injury caused by a third party or for which a third party may be liable, shall be entitled to receive subrogation benefits from the third party. (2) In the event that an insured or covered person recovers from a third party, reasonable cost of collection and attorney's fees thereof shall be assessed against the insurer and the insured in the proportion each benefits from the recovery. (b) In the event more than one (1) casualty insurer, accident and health insurer, health maintenance organization, self-funded group, multiple-employer welfare arrangement, or hospital or medical services corporation having contractual subrogation rights is entitled to the subrogation benefits specified in subsection (a) of this section, reasonable cost of collection and attorney's fees thereof shall be assessed against the insurers and the insured in the proportion each benefits from the recovery. Acts 1993, No. 1182, §§ 1, 2, 6; 1995, No. 1020, § 1; 2001, No. 1604, § 109.

(a) (1) Any casualty insurer, accident and health insurer, health maintenance organization, self-funded group, multiple-employer welfare arrangement, or hospital or medical services corporation that issues, delivers, or renews a contract of accident and health insurance or individual or group accident and healthcare coverage containing a provision for subrogation for any benefits or services of any kind furnished to an insured, or for payments made or credit extended to or on behalf of any covered person for a physical condition or injury caused by a third party or for which a third party may be liable, shall be entitled to receive subrogation benefits from the third party. (2) In the event that an insured or covered person recovers from a third party, reasonable cost of collection and attorney's fees thereof shall be assessed against the insurer and the insured in the proportion each benefits from the recovery.

(1) Any casualty insurer, accident and health insurer, health maintenance organization, self-funded group, multiple-employer welfare arrangement, or hospital or medical services corporation that issues, delivers, or renews a contract of accident and health insurance or individual or group accident and healthcare coverage containing a provision for subrogation for any benefits or services of any kind furnished to an insured, or for payments made or credit extended to or on behalf of any covered person for a physical condition or injury caused by a third party or for which a third party may be liable, shall be entitled to receive subrogation benefits from the third party.

(2) In the event that an insured or covered person recovers from a third party, reasonable cost of collection and attorney's fees thereof shall be assessed against the insurer and the insured in the proportion each benefits from the recovery.

(b) In the event more than one (1) casualty insurer, accident and health insurer, health maintenance organization, self-funded group, multiple-employer welfare arrangement, or hospital or medical services corporation having contractual subrogation rights is entitled to the subrogation benefits specified in subsection (a) of this section, reasonable cost of collection and attorney's fees thereof shall be assessed against the insurers and the insured in the proportion each benefits from the recovery.

Acts 1993, No. 1182, §§ 1, 2, 6; 1995, No. 1020, § 1; 2001, No. 1604, § 109.
Ark. Code Ann. § 23-12-804 — AR Code / Title 23 / Chapter 12 / Subchapter 8 / Section 23-12-804
Discharge of firearms or throwing objects at railroad or street car
Status: in_force

If any person wantonly, maliciously, or mischievously discharges firearms or throws stones, sticks, clubs, or other missiles at, into, or against any locomotive, railroad car, or street car on any railroad, he or she shall be guilty of a misdemeanor. On conviction the person shall be punished by a fine of not less than twenty-five dollars ($25.00) nor more than two hundred fifty dollars ($250) or by imprisonment in the county jail for not more than three (3) months, or by both a fine and imprisonment. Acts 1893, No. 77, § 1, p. 144; C. & M. Dig., § 8597; Pope's Dig., § 11175; A.S.A. 1947, § 73-1110.

If any person wantonly, maliciously, or mischievously discharges firearms or throws stones, sticks, clubs, or other missiles at, into, or against any locomotive, railroad car, or street car on any railroad, he or she shall be guilty of a misdemeanor. On conviction the person shall be punished by a fine of not less than twenty-five dollars ($25.00) nor more than two hundred fifty dollars ($250) or by imprisonment in the county jail for not more than three (3) months, or by both a fine and imprisonment.

Acts 1893, No. 77, § 1, p. 144; C. & M. Dig., § 8597; Pope's Dig., § 11175; A.S.A. 1947, § 73-1110.
Ark. Code Ann. § 23-114-605 — AR Code / Title 23 / Chapter 114 / Subchapter 6 / Section 23-114-605
Collection and disbursement of excise tax and license fees
Status: in_force

The Department of Finance and Administration shall deposit the revenue collected from the license fees levied under §§ 23-114-302 and 23-114-307 , and the excise tax levied in § 23-114-601 to the credit of the General Revenue Fund Account of the State Apportionment Fund. Acts 2007, No. 388, § 1.

The Department of Finance and Administration shall deposit the revenue collected from the license fees levied under §§ 23-114-302 and 23-114-307 , and the excise tax levied in § 23-114-601 to the credit of the General Revenue Fund Account of the State Apportionment Fund.

Acts 2007, No. 388, § 1.
Ark. Code Ann. § 23-63-806 — AR Code / Title 23 / Chapter 63 / Subchapter 8 / Section 23-63-806
United States Government obligations
Status: in_force

An insurer may invest in bonds, notes, warrants, and other evidences of indebtedness which are direct obligations of the United States or for which the full faith and credit of the United States is pledged for the payment of principal and interest. Acts 1959, No. 148, § 102; A.S.A. 1947, § 66-2606.

An insurer may invest in bonds, notes, warrants, and other evidences of indebtedness which are direct obligations of the United States or for which the full faith and credit of the United States is pledged for the payment of principal and interest.

Acts 1959, No. 148, § 102; A.S.A. 1947, § 66-2606.