Ark. Code Ann. § 23-114-501 — AR Code / Title 23 / Chapter 114 / Subchapter 5 / Section 23-114-501
Bingo and raffle accounts
Status: in_force

(a) (1) A licensed authorized organization with gross receipts from raffles or games of bingo in excess of five hundred dollars ($500) per month shall establish and maintain one (1) regular checking account designated as the bingo and raffle account. (2) A licensed authorized organization may also maintain an interest-bearing savings account designated as the bingo and raffle savings account. (b) (1) A licensed authorized organization shall deposit into the bingo and raffle account all funds derived from the conduct of games of bingo and raffles, less the amount awarded as cash prizes. Except as provided by subdivision (b)(2) of this section, a deposit shall be made not later than the next business day after the day of the raffle or bingo session on which the receipts were obtained. (2) A licensed authorized organization may deposit funds derived from the conduct of a raffle or games of bingo that are paid through a debit card transaction into the bingo fund not later than seventy-two (72) hours after the transaction. (c) (1) A licensed authorized organization may lend money from its general fund to its bingo and raffle account. (2) Except as provided by this section, no other funds may be deposited into the bingo and raffle account. (d) Except as provided in subsection (c) of this section, a licensed authorized organization shall not commingle gross receipts derived from the conduct of games of bingo and raffles with other funds of the organization. (e) Except as permitted, the licensed authorized organization shall not transfer gross receipts to another account maintained by the licensed authorized organization. (f) A licensed authorized organization shall maintain all of its savings and checking accounts established under this section in a financial institution in this state. Acts 2007, No. 388, § 1; 2009, No. 499, § 9.

(a) (1) A licensed authorized organization with gross receipts from raffles or games of bingo in excess of five hundred dollars ($500) per month shall establish and maintain one (1) regular checking account designated as the bingo and raffle account. (2) A licensed authorized organization may also maintain an interest-bearing savings account designated as the bingo and raffle savings account.

(1) A licensed authorized organization with gross receipts from raffles or games of bingo in excess of five hundred dollars ($500) per month shall establish and maintain one (1) regular checking account designated as the bingo and raffle account.

(2) A licensed authorized organization may also maintain an interest-bearing savings account designated as the bingo and raffle savings account.

(b) (1) A licensed authorized organization shall deposit into the bingo and raffle account all funds derived from the conduct of games of bingo and raffles, less the amount awarded as cash prizes. Except as provided by subdivision (b)(2) of this section, a deposit shall be made not later than the next business day after the day of the raffle or bingo session on which the receipts were obtained. (2) A licensed authorized organization may deposit funds derived from the conduct of a raffle or games of bingo that are paid through a debit card transaction into the bingo fund not later than seventy-two (72) hours after the transaction.

(1) A licensed authorized organization shall deposit into the bingo and raffle account all funds derived from the conduct of games of bingo and raffles, less the amount awarded as cash prizes. Except as provided by subdivision (b)(2) of this section, a deposit shall be made not later than the next business day after the day of the raffle or bingo session on which the receipts were obtained.

(2) A licensed authorized organization may deposit funds derived from the conduct of a raffle or games of bingo that are paid through a debit card transaction into the bingo fund not later than seventy-two (72) hours after the transaction.

(c) (1) A licensed authorized organization may lend money from its general fund to its bingo and raffle account. (2) Except as provided by this section, no other funds may be deposited into the bingo and raffle account.

(1) A licensed authorized organization may lend money from its general fund to its bingo and raffle account.

(2) Except as provided by this section, no other funds may be deposited into the bingo and raffle account.

(d) Except as provided in subsection (c) of this section, a licensed authorized organization shall not commingle gross receipts derived from the conduct of games of bingo and raffles with other funds of the organization.

(e) Except as permitted, the licensed authorized organization shall not transfer gross receipts to another account maintained by the licensed authorized organization.

(f) A licensed authorized organization shall maintain all of its savings and checking accounts established under this section in a financial institution in this state.

Acts 2007, No. 388, § 1; 2009, No. 499, § 9.
Ark. Code Ann. § 23-92-703 — AR Code / Title 23 / Chapter 92 / Subchapter 7 / Section 23-92-703
Definitions
Status: in_force

As used in this subchapter: (1) "Defined cost sharing" means a deductible payment or coinsurance amount imposed on an enrollee for a covered prescription drug under the enrollee's health benefit plan; (2) "Enrollee" means an individual entitled to coverage of healthcare services from a healthcare insurer; (3) (A) "Health benefit plan" means any individual, blanket, or group plan, policy, or contract for healthcare services issued or delivered by a healthcare insurer in this state. (B) "Health benefit plan" does not include: (i) Accident-only plans; (ii) Specified disease plans; (iii) Disability income plans; (iv) Plans that provide only for indemnity for hospital confinement; (v) Long-term-care-only plans that do not include pharmacy benefits; (vi) Other limited-benefit health insurance policies or plans; (vii) Health benefit plans provided under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., or the Public Employee Workers' Compensation Act, § 21-5-601 et seq.; or (viii) Any state or local governmental employee plan; (4) "Healthcare insurer" means an insurance company that is subject to state law regulating insurance, including without limitation a health maintenance organization or a hospital and medical service corporation; (5) "Pharmacy benefits management service" means a service to: (A) Negotiate the price of prescription drugs, including negotiating and contracting for direct or indirect rebates, discounts, or other price concessions; (B) Manage any aspect of a prescription drug benefit, including without limitation: (i) Claims processing services; (ii) The performance of drug utilization review; (iii) The processing of drug prior authorization requests; (iv) The adjudication of appeals or grievances related to a prescription drug benefit; (v) Controlling the cost of covered prescription drugs; or (vi) The provision of services related to the services described under this subdivision (5)(B); (C) Disburse or distribute rebates, manage or participate in incentive programs or arrangements for pharmacist services, negotiate or enter into contractual arrangements with pharmacists or pharmacies, or both, develop formularies, or employ advertising or promotional services; (D) Perform any other administrative, managerial, clinical, pricing, financial, reimbursement, or billing service; and (E) Perform any other services as the Insurance Commissioner may include by rule; (6) (A) "Pharmacy benefits manager" means a person, business, or entity that, pursuant to a written agreement with a healthcare insurer or health benefit plan, either directly or indirectly provides one (1) or more pharmacy benefits management services on behalf of the healthcare insurer or health benefit plan, and any agent, contractor, intermediary, affiliate, subsidiary, or related entity of the person, business, or entity that facilitates, provides, directs, or oversees the provision of the pharmacy benefits management service or services. (B) "Pharmacy benefits manager" does not include a: (i) Healthcare facility licensed in Arkansas; (ii) Healthcare professional licensed in Arkansas; or (iii) Consultant who only provides advice as to the selection or performance of a pharmacy benefits manager; (7) "Price protection rebate" means a negotiated price concession that accrues directly or indirectly to a healthcare insurer, or other party on behalf of the healthcare insurer, if there is an increase in the wholesale acquisition cost of a prescription drug above a specified threshold; and (8) "Rebate" means: (A) A negotiated price concession, including without limitation base price concessions, whether described as a rebate or not, reasonable estimates of any price protection rebates, and performance-based price concessions that may accrue, directly or indirectly, to the healthcare insurer during the coverage year from a manufacturer or other party in connection with the dispensing or administration of a prescription drug; and (B) Any reasonable estimate of a negotiated price concession, fee, and other administrative cost that is passed through, or is reasonably anticipated to be passed through, to the healthcare insurer and serves to reduce the healthcare insurer's liabilities for a prescription drug. Added by Act 2023, No. 333,§ 2, eff. 8/1/2023.

As used in this subchapter:

(1) "Defined cost sharing" means a deductible payment or coinsurance amount imposed on an enrollee for a covered prescription drug under the enrollee's health benefit plan;

(2) "Enrollee" means an individual entitled to coverage of healthcare services from a healthcare insurer;

(3) (A) "Health benefit plan" means any individual, blanket, or group plan, policy, or contract for healthcare services issued or delivered by a healthcare insurer in this state. (B) "Health benefit plan" does not include: (i) Accident-only plans; (ii) Specified disease plans; (iii) Disability income plans; (iv) Plans that provide only for indemnity for hospital confinement; (v) Long-term-care-only plans that do not include pharmacy benefits; (vi) Other limited-benefit health insurance policies or plans; (vii) Health benefit plans provided under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., or the Public Employee Workers' Compensation Act, § 21-5-601 et seq.; or (viii) Any state or local governmental employee plan;

(A) "Health benefit plan" means any individual, blanket, or group plan, policy, or contract for healthcare services issued or delivered by a healthcare insurer in this state.

(B) "Health benefit plan" does not include: (i) Accident-only plans; (ii) Specified disease plans; (iii) Disability income plans; (iv) Plans that provide only for indemnity for hospital confinement; (v) Long-term-care-only plans that do not include pharmacy benefits; (vi) Other limited-benefit health insurance policies or plans; (vii) Health benefit plans provided under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., or the Public Employee Workers' Compensation Act, § 21-5-601 et seq.; or (viii) Any state or local governmental employee plan;

(i) Accident-only plans;

(ii) Specified disease plans;

(iii) Disability income plans;

(iv) Plans that provide only for indemnity for hospital confinement;

(v) Long-term-care-only plans that do not include pharmacy benefits;

(vi) Other limited-benefit health insurance policies or plans;

(vii) Health benefit plans provided under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., or the Public Employee Workers' Compensation Act, § 21-5-601 et seq.; or

(viii) Any state or local governmental employee plan;

(4) "Healthcare insurer" means an insurance company that is subject to state law regulating insurance, including without limitation a health maintenance organization or a hospital and medical service corporation;

(5) "Pharmacy benefits management service" means a service to: (A) Negotiate the price of prescription drugs, including negotiating and contracting for direct or indirect rebates, discounts, or other price concessions; (B) Manage any aspect of a prescription drug benefit, including without limitation: (i) Claims processing services; (ii) The performance of drug utilization review; (iii) The processing of drug prior authorization requests; (iv) The adjudication of appeals or grievances related to a prescription drug benefit; (v) Controlling the cost of covered prescription drugs; or (vi) The provision of services related to the services described under this subdivision (5)(B); (C) Disburse or distribute rebates, manage or participate in incentive programs or arrangements for pharmacist services, negotiate or enter into contractual arrangements with pharmacists or pharmacies, or both, develop formularies, or employ advertising or promotional services; (D) Perform any other administrative, managerial, clinical, pricing, financial, reimbursement, or billing service; and (E) Perform any other services as the Insurance Commissioner may include by rule;

(A) Negotiate the price of prescription drugs, including negotiating and contracting for direct or indirect rebates, discounts, or other price concessions;

(B) Manage any aspect of a prescription drug benefit, including without limitation: (i) Claims processing services; (ii) The performance of drug utilization review; (iii) The processing of drug prior authorization requests; (iv) The adjudication of appeals or grievances related to a prescription drug benefit; (v) Controlling the cost of covered prescription drugs; or (vi) The provision of services related to the services described under this subdivision (5)(B);

(i) Claims processing services;

(ii) The performance of drug utilization review;

(iii) The processing of drug prior authorization requests;

(iv) The adjudication of appeals or grievances related to a prescription drug benefit;

(v) Controlling the cost of covered prescription drugs; or

(vi) The provision of services related to the services described under this subdivision (5)(B);

(C) Disburse or distribute rebates, manage or participate in incentive programs or arrangements for pharmacist services, negotiate or enter into contractual arrangements with pharmacists or pharmacies, or both, develop formularies, or employ advertising or promotional services;

(D) Perform any other administrative, managerial, clinical, pricing, financial, reimbursement, or billing service; and

(E) Perform any other services as the Insurance Commissioner may include by rule;

(6) (A) "Pharmacy benefits manager" means a person, business, or entity that, pursuant to a written agreement with a healthcare insurer or health benefit plan, either directly or indirectly provides one (1) or more pharmacy benefits management services on behalf of the healthcare insurer or health benefit plan, and any agent, contractor, intermediary, affiliate, subsidiary, or related entity of the person, business, or entity that facilitates, provides, directs, or oversees the provision of the pharmacy benefits management service or services. (B) "Pharmacy benefits manager" does not include a: (i) Healthcare facility licensed in Arkansas; (ii) Healthcare professional licensed in Arkansas; or (iii) Consultant who only provides advice as to the selection or performance of a pharmacy benefits manager;

(A) "Pharmacy benefits manager" means a person, business, or entity that, pursuant to a written agreement with a healthcare insurer or health benefit plan, either directly or indirectly provides one (1) or more pharmacy benefits management services on behalf of the healthcare insurer or health benefit plan, and any agent, contractor, intermediary, affiliate, subsidiary, or related entity of the person, business, or entity that facilitates, provides, directs, or oversees the provision of the pharmacy benefits management service or services.

(B) "Pharmacy benefits manager" does not include a: (i) Healthcare facility licensed in Arkansas; (ii) Healthcare professional licensed in Arkansas; or (iii) Consultant who only provides advice as to the selection or performance of a pharmacy benefits manager;

(i) Healthcare facility licensed in Arkansas;

(ii) Healthcare professional licensed in Arkansas; or

(iii) Consultant who only provides advice as to the selection or performance of a pharmacy benefits manager;

(7) "Price protection rebate" means a negotiated price concession that accrues directly or indirectly to a healthcare insurer, or other party on behalf of the healthcare insurer, if there is an increase in the wholesale acquisition cost of a prescription drug above a specified threshold; and

(8) "Rebate" means: (A) A negotiated price concession, including without limitation base price concessions, whether described as a rebate or not, reasonable estimates of any price protection rebates, and performance-based price concessions that may accrue, directly or indirectly, to the healthcare insurer during the coverage year from a manufacturer or other party in connection with the dispensing or administration of a prescription drug; and (B) Any reasonable estimate of a negotiated price concession, fee, and other administrative cost that is passed through, or is reasonably anticipated to be passed through, to the healthcare insurer and serves to reduce the healthcare insurer's liabilities for a prescription drug.

(A) A negotiated price concession, including without limitation base price concessions, whether described as a rebate or not, reasonable estimates of any price protection rebates, and performance-based price concessions that may accrue, directly or indirectly, to the healthcare insurer during the coverage year from a manufacturer or other party in connection with the dispensing or administration of a prescription drug; and

(B) Any reasonable estimate of a negotiated price concession, fee, and other administrative cost that is passed through, or is reasonably anticipated to be passed through, to the healthcare insurer and serves to reduce the healthcare insurer's liabilities for a prescription drug.

Added by Act 2023, No. 333,§ 2, eff. 8/1/2023.
Ark. Code Ann. § 23-40-103 — AR Code / Title 23 / Chapter 40 / Section 23-40-103
Definitions
Status: in_force

As used in this chapter: (1) "Annuity funding" means contract proceeds that are used by a seller to purchase an annuity contract that names the seller as the beneficiary of the annuity contract, the proceeds of which shall be used to pay for the funeral benefits specified in a prepaid contract, or the purchaser may elect to purchase an annuity contract directly from an insurance carrier and either name the seller as the policy beneficiary or assign the death benefits to the seller to fund the prepaid funeral benefits contract; (2) "Cash accommodation items" means flowers, honorariums, death certificates, sales taxes, grave opening and closing, cemetery charges, and other items incidental to the funeral and disposition of the beneficiary which are to be furnished or provided by a third party at the time of death; (3) "Contract beneficiary" means any natural person designated in a prepaid funeral benefits contract upon whose death funeral services or funeral merchandise, or both, shall be performed, provided, or delivered; (4) (A) "Contract funding methods" means contract proceeds. (B) "Contract funding methods" includes: (i) Annuity funding; (ii) Insurance funding; and (iii) Trust funding; (5) "Contract price" means the aggregate moneys to be paid and the aggregate stated value of all other direct or indirect consideration to be assigned by purchasers of prepaid funeral benefits as provided in the contract, exclusive of any finance charge; (6) "Contract proceeds" means the portion of the contract price collected by the seller from a contract for the sale of prepaid funeral benefits; (7) "Insurance funding" means contract proceeds that are used by a seller to purchase a life insurance policy or certificate on the life of a contract beneficiary that names the seller as the beneficiary of the life insurance policy or certificate, the indemnity from which shall be used to pay for the funeral benefits specified in the prepaid contract, or the purchaser may elect to purchase a life insurance policy or certificate directly from an insurance carrier, and then either name the seller as the life insurance policy beneficiary or assign the death benefits to the seller to fund the prepaid funeral benefits contract; (8) "Licensee" or "permittee" means a person holding a valid permit or license issued pursuant to this chapter; (9) "Liquid investments" means investments which can be sold at cost or greater, liquidated without penalty, and collected within five (5) banking days; (10) "Net investment income" means: (A) All revenue and earnings of the trust fund, including, but not limited to, interest, dividends, and capital gains; minus (B) Investment expenses, trustee's fees, capital losses, and all revenue and earnings on cash accommodation funds; (11) "Net worth" means the difference between the applicant's total assets and total liabilities as reflected in a balance sheet prepared according to accounting principles and procedures approved by the Insurance Commissioner; (12) "Nonguaranteed prepaid contract" means a prepaid contract for the selection of merchandise or services that does not guarantee the price of the merchandise or services at the time of need; (13) "Nonspecified prepaid contract" means a prepaid contract that: (A) Does not select specific funeral merchandise or funeral services when the contract is executed; (B) Permits the selection of funeral merchandise or funeral services at the time of need; and (C) Applies contract funds to the cost of funeral merchandise or funeral services selected at the time of need; (14) (A) "Prearrangement" means an arrangement whereby a person, for himself or herself or on behalf of some other person, makes arrangement for funeral and burial services prior to the death of the person, without consideration and without an agreement or itemization specifying any particular service or merchandise, or the cost thereof, through the assignment or transfer, including the conditions that the assignor or transferor may choose to impose, of ownership to a licensee of an insurance policy or annuity contract, or proceeds thereof, or by the designation of a licensee as beneficiary of any such insurance policy or annuity contract. (B) An assignment of an insurance policy or annuity or the proceeds thereof to a funeral home or the designation of a funeral home as beneficiary as described in subdivision (14)(A) of this section is not a prepaid funeral benefits contract; (15) (A) "Prepaid funeral benefits contract" or "prepaid contract" means a contract or agreement for the prepayment and sale in this state of funeral services or funeral merchandise, including without limitation caskets, grave vaults, and all other articles of merchandise and services incidental to funeral services, at an agreed-upon price, to be delivered at an undetermined future date depending upon the death of the contract beneficiary. (B) "Prepaid funeral benefits contract" or "prepaid contract" includes a nonguaranteed prepaid contract and a nonspecified prepaid contract. (C) "Prepaid funeral benefits contract" or "prepaid contract" does not include a prearrangement; (16) "Seller" means the organization selling prepaid funeral benefits or owning any interest in any contract for prepaid funeral benefits pursuant to this chapter; (17) "Surplus" means the funds or other property in excess of the undistributed net investment income and aggregate contract proceeds held in the trust fund; (18) "Trust funding" means the depositing of contract proceeds into a trust account by a seller until such time as the funds are needed to pay for benefits specified in the prepaid funeral benefits contract; and (19) "Trustee" means a state or national bank or savings and loan association in this state, or, in the reasonable discretion of the commissioner upon the terms and conditions that he or she may require, a securities brokerage firm licensed and in good standing with appropriate state and federal regulatory authorities. Amended by Act 2019, No. 521,§ 1, eff. 7/24/2019. Amended by Act 2015, No. 904,§ 2, eff. 4/1/2015. Amended by Act 2015, No. 904,§ 1, eff. 4/1/2015. Amended by Act 2013, No. 476,§ 2, eff. 8/16/2013. Amended by Act 2013, No. 476,§ 1, eff. 8/16/2013. Acts 1985, No. 156, § 1; A.S.A. 1947, § 67-1713; Acts 1995, No. 852, § 1; 1997, No. 372, §§ 1-3.

As used in this chapter:

(1) "Annuity funding" means contract proceeds that are used by a seller to purchase an annuity contract that names the seller as the beneficiary of the annuity contract, the proceeds of which shall be used to pay for the funeral benefits specified in a prepaid contract, or the purchaser may elect to purchase an annuity contract directly from an insurance carrier and either name the seller as the policy beneficiary or assign the death benefits to the seller to fund the prepaid funeral benefits contract;

(2) "Cash accommodation items" means flowers, honorariums, death certificates, sales taxes, grave opening and closing, cemetery charges, and other items incidental to the funeral and disposition of the beneficiary which are to be furnished or provided by a third party at the time of death;

(3) "Contract beneficiary" means any natural person designated in a prepaid funeral benefits contract upon whose death funeral services or funeral merchandise, or both, shall be performed, provided, or delivered;

(4) (A) "Contract funding methods" means contract proceeds. (B) "Contract funding methods" includes: (i) Annuity funding; (ii) Insurance funding; and (iii) Trust funding;

(A) "Contract funding methods" means contract proceeds.

(B) "Contract funding methods" includes: (i) Annuity funding; (ii) Insurance funding; and (iii) Trust funding;

(i) Annuity funding;

(ii) Insurance funding; and

(iii) Trust funding;

(5) "Contract price" means the aggregate moneys to be paid and the aggregate stated value of all other direct or indirect consideration to be assigned by purchasers of prepaid funeral benefits as provided in the contract, exclusive of any finance charge;

(6) "Contract proceeds" means the portion of the contract price collected by the seller from a contract for the sale of prepaid funeral benefits;

(7) "Insurance funding" means contract proceeds that are used by a seller to purchase a life insurance policy or certificate on the life of a contract beneficiary that names the seller as the beneficiary of the life insurance policy or certificate, the indemnity from which shall be used to pay for the funeral benefits specified in the prepaid contract, or the purchaser may elect to purchase a life insurance policy or certificate directly from an insurance carrier, and then either name the seller as the life insurance policy beneficiary or assign the death benefits to the seller to fund the prepaid funeral benefits contract;

(8) "Licensee" or "permittee" means a person holding a valid permit or license issued pursuant to this chapter;

(9) "Liquid investments" means investments which can be sold at cost or greater, liquidated without penalty, and collected within five (5) banking days;

(10) "Net investment income" means: (A) All revenue and earnings of the trust fund, including, but not limited to, interest, dividends, and capital gains; minus (B) Investment expenses, trustee's fees, capital losses, and all revenue and earnings on cash accommodation funds;

(A) All revenue and earnings of the trust fund, including, but not limited to, interest, dividends, and capital gains; minus

(B) Investment expenses, trustee's fees, capital losses, and all revenue and earnings on cash accommodation funds;

(11) "Net worth" means the difference between the applicant's total assets and total liabilities as reflected in a balance sheet prepared according to accounting principles and procedures approved by the Insurance Commissioner;

(12) "Nonguaranteed prepaid contract" means a prepaid contract for the selection of merchandise or services that does not guarantee the price of the merchandise or services at the time of need;

(13) "Nonspecified prepaid contract" means a prepaid contract that: (A) Does not select specific funeral merchandise or funeral services when the contract is executed; (B) Permits the selection of funeral merchandise or funeral services at the time of need; and (C) Applies contract funds to the cost of funeral merchandise or funeral services selected at the time of need;

(A) Does not select specific funeral merchandise or funeral services when the contract is executed;

(B) Permits the selection of funeral merchandise or funeral services at the time of need; and

(C) Applies contract funds to the cost of funeral merchandise or funeral services selected at the time of need;

(14) (A) "Prearrangement" means an arrangement whereby a person, for himself or herself or on behalf of some other person, makes arrangement for funeral and burial services prior to the death of the person, without consideration and without an agreement or itemization specifying any particular service or merchandise, or the cost thereof, through the assignment or transfer, including the conditions that the assignor or transferor may choose to impose, of ownership to a licensee of an insurance policy or annuity contract, or proceeds thereof, or by the designation of a licensee as beneficiary of any such insurance policy or annuity contract. (B) An assignment of an insurance policy or annuity or the proceeds thereof to a funeral home or the designation of a funeral home as beneficiary as described in subdivision (14)(A) of this section is not a prepaid funeral benefits contract;

(A) "Prearrangement" means an arrangement whereby a person, for himself or herself or on behalf of some other person, makes arrangement for funeral and burial services prior to the death of the person, without consideration and without an agreement or itemization specifying any particular service or merchandise, or the cost thereof, through the assignment or transfer, including the conditions that the assignor or transferor may choose to impose, of ownership to a licensee of an insurance policy or annuity contract, or proceeds thereof, or by the designation of a licensee as beneficiary of any such insurance policy or annuity contract.

(B) An assignment of an insurance policy or annuity or the proceeds thereof to a funeral home or the designation of a funeral home as beneficiary as described in subdivision (14)(A) of this section is not a prepaid funeral benefits contract;

(15) (A) "Prepaid funeral benefits contract" or "prepaid contract" means a contract or agreement for the prepayment and sale in this state of funeral services or funeral merchandise, including without limitation caskets, grave vaults, and all other articles of merchandise and services incidental to funeral services, at an agreed-upon price, to be delivered at an undetermined future date depending upon the death of the contract beneficiary. (B) "Prepaid funeral benefits contract" or "prepaid contract" includes a nonguaranteed prepaid contract and a nonspecified prepaid contract. (C) "Prepaid funeral benefits contract" or "prepaid contract" does not include a prearrangement;

(A) "Prepaid funeral benefits contract" or "prepaid contract" means a contract or agreement for the prepayment and sale in this state of funeral services or funeral merchandise, including without limitation caskets, grave vaults, and all other articles of merchandise and services incidental to funeral services, at an agreed-upon price, to be delivered at an undetermined future date depending upon the death of the contract beneficiary.

(B) "Prepaid funeral benefits contract" or "prepaid contract" includes a nonguaranteed prepaid contract and a nonspecified prepaid contract.

(C) "Prepaid funeral benefits contract" or "prepaid contract" does not include a prearrangement;

(16) "Seller" means the organization selling prepaid funeral benefits or owning any interest in any contract for prepaid funeral benefits pursuant to this chapter;

(17) "Surplus" means the funds or other property in excess of the undistributed net investment income and aggregate contract proceeds held in the trust fund;

(18) "Trust funding" means the depositing of contract proceeds into a trust account by a seller until such time as the funds are needed to pay for benefits specified in the prepaid funeral benefits contract; and

(19) "Trustee" means a state or national bank or savings and loan association in this state, or, in the reasonable discretion of the commissioner upon the terms and conditions that he or she may require, a securities brokerage firm licensed and in good standing with appropriate state and federal regulatory authorities.

Amended by Act 2019, No. 521,§ 1, eff. 7/24/2019.

Amended by Act 2015, No. 904,§ 2, eff. 4/1/2015.

Amended by Act 2015, No. 904,§ 1, eff. 4/1/2015.

Amended by Act 2013, No. 476,§ 2, eff. 8/16/2013.

Amended by Act 2013, No. 476,§ 1, eff. 8/16/2013.

Acts 1985, No. 156, § 1; A.S.A. 1947, § 67-1713; Acts 1995, No. 852, § 1; 1997, No. 372, §§ 1-3.
Ark. Code Ann. § 23-37-304 — AR Code / Title 23 / Chapter 37 / Subchapter 3 / Section 23-37-304
Permanent stock associations - Paid-in surplus requirements
Status: in_force

As a prerequisite to the approval of any application for a permanent stock association, the incorporators must show to the satisfaction of the Supervisor of Savings and Loan Associations a paid-in surplus of not less than one-third (1/3) of the aggregate amount of the permanent capital stock required by this chapter. The paid-in surplus may be used in lieu of earnings to pay organization and operating expenses, dividends on savings accounts, and to meet any loss reserve requirements. Acts 1963, No. 227, § 20; A.S.A. 1947, § 67-1820.

As a prerequisite to the approval of any application for a permanent stock association, the incorporators must show to the satisfaction of the Supervisor of Savings and Loan Associations a paid-in surplus of not less than one-third (1/3) of the aggregate amount of the permanent capital stock required by this chapter. The paid-in surplus may be used in lieu of earnings to pay organization and operating expenses, dividends on savings accounts, and to meet any loss reserve requirements.

Acts 1963, No. 227, § 20; A.S.A. 1947, § 67-1820.
Ark. Code Ann. § 23-55-604 — AR Code / Title 23 / Chapter 55 / Section 23-55-604
Acquisition of control
Status: in_force

(a) (1) A person, or a group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the Securities Commissioner before acquiring control. (2) If an individual becomes a key individual of the licensee in the ordinary course of business, then the individual is not deemed to have acquired control of a licensee and is not subject to this section. (b) A person or a group of persons acting in concert seeking to acquire control of a licensee shall submit, in cooperation with the licensee: (1) an application in a form and in a medium prescribed by the commissioner; and (2) a nonrefundable fee of $1,000 with a request for approval. (c) Upon request, the commissioner may permit a licensee or the person or group of persons acting in concert to submit some or all information required under subdivision (b)(1) without using the Nationwide Multistate Licensing System and Registry. (d) The application under subdivision (b)(1) shall include information required by § 23-55-202(g) for a new key individual who has not previously completed the requirements of § 23-55-202(g) for a licensee. (e) (1) If an application for acquisition of control under this section appears to include all the items and address all of the matters that are required, then the application shall be considered complete, and the commissioner shall promptly notify the applicant in a record of the date that the application was determined to be complete. (2) The commissioner shall approve or deny the application within 60 days after the completion date. (3) If the application is not approved or denied within 60 days after the completion date, then: (i) the application is approved; and (ii) the person or group of persons acting in concert are not prohibited from acquiring control. (4) The commissioner may for good cause extend the application period. (f) A determination by the commissioner that an application is complete and the application is accepted for processing means that the application, on its face, appears to include all of the items and address all of the matters that are required but is not an assessment of the substance of the application or of the sufficiency of the information provided. (g) (1) If an application is filed and considered complete under subsection (e), then the commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the person or group of persons acting in concert seeking to acquire control. (2) The commissioner shall approve an application for acquisition of control under this section if the commissioner finds that all of the following conditions have been fulfilled: (A) the requirements of subsections (b) and (d) have been met, as applicable; and (B) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the person or group of persons acting in concert seeking to acquire control, and the competence, experience, character, and general fitness of the key individuals and persons that would be in control of the licensee after the acquisition of control indicate that it is in the interest of the public to permit the person or group of persons acting in concert to control the licensee. (h) (1) The commissioner shall issue a formal written notice of the denial of an application to acquire control within 30 days of the decision to deny the application. (2) The commissioner shall state in the notice of denial the specific reasons for the denial of the application. (3) An applicant whose application is denied by the commissioner under this subsection (h) may appeal within 30 days after receipt of the written notice of the denial. (i) The requirements of subsections (a) and (b) do not apply to: (1) a person that acts as a proxy for the sole purpose of voting: (A) at a designated meeting of the shareholders or holders of voting shares; or (B) interests of a licensee or a person in control of a licensee; (2) a person that acquires control of a licensee by devise or descent; (3) a person that acquires control of a licensee: (A) as a personal representative, custodian, guardian, conservator, or trustee; (B) as an officer appointed by a court of competent jurisdiction; or (C) by operation of law; (4) a person that is exempt under § 23-55-103 ; (5) a person that the commissioner determines is not subject to subsection (a) based on the public interest; (6) a public offering of securities of a licensee or a person in control of a licensee; or (7) an internal reorganization of a person in control of the licensee if the ultimate person in control of the licensee remains the same. (j) Persons in subdivisions (i)(2)-(4) and subdivisions (i)(6) and (7), in cooperation with the licensee, shall notify the commissioner within 15 days after the acquisition of control. (k) (1) The requirements of subsections (a) and (b) do not apply to a person that has complied with and received approval to engage in money transmission under this chapter or was identified as a person in control in a prior application filed with and approved by the commissioner or by a money services business accredited state under a multistate licensing process if: (A) the person has not had a license revoked or suspended or controlled a licensee that has had a license revoked or suspended while the person was in control of the licensee in the previous 5 years; (B) the person is a licensee, and the person is well managed and has received at least a satisfactory rating for compliance at its most recent examination by a money services business accredited state if the rating was given; (C) the licensee to be acquired is projected to meet the requirements of §§ 23-55-204 , 23-55-207 , and 23-55-701 after the acquisition of control is completed, and if the person acquiring control is a licensee, then that licensee is also projected to meet the requirements of §§ 23-55-204 , 23-55-207 , and 23-55-701 after the acquisition of control is completed; (D) the licensee to be acquired shall not implement any material changes to its business plan as a result of the acquisition of control, and if the person acquiring control is a licensee, then that licensee also shall not implement any material changes to its business plan as a result of the acquisition of control; and (E) the person provides notice of the acquisition in cooperation with the licensee and attests to subdivisions (k)(1)(A)-(D) in a form and in a medium prescribed by the commissioner. (2) If the notice is not disapproved within 30 days after the date that the notice was determined to be complete, then the notice is approved. (l) (1) Before filing an application for approval to acquire control of a licensee, a person may request in writing a determination from the commissioner as to whether or not the person would be considered a person in control of a licensee upon consummation of a proposed transaction. (2) If the commissioner determines that the person would not be a person in control of a licensee, then the proposed person and transaction are not subject to the requirements of subsections (a) and (b). (m) (1) A licensee adding or replacing a key individual shall: (A) provide notice in a manner prescribed by the commissioner within 15 days after the effective date of the key individual's appointment; and (B) provide information as required by this section within 45 days of the effective date of the key individual's appointment. (2) Within 90 days of the date that the notice provided under subdivision (m)(1) was determined to be complete, the commissioner may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual are such that it would not be in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of the licensee. (3) (A) A notice of disapproval shall: (i) contain a statement of the basis for disapproval; and (ii) be sent to the licensee and the disapproved individual. (B) A licensee may appeal a notice of disapproval within 30 days after receipt of the notice of disapproval. (4) If the notice provided under subdivision (m)(1) is not disapproved within 90 days after the date that the notice was determined to be complete, then the key individual is approved. Amended by Act 2023, No. 442,§ 7, eff. 8/1/2023. Amended by Act 2021, No. 532,§ 18, eff. 7/28/2021. Acts 2007, No. 1595, § 1; 2009, No. 164, § 14.

(a) (1) A person, or a group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the Securities Commissioner before acquiring control. (2) If an individual becomes a key individual of the licensee in the ordinary course of business, then the individual is not deemed to have acquired control of a licensee and is not subject to this section.

(1) A person, or a group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the Securities Commissioner before acquiring control.

(2) If an individual becomes a key individual of the licensee in the ordinary course of business, then the individual is not deemed to have acquired control of a licensee and is not subject to this section.

(b) A person or a group of persons acting in concert seeking to acquire control of a licensee shall submit, in cooperation with the licensee: (1) an application in a form and in a medium prescribed by the commissioner; and (2) a nonrefundable fee of $1,000 with a request for approval.

(1) an application in a form and in a medium prescribed by the commissioner; and

(2) a nonrefundable fee of $1,000 with a request for approval.

(c) Upon request, the commissioner may permit a licensee or the person or group of persons acting in concert to submit some or all information required under subdivision (b)(1) without using the Nationwide Multistate Licensing System and Registry.

(d) The application under subdivision (b)(1) shall include information required by § 23-55-202(g) for a new key individual who has not previously completed the requirements of § 23-55-202(g) for a licensee.

(e) (1) If an application for acquisition of control under this section appears to include all the items and address all of the matters that are required, then the application shall be considered complete, and the commissioner shall promptly notify the applicant in a record of the date that the application was determined to be complete. (2) The commissioner shall approve or deny the application within 60 days after the completion date. (3) If the application is not approved or denied within 60 days after the completion date, then: (i) the application is approved; and (ii) the person or group of persons acting in concert are not prohibited from acquiring control. (4) The commissioner may for good cause extend the application period.

(1) If an application for acquisition of control under this section appears to include all the items and address all of the matters that are required, then the application shall be considered complete, and the commissioner shall promptly notify the applicant in a record of the date that the application was determined to be complete.

(2) The commissioner shall approve or deny the application within 60 days after the completion date.

(3) If the application is not approved or denied within 60 days after the completion date, then: (i) the application is approved; and (ii) the person or group of persons acting in concert are not prohibited from acquiring control.

(i) the application is approved; and

(ii) the person or group of persons acting in concert are not prohibited from acquiring control.

(4) The commissioner may for good cause extend the application period.

(f) A determination by the commissioner that an application is complete and the application is accepted for processing means that the application, on its face, appears to include all of the items and address all of the matters that are required but is not an assessment of the substance of the application or of the sufficiency of the information provided.

(g) (1) If an application is filed and considered complete under subsection (e), then the commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the person or group of persons acting in concert seeking to acquire control. (2) The commissioner shall approve an application for acquisition of control under this section if the commissioner finds that all of the following conditions have been fulfilled: (A) the requirements of subsections (b) and (d) have been met, as applicable; and (B) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the person or group of persons acting in concert seeking to acquire control, and the competence, experience, character, and general fitness of the key individuals and persons that would be in control of the licensee after the acquisition of control indicate that it is in the interest of the public to permit the person or group of persons acting in concert to control the licensee.

(1) If an application is filed and considered complete under subsection (e), then the commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the person or group of persons acting in concert seeking to acquire control.

(2) The commissioner shall approve an application for acquisition of control under this section if the commissioner finds that all of the following conditions have been fulfilled: (A) the requirements of subsections (b) and (d) have been met, as applicable; and (B) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the person or group of persons acting in concert seeking to acquire control, and the competence, experience, character, and general fitness of the key individuals and persons that would be in control of the licensee after the acquisition of control indicate that it is in the interest of the public to permit the person or group of persons acting in concert to control the licensee.

(A) the requirements of subsections (b) and (d) have been met, as applicable; and

(B) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the person or group of persons acting in concert seeking to acquire control, and the competence, experience, character, and general fitness of the key individuals and persons that would be in control of the licensee after the acquisition of control indicate that it is in the interest of the public to permit the person or group of persons acting in concert to control the licensee.

(h) (1) The commissioner shall issue a formal written notice of the denial of an application to acquire control within 30 days of the decision to deny the application. (2) The commissioner shall state in the notice of denial the specific reasons for the denial of the application. (3) An applicant whose application is denied by the commissioner under this subsection (h) may appeal within 30 days after receipt of the written notice of the denial.

(1) The commissioner shall issue a formal written notice of the denial of an application to acquire control within 30 days of the decision to deny the application.

(2) The commissioner shall state in the notice of denial the specific reasons for the denial of the application.

(3) An applicant whose application is denied by the commissioner under this subsection (h) may appeal within 30 days after receipt of the written notice of the denial.

(i) The requirements of subsections (a) and (b) do not apply to: (1) a person that acts as a proxy for the sole purpose of voting: (A) at a designated meeting of the shareholders or holders of voting shares; or (B) interests of a licensee or a person in control of a licensee; (2) a person that acquires control of a licensee by devise or descent; (3) a person that acquires control of a licensee: (A) as a personal representative, custodian, guardian, conservator, or trustee; (B) as an officer appointed by a court of competent jurisdiction; or (C) by operation of law; (4) a person that is exempt under § 23-55-103 ; (5) a person that the commissioner determines is not subject to subsection (a) based on the public interest; (6) a public offering of securities of a licensee or a person in control of a licensee; or (7) an internal reorganization of a person in control of the licensee if the ultimate person in control of the licensee remains the same.

(1) a person that acts as a proxy for the sole purpose of voting: (A) at a designated meeting of the shareholders or holders of voting shares; or (B) interests of a licensee or a person in control of a licensee;

(A) at a designated meeting of the shareholders or holders of voting shares; or

(B) interests of a licensee or a person in control of a licensee;

(2) a person that acquires control of a licensee by devise or descent;

(3) a person that acquires control of a licensee: (A) as a personal representative, custodian, guardian, conservator, or trustee; (B) as an officer appointed by a court of competent jurisdiction; or (C) by operation of law;

(A) as a personal representative, custodian, guardian, conservator, or trustee;

(B) as an officer appointed by a court of competent jurisdiction; or

(C) by operation of law;

(4) a person that is exempt under § 23-55-103 ;

(5) a person that the commissioner determines is not subject to subsection (a) based on the public interest;

(6) a public offering of securities of a licensee or a person in control of a licensee; or

(7) an internal reorganization of a person in control of the licensee if the ultimate person in control of the licensee remains the same.

(j) Persons in subdivisions (i)(2)-(4) and subdivisions (i)(6) and (7), in cooperation with the licensee, shall notify the commissioner within 15 days after the acquisition of control.

(k) (1) The requirements of subsections (a) and (b) do not apply to a person that has complied with and received approval to engage in money transmission under this chapter or was identified as a person in control in a prior application filed with and approved by the commissioner or by a money services business accredited state under a multistate licensing process if: (A) the person has not had a license revoked or suspended or controlled a licensee that has had a license revoked or suspended while the person was in control of the licensee in the previous 5 years; (B) the person is a licensee, and the person is well managed and has received at least a satisfactory rating for compliance at its most recent examination by a money services business accredited state if the rating was given; (C) the licensee to be acquired is projected to meet the requirements of §§ 23-55-204 , 23-55-207 , and 23-55-701 after the acquisition of control is completed, and if the person acquiring control is a licensee, then that licensee is also projected to meet the requirements of §§ 23-55-204 , 23-55-207 , and 23-55-701 after the acquisition of control is completed; (D) the licensee to be acquired shall not implement any material changes to its business plan as a result of the acquisition of control, and if the person acquiring control is a licensee, then that licensee also shall not implement any material changes to its business plan as a result of the acquisition of control; and (E) the person provides notice of the acquisition in cooperation with the licensee and attests to subdivisions (k)(1)(A)-(D) in a form and in a medium prescribed by the commissioner. (2) If the notice is not disapproved within 30 days after the date that the notice was determined to be complete, then the notice is approved.

(1) The requirements of subsections (a) and (b) do not apply to a person that has complied with and received approval to engage in money transmission under this chapter or was identified as a person in control in a prior application filed with and approved by the commissioner or by a money services business accredited state under a multistate licensing process if: (A) the person has not had a license revoked or suspended or controlled a licensee that has had a license revoked or suspended while the person was in control of the licensee in the previous 5 years; (B) the person is a licensee, and the person is well managed and has received at least a satisfactory rating for compliance at its most recent examination by a money services business accredited state if the rating was given; (C) the licensee to be acquired is projected to meet the requirements of §§ 23-55-204 , 23-55-207 , and 23-55-701 after the acquisition of control is completed, and if the person acquiring control is a licensee, then that licensee is also projected to meet the requirements of §§ 23-55-204 , 23-55-207 , and 23-55-701 after the acquisition of control is completed; (D) the licensee to be acquired shall not implement any material changes to its business plan as a result of the acquisition of control, and if the person acquiring control is a licensee, then that licensee also shall not implement any material changes to its business plan as a result of the acquisition of control; and (E) the person provides notice of the acquisition in cooperation with the licensee and attests to subdivisions (k)(1)(A)-(D) in a form and in a medium prescribed by the commissioner.

(A) the person has not had a license revoked or suspended or controlled a licensee that has had a license revoked or suspended while the person was in control of the licensee in the previous 5 years;

(B) the person is a licensee, and the person is well managed and has received at least a satisfactory rating for compliance at its most recent examination by a money services business accredited state if the rating was given;

(C) the licensee to be acquired is projected to meet the requirements of §§ 23-55-204 , 23-55-207 , and 23-55-701 after the acquisition of control is completed, and if the person acquiring control is a licensee, then that licensee is also projected to meet the requirements of §§ 23-55-204 , 23-55-207 , and 23-55-701 after the acquisition of control is completed;

(D) the licensee to be acquired shall not implement any material changes to its business plan as a result of the acquisition of control, and if the person acquiring control is a licensee, then that licensee also shall not implement any material changes to its business plan as a result of the acquisition of control; and

(E) the person provides notice of the acquisition in cooperation with the licensee and attests to subdivisions (k)(1)(A)-(D) in a form and in a medium prescribed by the commissioner.

(2) If the notice is not disapproved within 30 days after the date that the notice was determined to be complete, then the notice is approved.

(l) (1) Before filing an application for approval to acquire control of a licensee, a person may request in writing a determination from the commissioner as to whether or not the person would be considered a person in control of a licensee upon consummation of a proposed transaction. (2) If the commissioner determines that the person would not be a person in control of a licensee, then the proposed person and transaction are not subject to the requirements of subsections (a) and (b).

(1) Before filing an application for approval to acquire control of a licensee, a person may request in writing a determination from the commissioner as to whether or not the person would be considered a person in control of a licensee upon consummation of a proposed transaction.

(2) If the commissioner determines that the person would not be a person in control of a licensee, then the proposed person and transaction are not subject to the requirements of subsections (a) and (b).

(m) (1) A licensee adding or replacing a key individual shall: (A) provide notice in a manner prescribed by the commissioner within 15 days after the effective date of the key individual's appointment; and (B) provide information as required by this section within 45 days of the effective date of the key individual's appointment. (2) Within 90 days of the date that the notice provided under subdivision (m)(1) was determined to be complete, the commissioner may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual are such that it would not be in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of the licensee. (3) (A) A notice of disapproval shall: (i) contain a statement of the basis for disapproval; and (ii) be sent to the licensee and the disapproved individual. (B) A licensee may appeal a notice of disapproval within 30 days after receipt of the notice of disapproval. (4) If the notice provided under subdivision (m)(1) is not disapproved within 90 days after the date that the notice was determined to be complete, then the key individual is approved.

(1) A licensee adding or replacing a key individual shall: (A) provide notice in a manner prescribed by the commissioner within 15 days after the effective date of the key individual's appointment; and (B) provide information as required by this section within 45 days of the effective date of the key individual's appointment.

(A) provide notice in a manner prescribed by the commissioner within 15 days after the effective date of the key individual's appointment; and

(B) provide information as required by this section within 45 days of the effective date of the key individual's appointment.

(2) Within 90 days of the date that the notice provided under subdivision (m)(1) was determined to be complete, the commissioner may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual are such that it would not be in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of the licensee.

(3) (A) A notice of disapproval shall: (i) contain a statement of the basis for disapproval; and (ii) be sent to the licensee and the disapproved individual. (B) A licensee may appeal a notice of disapproval within 30 days after receipt of the notice of disapproval.

(A) A notice of disapproval shall: (i) contain a statement of the basis for disapproval; and (ii) be sent to the licensee and the disapproved individual.

(i) contain a statement of the basis for disapproval; and

(ii) be sent to the licensee and the disapproved individual.

(B) A licensee may appeal a notice of disapproval within 30 days after receipt of the notice of disapproval.

(4) If the notice provided under subdivision (m)(1) is not disapproved within 90 days after the date that the notice was determined to be complete, then the key individual is approved.

Amended by Act 2023, No. 442,§ 7, eff. 8/1/2023.

Amended by Act 2021, No. 532,§ 18, eff. 7/28/2021.

Acts 2007, No. 1595, § 1; 2009, No. 164, § 14.
Ark. Code Ann. § 23-61-206 — AR Code / Title 23 / Chapter 61 / Subchapter 2 / Section 23-61-206
Examination expense
Status: in_force

(a) (1) Each person examined shall pay to the State Insurance Department the actual travel expenses, reasonable living expense allowance, and compensation for examiners and other persons assisting in the examination according to the examination guidance section in the most current edition of the examiners handbook adopted by the National Association of Insurance Commissioners. (2) Except as provided in subdivision (a)(1) of this section, the cost of independent professionals used as examiners to assist in an examination under subsection (b) of this section is paid directly by the person examined. (b) (1) Payments for travel expenses and living expense allowance received by the department for each examination shall be deposited as cash funds. (2) Reimbursement shall be made from these funds to examiners and others assisting in the examination. (3) (A) Per diem charges of examiners and others assisting in the examination shall be computed beginning at the time of reporting for duty at the office of the company to be examined and terminating upon completion of the examination or the examiner's active participation therein and to include actual days for travel as certified by the Insurance Commissioner. (B) If air travel is used, only one (1) day's travel time will be authorized. (C) If an automobile is used, travel time allowed shall be computed at the rate of not less than four hundred (400) miles per day as determined by the Rand McNally Road Atlas, with the actual mileage traveled compensated at the most current rate per mile according to the examination guidance section in the most current edition of the Financial Condition Examiner's Handbook published by the National Association of Insurance Commissioners. (4) Examiners and others assisting in the examination shall not be reimbursed for travel time or travel expenses not actually incurred in connection with an assignment, nor shall they be reimbursed for dual living expenses while on branch office assignments. (5) Examiners and others assisting in the examination, when participating in or conducting an examination of a foreign company, shall be authorized to return to their state of domicile every other weekend. Their expenses will be paid based upon the lesser of airfare or mileage. The reimbursement shall be made in lieu of the per diem allowance. The travel shall be accomplished with a minimum amount of work time lost. (c) Payments for employee compensation received by the department shall be deposited by the commissioner into the State Treasury to be credited to the State Insurance Department Trust Fund used for the maintenance, operation, and support of the department. (d) No person shall pay, and no examiner shall accept, any additional emolument on account of any examination. Amended by Act 2023, No. 469,§ 2, eff. 8/1/2023. Amended by Act 2013, No. 355,§ 2, eff. 8/16/2013. Acts 1959, No. 148, § 35; 1967, No. 433, § 1; 1977, No. 789, § 1; 1983, No. 454, § 1; A.S.A. 1947, § 66-2120; Acts 1991, No. 723, § 7; 1999, No. 881, § 5; 2007, No. 496, § 3.

(a) (1) Each person examined shall pay to the State Insurance Department the actual travel expenses, reasonable living expense allowance, and compensation for examiners and other persons assisting in the examination according to the examination guidance section in the most current edition of the examiners handbook adopted by the National Association of Insurance Commissioners. (2) Except as provided in subdivision (a)(1) of this section, the cost of independent professionals used as examiners to assist in an examination under subsection (b) of this section is paid directly by the person examined.

(1) Each person examined shall pay to the State Insurance Department the actual travel expenses, reasonable living expense allowance, and compensation for examiners and other persons assisting in the examination according to the examination guidance section in the most current edition of the examiners handbook adopted by the National Association of Insurance Commissioners.

(2) Except as provided in subdivision (a)(1) of this section, the cost of independent professionals used as examiners to assist in an examination under subsection (b) of this section is paid directly by the person examined.

(b) (1) Payments for travel expenses and living expense allowance received by the department for each examination shall be deposited as cash funds. (2) Reimbursement shall be made from these funds to examiners and others assisting in the examination. (3) (A) Per diem charges of examiners and others assisting in the examination shall be computed beginning at the time of reporting for duty at the office of the company to be examined and terminating upon completion of the examination or the examiner's active participation therein and to include actual days for travel as certified by the Insurance Commissioner. (B) If air travel is used, only one (1) day's travel time will be authorized. (C) If an automobile is used, travel time allowed shall be computed at the rate of not less than four hundred (400) miles per day as determined by the Rand McNally Road Atlas, with the actual mileage traveled compensated at the most current rate per mile according to the examination guidance section in the most current edition of the Financial Condition Examiner's Handbook published by the National Association of Insurance Commissioners. (4) Examiners and others assisting in the examination shall not be reimbursed for travel time or travel expenses not actually incurred in connection with an assignment, nor shall they be reimbursed for dual living expenses while on branch office assignments. (5) Examiners and others assisting in the examination, when participating in or conducting an examination of a foreign company, shall be authorized to return to their state of domicile every other weekend. Their expenses will be paid based upon the lesser of airfare or mileage. The reimbursement shall be made in lieu of the per diem allowance. The travel shall be accomplished with a minimum amount of work time lost.

(1) Payments for travel expenses and living expense allowance received by the department for each examination shall be deposited as cash funds.

(2) Reimbursement shall be made from these funds to examiners and others assisting in the examination.

(3) (A) Per diem charges of examiners and others assisting in the examination shall be computed beginning at the time of reporting for duty at the office of the company to be examined and terminating upon completion of the examination or the examiner's active participation therein and to include actual days for travel as certified by the Insurance Commissioner. (B) If air travel is used, only one (1) day's travel time will be authorized. (C) If an automobile is used, travel time allowed shall be computed at the rate of not less than four hundred (400) miles per day as determined by the Rand McNally Road Atlas, with the actual mileage traveled compensated at the most current rate per mile according to the examination guidance section in the most current edition of the Financial Condition Examiner's Handbook published by the National Association of Insurance Commissioners.

(A) Per diem charges of examiners and others assisting in the examination shall be computed beginning at the time of reporting for duty at the office of the company to be examined and terminating upon completion of the examination or the examiner's active participation therein and to include actual days for travel as certified by the Insurance Commissioner.

(B) If air travel is used, only one (1) day's travel time will be authorized.

(C) If an automobile is used, travel time allowed shall be computed at the rate of not less than four hundred (400) miles per day as determined by the Rand McNally Road Atlas, with the actual mileage traveled compensated at the most current rate per mile according to the examination guidance section in the most current edition of the Financial Condition Examiner's Handbook published by the National Association of Insurance Commissioners.

(4) Examiners and others assisting in the examination shall not be reimbursed for travel time or travel expenses not actually incurred in connection with an assignment, nor shall they be reimbursed for dual living expenses while on branch office assignments.

(5) Examiners and others assisting in the examination, when participating in or conducting an examination of a foreign company, shall be authorized to return to their state of domicile every other weekend. Their expenses will be paid based upon the lesser of airfare or mileage. The reimbursement shall be made in lieu of the per diem allowance. The travel shall be accomplished with a minimum amount of work time lost.

(c) Payments for employee compensation received by the department shall be deposited by the commissioner into the State Treasury to be credited to the State Insurance Department Trust Fund used for the maintenance, operation, and support of the department.

(d) No person shall pay, and no examiner shall accept, any additional emolument on account of any examination.

Amended by Act 2023, No. 469,§ 2, eff. 8/1/2023.

Amended by Act 2013, No. 355,§ 2, eff. 8/16/2013.

Acts 1959, No. 148, § 35; 1967, No. 433, § 1; 1977, No. 789, § 1; 1983, No. 454, § 1; A.S.A. 1947, § 66-2120; Acts 1991, No. 723, § 7; 1999, No. 881, § 5; 2007, No. 496, § 3.
Ark. Code Ann. § 23-42-509 — AR Code / Title 23 / Chapter 42 / Subchapter 5 / Section 23-42-509
Covered securities
Status: in_force

(a) The Securities Commissioner, by rule or order, may require a notice filing consisting of any or all of the following documents with respect to a covered security under section 18(b)(2) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(2) : (1) (A) Prior to the initial offering of such a covered security in this state, all documents that are part of a current federal registration statement filed with the United States Securities and Exchange Commission under the Securities Act of 1933, together with a consent to service of process signed by the issuer and with a fee in the amount of one-tenth percent (0.1%) of the maximum aggregate offering price at which the covered securities are to be offered in this state, but the fee shall in no case be less than one hundred fifty dollars ($150) nor more than two thousand dollars ($2,000). Any portion of the fee in excess of one thousand dollars ($1,000) shall be designated as special revenues and shall be deposited into the Securities Department Fund. When a notice filing is withdrawn before the effective date, the commissioner shall retain one hundred fifty dollars ($150) of the filing fee. (B) Sales of the covered securities in excess of the amount of covered securities to have been offered in this state shall require the person making the notice filing to pay a fee, calculated in the manner specified in subdivision (a)(1)(A) of this section, for all securities sold. In addition, if the sales are in excess of one hundred five percent (105%) of the amount to have been offered, the person making the notice filing shall pay a penalty fee of two hundred dollars ($200). (C) The initial notice filing of an investment company, as defined in the Investment Company Act of 1940, shall be effective for a period commencing upon the commissioner's receipt of the notice filing, or, if not yet effective with the United States Securities and Exchange Commission, concurrently with the United States Securities and Exchange Commission effectiveness, and ending two (2) months after the investment company's fiscal year end. Thereafter, the investment company must renew the notice filing by submitting the appropriate forms and documents as filed with the United States Securities and Exchange Commission, along with the appropriate fee, calculated in the manner specified in subdivision (a)(1) of this section, with respect to the additional securities proposed to be offered, within two (2) months after the expiration of the registrant's fiscal year end. (D) The notice filing of a unit investment trust, as defined in the Investment Company Act of 1940, shall be effective for one (1) year from the date of effectiveness granted by the United States Securities and Exchange Commission; (2) After the initial offer of such covered securities in this state, all documents that are part of an amendment to a current federal registration statement filed with the United States Securities and Exchange Commission under the Securities Act of 1933; (3) An annual or periodic report of the value of the covered securities offered or sold in this state as necessary to compute fees. (b) A notice filing relating to a covered security may be amended after its effective date so as to increase the securities specified as proposed to be offered. The amendment becomes effective upon receipt by the commissioner. Every person filing such an amendment shall pay a filing fee, calculated in the manner specified in subdivision (a)(1) of this section, with respect to the additional securities proposed to be offered. (c) (1) With respect to a covered security under section 18(b)(4)(F) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(F) , as it existed on January 1, 2017, the commissioner may by rule or order require that no later than fifteen (15) days after the first sale of a covered security, the issuer: (A) File a notice on United States Securities and Exchange Commission Form D; (B) Submit a consent to service of process signed by the issuer; and (C) (i) Pay a fee in the amount of one-tenth percent (0.1%) of the maximum aggregate offering price at which the securities are to be offered in this state. (ii) The fee shall be at least one hundred dollars ($100) and no more than five hundred dollars ($500). (2) After the initial offer of the covered security in this state, any amendment to United States Securities and Exchange Commission Form D filed with the United States Securities and Exchange Commission under the Securities Act of 1933 shall be filed concurrently with the commissioner. (3) (A) A notice filing for a covered securities offering under subdivision (c)(1) of this section is effective for twelve (12) months from the date of the initial filing with the commissioner. (B) A notice filing for a covered securities offering under subdivision (c)(1) of this section shall be renewed on or before the anniversary date of the initial notice filing, or the notice filing shall terminate. (C) To renew a notice filing, an issuer of a covered securities offering shall: (i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and (ii) Pay a fee of one hundred dollars ($100). (4) (A) If a notice filing required to be filed under subdivision (c)(1) of this section is completed by an issuer at least fifteen (15) days after, but within one (1) year of, the first sale of the covered securities in this state, then the issuer shall pay a late notice filing penalty of five hundred dollars ($500). (B) If a notice filing is filed more than one (1) year after the first sale of the covered securities in this state, then the issuer shall pay a late notice filing penalty of one thousand dollars ($1,000). (d) (1) With respect to a covered security under section 18(b)(4)(C) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(C) , if the issuer's principal place of business is located in this state or purchasers of fifty percent (50%) or greater of the aggregate amount of the offering are residents of this state, the commissioner may by rule or order require the issuer to: (A) File concurrently with the commissioner the information required to be filed with the United States Securities and Exchange Commission under section 4A(b) of the Securities Act of 1933, 15 U.S.C. § 77d-1(b) ; and (B) Pay a fee of one hundred dollars ($100). (2) (A) A notice filing for a covered securities offering under subdivision (d)(1) of this section is effective for twelve (12) months from the date of the initial filing with the commissioner. (B) A notice filing for a covered securities offering under subdivision (d)(1) of this section shall be renewed on or before the anniversary date of the initial notice filing or the notice filing shall terminate. (C) To renew a notice filing, an issuer of a covered securities offering shall: (i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and (ii) Pay a fee of one hundred dollars ($100). (e) (1) Except as provided under subsection (c) or subsection (d) of this section, with respect to a covered security under section 18(b)(3) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(3) , as it existed on January 1, 2019, or section 18(b)(4) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4) , as it existed on January 1, 2019, the commissioner may by rule or order require the issuer to: (A) Concurrently file with the commissioner any document or information required to be filed with the United States Securities and Exchange Commission; and (B) Pay a fee of one hundred dollars ($100). (2) (A) A notice filing for a covered securities offering under subdivision (e)(1) of this section is effective for twelve (12) months from the date of the initial filing with the commissioner. (B) A notice filing for a covered securities offering under subdivision (e)(1) of this section shall be renewed on or before the anniversary date of the initial notice filing, or the notice filing shall terminate. (C) To renew a notice filing, an issuer of a covered securities offering shall: (i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and (ii) Pay a fee of one hundred dollars ($100). (f) The commissioner may issue a stop order suspending the offer and sale of a covered security, except a covered security under section 18(b)(1) of the Securities Act of 1933, if he or she finds that: (1) The order is in the public interest; and (2) A failure to comply with this section exists. (g) The commissioner by rule or order may waive any or all of the provisions of this section. Amended by Act 2019, No. 110,§ 8, eff. 7/24/2019. Amended by Act 2019, No. 110,§ 7, eff. 7/24/2019. Amended by Act 2019, No. 110,§ 6, eff. 7/24/2019. Amended by Act 2019, No. 110,§ 5, eff. 7/24/2019. Amended by Act 2017, No. 668,§ 26, eff. 8/1/2017. Amended by Act 2017, No. 668,§ 25, eff. 8/1/2017. Amended by Act 2017, No. 668,§ 24, eff. 8/1/2017. Amended by Act 2013, No. 460,§ 14, eff. 8/16/2013. Acts 1997, No. 173, § 23; 1999, No. 363, § 4.

(a) The Securities Commissioner, by rule or order, may require a notice filing consisting of any or all of the following documents with respect to a covered security under section 18(b)(2) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(2) : (1) (A) Prior to the initial offering of such a covered security in this state, all documents that are part of a current federal registration statement filed with the United States Securities and Exchange Commission under the Securities Act of 1933, together with a consent to service of process signed by the issuer and with a fee in the amount of one-tenth percent (0.1%) of the maximum aggregate offering price at which the covered securities are to be offered in this state, but the fee shall in no case be less than one hundred fifty dollars ($150) nor more than two thousand dollars ($2,000). Any portion of the fee in excess of one thousand dollars ($1,000) shall be designated as special revenues and shall be deposited into the Securities Department Fund. When a notice filing is withdrawn before the effective date, the commissioner shall retain one hundred fifty dollars ($150) of the filing fee. (B) Sales of the covered securities in excess of the amount of covered securities to have been offered in this state shall require the person making the notice filing to pay a fee, calculated in the manner specified in subdivision (a)(1)(A) of this section, for all securities sold. In addition, if the sales are in excess of one hundred five percent (105%) of the amount to have been offered, the person making the notice filing shall pay a penalty fee of two hundred dollars ($200). (C) The initial notice filing of an investment company, as defined in the Investment Company Act of 1940, shall be effective for a period commencing upon the commissioner's receipt of the notice filing, or, if not yet effective with the United States Securities and Exchange Commission, concurrently with the United States Securities and Exchange Commission effectiveness, and ending two (2) months after the investment company's fiscal year end. Thereafter, the investment company must renew the notice filing by submitting the appropriate forms and documents as filed with the United States Securities and Exchange Commission, along with the appropriate fee, calculated in the manner specified in subdivision (a)(1) of this section, with respect to the additional securities proposed to be offered, within two (2) months after the expiration of the registrant's fiscal year end. (D) The notice filing of a unit investment trust, as defined in the Investment Company Act of 1940, shall be effective for one (1) year from the date of effectiveness granted by the United States Securities and Exchange Commission; (2) After the initial offer of such covered securities in this state, all documents that are part of an amendment to a current federal registration statement filed with the United States Securities and Exchange Commission under the Securities Act of 1933; (3) An annual or periodic report of the value of the covered securities offered or sold in this state as necessary to compute fees.

(1) (A) Prior to the initial offering of such a covered security in this state, all documents that are part of a current federal registration statement filed with the United States Securities and Exchange Commission under the Securities Act of 1933, together with a consent to service of process signed by the issuer and with a fee in the amount of one-tenth percent (0.1%) of the maximum aggregate offering price at which the covered securities are to be offered in this state, but the fee shall in no case be less than one hundred fifty dollars ($150) nor more than two thousand dollars ($2,000). Any portion of the fee in excess of one thousand dollars ($1,000) shall be designated as special revenues and shall be deposited into the Securities Department Fund. When a notice filing is withdrawn before the effective date, the commissioner shall retain one hundred fifty dollars ($150) of the filing fee. (B) Sales of the covered securities in excess of the amount of covered securities to have been offered in this state shall require the person making the notice filing to pay a fee, calculated in the manner specified in subdivision (a)(1)(A) of this section, for all securities sold. In addition, if the sales are in excess of one hundred five percent (105%) of the amount to have been offered, the person making the notice filing shall pay a penalty fee of two hundred dollars ($200). (C) The initial notice filing of an investment company, as defined in the Investment Company Act of 1940, shall be effective for a period commencing upon the commissioner's receipt of the notice filing, or, if not yet effective with the United States Securities and Exchange Commission, concurrently with the United States Securities and Exchange Commission effectiveness, and ending two (2) months after the investment company's fiscal year end. Thereafter, the investment company must renew the notice filing by submitting the appropriate forms and documents as filed with the United States Securities and Exchange Commission, along with the appropriate fee, calculated in the manner specified in subdivision (a)(1) of this section, with respect to the additional securities proposed to be offered, within two (2) months after the expiration of the registrant's fiscal year end. (D) The notice filing of a unit investment trust, as defined in the Investment Company Act of 1940, shall be effective for one (1) year from the date of effectiveness granted by the United States Securities and Exchange Commission;

(A) Prior to the initial offering of such a covered security in this state, all documents that are part of a current federal registration statement filed with the United States Securities and Exchange Commission under the Securities Act of 1933, together with a consent to service of process signed by the issuer and with a fee in the amount of one-tenth percent (0.1%) of the maximum aggregate offering price at which the covered securities are to be offered in this state, but the fee shall in no case be less than one hundred fifty dollars ($150) nor more than two thousand dollars ($2,000). Any portion of the fee in excess of one thousand dollars ($1,000) shall be designated as special revenues and shall be deposited into the Securities Department Fund. When a notice filing is withdrawn before the effective date, the commissioner shall retain one hundred fifty dollars ($150) of the filing fee.

(B) Sales of the covered securities in excess of the amount of covered securities to have been offered in this state shall require the person making the notice filing to pay a fee, calculated in the manner specified in subdivision (a)(1)(A) of this section, for all securities sold. In addition, if the sales are in excess of one hundred five percent (105%) of the amount to have been offered, the person making the notice filing shall pay a penalty fee of two hundred dollars ($200).

(C) The initial notice filing of an investment company, as defined in the Investment Company Act of 1940, shall be effective for a period commencing upon the commissioner's receipt of the notice filing, or, if not yet effective with the United States Securities and Exchange Commission, concurrently with the United States Securities and Exchange Commission effectiveness, and ending two (2) months after the investment company's fiscal year end. Thereafter, the investment company must renew the notice filing by submitting the appropriate forms and documents as filed with the United States Securities and Exchange Commission, along with the appropriate fee, calculated in the manner specified in subdivision (a)(1) of this section, with respect to the additional securities proposed to be offered, within two (2) months after the expiration of the registrant's fiscal year end.

(D) The notice filing of a unit investment trust, as defined in the Investment Company Act of 1940, shall be effective for one (1) year from the date of effectiveness granted by the United States Securities and Exchange Commission;

(2) After the initial offer of such covered securities in this state, all documents that are part of an amendment to a current federal registration statement filed with the United States Securities and Exchange Commission under the Securities Act of 1933;

(3) An annual or periodic report of the value of the covered securities offered or sold in this state as necessary to compute fees.

(b) A notice filing relating to a covered security may be amended after its effective date so as to increase the securities specified as proposed to be offered. The amendment becomes effective upon receipt by the commissioner. Every person filing such an amendment shall pay a filing fee, calculated in the manner specified in subdivision (a)(1) of this section, with respect to the additional securities proposed to be offered.

(c) (1) With respect to a covered security under section 18(b)(4)(F) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(F) , as it existed on January 1, 2017, the commissioner may by rule or order require that no later than fifteen (15) days after the first sale of a covered security, the issuer: (A) File a notice on United States Securities and Exchange Commission Form D; (B) Submit a consent to service of process signed by the issuer; and (C) (i) Pay a fee in the amount of one-tenth percent (0.1%) of the maximum aggregate offering price at which the securities are to be offered in this state. (ii) The fee shall be at least one hundred dollars ($100) and no more than five hundred dollars ($500). (2) After the initial offer of the covered security in this state, any amendment to United States Securities and Exchange Commission Form D filed with the United States Securities and Exchange Commission under the Securities Act of 1933 shall be filed concurrently with the commissioner. (3) (A) A notice filing for a covered securities offering under subdivision (c)(1) of this section is effective for twelve (12) months from the date of the initial filing with the commissioner. (B) A notice filing for a covered securities offering under subdivision (c)(1) of this section shall be renewed on or before the anniversary date of the initial notice filing, or the notice filing shall terminate. (C) To renew a notice filing, an issuer of a covered securities offering shall: (i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and (ii) Pay a fee of one hundred dollars ($100). (4) (A) If a notice filing required to be filed under subdivision (c)(1) of this section is completed by an issuer at least fifteen (15) days after, but within one (1) year of, the first sale of the covered securities in this state, then the issuer shall pay a late notice filing penalty of five hundred dollars ($500). (B) If a notice filing is filed more than one (1) year after the first sale of the covered securities in this state, then the issuer shall pay a late notice filing penalty of one thousand dollars ($1,000).

(1) With respect to a covered security under section 18(b)(4)(F) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(F) , as it existed on January 1, 2017, the commissioner may by rule or order require that no later than fifteen (15) days after the first sale of a covered security, the issuer: (A) File a notice on United States Securities and Exchange Commission Form D; (B) Submit a consent to service of process signed by the issuer; and (C) (i) Pay a fee in the amount of one-tenth percent (0.1%) of the maximum aggregate offering price at which the securities are to be offered in this state. (ii) The fee shall be at least one hundred dollars ($100) and no more than five hundred dollars ($500).

(A) File a notice on United States Securities and Exchange Commission Form D;

(B) Submit a consent to service of process signed by the issuer; and

(C) (i) Pay a fee in the amount of one-tenth percent (0.1%) of the maximum aggregate offering price at which the securities are to be offered in this state. (ii) The fee shall be at least one hundred dollars ($100) and no more than five hundred dollars ($500).

(i) Pay a fee in the amount of one-tenth percent (0.1%) of the maximum aggregate offering price at which the securities are to be offered in this state.

(ii) The fee shall be at least one hundred dollars ($100) and no more than five hundred dollars ($500).

(2) After the initial offer of the covered security in this state, any amendment to United States Securities and Exchange Commission Form D filed with the United States Securities and Exchange Commission under the Securities Act of 1933 shall be filed concurrently with the commissioner.

(3) (A) A notice filing for a covered securities offering under subdivision (c)(1) of this section is effective for twelve (12) months from the date of the initial filing with the commissioner. (B) A notice filing for a covered securities offering under subdivision (c)(1) of this section shall be renewed on or before the anniversary date of the initial notice filing, or the notice filing shall terminate. (C) To renew a notice filing, an issuer of a covered securities offering shall: (i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and (ii) Pay a fee of one hundred dollars ($100).

(A) A notice filing for a covered securities offering under subdivision (c)(1) of this section is effective for twelve (12) months from the date of the initial filing with the commissioner.

(B) A notice filing for a covered securities offering under subdivision (c)(1) of this section shall be renewed on or before the anniversary date of the initial notice filing, or the notice filing shall terminate.

(C) To renew a notice filing, an issuer of a covered securities offering shall: (i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and (ii) Pay a fee of one hundred dollars ($100).

(i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and

(ii) Pay a fee of one hundred dollars ($100).

(4) (A) If a notice filing required to be filed under subdivision (c)(1) of this section is completed by an issuer at least fifteen (15) days after, but within one (1) year of, the first sale of the covered securities in this state, then the issuer shall pay a late notice filing penalty of five hundred dollars ($500). (B) If a notice filing is filed more than one (1) year after the first sale of the covered securities in this state, then the issuer shall pay a late notice filing penalty of one thousand dollars ($1,000).

(A) If a notice filing required to be filed under subdivision (c)(1) of this section is completed by an issuer at least fifteen (15) days after, but within one (1) year of, the first sale of the covered securities in this state, then the issuer shall pay a late notice filing penalty of five hundred dollars ($500).

(B) If a notice filing is filed more than one (1) year after the first sale of the covered securities in this state, then the issuer shall pay a late notice filing penalty of one thousand dollars ($1,000).

(d) (1) With respect to a covered security under section 18(b)(4)(C) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(C) , if the issuer's principal place of business is located in this state or purchasers of fifty percent (50%) or greater of the aggregate amount of the offering are residents of this state, the commissioner may by rule or order require the issuer to: (A) File concurrently with the commissioner the information required to be filed with the United States Securities and Exchange Commission under section 4A(b) of the Securities Act of 1933, 15 U.S.C. § 77d-1(b) ; and (B) Pay a fee of one hundred dollars ($100). (2) (A) A notice filing for a covered securities offering under subdivision (d)(1) of this section is effective for twelve (12) months from the date of the initial filing with the commissioner. (B) A notice filing for a covered securities offering under subdivision (d)(1) of this section shall be renewed on or before the anniversary date of the initial notice filing or the notice filing shall terminate. (C) To renew a notice filing, an issuer of a covered securities offering shall: (i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and (ii) Pay a fee of one hundred dollars ($100).

(1) With respect to a covered security under section 18(b)(4)(C) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(C) , if the issuer's principal place of business is located in this state or purchasers of fifty percent (50%) or greater of the aggregate amount of the offering are residents of this state, the commissioner may by rule or order require the issuer to: (A) File concurrently with the commissioner the information required to be filed with the United States Securities and Exchange Commission under section 4A(b) of the Securities Act of 1933, 15 U.S.C. § 77d-1(b) ; and (B) Pay a fee of one hundred dollars ($100).

(A) File concurrently with the commissioner the information required to be filed with the United States Securities and Exchange Commission under section 4A(b) of the Securities Act of 1933, 15 U.S.C. § 77d-1(b) ; and

(B) Pay a fee of one hundred dollars ($100).

(2) (A) A notice filing for a covered securities offering under subdivision (d)(1) of this section is effective for twelve (12) months from the date of the initial filing with the commissioner. (B) A notice filing for a covered securities offering under subdivision (d)(1) of this section shall be renewed on or before the anniversary date of the initial notice filing or the notice filing shall terminate. (C) To renew a notice filing, an issuer of a covered securities offering shall: (i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and (ii) Pay a fee of one hundred dollars ($100).

(A) A notice filing for a covered securities offering under subdivision (d)(1) of this section is effective for twelve (12) months from the date of the initial filing with the commissioner.

(B) A notice filing for a covered securities offering under subdivision (d)(1) of this section shall be renewed on or before the anniversary date of the initial notice filing or the notice filing shall terminate.

(C) To renew a notice filing, an issuer of a covered securities offering shall: (i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and (ii) Pay a fee of one hundred dollars ($100).

(i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and

(ii) Pay a fee of one hundred dollars ($100).

(e) (1) Except as provided under subsection (c) or subsection (d) of this section, with respect to a covered security under section 18(b)(3) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(3) , as it existed on January 1, 2019, or section 18(b)(4) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4) , as it existed on January 1, 2019, the commissioner may by rule or order require the issuer to: (A) Concurrently file with the commissioner any document or information required to be filed with the United States Securities and Exchange Commission; and (B) Pay a fee of one hundred dollars ($100). (2) (A) A notice filing for a covered securities offering under subdivision (e)(1) of this section is effective for twelve (12) months from the date of the initial filing with the commissioner. (B) A notice filing for a covered securities offering under subdivision (e)(1) of this section shall be renewed on or before the anniversary date of the initial notice filing, or the notice filing shall terminate. (C) To renew a notice filing, an issuer of a covered securities offering shall: (i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and (ii) Pay a fee of one hundred dollars ($100).

(1) Except as provided under subsection (c) or subsection (d) of this section, with respect to a covered security under section 18(b)(3) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(3) , as it existed on January 1, 2019, or section 18(b)(4) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4) , as it existed on January 1, 2019, the commissioner may by rule or order require the issuer to: (A) Concurrently file with the commissioner any document or information required to be filed with the United States Securities and Exchange Commission; and (B) Pay a fee of one hundred dollars ($100).

(A) Concurrently file with the commissioner any document or information required to be filed with the United States Securities and Exchange Commission; and

(B) Pay a fee of one hundred dollars ($100).

(2) (A) A notice filing for a covered securities offering under subdivision (e)(1) of this section is effective for twelve (12) months from the date of the initial filing with the commissioner. (B) A notice filing for a covered securities offering under subdivision (e)(1) of this section shall be renewed on or before the anniversary date of the initial notice filing, or the notice filing shall terminate. (C) To renew a notice filing, an issuer of a covered securities offering shall: (i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and (ii) Pay a fee of one hundred dollars ($100).

(A) A notice filing for a covered securities offering under subdivision (e)(1) of this section is effective for twelve (12) months from the date of the initial filing with the commissioner.

(B) A notice filing for a covered securities offering under subdivision (e)(1) of this section shall be renewed on or before the anniversary date of the initial notice filing, or the notice filing shall terminate.

(C) To renew a notice filing, an issuer of a covered securities offering shall: (i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and (ii) Pay a fee of one hundred dollars ($100).

(i) Submit the appropriate forms and documents as filed with the United States Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. § 77a et seq.; and

(ii) Pay a fee of one hundred dollars ($100).

(f) The commissioner may issue a stop order suspending the offer and sale of a covered security, except a covered security under section 18(b)(1) of the Securities Act of 1933, if he or she finds that: (1) The order is in the public interest; and (2) A failure to comply with this section exists.

(1) The order is in the public interest; and

(2) A failure to comply with this section exists.

(g) The commissioner by rule or order may waive any or all of the provisions of this section.

Amended by Act 2019, No. 110,§ 8, eff. 7/24/2019.

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

Amended by Act 2019, No. 110,§ 6, eff. 7/24/2019.

Amended by Act 2019, No. 110,§ 5, eff. 7/24/2019.

Amended by Act 2017, No. 668,§ 26, eff. 8/1/2017.

Amended by Act 2017, No. 668,§ 25, eff. 8/1/2017.

Amended by Act 2017, No. 668,§ 24, eff. 8/1/2017.

Amended by Act 2013, No. 460,§ 14, eff. 8/16/2013.

Acts 1997, No. 173, § 23; 1999, No. 363, § 4.
Ark. Code Ann. § 23-51-192 — AR Code / Title 23 / Chapter 51 / Section 23-51-192
Delegation and fiduciary responsibility
Status: in_force

(a) Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management, or administrative function if the person exercises reasonable care, judgment, and caution in: (1) Selecting the delegate, taking into account the delegate's financial standing and reputation; (2) Establishing the scope and other terms of any delegation; and (3) Reviewing periodically the delegate's actions in order to monitor overall performance and compliance with the scope and other terms of the delegation. (b) Notwithstanding any delegation permitted by subsection (a) of this section, any person acting as a trustee, except as provided in § 28-73-807 , or in any other fiduciary capacity under the laws of this state shall retain responsibility for the due performance of any delegated fiduciary function. Acts 1997, No. 940, § 92; 2005, No. 1031, § 2.

(a) Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management, or administrative function if the person exercises reasonable care, judgment, and caution in: (1) Selecting the delegate, taking into account the delegate's financial standing and reputation; (2) Establishing the scope and other terms of any delegation; and (3) Reviewing periodically the delegate's actions in order to monitor overall performance and compliance with the scope and other terms of the delegation.

(1) Selecting the delegate, taking into account the delegate's financial standing and reputation;

(2) Establishing the scope and other terms of any delegation; and

(3) Reviewing periodically the delegate's actions in order to monitor overall performance and compliance with the scope and other terms of the delegation.

(b) Notwithstanding any delegation permitted by subsection (a) of this section, any person acting as a trustee, except as provided in § 28-73-807 , or in any other fiduciary capacity under the laws of this state shall retain responsibility for the due performance of any delegated fiduciary function.

Acts 1997, No. 940, § 92; 2005, No. 1031, § 2.
Ark. Code Ann. § 23-67-219 — AR Code / Title 23 / Chapter 67 / Subchapter 2 / Section 23-67-219
Workers' compensation and employers' liability insurance
Status: in_force

With regard to workers' compensation and employers' liability insurance incidental thereto and written in connection therewith, the following provisions shall apply: (1) (A) Every insurer shall file with the Insurance Commissioner every manual of classifications, rules and rates, every rating plan, and every modification of any of the foregoing which it proposes to use for workers' compensation and employers' liability insurance. (B) Every insurer shall file with the commissioner every manual, minimum, class rate, rating schedule or rating plan, every other rating rule, and every modification of any of the foregoing which it proposes to use for workers' compensation and employers' liability insurance. (C) (i) Every filing must be submitted for approval to the commissioner at least thirty (30) days prior to the proposed effective date. (ii) Upon written request of the filer, the commissioner may authorize an earlier effective date. (iii) If the commissioner does not have sufficient information to determine whether the filing meets the requirements of this section, the commissioner shall require the filer to furnish the information upon which it supports the filing. In this event, the proposed effective date shall not be less than thirty (30) days after the date the information is furnished. (iv) As soon as submitted, each filing shall be open to public inspection, except information which is a trade secret or of a proprietary nature, or both. Notwithstanding the provisions of the Freedom of Information Act of 1967, § 25-19-101 et seq., information which is a trade secret or of a proprietary nature, or both, shall not be open to public inspection. (v) The commissioner may require that the rate filing be submitted to an independent consulting actuary of his or her choice for review. The full expense of the consulting actuarial review shall be borne by the filing insurer or rate service organization. (D) An insurer may satisfy its obligation to file by filing by reference to the rates and supplementary information, with or without deviation, filed by a licensed rate service organization with which the insurer is a member or subscriber. However, nothing contained in this section shall be construed as requiring any insurer to become a member of or subscriber to any rate service organization. Filings made by licensed rate service organizations shall be for advisory purposes only and shall not be made on behalf of any insurer. Reference filings made in this manner can only be changed by subsequent filings by the insurer. (E) Upon the written application of the insured, stating his or her reasons therefor, filed with and approved by the commissioner, a rate in excess of that provided by a filing otherwise applicable may be used on any specific risk. (F) (i) Any person or organization aggrieved with respect to any filing which is in effect may make written application to the commissioner for a hearing thereon, provided that the insurer or rate service organization that made the filing shall not be authorized to proceed under this subdivision (1)(F). (ii) The application shall specify the grounds to be relied upon by the applicant. (iii) If the commissioner finds that the application is made in good faith, that the applicant will suffer a legally cognizable injury if the grounds are established, and that the grounds otherwise justify holding a hearing, the commissioner shall, within thirty (30) days after receipt of the application, hold a hearing upon not less than ten (10) days' written notice to the applicant and to every insurer and rate service organization which made the filing. (G) If, after the hearing, the commissioner finds that the filing does not meet the requirements of this section, the commissioner shall issue an order specifying in what respects the filing fails to meet the requirements and stating when, within a reasonable period thereafter, the filing shall be deemed no longer effective. Copies of the order shall be sent to all parties to the hearing. The order shall not affect any contract or policy made or issued prior to the expiration of the period set forth in the order. (H) A manual, minimum, class rate, rating schedule, rating plan, rating rule, rating system, plan of operation, or any modification of any of the foregoing shall be disapproved if the rates thereby produced are excessive, inadequate, or unfairly discriminatory; (2) (A) (i) Every member of or subscriber to a rate service organization shall adhere to the filings by the organization to which it has filed by reference, except that the insurer may make written application to the commissioner to file a deviation from the class rates, schedules, rating plans, or rules thereof. (ii) This application shall specify the basis for the modification, and a copy shall also be sent simultaneously to the rate service organization. (iii) In considering the application to file a deviation, the commissioner shall give consideration to the available statistics and the principles for ratemaking as provided in § 23-67-207 and subdivision (1)(H) of this section. (iv) The commissioner shall approve the deviation for the insurer if he or she finds it to be justified, and it shall thereupon become effective. (v) The commissioner shall disapprove the application if he or she finds that the deviation applied for does not meet the requirements of this chapter. (B) (i) In order to preserve a uniform database, the commissioner may designate one (1) or more rate service organizations to assist him or her in gathering, compiling, and reporting information. (ii) Insurers shall record their workers' compensation and employers' liability experience on a classification basis consistent with that of a rate service organization designated by the commissioner and shall report the experience to the designated rate service organization; (3) (A) Every rate service organization and every insurer which makes its own rates for workers' compensation and employers' insurance, within a reasonable time after receiving written request therefor and upon payment of such reasonable charge as it may make, shall furnish to any insured affected by a rate made by it, or to the authorized representative of the insured, all pertinent information as to the rate. (B) (i) Every rate service organization and every insurer which makes its own rates shall provide within this state reasonable means whereby any person aggrieved by the application of its rating system may be heard, in person or by his or her authorized representative, on his or her written request to review the manner in which the rating system has been applied in connection with the insurance afforded him or her. (ii) If the rate service organization or insurer fails to grant or rejects the request within thirty (30) days after it is made, the applicant may proceed in the same manner as if his or her application had been rejected. (iii) Any party affected by the action of the rate service organization or the insurer on the request may, within thirty (30) days after written notice of the action, appeal to the commissioner. (iv) The commissioner shall be furnished a written transcript of the proceedings before the rate service organization or the insurer, including a written memorandum of decision. The commissioner shall, within thirty (30) days after submission of the transcript and memorandum of decision, render his or her decision on the appeal, which decision shall be based on the transcript and memorandum of decision submitted. The commissioner shall promptly notify the appellant and the rate service organization or insurer in writing of his or her decision on the appeal. Acts 1979, No. 732, § 21; 1981, No. 906, § 1; A.S.A. 1947, § 66-3120; Acts 1987, No. 697, §§ 1-4; Acts 1991, No. 1123, § 5; 1997, No. 1000, § 6.

With regard to workers' compensation and employers' liability insurance incidental thereto and written in connection therewith, the following provisions shall apply:

(1) (A) Every insurer shall file with the Insurance Commissioner every manual of classifications, rules and rates, every rating plan, and every modification of any of the foregoing which it proposes to use for workers' compensation and employers' liability insurance. (B) Every insurer shall file with the commissioner every manual, minimum, class rate, rating schedule or rating plan, every other rating rule, and every modification of any of the foregoing which it proposes to use for workers' compensation and employers' liability insurance. (C) (i) Every filing must be submitted for approval to the commissioner at least thirty (30) days prior to the proposed effective date. (ii) Upon written request of the filer, the commissioner may authorize an earlier effective date. (iii) If the commissioner does not have sufficient information to determine whether the filing meets the requirements of this section, the commissioner shall require the filer to furnish the information upon which it supports the filing. In this event, the proposed effective date shall not be less than thirty (30) days after the date the information is furnished. (iv) As soon as submitted, each filing shall be open to public inspection, except information which is a trade secret or of a proprietary nature, or both. Notwithstanding the provisions of the Freedom of Information Act of 1967, § 25-19-101 et seq., information which is a trade secret or of a proprietary nature, or both, shall not be open to public inspection. (v) The commissioner may require that the rate filing be submitted to an independent consulting actuary of his or her choice for review. The full expense of the consulting actuarial review shall be borne by the filing insurer or rate service organization. (D) An insurer may satisfy its obligation to file by filing by reference to the rates and supplementary information, with or without deviation, filed by a licensed rate service organization with which the insurer is a member or subscriber. However, nothing contained in this section shall be construed as requiring any insurer to become a member of or subscriber to any rate service organization. Filings made by licensed rate service organizations shall be for advisory purposes only and shall not be made on behalf of any insurer. Reference filings made in this manner can only be changed by subsequent filings by the insurer. (E) Upon the written application of the insured, stating his or her reasons therefor, filed with and approved by the commissioner, a rate in excess of that provided by a filing otherwise applicable may be used on any specific risk. (F) (i) Any person or organization aggrieved with respect to any filing which is in effect may make written application to the commissioner for a hearing thereon, provided that the insurer or rate service organization that made the filing shall not be authorized to proceed under this subdivision (1)(F). (ii) The application shall specify the grounds to be relied upon by the applicant. (iii) If the commissioner finds that the application is made in good faith, that the applicant will suffer a legally cognizable injury if the grounds are established, and that the grounds otherwise justify holding a hearing, the commissioner shall, within thirty (30) days after receipt of the application, hold a hearing upon not less than ten (10) days' written notice to the applicant and to every insurer and rate service organization which made the filing. (G) If, after the hearing, the commissioner finds that the filing does not meet the requirements of this section, the commissioner shall issue an order specifying in what respects the filing fails to meet the requirements and stating when, within a reasonable period thereafter, the filing shall be deemed no longer effective. Copies of the order shall be sent to all parties to the hearing. The order shall not affect any contract or policy made or issued prior to the expiration of the period set forth in the order. (H) A manual, minimum, class rate, rating schedule, rating plan, rating rule, rating system, plan of operation, or any modification of any of the foregoing shall be disapproved if the rates thereby produced are excessive, inadequate, or unfairly discriminatory;

(A) Every insurer shall file with the Insurance Commissioner every manual of classifications, rules and rates, every rating plan, and every modification of any of the foregoing which it proposes to use for workers' compensation and employers' liability insurance.

(B) Every insurer shall file with the commissioner every manual, minimum, class rate, rating schedule or rating plan, every other rating rule, and every modification of any of the foregoing which it proposes to use for workers' compensation and employers' liability insurance.

(C) (i) Every filing must be submitted for approval to the commissioner at least thirty (30) days prior to the proposed effective date. (ii) Upon written request of the filer, the commissioner may authorize an earlier effective date. (iii) If the commissioner does not have sufficient information to determine whether the filing meets the requirements of this section, the commissioner shall require the filer to furnish the information upon which it supports the filing. In this event, the proposed effective date shall not be less than thirty (30) days after the date the information is furnished. (iv) As soon as submitted, each filing shall be open to public inspection, except information which is a trade secret or of a proprietary nature, or both. Notwithstanding the provisions of the Freedom of Information Act of 1967, § 25-19-101 et seq., information which is a trade secret or of a proprietary nature, or both, shall not be open to public inspection. (v) The commissioner may require that the rate filing be submitted to an independent consulting actuary of his or her choice for review. The full expense of the consulting actuarial review shall be borne by the filing insurer or rate service organization.

(i) Every filing must be submitted for approval to the commissioner at least thirty (30) days prior to the proposed effective date.

(ii) Upon written request of the filer, the commissioner may authorize an earlier effective date.

(iii) If the commissioner does not have sufficient information to determine whether the filing meets the requirements of this section, the commissioner shall require the filer to furnish the information upon which it supports the filing. In this event, the proposed effective date shall not be less than thirty (30) days after the date the information is furnished.

(iv) As soon as submitted, each filing shall be open to public inspection, except information which is a trade secret or of a proprietary nature, or both. Notwithstanding the provisions of the Freedom of Information Act of 1967, § 25-19-101 et seq., information which is a trade secret or of a proprietary nature, or both, shall not be open to public inspection.

(v) The commissioner may require that the rate filing be submitted to an independent consulting actuary of his or her choice for review. The full expense of the consulting actuarial review shall be borne by the filing insurer or rate service organization.

(D) An insurer may satisfy its obligation to file by filing by reference to the rates and supplementary information, with or without deviation, filed by a licensed rate service organization with which the insurer is a member or subscriber. However, nothing contained in this section shall be construed as requiring any insurer to become a member of or subscriber to any rate service organization. Filings made by licensed rate service organizations shall be for advisory purposes only and shall not be made on behalf of any insurer. Reference filings made in this manner can only be changed by subsequent filings by the insurer.

(E) Upon the written application of the insured, stating his or her reasons therefor, filed with and approved by the commissioner, a rate in excess of that provided by a filing otherwise applicable may be used on any specific risk.

(F) (i) Any person or organization aggrieved with respect to any filing which is in effect may make written application to the commissioner for a hearing thereon, provided that the insurer or rate service organization that made the filing shall not be authorized to proceed under this subdivision (1)(F). (ii) The application shall specify the grounds to be relied upon by the applicant. (iii) If the commissioner finds that the application is made in good faith, that the applicant will suffer a legally cognizable injury if the grounds are established, and that the grounds otherwise justify holding a hearing, the commissioner shall, within thirty (30) days after receipt of the application, hold a hearing upon not less than ten (10) days' written notice to the applicant and to every insurer and rate service organization which made the filing.

(i) Any person or organization aggrieved with respect to any filing which is in effect may make written application to the commissioner for a hearing thereon, provided that the insurer or rate service organization that made the filing shall not be authorized to proceed under this subdivision (1)(F).

(ii) The application shall specify the grounds to be relied upon by the applicant.

(iii) If the commissioner finds that the application is made in good faith, that the applicant will suffer a legally cognizable injury if the grounds are established, and that the grounds otherwise justify holding a hearing, the commissioner shall, within thirty (30) days after receipt of the application, hold a hearing upon not less than ten (10) days' written notice to the applicant and to every insurer and rate service organization which made the filing.

(G) If, after the hearing, the commissioner finds that the filing does not meet the requirements of this section, the commissioner shall issue an order specifying in what respects the filing fails to meet the requirements and stating when, within a reasonable period thereafter, the filing shall be deemed no longer effective. Copies of the order shall be sent to all parties to the hearing. The order shall not affect any contract or policy made or issued prior to the expiration of the period set forth in the order.

(H) A manual, minimum, class rate, rating schedule, rating plan, rating rule, rating system, plan of operation, or any modification of any of the foregoing shall be disapproved if the rates thereby produced are excessive, inadequate, or unfairly discriminatory;

(2) (A) (i) Every member of or subscriber to a rate service organization shall adhere to the filings by the organization to which it has filed by reference, except that the insurer may make written application to the commissioner to file a deviation from the class rates, schedules, rating plans, or rules thereof. (ii) This application shall specify the basis for the modification, and a copy shall also be sent simultaneously to the rate service organization. (iii) In considering the application to file a deviation, the commissioner shall give consideration to the available statistics and the principles for ratemaking as provided in § 23-67-207 and subdivision (1)(H) of this section. (iv) The commissioner shall approve the deviation for the insurer if he or she finds it to be justified, and it shall thereupon become effective. (v) The commissioner shall disapprove the application if he or she finds that the deviation applied for does not meet the requirements of this chapter. (B) (i) In order to preserve a uniform database, the commissioner may designate one (1) or more rate service organizations to assist him or her in gathering, compiling, and reporting information. (ii) Insurers shall record their workers' compensation and employers' liability experience on a classification basis consistent with that of a rate service organization designated by the commissioner and shall report the experience to the designated rate service organization;

(A) (i) Every member of or subscriber to a rate service organization shall adhere to the filings by the organization to which it has filed by reference, except that the insurer may make written application to the commissioner to file a deviation from the class rates, schedules, rating plans, or rules thereof. (ii) This application shall specify the basis for the modification, and a copy shall also be sent simultaneously to the rate service organization. (iii) In considering the application to file a deviation, the commissioner shall give consideration to the available statistics and the principles for ratemaking as provided in § 23-67-207 and subdivision (1)(H) of this section. (iv) The commissioner shall approve the deviation for the insurer if he or she finds it to be justified, and it shall thereupon become effective. (v) The commissioner shall disapprove the application if he or she finds that the deviation applied for does not meet the requirements of this chapter.

(i) Every member of or subscriber to a rate service organization shall adhere to the filings by the organization to which it has filed by reference, except that the insurer may make written application to the commissioner to file a deviation from the class rates, schedules, rating plans, or rules thereof.

(ii) This application shall specify the basis for the modification, and a copy shall also be sent simultaneously to the rate service organization.

(iii) In considering the application to file a deviation, the commissioner shall give consideration to the available statistics and the principles for ratemaking as provided in § 23-67-207 and subdivision (1)(H) of this section.

(iv) The commissioner shall approve the deviation for the insurer if he or she finds it to be justified, and it shall thereupon become effective.

(v) The commissioner shall disapprove the application if he or she finds that the deviation applied for does not meet the requirements of this chapter.

(B) (i) In order to preserve a uniform database, the commissioner may designate one (1) or more rate service organizations to assist him or her in gathering, compiling, and reporting information. (ii) Insurers shall record their workers' compensation and employers' liability experience on a classification basis consistent with that of a rate service organization designated by the commissioner and shall report the experience to the designated rate service organization;

(i) In order to preserve a uniform database, the commissioner may designate one (1) or more rate service organizations to assist him or her in gathering, compiling, and reporting information.

(ii) Insurers shall record their workers' compensation and employers' liability experience on a classification basis consistent with that of a rate service organization designated by the commissioner and shall report the experience to the designated rate service organization;

(3) (A) Every rate service organization and every insurer which makes its own rates for workers' compensation and employers' insurance, within a reasonable time after receiving written request therefor and upon payment of such reasonable charge as it may make, shall furnish to any insured affected by a rate made by it, or to the authorized representative of the insured, all pertinent information as to the rate. (B) (i) Every rate service organization and every insurer which makes its own rates shall provide within this state reasonable means whereby any person aggrieved by the application of its rating system may be heard, in person or by his or her authorized representative, on his or her written request to review the manner in which the rating system has been applied in connection with the insurance afforded him or her. (ii) If the rate service organization or insurer fails to grant or rejects the request within thirty (30) days after it is made, the applicant may proceed in the same manner as if his or her application had been rejected. (iii) Any party affected by the action of the rate service organization or the insurer on the request may, within thirty (30) days after written notice of the action, appeal to the commissioner. (iv) The commissioner shall be furnished a written transcript of the proceedings before the rate service organization or the insurer, including a written memorandum of decision. The commissioner shall, within thirty (30) days after submission of the transcript and memorandum of decision, render his or her decision on the appeal, which decision shall be based on the transcript and memorandum of decision submitted. The commissioner shall promptly notify the appellant and the rate service organization or insurer in writing of his or her decision on the appeal.

(A) Every rate service organization and every insurer which makes its own rates for workers' compensation and employers' insurance, within a reasonable time after receiving written request therefor and upon payment of such reasonable charge as it may make, shall furnish to any insured affected by a rate made by it, or to the authorized representative of the insured, all pertinent information as to the rate.

(B) (i) Every rate service organization and every insurer which makes its own rates shall provide within this state reasonable means whereby any person aggrieved by the application of its rating system may be heard, in person or by his or her authorized representative, on his or her written request to review the manner in which the rating system has been applied in connection with the insurance afforded him or her. (ii) If the rate service organization or insurer fails to grant or rejects the request within thirty (30) days after it is made, the applicant may proceed in the same manner as if his or her application had been rejected. (iii) Any party affected by the action of the rate service organization or the insurer on the request may, within thirty (30) days after written notice of the action, appeal to the commissioner. (iv) The commissioner shall be furnished a written transcript of the proceedings before the rate service organization or the insurer, including a written memorandum of decision. The commissioner shall, within thirty (30) days after submission of the transcript and memorandum of decision, render his or her decision on the appeal, which decision shall be based on the transcript and memorandum of decision submitted. The commissioner shall promptly notify the appellant and the rate service organization or insurer in writing of his or her decision on the appeal.

(i) Every rate service organization and every insurer which makes its own rates shall provide within this state reasonable means whereby any person aggrieved by the application of its rating system may be heard, in person or by his or her authorized representative, on his or her written request to review the manner in which the rating system has been applied in connection with the insurance afforded him or her.

(ii) If the rate service organization or insurer fails to grant or rejects the request within thirty (30) days after it is made, the applicant may proceed in the same manner as if his or her application had been rejected.

(iii) Any party affected by the action of the rate service organization or the insurer on the request may, within thirty (30) days after written notice of the action, appeal to the commissioner.

(iv) The commissioner shall be furnished a written transcript of the proceedings before the rate service organization or the insurer, including a written memorandum of decision. The commissioner shall, within thirty (30) days after submission of the transcript and memorandum of decision, render his or her decision on the appeal, which decision shall be based on the transcript and memorandum of decision submitted. The commissioner shall promptly notify the appellant and the rate service organization or insurer in writing of his or her decision on the appeal.

Acts 1979, No. 732, § 21; 1981, No. 906, § 1; A.S.A. 1947, § 66-3120; Acts 1987, No. 697, §§ 1-4; Acts 1991, No. 1123, § 5; 1997, No. 1000, § 6.
Ark. Code Ann. § 23-17-511 — AR Code / Title 23 / Chapter 17 / Subchapter 5 / Section 23-17-511
Fees and rates
Status: in_force

(a) This section shall govern an authority's rates and fees for use of authority poles and the placement of a small wireless facility or associated poles. (b) An authority shall not require a wireless provider to pay any rates, fees, or compensation to the authority or other person other than what is expressly authorized by this subchapter for the right to use or occupy a right-of-way, for collocation of small wireless facilities on or in structures in the right-of-way, or for the installation, maintenance, modification, and replacement of associated poles in the right-of-way. (c) Application fees for a permit shall be nondiscriminatory and shall not collectively exceed the following: (1) One hundred dollars ($100) for each small wireless facility; or (2) Two hundred fifty dollars ($250) for the installation, modification, or replacement of a pole together with the collocation of an associated small wireless facility in the right-of-way. (d) (1) Except as described in § 23-17-510(e) , a wireless provider shall pay an authority compensation for use of the right-of-way, an annual rate of up to thirty dollars ($30.00) per small wireless facility. (2) A wireless provider shall pay an authority compensation for collocation of small wireless facilities on authority poles an annual rate of up to two hundred forty dollars ($240) for each authority pole. (e) A wireless provider is not required to pay an authority compensation for micro-wireless facilities that are suspended on cables strung between existing utility poles in the right-of-way as long as the wireless provider compensates the authority through other licenses or franchises held directly or through one (1) of the wireless provider's affiliates for the placement of the suspension cables in the right-of-way. (f) The rates under this section, together with a onetime application fee, shall be the total compensation that the wireless provider is required to pay the authority for the deployment of small wireless facilities in the right-of-way and any associated poles. Added by Act 2019, No. 999,§ 1, eff. 9/1/2019. Added by Act 2019, No. 797,§ 1, eff. 9/1/2019.

(a) This section shall govern an authority's rates and fees for use of authority poles and the placement of a small wireless facility or associated poles.

(b) An authority shall not require a wireless provider to pay any rates, fees, or compensation to the authority or other person other than what is expressly authorized by this subchapter for the right to use or occupy a right-of-way, for collocation of small wireless facilities on or in structures in the right-of-way, or for the installation, maintenance, modification, and replacement of associated poles in the right-of-way.

(c) Application fees for a permit shall be nondiscriminatory and shall not collectively exceed the following: (1) One hundred dollars ($100) for each small wireless facility; or (2) Two hundred fifty dollars ($250) for the installation, modification, or replacement of a pole together with the collocation of an associated small wireless facility in the right-of-way.

(1) One hundred dollars ($100) for each small wireless facility; or

(2) Two hundred fifty dollars ($250) for the installation, modification, or replacement of a pole together with the collocation of an associated small wireless facility in the right-of-way.

(d) (1) Except as described in § 23-17-510(e) , a wireless provider shall pay an authority compensation for use of the right-of-way, an annual rate of up to thirty dollars ($30.00) per small wireless facility. (2) A wireless provider shall pay an authority compensation for collocation of small wireless facilities on authority poles an annual rate of up to two hundred forty dollars ($240) for each authority pole.

(1) Except as described in § 23-17-510(e) , a wireless provider shall pay an authority compensation for use of the right-of-way, an annual rate of up to thirty dollars ($30.00) per small wireless facility.

(2) A wireless provider shall pay an authority compensation for collocation of small wireless facilities on authority poles an annual rate of up to two hundred forty dollars ($240) for each authority pole.

(e) A wireless provider is not required to pay an authority compensation for micro-wireless facilities that are suspended on cables strung between existing utility poles in the right-of-way as long as the wireless provider compensates the authority through other licenses or franchises held directly or through one (1) of the wireless provider's affiliates for the placement of the suspension cables in the right-of-way.

(f) The rates under this section, together with a onetime application fee, shall be the total compensation that the wireless provider is required to pay the authority for the deployment of small wireless facilities in the right-of-way and any associated poles.

Added by Act 2019, No. 999,§ 1, eff. 9/1/2019.

Added by Act 2019, No. 797,§ 1, eff. 9/1/2019.
Ark. Code Ann. § 23-18-323 — AR Code / Title 23 / Chapter 18 / Subchapter 3 / Section 23-18-323
Officers, agents, and employees
Status: in_force

(a) The board may elect from its number a chair, a secretary, and such vice chairpersons as it deems necessary. The powers, duties, term of office, and compensation shall be provided for in the bylaws. (b) (1) The board may appoint a chief executive officer, president, or manager, a treasurer, who may be the same person elected to the office of secretary, and such vice presidents as it deems necessary. The powers, duties, term of office, and compensation of the foregoing officers shall be provided for by the board of directors. (2) The chief executive officer, president, or manager may be an elected member of the board or an ex officio member of the board as provided for in the bylaws. Such an officer may be a member of an executive committee, if one is created by the corporation and the officer is an elected member of the board. Otherwise, the officer may be an ex officio member of an executive committee as provided for in the bylaws. (c) The board shall appoint such other officers, agents, and employees as it deems necessary and fix their powers, duties, and compensation. (d) Any officer, agent, or employee elected or appointed by the board may be removed by it whenever in its judgment the best interests of the corporation will be served. Acts 1937, No. 342, § 23; Pope's Dig., § 2337; Acts 1981, No. 355, § 1; A.S.A. 1947, § 77-1123.

(a) The board may elect from its number a chair, a secretary, and such vice chairpersons as it deems necessary. The powers, duties, term of office, and compensation shall be provided for in the bylaws.

(b) (1) The board may appoint a chief executive officer, president, or manager, a treasurer, who may be the same person elected to the office of secretary, and such vice presidents as it deems necessary. The powers, duties, term of office, and compensation of the foregoing officers shall be provided for by the board of directors. (2) The chief executive officer, president, or manager may be an elected member of the board or an ex officio member of the board as provided for in the bylaws. Such an officer may be a member of an executive committee, if one is created by the corporation and the officer is an elected member of the board. Otherwise, the officer may be an ex officio member of an executive committee as provided for in the bylaws.

(1) The board may appoint a chief executive officer, president, or manager, a treasurer, who may be the same person elected to the office of secretary, and such vice presidents as it deems necessary. The powers, duties, term of office, and compensation of the foregoing officers shall be provided for by the board of directors.

(2) The chief executive officer, president, or manager may be an elected member of the board or an ex officio member of the board as provided for in the bylaws. Such an officer may be a member of an executive committee, if one is created by the corporation and the officer is an elected member of the board. Otherwise, the officer may be an ex officio member of an executive committee as provided for in the bylaws.

(c) The board shall appoint such other officers, agents, and employees as it deems necessary and fix their powers, duties, and compensation.

(d) Any officer, agent, or employee elected or appointed by the board may be removed by it whenever in its judgment the best interests of the corporation will be served.

Acts 1937, No. 342, § 23; Pope's Dig., § 2337; Acts 1981, No. 355, § 1; A.S.A. 1947, § 77-1123.
Ark. Code Ann. § 23-4-506 — AR Code / Title 23 / Chapter 4 / Subchapter 5 / Section 23-4-506
Collection subject to refund
Status: in_force

The surcharge shall be collected subject to refund, and the Arkansas Public Service Commission may require reasonable security to assure the prompt payment of any refunds that may be ordered. Acts 1981, No. 310, § 2; 1983, No. 262, § 1; A.S.A. 1947, § 73-217.2.

The surcharge shall be collected subject to refund, and the Arkansas Public Service Commission may require reasonable security to assure the prompt payment of any refunds that may be ordered.

Acts 1981, No. 310, § 2; 1983, No. 262, § 1; A.S.A. 1947, § 73-217.2.
Ark. Code Ann. § 23-66-404 — AR Code / Title 23 / Chapter 66 / Subchapter 4 / Section 23-66-404
Required practices
Status: in_force

Each insurer engaged in the home service system of distribution of policies in this state shall: (1) (A) Establish written procedures to audit agencies engaged in the home service system of distribution of policies in this state; (B) File the audit procedures in effect each year with the annual statement or provide a certification with each annual statement that the procedures have been adopted; (C) Conduct audits periodically, or in the manner as described by rules, at the field level or premium payor level which reasonably ensure that the premium payor's premium recording item or records accurately reflect the premium due date and premium paid-to status of the policy or policies purchased; (D) Provide a receipt or record to the premium payor reflecting the amount of the premium paid, the date of payment, and the policy number, or other identifying characteristics, toward which the premium is paid if the premium receipt book or other premium recording record is unavailable for marking the premium payments of the payor; and (E) Provide to a policy owner or premium payor upon request the current paid-to status of any and all policies owned within forty-five (45) days, and, in the event the records of the policy owner or premium payor differ, adjust the company records to credit the policy any previously uncredited payments for which a receipt or other reasonable evidence of payment is submitted by the policy owner; and (2) With the delivery of the policy, provide notice in bold print with at least 10-point font or size which states: (A) That a premium savings may be realized by a different or less frequent method of premium payment; (B) That premiums are still due and payable by the person responsible for premium payments even when an agent does not collect the premiums; and (C) The mailing address for payment of premiums to the company. Amended by Act 2019, No. 315,§ 2667, eff. 7/24/2019. Acts 1993, No. 932, § 4; 1997, No. 749, § 2.

Each insurer engaged in the home service system of distribution of policies in this state shall:

(1) (A) Establish written procedures to audit agencies engaged in the home service system of distribution of policies in this state; (B) File the audit procedures in effect each year with the annual statement or provide a certification with each annual statement that the procedures have been adopted; (C) Conduct audits periodically, or in the manner as described by rules, at the field level or premium payor level which reasonably ensure that the premium payor's premium recording item or records accurately reflect the premium due date and premium paid-to status of the policy or policies purchased; (D) Provide a receipt or record to the premium payor reflecting the amount of the premium paid, the date of payment, and the policy number, or other identifying characteristics, toward which the premium is paid if the premium receipt book or other premium recording record is unavailable for marking the premium payments of the payor; and (E) Provide to a policy owner or premium payor upon request the current paid-to status of any and all policies owned within forty-five (45) days, and, in the event the records of the policy owner or premium payor differ, adjust the company records to credit the policy any previously uncredited payments for which a receipt or other reasonable evidence of payment is submitted by the policy owner; and

(A) Establish written procedures to audit agencies engaged in the home service system of distribution of policies in this state;

(B) File the audit procedures in effect each year with the annual statement or provide a certification with each annual statement that the procedures have been adopted;

(C) Conduct audits periodically, or in the manner as described by rules, at the field level or premium payor level which reasonably ensure that the premium payor's premium recording item or records accurately reflect the premium due date and premium paid-to status of the policy or policies purchased;

(D) Provide a receipt or record to the premium payor reflecting the amount of the premium paid, the date of payment, and the policy number, or other identifying characteristics, toward which the premium is paid if the premium receipt book or other premium recording record is unavailable for marking the premium payments of the payor; and

(E) Provide to a policy owner or premium payor upon request the current paid-to status of any and all policies owned within forty-five (45) days, and, in the event the records of the policy owner or premium payor differ, adjust the company records to credit the policy any previously uncredited payments for which a receipt or other reasonable evidence of payment is submitted by the policy owner; and

(2) With the delivery of the policy, provide notice in bold print with at least 10-point font or size which states: (A) That a premium savings may be realized by a different or less frequent method of premium payment; (B) That premiums are still due and payable by the person responsible for premium payments even when an agent does not collect the premiums; and (C) The mailing address for payment of premiums to the company.

(A) That a premium savings may be realized by a different or less frequent method of premium payment;

(B) That premiums are still due and payable by the person responsible for premium payments even when an agent does not collect the premiums; and

(C) The mailing address for payment of premiums to the company.

Amended by Act 2019, No. 315,§ 2667, eff. 7/24/2019.

Acts 1993, No. 932, § 4; 1997, No. 749, § 2.
Ark. Code Ann. § 23-63-518 — AR Code / Title 23 / Chapter 63 / Subchapter 5 / Section 23-63-518
Rules
Status: in_force

After compliance with §§ 23-61-108 and 23-61-304 of the Arkansas Insurance Code, the Insurance Commissioner may issue such rules and orders as shall be necessary to carry out the provisions of this subchapter. Amended by Act 2019, No. 315,§ 2631, eff. 7/24/2019. Acts 1971, No. 288, § 10; A.S.A. 1947, § 66-5010.

After compliance with §§ 23-61-108 and 23-61-304 of the Arkansas Insurance Code, the Insurance Commissioner may issue such rules and orders as shall be necessary to carry out the provisions of this subchapter.

Amended by Act 2019, No. 315,§ 2631, eff. 7/24/2019.

Acts 1971, No. 288, § 10; A.S.A. 1947, § 66-5010.
Ark. Code Ann. § 23-92-406 — AR Code / Title 23 / Chapter 92 / Subchapter 4 / Section 23-92-406
Changes in control
Status: in_force

(a) (1) A license issued to any professional employer organization under this subchapter may not be transferred or assigned. (2) A licensee may not operate an entity subject to licensing under this subchapter under any name or at any location other than that specified in the application for the license or without having received the prior written consent of the Insurance Commissioner. (3) The commissioner may adopt additional rules to provide for a licensee's change of name or location. (b) (1) A person or entity that seeks to purchase or acquire control of an entity licensed under this subchapter shall first apply to the commissioner for a certificate of approval for the proposed change of ownership unless the licensed entity to be acquired is a publicly traded entity, in which event the acquiring entity shall apply to the commissioner for a certificate of approval for the proposed change of ownership at the time the licensed entity publishes public notice of the intended purchase or acquisition of control. (2) The application under subdivision (b)(1) of this section shall contain the name and address of the proposed new owner, controlling person, and any other information required by the commissioner. (c) (1) Any existing stockholder or partner who intends to acquire control of an existing entity that is licensed under this subchapter shall first apply to the commissioner for a certificate of approval for the proposed change of ownership. (2) The application shall contain the name and address of any stockholder or partner who owns ten percent (10%) or more of the entity and who seeks to acquire control, and any other information required by the commissioner. (d) (1) Before recommending that a certificate of approval be issued to an applicant that has applied under subsection (a) or subsection (b) of this section, the commissioner may conduct an investigation of the applicant and examine the records of the entity as part of the investigation in accordance with applicable law. (2) As a part of his or her investigation, the commissioner shall determine if there are any complaints pending against the company being purchased, the controlling person proposed to operate the purchased entity, or the proposed controlling person's existing company. (3) The commissioner shall issue a certificate of approval only after he or she has determined that the proposed new owner possesses the financial ability, experience, and integrity to operate the entity as required by this subchapter. (e) The commissioner shall waive the requirements of subsection (d) of this section and shall automatically approve the proposed change in ownership if: (1) The application meets the requirements of subsection (b) or subsection (c) of this section; (2) The proposed new owner and the current owner are part of the same controlled entity; and (3) No member or controlling person of the controlled entity is under investigation or has been previously denied a license by the commissioner. (f) Any application that is submitted to the commissioner under this section shall be deemed approved if the commissioner has not approved or rejected the application and provided the applicant with the basis for a rejection within ninety (90) days after the receipt of the completed application. Acts 2003, No. 1750, § 1.

(a) (1) A license issued to any professional employer organization under this subchapter may not be transferred or assigned. (2) A licensee may not operate an entity subject to licensing under this subchapter under any name or at any location other than that specified in the application for the license or without having received the prior written consent of the Insurance Commissioner. (3) The commissioner may adopt additional rules to provide for a licensee's change of name or location.

(1) A license issued to any professional employer organization under this subchapter may not be transferred or assigned.

(2) A licensee may not operate an entity subject to licensing under this subchapter under any name or at any location other than that specified in the application for the license or without having received the prior written consent of the Insurance Commissioner.

(3) The commissioner may adopt additional rules to provide for a licensee's change of name or location.

(b) (1) A person or entity that seeks to purchase or acquire control of an entity licensed under this subchapter shall first apply to the commissioner for a certificate of approval for the proposed change of ownership unless the licensed entity to be acquired is a publicly traded entity, in which event the acquiring entity shall apply to the commissioner for a certificate of approval for the proposed change of ownership at the time the licensed entity publishes public notice of the intended purchase or acquisition of control. (2) The application under subdivision (b)(1) of this section shall contain the name and address of the proposed new owner, controlling person, and any other information required by the commissioner.

(1) A person or entity that seeks to purchase or acquire control of an entity licensed under this subchapter shall first apply to the commissioner for a certificate of approval for the proposed change of ownership unless the licensed entity to be acquired is a publicly traded entity, in which event the acquiring entity shall apply to the commissioner for a certificate of approval for the proposed change of ownership at the time the licensed entity publishes public notice of the intended purchase or acquisition of control.

(2) The application under subdivision (b)(1) of this section shall contain the name and address of the proposed new owner, controlling person, and any other information required by the commissioner.

(c) (1) Any existing stockholder or partner who intends to acquire control of an existing entity that is licensed under this subchapter shall first apply to the commissioner for a certificate of approval for the proposed change of ownership. (2) The application shall contain the name and address of any stockholder or partner who owns ten percent (10%) or more of the entity and who seeks to acquire control, and any other information required by the commissioner.

(1) Any existing stockholder or partner who intends to acquire control of an existing entity that is licensed under this subchapter shall first apply to the commissioner for a certificate of approval for the proposed change of ownership.

(2) The application shall contain the name and address of any stockholder or partner who owns ten percent (10%) or more of the entity and who seeks to acquire control, and any other information required by the commissioner.

(d) (1) Before recommending that a certificate of approval be issued to an applicant that has applied under subsection (a) or subsection (b) of this section, the commissioner may conduct an investigation of the applicant and examine the records of the entity as part of the investigation in accordance with applicable law. (2) As a part of his or her investigation, the commissioner shall determine if there are any complaints pending against the company being purchased, the controlling person proposed to operate the purchased entity, or the proposed controlling person's existing company. (3) The commissioner shall issue a certificate of approval only after he or she has determined that the proposed new owner possesses the financial ability, experience, and integrity to operate the entity as required by this subchapter.

(1) Before recommending that a certificate of approval be issued to an applicant that has applied under subsection (a) or subsection (b) of this section, the commissioner may conduct an investigation of the applicant and examine the records of the entity as part of the investigation in accordance with applicable law.

(2) As a part of his or her investigation, the commissioner shall determine if there are any complaints pending against the company being purchased, the controlling person proposed to operate the purchased entity, or the proposed controlling person's existing company.

(3) The commissioner shall issue a certificate of approval only after he or she has determined that the proposed new owner possesses the financial ability, experience, and integrity to operate the entity as required by this subchapter.

(e) The commissioner shall waive the requirements of subsection (d) of this section and shall automatically approve the proposed change in ownership if: (1) The application meets the requirements of subsection (b) or subsection (c) of this section; (2) The proposed new owner and the current owner are part of the same controlled entity; and (3) No member or controlling person of the controlled entity is under investigation or has been previously denied a license by the commissioner.

(1) The application meets the requirements of subsection (b) or subsection (c) of this section;

(2) The proposed new owner and the current owner are part of the same controlled entity; and

(3) No member or controlling person of the controlled entity is under investigation or has been previously denied a license by the commissioner.

(f) Any application that is submitted to the commissioner under this section shall be deemed approved if the commissioner has not approved or rejected the application and provided the applicant with the basis for a rejection within ninety (90) days after the receipt of the completed application.

Acts 2003, No. 1750, § 1.
Ark. Code Ann. § 23-62-302 — AR Code / Title 23 / Chapter 62 / Subchapter 3 / Section 23-62-302
Sections 23-62-201, 23-62-202, 23-62-204, and 23-62-205 applicable - Purpose - Construction
Status: in_force

(a) Reinsurance of insurance risks by domestic and foreign insurance companies is also regulated under the provisions of §§ 23-62-201 , 23-62-202 , 23-62-204 , and 23-62-205 . (b) (1) The purpose of this subchapter is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally. The General Assembly declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations. (2) In furtherance of the state's interest, the General Assembly provides a mandate that upon the insolvency of an insurer or reinsurer not domiciled in the United States that provides security to fund its obligations within the United States in accordance with this subchapter: (A) The assets representing the security shall be maintained in the United States, and claims shall be filed with and valued by the state insurance commissioner with regulatory oversight; and (B) The assets shall be distributed in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies. (3) The General Assembly further declares that the matters contained in this subchapter are fundamental to the business of insurance in accordance with 15 U.S.C. §§ 1011-1012 , as it existed on January 1, 2005. (c) (1) Nothing in this subchapter is intended to prohibit or discourage reasonable competition or to prohibit or discourage the continued availability of insurance regulated by this subchapter. (2) The provisions of this subchapter shall be liberally construed. Acts 1977, No. 790, § 1; A.S.A. 1947, § 66-2411; Acts 2001, No. 1603, § 7; 2005, No. 506, § 12; 2007, No. 496, § 6.

(a) Reinsurance of insurance risks by domestic and foreign insurance companies is also regulated under the provisions of §§ 23-62-201 , 23-62-202 , 23-62-204 , and 23-62-205 .

(b) (1) The purpose of this subchapter is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally. The General Assembly declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations. (2) In furtherance of the state's interest, the General Assembly provides a mandate that upon the insolvency of an insurer or reinsurer not domiciled in the United States that provides security to fund its obligations within the United States in accordance with this subchapter: (A) The assets representing the security shall be maintained in the United States, and claims shall be filed with and valued by the state insurance commissioner with regulatory oversight; and (B) The assets shall be distributed in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies. (3) The General Assembly further declares that the matters contained in this subchapter are fundamental to the business of insurance in accordance with 15 U.S.C. §§ 1011-1012 , as it existed on January 1, 2005.

(1) The purpose of this subchapter is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally. The General Assembly declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations.

(2) In furtherance of the state's interest, the General Assembly provides a mandate that upon the insolvency of an insurer or reinsurer not domiciled in the United States that provides security to fund its obligations within the United States in accordance with this subchapter: (A) The assets representing the security shall be maintained in the United States, and claims shall be filed with and valued by the state insurance commissioner with regulatory oversight; and (B) The assets shall be distributed in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies.

(A) The assets representing the security shall be maintained in the United States, and claims shall be filed with and valued by the state insurance commissioner with regulatory oversight; and

(B) The assets shall be distributed in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies.

(3) The General Assembly further declares that the matters contained in this subchapter are fundamental to the business of insurance in accordance with 15 U.S.C. §§ 1011-1012 , as it existed on January 1, 2005.

(c) (1) Nothing in this subchapter is intended to prohibit or discourage reasonable competition or to prohibit or discourage the continued availability of insurance regulated by this subchapter. (2) The provisions of this subchapter shall be liberally construed.

(1) Nothing in this subchapter is intended to prohibit or discourage reasonable competition or to prohibit or discourage the continued availability of insurance regulated by this subchapter.

(2) The provisions of this subchapter shall be liberally construed.

Acts 1977, No. 790, § 1; A.S.A. 1947, § 66-2411; Acts 2001, No. 1603, § 7; 2005, No. 506, § 12; 2007, No. 496, § 6.
Ark. Code Ann. § 23-75-120 — AR Code / Title 23 / Chapter 75 / Section 23-75-120
Tax exemptions
Status: in_force

(a) Every corporation doing business pursuant to this chapter is declared to be a nonprofit and benevolent institution. (b) The corporations are exempt from state, county, district, municipal, and school tax, including the taxes prescribed by this code, and excepting only tax on net direct written premiums under § 23-75-119 and § 26-57-601 et seq. and applicable fees prescribed by § 23-61-401 and other sections of this code, or the Insurance Commissioner's rules applicable to hospital and medical service corporations, and taxes on real and tangible personal property situated in this state. Amended by Act 2019, No. 315,§ 2696, eff. 7/24/2019. Acts 1959, No. 148, § 688; A.S.A. 1947, § 66-4918; Acts 1995, No. 408, § 2.

(a) Every corporation doing business pursuant to this chapter is declared to be a nonprofit and benevolent institution.

(b) The corporations are exempt from state, county, district, municipal, and school tax, including the taxes prescribed by this code, and excepting only tax on net direct written premiums under § 23-75-119 and § 26-57-601 et seq. and applicable fees prescribed by § 23-61-401 and other sections of this code, or the Insurance Commissioner's rules applicable to hospital and medical service corporations, and taxes on real and tangible personal property situated in this state.

Amended by Act 2019, No. 315,§ 2696, eff. 7/24/2019.

Acts 1959, No. 148, § 688; A.S.A. 1947, § 66-4918; Acts 1995, No. 408, § 2.
Ark. Code Ann. § 23-103-409 — AR Code / Title 23 / Chapter 103 / Subchapter 4 / Section 23-103-409
Title insurance agent - Restrictions
Status: in_force

A title insurance agent shall not: (1) Bind reinsurance on behalf of the title insurer; (2) Permit any of its directors, officers, controlling shareholders, or employees to serve on the title insurer's board of directors if the title insurance agent wrote five percent (5%) or more of the direct premiums of the title insurer written in the previous calendar year as shown on the title insurer's most recent annual statement filed with the Insurance Commissioner, unless the title insurer and the title insurance agent are under common control or ownership; (3) Jointly employ an individual who is employed with the title insurer unless the title insurer and the title insurance agent are under common control or ownership; or (4) Issue a title insurance report or title insurance policy insuring the interest of an insured in real property in this state unless the title insurance agent is licensed under this subchapter and the title insurance report or title insurance policy is signed by a title insurance agent licensed under this subchapter. Acts 2007, No. 684, § 6.

A title insurance agent shall not:

(1) Bind reinsurance on behalf of the title insurer;

(2) Permit any of its directors, officers, controlling shareholders, or employees to serve on the title insurer's board of directors if the title insurance agent wrote five percent (5%) or more of the direct premiums of the title insurer written in the previous calendar year as shown on the title insurer's most recent annual statement filed with the Insurance Commissioner, unless the title insurer and the title insurance agent are under common control or ownership;

(3) Jointly employ an individual who is employed with the title insurer unless the title insurer and the title insurance agent are under common control or ownership; or

(4) Issue a title insurance report or title insurance policy insuring the interest of an insured in real property in this state unless the title insurance agent is licensed under this subchapter and the title insurance report or title insurance policy is signed by a title insurance agent licensed under this subchapter.

Acts 2007, No. 684, § 6.
Ark. Code Ann. § 23-4-503 — AR Code / Title 23 / Chapter 4 / Subchapter 5 / Section 23-4-503
Calculation of interim surcharge
Status: in_force

The amount of the interim surcharge to be added to the public utility's rates shall be calculated so as to produce annual revenues equal to the additional annualized revenue requirement to which the public utility would be entitled had the investments and expenses described in § 23-4-501 been included in the public utility's most recent rate determination by the Arkansas Public Service Commission. Amended by Act 2015, No. 1000,§ 4, eff. 4/2/2015. Acts 1981, No. 310, § 3; A.S.A. 1947, § 73-217.3.

The amount of the interim surcharge to be added to the public utility's rates shall be calculated so as to produce annual revenues equal to the additional annualized revenue requirement to which the public utility would be entitled had the investments and expenses described in § 23-4-501 been included in the public utility's most recent rate determination by the Arkansas Public Service Commission.

Amended by Act 2015, No. 1000,§ 4, eff. 4/2/2015.

Acts 1981, No. 310, § 3; A.S.A. 1947, § 73-217.3.