Ark. Code Ann. § 23-17-119 — AR Code / Title 23 / Chapter 17 / Subchapter 1 / Section 23-17-119
Surcharges to provide telecommunications for Deaf, deaf, and Hard of Hearing - Definitions
Status: in_force

(a) As used in this section: (1) "Commercial mobile radio service" means the same as defined at § 12-10-303 ; and (2) "Prepaid wireless telecommunications service" means a telecommunications service that provides the right to utilize a mobile wireless service as well as other nontelecommunications services, including without limitation the download of a digital product delivered electronically and content and ancillary services, that is paid for in advance and sold in predetermined units or dollars of which the number declines with use in a known amount. (b) (1) To fund the equipment distribution program established by § 20-79-401 et seq., the Arkansas Public Service Commission may impose a surcharge of up to: (A) Two-hundredths of a dollar ($0.02) per subject access line per month; and (B) Two-hundredths of a dollar ($0.02) per working subject telephone number per month. (2) Surcharges imposed by the commission under subdivisions (b)(1)(A) and (B) of this section shall: (A) Be identical; and (B) Not apply to prepaid wireless telecommunications service. (c) The surcharges levied under this section shall be collected by the local exchange carriers and commercial mobile radio service providers from their customers and remitted to the Department of Finance and Administration for deposit as special revenues into the State Treasury to the credit of the Telecommunications Equipment Fund for the equipment distribution program under § 20-79-401 et seq. (d) (1) At the close of the fiscal year, a determination shall be made as to whether or not the amount of revenues collected under this section is equal to or exceeds three (3) times the annual expenditures of the equipment distribution program. (2) (A) If the amount of revenues collected under this section is determined to be at least three (3) times the annual expenditures of the equipment distribution program under subdivision (d)(1) of this section, then a petition to cease collection of the surcharge shall be filed with the commission. (B) A petition to reinstate collection of the surcharge shall not be filed until one-half (1/2) of the surplus has been exhausted. Amended by Act 2021, No. 263,§ 1, eff. 7/28/2021. Amended by Act 2021, No. 84,§ 15, eff. 7/28/2021. Acts 1995, No. 501, § 4; 2011, No. 173, § 2.

(a) As used in this section: (1) "Commercial mobile radio service" means the same as defined at § 12-10-303 ; and (2) "Prepaid wireless telecommunications service" means a telecommunications service that provides the right to utilize a mobile wireless service as well as other nontelecommunications services, including without limitation the download of a digital product delivered electronically and content and ancillary services, that is paid for in advance and sold in predetermined units or dollars of which the number declines with use in a known amount.

(1) "Commercial mobile radio service" means the same as defined at § 12-10-303 ; and

(2) "Prepaid wireless telecommunications service" means a telecommunications service that provides the right to utilize a mobile wireless service as well as other nontelecommunications services, including without limitation the download of a digital product delivered electronically and content and ancillary services, that is paid for in advance and sold in predetermined units or dollars of which the number declines with use in a known amount.

(b) (1) To fund the equipment distribution program established by § 20-79-401 et seq., the Arkansas Public Service Commission may impose a surcharge of up to: (A) Two-hundredths of a dollar ($0.02) per subject access line per month; and (B) Two-hundredths of a dollar ($0.02) per working subject telephone number per month. (2) Surcharges imposed by the commission under subdivisions (b)(1)(A) and (B) of this section shall: (A) Be identical; and (B) Not apply to prepaid wireless telecommunications service.

(1) To fund the equipment distribution program established by § 20-79-401 et seq., the Arkansas Public Service Commission may impose a surcharge of up to: (A) Two-hundredths of a dollar ($0.02) per subject access line per month; and (B) Two-hundredths of a dollar ($0.02) per working subject telephone number per month.

(A) Two-hundredths of a dollar ($0.02) per subject access line per month; and

(B) Two-hundredths of a dollar ($0.02) per working subject telephone number per month.

(2) Surcharges imposed by the commission under subdivisions (b)(1)(A) and (B) of this section shall: (A) Be identical; and (B) Not apply to prepaid wireless telecommunications service.

(A) Be identical; and

(B) Not apply to prepaid wireless telecommunications service.

(c) The surcharges levied under this section shall be collected by the local exchange carriers and commercial mobile radio service providers from their customers and remitted to the Department of Finance and Administration for deposit as special revenues into the State Treasury to the credit of the Telecommunications Equipment Fund for the equipment distribution program under § 20-79-401 et seq.

(d) (1) At the close of the fiscal year, a determination shall be made as to whether or not the amount of revenues collected under this section is equal to or exceeds three (3) times the annual expenditures of the equipment distribution program. (2) (A) If the amount of revenues collected under this section is determined to be at least three (3) times the annual expenditures of the equipment distribution program under subdivision (d)(1) of this section, then a petition to cease collection of the surcharge shall be filed with the commission. (B) A petition to reinstate collection of the surcharge shall not be filed until one-half (1/2) of the surplus has been exhausted.

(1) At the close of the fiscal year, a determination shall be made as to whether or not the amount of revenues collected under this section is equal to or exceeds three (3) times the annual expenditures of the equipment distribution program.

(2) (A) If the amount of revenues collected under this section is determined to be at least three (3) times the annual expenditures of the equipment distribution program under subdivision (d)(1) of this section, then a petition to cease collection of the surcharge shall be filed with the commission. (B) A petition to reinstate collection of the surcharge shall not be filed until one-half (1/2) of the surplus has been exhausted.

(A) If the amount of revenues collected under this section is determined to be at least three (3) times the annual expenditures of the equipment distribution program under subdivision (d)(1) of this section, then a petition to cease collection of the surcharge shall be filed with the commission.

(B) A petition to reinstate collection of the surcharge shall not be filed until one-half (1/2) of the surplus has been exhausted.

Amended by Act 2021, No. 263,§ 1, eff. 7/28/2021.

Amended by Act 2021, No. 84,§ 15, eff. 7/28/2021.

Acts 1995, No. 501, § 4; 2011, No. 173, § 2.
Ark. Code Ann. § 23-4-501 — AR Code / Title 23 / Chapter 4 / Subchapter 5 / Section 23-4-501
Authority to recover costs through interim rate schedule
Status: in_force

(a) (1) Upon a proper filing with the Arkansas Public Service Commission, a public utility shall be permitted to recover in a prompt and timely manner all investments and expenses through an interim surcharge, if the investments or expenses: (A) Are not currently being recovered in existing rates; (B) Are reasonably incurred; (C) Were not reasonably known and measurable at a time that allowed for a reasonable opportunity for the inclusion and consideration of the investments or expenses for recovery in the public utility's last general rate case; (D) Are incurred by the public utility to comply with legislative or administrative rules or requirements; (E) Relate to the protection of the public health, safety, or the environment; (F) Cannot otherwise be recovered in a prompt and timely manner; and (G) Are any of the following: (i) Mandatory; (ii) A condition of continued operation of a utility facility; or (iii) Previously approved by the commission. (2) The interim surcharge shall be effective until the implementation of new rate schedules in connection with the next general rate filing of the public utility in which such investments or expenses can be included in the public utility's base rate schedule. (3) However, the costs to be recovered through such an interim surcharge described in subdivisions (a)(1) and (2) of this section shall not include increases in the cost for employment compensation or benefits as a result of legislative or regulatory action. (b) (1) A public utility shall be permitted to recover, through an interim surcharge, the allowance for funds used during construction that would otherwise be accrued and capitalized that is incurred during the construction of facilities and equipment required for compliance with such legislative or administrative rules or requirements, provided that any such allowance for funds used during construction has not been capitalized or otherwise included in the utility's currently effective rates. (2) The public utility shall not capitalize or otherwise recover through rates any allowance for funds used during construction incurred in connection with investments described in subdivision (b)(1) of this section when the associated financing costs are included in an interim surcharge. Amended by Act 2019, No. 315,§ 2394, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2393, eff. 7/24/2019. Amended by Act 2015, No. 1000,§ 2, eff. 4/2/2015. Acts 1981, No. 310, § 1; A.S.A. 1947, § 73-217.1.

(a) (1) Upon a proper filing with the Arkansas Public Service Commission, a public utility shall be permitted to recover in a prompt and timely manner all investments and expenses through an interim surcharge, if the investments or expenses: (A) Are not currently being recovered in existing rates; (B) Are reasonably incurred; (C) Were not reasonably known and measurable at a time that allowed for a reasonable opportunity for the inclusion and consideration of the investments or expenses for recovery in the public utility's last general rate case; (D) Are incurred by the public utility to comply with legislative or administrative rules or requirements; (E) Relate to the protection of the public health, safety, or the environment; (F) Cannot otherwise be recovered in a prompt and timely manner; and (G) Are any of the following: (i) Mandatory; (ii) A condition of continued operation of a utility facility; or (iii) Previously approved by the commission. (2) The interim surcharge shall be effective until the implementation of new rate schedules in connection with the next general rate filing of the public utility in which such investments or expenses can be included in the public utility's base rate schedule. (3) However, the costs to be recovered through such an interim surcharge described in subdivisions (a)(1) and (2) of this section shall not include increases in the cost for employment compensation or benefits as a result of legislative or regulatory action.

(1) Upon a proper filing with the Arkansas Public Service Commission, a public utility shall be permitted to recover in a prompt and timely manner all investments and expenses through an interim surcharge, if the investments or expenses: (A) Are not currently being recovered in existing rates; (B) Are reasonably incurred; (C) Were not reasonably known and measurable at a time that allowed for a reasonable opportunity for the inclusion and consideration of the investments or expenses for recovery in the public utility's last general rate case; (D) Are incurred by the public utility to comply with legislative or administrative rules or requirements; (E) Relate to the protection of the public health, safety, or the environment; (F) Cannot otherwise be recovered in a prompt and timely manner; and (G) Are any of the following: (i) Mandatory; (ii) A condition of continued operation of a utility facility; or (iii) Previously approved by the commission.

(A) Are not currently being recovered in existing rates;

(B) Are reasonably incurred;

(C) Were not reasonably known and measurable at a time that allowed for a reasonable opportunity for the inclusion and consideration of the investments or expenses for recovery in the public utility's last general rate case;

(D) Are incurred by the public utility to comply with legislative or administrative rules or requirements;

(E) Relate to the protection of the public health, safety, or the environment;

(F) Cannot otherwise be recovered in a prompt and timely manner; and

(G) Are any of the following: (i) Mandatory; (ii) A condition of continued operation of a utility facility; or (iii) Previously approved by the commission.

(i) Mandatory;

(ii) A condition of continued operation of a utility facility; or

(iii) Previously approved by the commission.

(2) The interim surcharge shall be effective until the implementation of new rate schedules in connection with the next general rate filing of the public utility in which such investments or expenses can be included in the public utility's base rate schedule.

(3) However, the costs to be recovered through such an interim surcharge described in subdivisions (a)(1) and (2) of this section shall not include increases in the cost for employment compensation or benefits as a result of legislative or regulatory action.

(b) (1) A public utility shall be permitted to recover, through an interim surcharge, the allowance for funds used during construction that would otherwise be accrued and capitalized that is incurred during the construction of facilities and equipment required for compliance with such legislative or administrative rules or requirements, provided that any such allowance for funds used during construction has not been capitalized or otherwise included in the utility's currently effective rates. (2) The public utility shall not capitalize or otherwise recover through rates any allowance for funds used during construction incurred in connection with investments described in subdivision (b)(1) of this section when the associated financing costs are included in an interim surcharge.

(1) A public utility shall be permitted to recover, through an interim surcharge, the allowance for funds used during construction that would otherwise be accrued and capitalized that is incurred during the construction of facilities and equipment required for compliance with such legislative or administrative rules or requirements, provided that any such allowance for funds used during construction has not been capitalized or otherwise included in the utility's currently effective rates.

(2) The public utility shall not capitalize or otherwise recover through rates any allowance for funds used during construction incurred in connection with investments described in subdivision (b)(1) of this section when the associated financing costs are included in an interim surcharge.

Amended by Act 2019, No. 315,§ 2394, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2393, eff. 7/24/2019.

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

Acts 1981, No. 310, § 1; A.S.A. 1947, § 73-217.1.
Ark. Code Ann. § 23-76-110 — AR Code / Title 23 / Chapter 76 / Section 23-76-110
Advisory board
Status: in_force

(a) The advisory board of any health maintenance organization shall include at least one (1) physician, one (1) dentist, one (1) pharmacist, one (1) nurse, one (1) consumer, and one (1) enrollee. (b) The advisory board shall establish a mechanism to afford the enrollees an opportunity to participate in matters of policy and operation through the establishment of advisory panels, by the use of advisory referenda on major policy decisions, or through the use of other mechanisms. (c) The advisory board shall not be deemed to be the governing body of the health maintenance organization licensed under this chapter. Acts 1975, No. 454, § 6; A.S.A. 1947, § 66-5206; Acts 2005, No. 506, § 37.

(a) The advisory board of any health maintenance organization shall include at least one (1) physician, one (1) dentist, one (1) pharmacist, one (1) nurse, one (1) consumer, and one (1) enrollee.

(b) The advisory board shall establish a mechanism to afford the enrollees an opportunity to participate in matters of policy and operation through the establishment of advisory panels, by the use of advisory referenda on major policy decisions, or through the use of other mechanisms.

(c) The advisory board shall not be deemed to be the governing body of the health maintenance organization licensed under this chapter.

Acts 1975, No. 454, § 6; A.S.A. 1947, § 66-5206; Acts 2005, No. 506, § 37.
Ark. Code Ann. § 23-18-1206 — AR Code / Title 23 / Chapter 18 / Subchapter 12 / Section 23-18-1206
Additional reporting requirement by local entity as Rural Broadband I.D. Expenses Trust Fund grantee
Status: in_force

A local entity that is a Rural Broadband I.D. Expenses Trust Fund grantee under this subchapter shall: (1) Report to the Institute for Digital Health and Innovation of the University of Arkansas for Medical Sciences semiannually about the status of the local entity's broadband due-diligence business study; and (2) Cite reports and analyses finalized as a consequence of the Rural Broadband I.D. Expenses Trust Fund grant award. Added by Act 2023, No. 875,§ 28, eff. 7/1/2023.

A local entity that is a Rural Broadband I.D. Expenses Trust Fund grantee under this subchapter shall:

(1) Report to the Institute for Digital Health and Innovation of the University of Arkansas for Medical Sciences semiannually about the status of the local entity's broadband due-diligence business study; and

(2) Cite reports and analyses finalized as a consequence of the Rural Broadband I.D. Expenses Trust Fund grant award.

Added by Act 2023, No. 875,§ 28, eff. 7/1/2023.
Ark. Code Ann. § 23-63-909 — AR Code / Title 23 / Chapter 63 / Subchapter 9 / Section 23-63-909
Payment of claims - Definition
Status: in_force

(a) (1) (A) If any insurer which has made the deposit in this state pursuant to § 23-63-206 fails to pay promptly any final judgment entered against it in favor of a citizen of this state, the Insurance Commissioner is authorized to sell at public or private sale, after forty-five (45) days' notice to the insurer by certified mail, a sufficient amount of securities to pay the claim. (B) As used in this section, "final judgment" means any judgment issued by a court of record and the enforcement or execution of which has not been stayed by a court of competent jurisdiction. (2) Except as provided in this section and as otherwise provided in the Arkansas Insurance Code, no deposit made in this state pursuant to § 23-63-206 by any insurer shall be subject to garnishment, levy, or execution. (b) (1) The commissioner, under procedures he or she shall prescribe, may release to the insurer any part of the special additional four percent (4%) accident and health deposit formerly required under § 23-63-206 . (2) For good cause, the commissioner may in writing exempt insurers from filing replacement deposits for any line of insurance, including, but not limited to, statutory deposits for discontinued lines of insurance. Acts 1959, No. 148, § 140; 1963, No. 153, § 2; A.S.A. 1947, § 66-2709; Acts 1989, No. 444, § 23; 1993, No. 901, § 12; 2001, No. 1604, § 40; 2005, No. 506, § 29.

(a) (1) (A) If any insurer which has made the deposit in this state pursuant to § 23-63-206 fails to pay promptly any final judgment entered against it in favor of a citizen of this state, the Insurance Commissioner is authorized to sell at public or private sale, after forty-five (45) days' notice to the insurer by certified mail, a sufficient amount of securities to pay the claim. (B) As used in this section, "final judgment" means any judgment issued by a court of record and the enforcement or execution of which has not been stayed by a court of competent jurisdiction. (2) Except as provided in this section and as otherwise provided in the Arkansas Insurance Code, no deposit made in this state pursuant to § 23-63-206 by any insurer shall be subject to garnishment, levy, or execution.

(1) (A) If any insurer which has made the deposit in this state pursuant to § 23-63-206 fails to pay promptly any final judgment entered against it in favor of a citizen of this state, the Insurance Commissioner is authorized to sell at public or private sale, after forty-five (45) days' notice to the insurer by certified mail, a sufficient amount of securities to pay the claim. (B) As used in this section, "final judgment" means any judgment issued by a court of record and the enforcement or execution of which has not been stayed by a court of competent jurisdiction.

(A) If any insurer which has made the deposit in this state pursuant to § 23-63-206 fails to pay promptly any final judgment entered against it in favor of a citizen of this state, the Insurance Commissioner is authorized to sell at public or private sale, after forty-five (45) days' notice to the insurer by certified mail, a sufficient amount of securities to pay the claim.

(B) As used in this section, "final judgment" means any judgment issued by a court of record and the enforcement or execution of which has not been stayed by a court of competent jurisdiction.

(2) Except as provided in this section and as otherwise provided in the Arkansas Insurance Code, no deposit made in this state pursuant to § 23-63-206 by any insurer shall be subject to garnishment, levy, or execution.

(b) (1) The commissioner, under procedures he or she shall prescribe, may release to the insurer any part of the special additional four percent (4%) accident and health deposit formerly required under § 23-63-206 . (2) For good cause, the commissioner may in writing exempt insurers from filing replacement deposits for any line of insurance, including, but not limited to, statutory deposits for discontinued lines of insurance.

(1) The commissioner, under procedures he or she shall prescribe, may release to the insurer any part of the special additional four percent (4%) accident and health deposit formerly required under § 23-63-206 .

(2) For good cause, the commissioner may in writing exempt insurers from filing replacement deposits for any line of insurance, including, but not limited to, statutory deposits for discontinued lines of insurance.

Acts 1959, No. 148, § 140; 1963, No. 153, § 2; A.S.A. 1947, § 66-2709; Acts 1989, No. 444, § 23; 1993, No. 901, § 12; 2001, No. 1604, § 40; 2005, No. 506, § 29.
Ark. Code Ann. § 23-10-415 — AR Code / Title 23 / Chapter 10 / Subchapter 4 / Section 23-10-415
Duty to exchange and return cars
Status: in_force

(a) (1) It shall be the duty of every railroad company in this state to exchange loaded and empty cars in the transportation of freight, for the purpose of facilitating freight movement, with every other railroad with which the railroad connects forming any part of the route for the shipment of the freight or with which it has or participates in joint rates for such shipments. (2) It shall be the duty of each of the railroad companies forming the route or having or participating in the joint rates, upon demand by the connecting line, to furnish to the connecting line within reasonable time after the loaded cars are delivered as many empty cars suitable for carrying the freight as may be delivered to it loaded by the connecting carrier for the purpose of transportation over its line or for delivery to any point on its line. (b) Upon demand of the owner thereof, it shall be the duty of every railroad company receiving the cars of another railroad company to return the cars within a reasonable time after demand therefor and within the time and according to the rules prescribed by the Arkansas Department of Transportation. Amended by Act 2019, No. 315,§ 2402, eff. 7/24/2019. Amended by Act 2017, No. 707,§ 147, eff. 8/1/2017. Acts 1907, No. 193, § 1, p. 453; C. & M. Dig., § 895; Pope's Dig., § 1099; A.S.A. 1947, § 73-1310.

(a) (1) It shall be the duty of every railroad company in this state to exchange loaded and empty cars in the transportation of freight, for the purpose of facilitating freight movement, with every other railroad with which the railroad connects forming any part of the route for the shipment of the freight or with which it has or participates in joint rates for such shipments. (2) It shall be the duty of each of the railroad companies forming the route or having or participating in the joint rates, upon demand by the connecting line, to furnish to the connecting line within reasonable time after the loaded cars are delivered as many empty cars suitable for carrying the freight as may be delivered to it loaded by the connecting carrier for the purpose of transportation over its line or for delivery to any point on its line.

(1) It shall be the duty of every railroad company in this state to exchange loaded and empty cars in the transportation of freight, for the purpose of facilitating freight movement, with every other railroad with which the railroad connects forming any part of the route for the shipment of the freight or with which it has or participates in joint rates for such shipments.

(2) It shall be the duty of each of the railroad companies forming the route or having or participating in the joint rates, upon demand by the connecting line, to furnish to the connecting line within reasonable time after the loaded cars are delivered as many empty cars suitable for carrying the freight as may be delivered to it loaded by the connecting carrier for the purpose of transportation over its line or for delivery to any point on its line.

(b) Upon demand of the owner thereof, it shall be the duty of every railroad company receiving the cars of another railroad company to return the cars within a reasonable time after demand therefor and within the time and according to the rules prescribed by the Arkansas Department of Transportation.

Amended by Act 2019, No. 315,§ 2402, eff. 7/24/2019.

Amended by Act 2017, No. 707,§ 147, eff. 8/1/2017.

Acts 1907, No. 193, § 1, p. 453; C. & M. Dig., § 895; Pope's Dig., § 1099; A.S.A. 1947, § 73-1310.
Ark. Code Ann. § 23-75-103 — AR Code / Title 23 / Chapter 75 / Section 23-75-103
Provisions exclusive
Status: in_force

Hospital service corporations, medical service corporations, and hospital and medical service corporations incorporated in this state shall be governed by this chapter and shall be exempt from all other provisions of this code, except as expressly provided in this chapter. No insurance law hereafter enacted shall be deemed to apply to the corporations unless they are specifically referred to therein. Acts 1959, No. 148, § 671; A.S.A. 1947, § 66-4901.

Hospital service corporations, medical service corporations, and hospital and medical service corporations incorporated in this state shall be governed by this chapter and shall be exempt from all other provisions of this code, except as expressly provided in this chapter. No insurance law hereafter enacted shall be deemed to apply to the corporations unless they are specifically referred to therein.

Acts 1959, No. 148, § 671; A.S.A. 1947, § 66-4901.
Ark. Code Ann. § 23-68-129 — AR Code / Title 23 / Chapter 68 / Section 23-68-129
Time for filing claims
Status: in_force

(a) If, upon the entry of an order of liquidation under this chapter or at any time thereafter during liquidation proceedings, the insurer shall not be clearly solvent, the court shall, upon hearing after such notice as it deems proper, make and enter an order adjudging the insurer to be insolvent. (b) (1) After the entry of the order of insolvency, regardless of any prior notice that may have been given to creditors, the Insurance Commissioner shall notify all persons who may have claims against the insurer to file the claims with him or her, at a place and within the time specified in the notice, or that the claims shall be forever barred. (2) The time specified in the notice shall be as fixed by the court for filing of claims and which shall be not less than six (6) months after the entry of the order of insolvency. (3) The notice shall be given in such manner and for such reasonable period of time as may be ordered by the court. Acts 1959, No. 148, § 667; A.S.A. 1947, § 66-4830.

(a) If, upon the entry of an order of liquidation under this chapter or at any time thereafter during liquidation proceedings, the insurer shall not be clearly solvent, the court shall, upon hearing after such notice as it deems proper, make and enter an order adjudging the insurer to be insolvent.

(b) (1) After the entry of the order of insolvency, regardless of any prior notice that may have been given to creditors, the Insurance Commissioner shall notify all persons who may have claims against the insurer to file the claims with him or her, at a place and within the time specified in the notice, or that the claims shall be forever barred. (2) The time specified in the notice shall be as fixed by the court for filing of claims and which shall be not less than six (6) months after the entry of the order of insolvency. (3) The notice shall be given in such manner and for such reasonable period of time as may be ordered by the court.

(1) After the entry of the order of insolvency, regardless of any prior notice that may have been given to creditors, the Insurance Commissioner shall notify all persons who may have claims against the insurer to file the claims with him or her, at a place and within the time specified in the notice, or that the claims shall be forever barred.

(2) The time specified in the notice shall be as fixed by the court for filing of claims and which shall be not less than six (6) months after the entry of the order of insolvency.

(3) The notice shall be given in such manner and for such reasonable period of time as may be ordered by the court.

Acts 1959, No. 148, § 667; A.S.A. 1947, § 66-4830.
Ark. Code Ann. § 23-79-150 — AR Code / Title 23 / Chapter 79 / Subchapter 1 / Section 23-79-150
Healthcare plan - Health carrier - Definitions
Status: in_force

(a) (1) (A) "Healthcare plan" means any individual, blanket, or group plan, policy, or contract for healthcare services issued or delivered by a carrier in this state, including indemnity and managed care plans. (B) "Healthcare plan" does not mean a plan that provides coverage only for: (i) A specified accident or accident-only coverage or long-term care insurance as defined in the Long-Term Care Insurance Act, § 23-97-201 et seq. [repealed]; (ii) A Medicare supplement policy of insurance, as defined by the Insurance Commissioner by rule; (iii) Coverage under a plan through Medicare, Medicaid, or the Federal Employees Health Benefit Program; (iv) Any coverage issued under United States Code Title 10, Chapter 55, existing on January 1, 2001, and any coverage issued as supplemental to that coverage; and (v) Any coverage issued as supplemental to liability insurance, workers' compensation, or similar insurance. (2) "Health carrier" means any accident and health insurance company, referred to in law as disability insurance company, hospital or medical services corporation, or health maintenance organization, including a so-called dental maintenance organization, issuing or delivering healthcare plans in this state. (b) (1) Every health carrier shall offer optional coverage in its healthcare plans for the medical treatment of musculoskeletal disorders affecting any bone or joint in the face, neck, or head, including temporomandibular joint disorder and craniomandibular disorder. Treatment shall include both surgical and nonsurgical procedures. (2) This coverage shall be provided for medically necessary diagnosis and treatment of these conditions whether they are the result of accident, trauma, congenital defect, developmental defect, or pathology. (3) This coverage shall be the same as that provided for any other musculoskeletal disorder in the body and shall be provided whether prescribed or administered by a physician or dentist. (c) (1) The policyholder shall accept or reject the optional coverage in writing on the application. (2) The application shall specifically and conspicuously inform the policyholder that rejection of the option means that covered benefits provided to insureds or enrollees will not include temporomandibular joint disorder or craniomandibular disorder. (d) Nothing in this section shall prevent an insurer from including such coverage for any or all musculoskeletal disorders affecting any bone or joint in the face, neck, or head as part of a policy's basic coverage, in lieu of offering optional coverage. (e) This section shall apply to those healthcare plans issued, delivered, renewed, extended, amended, or modified on or after August 13, 2001. Amended by Act 2019, No. 315,§ 2709, eff. 7/24/2019. Acts 2001, No. 1470, §§ 1, 2.

(a) (1) (A) "Healthcare plan" means any individual, blanket, or group plan, policy, or contract for healthcare services issued or delivered by a carrier in this state, including indemnity and managed care plans. (B) "Healthcare plan" does not mean a plan that provides coverage only for: (i) A specified accident or accident-only coverage or long-term care insurance as defined in the Long-Term Care Insurance Act, § 23-97-201 et seq. [repealed]; (ii) A Medicare supplement policy of insurance, as defined by the Insurance Commissioner by rule; (iii) Coverage under a plan through Medicare, Medicaid, or the Federal Employees Health Benefit Program; (iv) Any coverage issued under United States Code Title 10, Chapter 55, existing on January 1, 2001, and any coverage issued as supplemental to that coverage; and (v) Any coverage issued as supplemental to liability insurance, workers' compensation, or similar insurance. (2) "Health carrier" means any accident and health insurance company, referred to in law as disability insurance company, hospital or medical services corporation, or health maintenance organization, including a so-called dental maintenance organization, issuing or delivering healthcare plans in this state.

(1) (A) "Healthcare plan" means any individual, blanket, or group plan, policy, or contract for healthcare services issued or delivered by a carrier in this state, including indemnity and managed care plans. (B) "Healthcare plan" does not mean a plan that provides coverage only for: (i) A specified accident or accident-only coverage or long-term care insurance as defined in the Long-Term Care Insurance Act, § 23-97-201 et seq. [repealed]; (ii) A Medicare supplement policy of insurance, as defined by the Insurance Commissioner by rule; (iii) Coverage under a plan through Medicare, Medicaid, or the Federal Employees Health Benefit Program; (iv) Any coverage issued under United States Code Title 10, Chapter 55, existing on January 1, 2001, and any coverage issued as supplemental to that coverage; and (v) Any coverage issued as supplemental to liability insurance, workers' compensation, or similar insurance.

(A) "Healthcare plan" means any individual, blanket, or group plan, policy, or contract for healthcare services issued or delivered by a carrier in this state, including indemnity and managed care plans.

(B) "Healthcare plan" does not mean a plan that provides coverage only for: (i) A specified accident or accident-only coverage or long-term care insurance as defined in the Long-Term Care Insurance Act, § 23-97-201 et seq. [repealed]; (ii) A Medicare supplement policy of insurance, as defined by the Insurance Commissioner by rule; (iii) Coverage under a plan through Medicare, Medicaid, or the Federal Employees Health Benefit Program; (iv) Any coverage issued under United States Code Title 10, Chapter 55, existing on January 1, 2001, and any coverage issued as supplemental to that coverage; and (v) Any coverage issued as supplemental to liability insurance, workers' compensation, or similar insurance.

(i) A specified accident or accident-only coverage or long-term care insurance as defined in the Long-Term Care Insurance Act, § 23-97-201 et seq. [repealed];

(ii) A Medicare supplement policy of insurance, as defined by the Insurance Commissioner by rule;

(iii) Coverage under a plan through Medicare, Medicaid, or the Federal Employees Health Benefit Program;

(iv) Any coverage issued under United States Code Title 10, Chapter 55, existing on January 1, 2001, and any coverage issued as supplemental to that coverage; and

(v) Any coverage issued as supplemental to liability insurance, workers' compensation, or similar insurance.

(2) "Health carrier" means any accident and health insurance company, referred to in law as disability insurance company, hospital or medical services corporation, or health maintenance organization, including a so-called dental maintenance organization, issuing or delivering healthcare plans in this state.

(b) (1) Every health carrier shall offer optional coverage in its healthcare plans for the medical treatment of musculoskeletal disorders affecting any bone or joint in the face, neck, or head, including temporomandibular joint disorder and craniomandibular disorder. Treatment shall include both surgical and nonsurgical procedures. (2) This coverage shall be provided for medically necessary diagnosis and treatment of these conditions whether they are the result of accident, trauma, congenital defect, developmental defect, or pathology. (3) This coverage shall be the same as that provided for any other musculoskeletal disorder in the body and shall be provided whether prescribed or administered by a physician or dentist.

(1) Every health carrier shall offer optional coverage in its healthcare plans for the medical treatment of musculoskeletal disorders affecting any bone or joint in the face, neck, or head, including temporomandibular joint disorder and craniomandibular disorder. Treatment shall include both surgical and nonsurgical procedures.

(2) This coverage shall be provided for medically necessary diagnosis and treatment of these conditions whether they are the result of accident, trauma, congenital defect, developmental defect, or pathology.

(3) This coverage shall be the same as that provided for any other musculoskeletal disorder in the body and shall be provided whether prescribed or administered by a physician or dentist.

(c) (1) The policyholder shall accept or reject the optional coverage in writing on the application. (2) The application shall specifically and conspicuously inform the policyholder that rejection of the option means that covered benefits provided to insureds or enrollees will not include temporomandibular joint disorder or craniomandibular disorder.

(1) The policyholder shall accept or reject the optional coverage in writing on the application.

(2) The application shall specifically and conspicuously inform the policyholder that rejection of the option means that covered benefits provided to insureds or enrollees will not include temporomandibular joint disorder or craniomandibular disorder.

(d) Nothing in this section shall prevent an insurer from including such coverage for any or all musculoskeletal disorders affecting any bone or joint in the face, neck, or head as part of a policy's basic coverage, in lieu of offering optional coverage.

(e) This section shall apply to those healthcare plans issued, delivered, renewed, extended, amended, or modified on or after August 13, 2001.

Amended by Act 2019, No. 315,§ 2709, eff. 7/24/2019.

Acts 2001, No. 1470, §§ 1, 2.
Ark. Code Ann. § 23-86-107 — AR Code / Title 23 / Chapter 86 / Subchapter 1 / Section 23-86-107
Group accident and health insurance - Authorized insurer required
Status: in_force

(a) All group accident and health insurance placed by an employer on employees who are residents of this state shall be placed by the employer with an insurer authorized to transact insurance in this state. (b) This section shall not apply to group insurance lawfully placed in an insurer transacting insurance as a surplus lines insurer under § 23-65-101 et seq., the Unauthorized Insurers Process Act, § 23-65-201 et seq., and the Surplus Lines Insurance Law, § 23-65-301 et seq. Acts 1959, No. 148, § 426; 1985, No. 804, § 16; A.S.A. 1947, § 66-3708; Acts 2001, No. 1063, § 7.

(a) All group accident and health insurance placed by an employer on employees who are residents of this state shall be placed by the employer with an insurer authorized to transact insurance in this state.

(b) This section shall not apply to group insurance lawfully placed in an insurer transacting insurance as a surplus lines insurer under § 23-65-101 et seq., the Unauthorized Insurers Process Act, § 23-65-201 et seq., and the Surplus Lines Insurance Law, § 23-65-301 et seq.

Acts 1959, No. 148, § 426; 1985, No. 804, § 16; A.S.A. 1947, § 66-3708; Acts 2001, No. 1063, § 7.
Ark. Code Ann. § 23-46-302 — AR Code / Title 23 / Chapter 46 / Subchapter 3 / Section 23-46-302
Special State Banking Board members
Status: in_force

(a) When any member of the State Banking Board is disqualified for any reason to hear and participate in the determination of any matter pending before the board, the Governor shall appoint a qualified person to hear and participate in the decision on the particular matter. (b) The special board member so appointed shall have all authority and responsibility of a regular board member with respect to the particular matter before the board but shall have no authority or responsibility with respect to any other matter before the board. Acts 1997, No. 89, § 1.

(a) When any member of the State Banking Board is disqualified for any reason to hear and participate in the determination of any matter pending before the board, the Governor shall appoint a qualified person to hear and participate in the decision on the particular matter.

(b) The special board member so appointed shall have all authority and responsibility of a regular board member with respect to the particular matter before the board but shall have no authority or responsibility with respect to any other matter before the board.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-67-210 — AR Code / Title 23 / Chapter 67 / Subchapter 2 / Section 23-67-210
Rating plans
Status: in_force

(a) Rates may be modified to produce premiums for individual risks in accordance with filed rating plans which establish standards for measuring variations in hazards or expense provisions. Those standards may measure differences among risks that can be demonstrated to have a probable effect upon losses or expenses. The modification shall apply to all risks under the same or substantially the same circumstances or conditions. (b) This provision does not apply to filed modification plans which may be offered to an insured, including, but not limited to, retrospective rating plans and composite rating plans. Acts 1987, No. 959, § 6.

(a) Rates may be modified to produce premiums for individual risks in accordance with filed rating plans which establish standards for measuring variations in hazards or expense provisions. Those standards may measure differences among risks that can be demonstrated to have a probable effect upon losses or expenses. The modification shall apply to all risks under the same or substantially the same circumstances or conditions.

(b) This provision does not apply to filed modification plans which may be offered to an insured, including, but not limited to, retrospective rating plans and composite rating plans.

Acts 1987, No. 959, § 6.
Ark. Code Ann. § 23-89-212 — AR Code / Title 23 / Chapter 89 / Subchapter 2 / Section 23-89-212
Motor vehicle liability insurance - Extraterritorial provision
Status: in_force

(a) (1) Motor vehicle liability insurance applies to the amounts which the owner is legally obligated to pay as damages because of accidental bodily injury and accidental property damage arising out of the ownership or operation of a motor vehicle if the accident occurs in the United States, its possessions, or Canada. (2) Motor vehicle liability insurance must afford limits of liability not less than those required under the financial responsibility laws of this state. (b) If the accident occurs outside this state but in the United States, its possessions, or Canada and if the limits of liability of the financial responsibility or compulsory insurance laws of the applicable jurisdiction exceed the limits of liability of the financial responsibility laws of this state, the motor vehicle liability insurance is deemed to comply with the limits of liability of the laws of the applicable jurisdiction. (c) For purposes of this section, "motor vehicle" is defined as provided in § 27-14-104 . Amended by Act 2019, No. 391,§ 11, eff. 7/24/2019. Acts 2001, No. 309, § 2.

(a) (1) Motor vehicle liability insurance applies to the amounts which the owner is legally obligated to pay as damages because of accidental bodily injury and accidental property damage arising out of the ownership or operation of a motor vehicle if the accident occurs in the United States, its possessions, or Canada. (2) Motor vehicle liability insurance must afford limits of liability not less than those required under the financial responsibility laws of this state.

(1) Motor vehicle liability insurance applies to the amounts which the owner is legally obligated to pay as damages because of accidental bodily injury and accidental property damage arising out of the ownership or operation of a motor vehicle if the accident occurs in the United States, its possessions, or Canada.

(2) Motor vehicle liability insurance must afford limits of liability not less than those required under the financial responsibility laws of this state.

(b) If the accident occurs outside this state but in the United States, its possessions, or Canada and if the limits of liability of the financial responsibility or compulsory insurance laws of the applicable jurisdiction exceed the limits of liability of the financial responsibility laws of this state, the motor vehicle liability insurance is deemed to comply with the limits of liability of the laws of the applicable jurisdiction.

(c) For purposes of this section, "motor vehicle" is defined as provided in § 27-14-104 .

Amended by Act 2019, No. 391,§ 11, eff. 7/24/2019.

Acts 2001, No. 309, § 2.
Ark. Code Ann. § 23-89-306 — AR Code / Title 23 / Chapter 89 / Subchapter 3 / Section 23-89-306
Proof of mailing of notices
Status: in_force

Proof of mailing of notice of cancellation, or of intention not to renew, or of grounds for cancellation to the named insured at the address shown in the policy shall be sufficient proof of notice. Acts 1969, No. 333, § 5; A.S.A. 1947, § 66-4011.

Proof of mailing of notice of cancellation, or of intention not to renew, or of grounds for cancellation to the named insured at the address shown in the policy shall be sufficient proof of notice.

Acts 1969, No. 333, § 5; A.S.A. 1947, § 66-4011.
Ark. Code Ann. § 23-37-208 — AR Code / Title 23 / Chapter 37 / Subchapter 2 / Section 23-37-208
Supervisor's investigatory powers
Status: in_force

(a) For the purpose of any investigation, examination, inquiry, or proceeding under this chapter, the Supervisor of Savings and Loan Associations or any officer designated by the supervisor may administer oaths and affirmations, subpoena witnesses or documents, compel their attendance, take evidence, and require the production of any books, papers or correspondence, memoranda, agreements, or other documents which the supervisor deems relevant or material to the inquiry or examination. (b) In case of contumacy or refusal to obey a subpoena issued to any person, the Pulaski County Circuit Court, upon application by the supervisor, may issue to the person an order requiring him or her to appear before the supervisor or the officer designated by him or her, there to produce documentary evidence if so ordered or to give evidence concerning the examination, investigation, or inquiry. Failure to obey the order of the court may be punished by the court as a contempt of court. Amended by Act 2013, No. 1144,§ 3, eff. 8/16/2013. Acts 1963, No. 227, § 49; 1979, No. 361, § 9; A.S.A. 1947, § 67-1849.

(a) For the purpose of any investigation, examination, inquiry, or proceeding under this chapter, the Supervisor of Savings and Loan Associations or any officer designated by the supervisor may administer oaths and affirmations, subpoena witnesses or documents, compel their attendance, take evidence, and require the production of any books, papers or correspondence, memoranda, agreements, or other documents which the supervisor deems relevant or material to the inquiry or examination.

(b) In case of contumacy or refusal to obey a subpoena issued to any person, the Pulaski County Circuit Court, upon application by the supervisor, may issue to the person an order requiring him or her to appear before the supervisor or the officer designated by him or her, there to produce documentary evidence if so ordered or to give evidence concerning the examination, investigation, or inquiry. Failure to obey the order of the court may be punished by the court as a contempt of court.

Amended by Act 2013, No. 1144,§ 3, eff. 8/16/2013.

Acts 1963, No. 227, § 49; 1979, No. 361, § 9; A.S.A. 1947, § 67-1849.
Ark. Code Ann. § 23-18-1102 — AR Code / Title 23 / Chapter 18 / Subchapter 11 / Section 23-18-1102
Legislative findings and purpose
Status: in_force

(a) The General Assembly finds that it is in the public interest to: (1) Promote and encourage the use of existing electric generating units to the maximum extent practicable by seeking to ensure that each existing electric generating unit remains operational for the full useful life of each existing electric generating unit; and (2) Foster investment, as appropriate, in existing electric generating units to extend the useful life of such units. (b) The purpose of this subchapter is to: (1) Ensure that Arkansas continues to have reliable and affordable electricity by confirming that each existing electric generating unit is used to the maximum extent of its useful life; and (2) Encourage the use of existing electric generating units by consumers. Added by Act 2021, No. 694,§ 1, eff. 7/28/2021.

(a) The General Assembly finds that it is in the public interest to: (1) Promote and encourage the use of existing electric generating units to the maximum extent practicable by seeking to ensure that each existing electric generating unit remains operational for the full useful life of each existing electric generating unit; and (2) Foster investment, as appropriate, in existing electric generating units to extend the useful life of such units.

(1) Promote and encourage the use of existing electric generating units to the maximum extent practicable by seeking to ensure that each existing electric generating unit remains operational for the full useful life of each existing electric generating unit; and

(2) Foster investment, as appropriate, in existing electric generating units to extend the useful life of such units.

(b) The purpose of this subchapter is to: (1) Ensure that Arkansas continues to have reliable and affordable electricity by confirming that each existing electric generating unit is used to the maximum extent of its useful life; and (2) Encourage the use of existing electric generating units by consumers.

(1) Ensure that Arkansas continues to have reliable and affordable electricity by confirming that each existing electric generating unit is used to the maximum extent of its useful life; and

(2) Encourage the use of existing electric generating units by consumers.

Added by Act 2021, No. 694,§ 1, eff. 7/28/2021.
Ark. Code Ann. § 23-12-306 — AR Code / Title 23 / Chapter 12 / Subchapter 3 / Section 23-12-306
Public roads to cross railroads at right angles
Status: in_force

(a) When any public road or highway is laid out, opened, repaired, or improved by authority of any general law of the state, by any special act of the General Assembly, by order of any county court, or in any other lawful manner, and the road or highway as promulgated shall cross or intersect any railroad right-of-way or track at grade, the commissioners of the road or highway, or such other authorities as may be engaged in the construction, repair, or improvement thereof, shall lay out and construct the road or highway so as to cross the railroad right-of-way and tracks at right angles. However, if the topography of the ground at any crossing will not reasonably permit the crossing to be constructed at right angles to the railroad right-of-way or track, then the road or highway crossing may be made as nearly at right angles to the railroad right-of-way and track as may be practicable. (b) Failure of the commissioners or other authorities engaged in the construction, repair, or improvement of any road or highway to so lay out and provide for the construction of the crossings shall entitle and authorize any interested person or property owner to enjoin the construction of the road or highway crossing in any other manner. Acts 1920 (3rd Ex. Sess.), No. 173, §§ 1, 2; C. & M. Dig., § 52251/2; Pope's Dig., § 6940; A.S.A. 1947, §§ 73-619, 73-620.

(a) When any public road or highway is laid out, opened, repaired, or improved by authority of any general law of the state, by any special act of the General Assembly, by order of any county court, or in any other lawful manner, and the road or highway as promulgated shall cross or intersect any railroad right-of-way or track at grade, the commissioners of the road or highway, or such other authorities as may be engaged in the construction, repair, or improvement thereof, shall lay out and construct the road or highway so as to cross the railroad right-of-way and tracks at right angles. However, if the topography of the ground at any crossing will not reasonably permit the crossing to be constructed at right angles to the railroad right-of-way or track, then the road or highway crossing may be made as nearly at right angles to the railroad right-of-way and track as may be practicable.

(b) Failure of the commissioners or other authorities engaged in the construction, repair, or improvement of any road or highway to so lay out and provide for the construction of the crossings shall entitle and authorize any interested person or property owner to enjoin the construction of the road or highway crossing in any other manner.

Acts 1920 (3rd Ex. Sess.), No. 173, §§ 1, 2; C. & M. Dig., § 52251/2; Pope's Dig., § 6940; A.S.A. 1947, §§ 73-619, 73-620.
Ark. Code Ann. § 23-92-201 — AR Code / Title 23 / Chapter 92 / Subchapter 2 / Section 23-92-201
Definition
Status: in_force

As used in this subchapter, "third-party administrator": (1) Means a person, firm, or partnership that collects or charges premiums from or adjusts or settles claims on residents of this state in connection with life or accident and health coverage provided by a self-insured plan or a multiple-employer trust or multiple-employer-welfare arrangement; (2) Includes an administrative-services-only contract offered by insurers and health maintenance organizations; and (3) Does not include: (A) An employer, for its employees or for the employees of a subsidiary or affiliated corporation of the employer; (B) A union, for its members; (C) An insurer or health maintenance organization licensed to do business in this state; (D) A creditor, for its debtors, regarding insurance covering a debt between the creditor and its debtors; (E) A credit-card-issuing company that advances for, or collects premiums or charges from, its credit card holders, as long as that company does not adjust or settle claims; (F) An individual who adjusts or settles claims in the normal course of his or her practice or employment and who does not collect charges or premiums in connection with life or accident and health coverage; or (G) An agency licensed by the Insurance Commissioner and performing duties pursuant to an agency contract with an insurer authorized to do business in this state. Amended by Act 2018EX2, No. 3,§ 4, eff. 9/1/2018. Amended by Act 2018EX2, No. 1,§ 4, eff. 9/1/2018. Amended by Act 2017, No. 334,§ 7, eff. 8/1/2017. Amended by Act 2015, No. 689,§ 1, eff. 7/22/2015. Acts 1985, No. 796, § 1; A.S.A. 1947, § 66-6003; Acts 2001, No. 1603, § 45; 2005, No. 1697, § 23.

As used in this subchapter, "third-party administrator":

(1) Means a person, firm, or partnership that collects or charges premiums from or adjusts or settles claims on residents of this state in connection with life or accident and health coverage provided by a self-insured plan or a multiple-employer trust or multiple-employer-welfare arrangement;

(2) Includes an administrative-services-only contract offered by insurers and health maintenance organizations; and

(3) Does not include: (A) An employer, for its employees or for the employees of a subsidiary or affiliated corporation of the employer; (B) A union, for its members; (C) An insurer or health maintenance organization licensed to do business in this state; (D) A creditor, for its debtors, regarding insurance covering a debt between the creditor and its debtors; (E) A credit-card-issuing company that advances for, or collects premiums or charges from, its credit card holders, as long as that company does not adjust or settle claims; (F) An individual who adjusts or settles claims in the normal course of his or her practice or employment and who does not collect charges or premiums in connection with life or accident and health coverage; or (G) An agency licensed by the Insurance Commissioner and performing duties pursuant to an agency contract with an insurer authorized to do business in this state.

(A) An employer, for its employees or for the employees of a subsidiary or affiliated corporation of the employer;

(B) A union, for its members;

(C) An insurer or health maintenance organization licensed to do business in this state;

(D) A creditor, for its debtors, regarding insurance covering a debt between the creditor and its debtors;

(E) A credit-card-issuing company that advances for, or collects premiums or charges from, its credit card holders, as long as that company does not adjust or settle claims;

(F) An individual who adjusts or settles claims in the normal course of his or her practice or employment and who does not collect charges or premiums in connection with life or accident and health coverage; or

(G) An agency licensed by the Insurance Commissioner and performing duties pursuant to an agency contract with an insurer authorized to do business in this state.

Amended by Act 2018EX2, No. 3,§ 4, eff. 9/1/2018.

Amended by Act 2018EX2, No. 1,§ 4, eff. 9/1/2018.

Amended by Act 2017, No. 334,§ 7, eff. 8/1/2017.

Amended by Act 2015, No. 689,§ 1, eff. 7/22/2015.

Acts 1985, No. 796, § 1; A.S.A. 1947, § 66-6003; Acts 2001, No. 1603, § 45; 2005, No. 1697, § 23.
Ark. Code Ann. § 23-18-303 — AR Code / Title 23 / Chapter 18 / Subchapter 3 / Section 23-18-303
Construction
Status: in_force

This subchapter shall be construed liberally. The enumeration of any object, purpose, power, manner, method, or thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods, or things. Acts 1937, No. 342, § 35; Pope's Dig., § 2349; A.S.A. 1947, § 77-1135.

This subchapter shall be construed liberally. The enumeration of any object, purpose, power, manner, method, or thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods, or things.

Acts 1937, No. 342, § 35; Pope's Dig., § 2349; A.S.A. 1947, § 77-1135.
Ark. Code Ann. § 23-119-101 — AR Code / Title 23 / Chapter 119 / Section 23-119-101
Legislative intent - findings - purpose
Status: in_force

(a) This chapter establishes the standards and criteria for the permitting and regulation of digital asset mining businesses. (b) The General Assembly finds: (1) Digital asset mining businesses represent a new and emerging industry that presents significant challenges for the citizens of Arkansas, including without limitation: (A) Significant noise emissions; (B) Massive consumption of power; (C) The usage of large quantities of water that could potentially threaten resources for citizens and future economic development opportunities; and (D) Potential issues involving cybersecurity. (2) While the State of Arkansas welcomes new businesses and economic growth, the General Assembly likewise has a responsibility to ensure that the operations of new industries do not negatively impact the public peace, health, and safety or otherwise damage the well-being of the citizens of the state; (3) When an industry presents harm to the public peace, health, and safety, it has been the practice of the General Assembly to provide for regulation of that industry to ensure that the industry operates successfully while not harming the citizens of the state and its natural resources; and (4) Based upon the challenges presented by digital asset mining businesses, it is necessary to regulate digital asset mining businesses as provided in this chapter to provide a regulatory framework for the safe operation of this new, emerging industry. (c) The purpose of this chapter is to: (1) Promote, preserve, and protect the public peace, health, and safety through effective permitting and regulation of digital asset mining businesses; (2) Provide for the powers and duties of the Oil and Gas Commission relating to the permitting and regulation of digital asset mining businesses; and (3) Prescribe penalties for violations of this chapter. Added by Act 2024, No. 174,§ 4, eff. 5/3/2024.

(a) This chapter establishes the standards and criteria for the permitting and regulation of digital asset mining businesses.

(b) The General Assembly finds: (1) Digital asset mining businesses represent a new and emerging industry that presents significant challenges for the citizens of Arkansas, including without limitation: (A) Significant noise emissions; (B) Massive consumption of power; (C) The usage of large quantities of water that could potentially threaten resources for citizens and future economic development opportunities; and (D) Potential issues involving cybersecurity. (2) While the State of Arkansas welcomes new businesses and economic growth, the General Assembly likewise has a responsibility to ensure that the operations of new industries do not negatively impact the public peace, health, and safety or otherwise damage the well-being of the citizens of the state; (3) When an industry presents harm to the public peace, health, and safety, it has been the practice of the General Assembly to provide for regulation of that industry to ensure that the industry operates successfully while not harming the citizens of the state and its natural resources; and (4) Based upon the challenges presented by digital asset mining businesses, it is necessary to regulate digital asset mining businesses as provided in this chapter to provide a regulatory framework for the safe operation of this new, emerging industry.

(1) Digital asset mining businesses represent a new and emerging industry that presents significant challenges for the citizens of Arkansas, including without limitation: (A) Significant noise emissions; (B) Massive consumption of power; (C) The usage of large quantities of water that could potentially threaten resources for citizens and future economic development opportunities; and (D) Potential issues involving cybersecurity.

(A) Significant noise emissions;

(B) Massive consumption of power;

(C) The usage of large quantities of water that could potentially threaten resources for citizens and future economic development opportunities; and

(D) Potential issues involving cybersecurity.

(2) While the State of Arkansas welcomes new businesses and economic growth, the General Assembly likewise has a responsibility to ensure that the operations of new industries do not negatively impact the public peace, health, and safety or otherwise damage the well-being of the citizens of the state;

(3) When an industry presents harm to the public peace, health, and safety, it has been the practice of the General Assembly to provide for regulation of that industry to ensure that the industry operates successfully while not harming the citizens of the state and its natural resources; and

(4) Based upon the challenges presented by digital asset mining businesses, it is necessary to regulate digital asset mining businesses as provided in this chapter to provide a regulatory framework for the safe operation of this new, emerging industry.

(c) The purpose of this chapter is to: (1) Promote, preserve, and protect the public peace, health, and safety through effective permitting and regulation of digital asset mining businesses; (2) Provide for the powers and duties of the Oil and Gas Commission relating to the permitting and regulation of digital asset mining businesses; and (3) Prescribe penalties for violations of this chapter.

(1) Promote, preserve, and protect the public peace, health, and safety through effective permitting and regulation of digital asset mining businesses;

(2) Provide for the powers and duties of the Oil and Gas Commission relating to the permitting and regulation of digital asset mining businesses; and

(3) Prescribe penalties for violations of this chapter.

Added by Act 2024, No. 174,§ 4, eff. 5/3/2024.
Ark. Code Ann. § 23-69-409 — AR Code / Title 23 / Chapter 69 / Subchapter 4 / Section 23-69-409
Confidentiality
Status: in_force

(a) Any documents, materials, or other information, including an own risk and solvency assessment summary report, in the possession of or under the control of the State Insurance Department that are obtained by, created by, or disclosed to the Insurance Commissioner or any other person under this subchapter is recognized as being proprietary and containing trade secrets. (b) (1) Any documents, materials, or other information submitted under this subchapter shall be confidential by law and privileged. (2) The information required under this subchapter is not subject to: (A) The Freedom of Information Act of 1967, § 25-19-101 et seq.; (B) Subpoena; or (C) Discovery or admissible in evidence in any private civil action. (c) (1) Notwithstanding the limitations under this section, the commissioner may use the documents, materials, or other information to further any regulatory or legal action brought on behalf of the commissioner. (2) The commissioner shall not otherwise make the documents, materials, or other information public without the prior written consent of the insurer. (d) The commissioner or any person operating on behalf of the commissioner shall not be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information under this subchapter. (e) In order to assist in the performance of the regulatory duties of the commissioner, upon request, the commissioner: (1) If the recipient agrees in writing to maintain the confidentiality and privileged status of the own risk and solvency assessment documents, materials, or other information and verifies in writing the legal authority to maintain confidentiality, may share: (A) Documents, materials, or other information of an own risk and solvency assessment, including confidential and privileged information, with other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 23-63-531 ; (B) Proprietary and trade secret documents and materials with other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 23-63-531 ; and (C) Any relevant information with the National Association of Insurance Commissioners or any third-party consultants designated by the commissioner; (2) May receive documents, materials, or other own risk and solvency assessment information, including otherwise confidential and privileged documents, materials, or information, including proprietary and trade-secret information or documents, from regulatory officials of other foreign or domestic jurisdictions, including members of any supervisory college as defined in § 23-63-531 , and from the National Association of Insurance Commissioners; (3) Shall maintain as confidential or privileged any documents, materials, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information; (4) (A) Shall enter into a written agreement with the National Association of Insurance Commissioners or a third-party consultant to govern the sharing and use of information provided under this subchapter. (B) The written agreement shall: (i) Specify procedures and protocols regarding the confidentiality and security of information shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter, including procedures and protocols for sharing by the National Association of Insurance Commissioners with other state regulators from states in which the insurance group has domiciled insurers; (ii) Provide that the recipient has agreed in writing to maintain the confidentiality and privileged status of the own risk and solvency assessment documents, materials, or other information, and has verified in writing the legal authority to maintain confidentiality; (iii) Specify that ownership of information shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter remains with the commissioner and the National Association of Insurance Commissioners, or that a third-party consultant's use of the information is subject to the authority of the commissioner; (iv) Prohibit the National Association of Insurance Commissioners or third-party consultant from storing the information shared under this subchapter in a permanent database after the underlying analysis is completed; (v) Require prompt notice be given to an insurer whose confidential information is in the possession of the National Association of Insurance Commissioners or a third-party consultant under this subchapter that the confidential information is subject to a request or subpoena to the National Association of Insurance Commissioners or a third-party consultant for disclosure or production; and (vi) Require the National Association of Insurance Commissioners or a third-party consultant to consent to intervention by an insurer in any judicial or administrative action that the National Association of Insurance Commissioners or a third-party consultant may be required to disclose confidential information about the insurer shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter; and (5) If an agreement involves a third-party consultant, shall provide that an insurer's written consent is required before sharing the requested information. (f) The sharing of information and documents by the commissioner under this subchapter does not constitute a delegation of regulatory authority or rulemaking, and the commissioner is solely responsible for the administration, execution, and enforcement of this subchapter. (g) A waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade-secret materials, or other own risk and solvency assessment information shall not occur as a result of disclosure of the own risk and solvency assessment information or documents to the commissioner under this section or as a result of sharing under this subchapter. (h) Documents, materials, or other information in the possession or control of the National Association of Insurance Commissioners or third-party consultants under this subchapter: (1) Shall be confidential by law and privileged; and (2) Shall not be subject to: (A) The Freedom of Information Act of 1967, § 25-19-101 et seq.; (B) Subpoena; or (C) Discovery or admissible in evidence in any private civil action. Amended by Act 2017, No. 334,§ 6, eff. 8/1/2017. Added by Act 2015, No. 1223,§ 31, eff. 7/22/2015.

(a) Any documents, materials, or other information, including an own risk and solvency assessment summary report, in the possession of or under the control of the State Insurance Department that are obtained by, created by, or disclosed to the Insurance Commissioner or any other person under this subchapter is recognized as being proprietary and containing trade secrets.

(b) (1) Any documents, materials, or other information submitted under this subchapter shall be confidential by law and privileged. (2) The information required under this subchapter is not subject to: (A) The Freedom of Information Act of 1967, § 25-19-101 et seq.; (B) Subpoena; or (C) Discovery or admissible in evidence in any private civil action.

(1) Any documents, materials, or other information submitted under this subchapter shall be confidential by law and privileged.

(2) The information required under this subchapter is not subject to: (A) The Freedom of Information Act of 1967, § 25-19-101 et seq.; (B) Subpoena; or (C) Discovery or admissible in evidence in any private civil action.

(A) The Freedom of Information Act of 1967, § 25-19-101 et seq.;

(B) Subpoena; or

(C) Discovery or admissible in evidence in any private civil action.

(c) (1) Notwithstanding the limitations under this section, the commissioner may use the documents, materials, or other information to further any regulatory or legal action brought on behalf of the commissioner. (2) The commissioner shall not otherwise make the documents, materials, or other information public without the prior written consent of the insurer.

(1) Notwithstanding the limitations under this section, the commissioner may use the documents, materials, or other information to further any regulatory or legal action brought on behalf of the commissioner.

(2) The commissioner shall not otherwise make the documents, materials, or other information public without the prior written consent of the insurer.

(d) The commissioner or any person operating on behalf of the commissioner shall not be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information under this subchapter.

(e) In order to assist in the performance of the regulatory duties of the commissioner, upon request, the commissioner: (1) If the recipient agrees in writing to maintain the confidentiality and privileged status of the own risk and solvency assessment documents, materials, or other information and verifies in writing the legal authority to maintain confidentiality, may share: (A) Documents, materials, or other information of an own risk and solvency assessment, including confidential and privileged information, with other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 23-63-531 ; (B) Proprietary and trade secret documents and materials with other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 23-63-531 ; and (C) Any relevant information with the National Association of Insurance Commissioners or any third-party consultants designated by the commissioner; (2) May receive documents, materials, or other own risk and solvency assessment information, including otherwise confidential and privileged documents, materials, or information, including proprietary and trade-secret information or documents, from regulatory officials of other foreign or domestic jurisdictions, including members of any supervisory college as defined in § 23-63-531 , and from the National Association of Insurance Commissioners; (3) Shall maintain as confidential or privileged any documents, materials, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information; (4) (A) Shall enter into a written agreement with the National Association of Insurance Commissioners or a third-party consultant to govern the sharing and use of information provided under this subchapter. (B) The written agreement shall: (i) Specify procedures and protocols regarding the confidentiality and security of information shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter, including procedures and protocols for sharing by the National Association of Insurance Commissioners with other state regulators from states in which the insurance group has domiciled insurers; (ii) Provide that the recipient has agreed in writing to maintain the confidentiality and privileged status of the own risk and solvency assessment documents, materials, or other information, and has verified in writing the legal authority to maintain confidentiality; (iii) Specify that ownership of information shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter remains with the commissioner and the National Association of Insurance Commissioners, or that a third-party consultant's use of the information is subject to the authority of the commissioner; (iv) Prohibit the National Association of Insurance Commissioners or third-party consultant from storing the information shared under this subchapter in a permanent database after the underlying analysis is completed; (v) Require prompt notice be given to an insurer whose confidential information is in the possession of the National Association of Insurance Commissioners or a third-party consultant under this subchapter that the confidential information is subject to a request or subpoena to the National Association of Insurance Commissioners or a third-party consultant for disclosure or production; and (vi) Require the National Association of Insurance Commissioners or a third-party consultant to consent to intervention by an insurer in any judicial or administrative action that the National Association of Insurance Commissioners or a third-party consultant may be required to disclose confidential information about the insurer shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter; and (5) If an agreement involves a third-party consultant, shall provide that an insurer's written consent is required before sharing the requested information.

(1) If the recipient agrees in writing to maintain the confidentiality and privileged status of the own risk and solvency assessment documents, materials, or other information and verifies in writing the legal authority to maintain confidentiality, may share: (A) Documents, materials, or other information of an own risk and solvency assessment, including confidential and privileged information, with other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 23-63-531 ; (B) Proprietary and trade secret documents and materials with other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 23-63-531 ; and (C) Any relevant information with the National Association of Insurance Commissioners or any third-party consultants designated by the commissioner;

(A) Documents, materials, or other information of an own risk and solvency assessment, including confidential and privileged information, with other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 23-63-531 ;

(B) Proprietary and trade secret documents and materials with other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 23-63-531 ; and

(C) Any relevant information with the National Association of Insurance Commissioners or any third-party consultants designated by the commissioner;

(2) May receive documents, materials, or other own risk and solvency assessment information, including otherwise confidential and privileged documents, materials, or information, including proprietary and trade-secret information or documents, from regulatory officials of other foreign or domestic jurisdictions, including members of any supervisory college as defined in § 23-63-531 , and from the National Association of Insurance Commissioners;

(3) Shall maintain as confidential or privileged any documents, materials, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information;

(4) (A) Shall enter into a written agreement with the National Association of Insurance Commissioners or a third-party consultant to govern the sharing and use of information provided under this subchapter. (B) The written agreement shall: (i) Specify procedures and protocols regarding the confidentiality and security of information shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter, including procedures and protocols for sharing by the National Association of Insurance Commissioners with other state regulators from states in which the insurance group has domiciled insurers; (ii) Provide that the recipient has agreed in writing to maintain the confidentiality and privileged status of the own risk and solvency assessment documents, materials, or other information, and has verified in writing the legal authority to maintain confidentiality; (iii) Specify that ownership of information shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter remains with the commissioner and the National Association of Insurance Commissioners, or that a third-party consultant's use of the information is subject to the authority of the commissioner; (iv) Prohibit the National Association of Insurance Commissioners or third-party consultant from storing the information shared under this subchapter in a permanent database after the underlying analysis is completed; (v) Require prompt notice be given to an insurer whose confidential information is in the possession of the National Association of Insurance Commissioners or a third-party consultant under this subchapter that the confidential information is subject to a request or subpoena to the National Association of Insurance Commissioners or a third-party consultant for disclosure or production; and (vi) Require the National Association of Insurance Commissioners or a third-party consultant to consent to intervention by an insurer in any judicial or administrative action that the National Association of Insurance Commissioners or a third-party consultant may be required to disclose confidential information about the insurer shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter; and

(A) Shall enter into a written agreement with the National Association of Insurance Commissioners or a third-party consultant to govern the sharing and use of information provided under this subchapter.

(B) The written agreement shall: (i) Specify procedures and protocols regarding the confidentiality and security of information shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter, including procedures and protocols for sharing by the National Association of Insurance Commissioners with other state regulators from states in which the insurance group has domiciled insurers; (ii) Provide that the recipient has agreed in writing to maintain the confidentiality and privileged status of the own risk and solvency assessment documents, materials, or other information, and has verified in writing the legal authority to maintain confidentiality; (iii) Specify that ownership of information shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter remains with the commissioner and the National Association of Insurance Commissioners, or that a third-party consultant's use of the information is subject to the authority of the commissioner; (iv) Prohibit the National Association of Insurance Commissioners or third-party consultant from storing the information shared under this subchapter in a permanent database after the underlying analysis is completed; (v) Require prompt notice be given to an insurer whose confidential information is in the possession of the National Association of Insurance Commissioners or a third-party consultant under this subchapter that the confidential information is subject to a request or subpoena to the National Association of Insurance Commissioners or a third-party consultant for disclosure or production; and (vi) Require the National Association of Insurance Commissioners or a third-party consultant to consent to intervention by an insurer in any judicial or administrative action that the National Association of Insurance Commissioners or a third-party consultant may be required to disclose confidential information about the insurer shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter; and

(i) Specify procedures and protocols regarding the confidentiality and security of information shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter, including procedures and protocols for sharing by the National Association of Insurance Commissioners with other state regulators from states in which the insurance group has domiciled insurers;

(ii) Provide that the recipient has agreed in writing to maintain the confidentiality and privileged status of the own risk and solvency assessment documents, materials, or other information, and has verified in writing the legal authority to maintain confidentiality;

(iii) Specify that ownership of information shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter remains with the commissioner and the National Association of Insurance Commissioners, or that a third-party consultant's use of the information is subject to the authority of the commissioner;

(iv) Prohibit the National Association of Insurance Commissioners or third-party consultant from storing the information shared under this subchapter in a permanent database after the underlying analysis is completed;

(v) Require prompt notice be given to an insurer whose confidential information is in the possession of the National Association of Insurance Commissioners or a third-party consultant under this subchapter that the confidential information is subject to a request or subpoena to the National Association of Insurance Commissioners or a third-party consultant for disclosure or production; and

(vi) Require the National Association of Insurance Commissioners or a third-party consultant to consent to intervention by an insurer in any judicial or administrative action that the National Association of Insurance Commissioners or a third-party consultant may be required to disclose confidential information about the insurer shared with the National Association of Insurance Commissioners or a third-party consultant under this subchapter; and

(5) If an agreement involves a third-party consultant, shall provide that an insurer's written consent is required before sharing the requested information.

(f) The sharing of information and documents by the commissioner under this subchapter does not constitute a delegation of regulatory authority or rulemaking, and the commissioner is solely responsible for the administration, execution, and enforcement of this subchapter.

(g) A waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade-secret materials, or other own risk and solvency assessment information shall not occur as a result of disclosure of the own risk and solvency assessment information or documents to the commissioner under this section or as a result of sharing under this subchapter.

(h) Documents, materials, or other information in the possession or control of the National Association of Insurance Commissioners or third-party consultants under this subchapter: (1) Shall be confidential by law and privileged; and (2) Shall not be subject to: (A) The Freedom of Information Act of 1967, § 25-19-101 et seq.; (B) Subpoena; or (C) Discovery or admissible in evidence in any private civil action.

(1) Shall be confidential by law and privileged; and

(2) Shall not be subject to: (A) The Freedom of Information Act of 1967, § 25-19-101 et seq.; (B) Subpoena; or (C) Discovery or admissible in evidence in any private civil action.

(A) The Freedom of Information Act of 1967, § 25-19-101 et seq.;

(B) Subpoena; or

(C) Discovery or admissible in evidence in any private civil action.

Amended by Act 2017, No. 334,§ 6, eff. 8/1/2017.

Added by Act 2015, No. 1223,§ 31, eff. 7/22/2015.
Ark. Code Ann. § 23-63-1604 — AR Code / Title 23 / Chapter 63 / Subchapter 16 / Section 23-63-1604
Capital requirements
Status: in_force

(a) (1) The Insurance Commissioner shall not issue a license to a producer reinsurance captive insurance company, pure captive insurance company, sponsored captive insurance company, association captive insurance company incorporated as a stock insurer, or industrial insured captive insurance company incorporated as a stock insurer unless the company possesses and maintains unimpaired paid-in capital of: (A) In the case of a producer reinsurance captive insurance company, not less than three hundred thousand dollars ($300,000); (B) In the case of a pure captive insurance company, not less than one hundred thousand dollars ($100,000); (C) In the case of an association captive insurance company incorporated as a stock insurer, not less than four hundred thousand dollars ($400,000); (D) In the case of an industrial insured captive insurance company incorporated as a stock insurer, not less than two hundred thousand dollars ($200,000); (E) In the case of a sponsored captive insurance company, not less than two hundred fifty thousand dollars ($250,000); or (F) In the case of a special purpose captive insurance company, an amount determined by the commissioner after giving due consideration to the company's business plan, feasibility study, and pro formas, including the nature of the risks to be insured, but in no event less than three hundred thousand dollars ($300,000). (2) The capital may be in the form of: (A) Cash; (B) Other assets acceptable to the commissioner; or (C) An irrevocable letter of credit issued by a bank chartered by this state or a member bank of the Federal Reserve System and approved by the commissioner. (b) (1) The commissioner may prescribe additional capital based upon the type, volume, and nature of insurance business transacted. (2) This capital may be in the form of: (A) Cash; (B) Other assets acceptable to the commissioner; or (C) An irrevocable letter of credit issued by a bank chartered by this state or a member bank of the Federal Reserve System. (c) (1) In the case of a branch captive insurance company, as security for the payment of liabilities attributable to branch operations, the commissioner shall require that a trust fund, funded by an irrevocable letter of credit or other acceptable asset, be established and maintained in the United States for the benefit of United States policyholders and United States ceding insurers under insurance policies issued or reinsurance contracts issued or assumed by the branch captive insurance company through its branch operations. (2) (A) The amount of the security may be no less than the capital and surplus required by this subchapter and the reserves on these insurance policies or reinsurance contracts, including reserves for losses, allocated loss adjustment expenses, incurred but not reported losses, and unearned premiums with regard to business written through branch operations. (B) (i) The commissioner may permit a branch captive insurance company that is required to post security for loss reserves on branch business by its reinsurer to reduce the funds in the trust account required by this section by the same amount so long as the security remains posted with the reinsurer. (ii) If the form of security selected is a letter of credit, the letter of credit must be issued by a bank chartered in this state or a member bank of the Federal Reserve System. (d) (1) A captive insurance company may not pay a dividend out of, or other distribution with respect to, capital or surplus, in excess of the limitations set forth in § 23-63-515 , without the prior approval of the commissioner. (2) Approval of an ongoing plan for the payment of dividends or other distributions must be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by or determined in accordance with formulas approved by the commissioner. (3) This subsection shall not apply to producer reinsurance captive insurance companies. Amended by Act 2019, No. 521,§ 6, eff. 7/24/2019. Acts 2001, No. 1391, § 4; 2003, No. 466, § 3.

(a) (1) The Insurance Commissioner shall not issue a license to a producer reinsurance captive insurance company, pure captive insurance company, sponsored captive insurance company, association captive insurance company incorporated as a stock insurer, or industrial insured captive insurance company incorporated as a stock insurer unless the company possesses and maintains unimpaired paid-in capital of: (A) In the case of a producer reinsurance captive insurance company, not less than three hundred thousand dollars ($300,000); (B) In the case of a pure captive insurance company, not less than one hundred thousand dollars ($100,000); (C) In the case of an association captive insurance company incorporated as a stock insurer, not less than four hundred thousand dollars ($400,000); (D) In the case of an industrial insured captive insurance company incorporated as a stock insurer, not less than two hundred thousand dollars ($200,000); (E) In the case of a sponsored captive insurance company, not less than two hundred fifty thousand dollars ($250,000); or (F) In the case of a special purpose captive insurance company, an amount determined by the commissioner after giving due consideration to the company's business plan, feasibility study, and pro formas, including the nature of the risks to be insured, but in no event less than three hundred thousand dollars ($300,000). (2) The capital may be in the form of: (A) Cash; (B) Other assets acceptable to the commissioner; or (C) An irrevocable letter of credit issued by a bank chartered by this state or a member bank of the Federal Reserve System and approved by the commissioner.

(1) The Insurance Commissioner shall not issue a license to a producer reinsurance captive insurance company, pure captive insurance company, sponsored captive insurance company, association captive insurance company incorporated as a stock insurer, or industrial insured captive insurance company incorporated as a stock insurer unless the company possesses and maintains unimpaired paid-in capital of: (A) In the case of a producer reinsurance captive insurance company, not less than three hundred thousand dollars ($300,000); (B) In the case of a pure captive insurance company, not less than one hundred thousand dollars ($100,000); (C) In the case of an association captive insurance company incorporated as a stock insurer, not less than four hundred thousand dollars ($400,000); (D) In the case of an industrial insured captive insurance company incorporated as a stock insurer, not less than two hundred thousand dollars ($200,000); (E) In the case of a sponsored captive insurance company, not less than two hundred fifty thousand dollars ($250,000); or (F) In the case of a special purpose captive insurance company, an amount determined by the commissioner after giving due consideration to the company's business plan, feasibility study, and pro formas, including the nature of the risks to be insured, but in no event less than three hundred thousand dollars ($300,000).

(A) In the case of a producer reinsurance captive insurance company, not less than three hundred thousand dollars ($300,000);

(B) In the case of a pure captive insurance company, not less than one hundred thousand dollars ($100,000);

(C) In the case of an association captive insurance company incorporated as a stock insurer, not less than four hundred thousand dollars ($400,000);

(D) In the case of an industrial insured captive insurance company incorporated as a stock insurer, not less than two hundred thousand dollars ($200,000);

(E) In the case of a sponsored captive insurance company, not less than two hundred fifty thousand dollars ($250,000); or

(F) In the case of a special purpose captive insurance company, an amount determined by the commissioner after giving due consideration to the company's business plan, feasibility study, and pro formas, including the nature of the risks to be insured, but in no event less than three hundred thousand dollars ($300,000).

(2) The capital may be in the form of: (A) Cash; (B) Other assets acceptable to the commissioner; or (C) An irrevocable letter of credit issued by a bank chartered by this state or a member bank of the Federal Reserve System and approved by the commissioner.

(A) Cash;

(B) Other assets acceptable to the commissioner; or

(C) An irrevocable letter of credit issued by a bank chartered by this state or a member bank of the Federal Reserve System and approved by the commissioner.

(b) (1) The commissioner may prescribe additional capital based upon the type, volume, and nature of insurance business transacted. (2) This capital may be in the form of: (A) Cash; (B) Other assets acceptable to the commissioner; or (C) An irrevocable letter of credit issued by a bank chartered by this state or a member bank of the Federal Reserve System.

(1) The commissioner may prescribe additional capital based upon the type, volume, and nature of insurance business transacted.

(2) This capital may be in the form of: (A) Cash; (B) Other assets acceptable to the commissioner; or (C) An irrevocable letter of credit issued by a bank chartered by this state or a member bank of the Federal Reserve System.

(A) Cash;

(B) Other assets acceptable to the commissioner; or

(C) An irrevocable letter of credit issued by a bank chartered by this state or a member bank of the Federal Reserve System.

(c) (1) In the case of a branch captive insurance company, as security for the payment of liabilities attributable to branch operations, the commissioner shall require that a trust fund, funded by an irrevocable letter of credit or other acceptable asset, be established and maintained in the United States for the benefit of United States policyholders and United States ceding insurers under insurance policies issued or reinsurance contracts issued or assumed by the branch captive insurance company through its branch operations. (2) (A) The amount of the security may be no less than the capital and surplus required by this subchapter and the reserves on these insurance policies or reinsurance contracts, including reserves for losses, allocated loss adjustment expenses, incurred but not reported losses, and unearned premiums with regard to business written through branch operations. (B) (i) The commissioner may permit a branch captive insurance company that is required to post security for loss reserves on branch business by its reinsurer to reduce the funds in the trust account required by this section by the same amount so long as the security remains posted with the reinsurer. (ii) If the form of security selected is a letter of credit, the letter of credit must be issued by a bank chartered in this state or a member bank of the Federal Reserve System.

(1) In the case of a branch captive insurance company, as security for the payment of liabilities attributable to branch operations, the commissioner shall require that a trust fund, funded by an irrevocable letter of credit or other acceptable asset, be established and maintained in the United States for the benefit of United States policyholders and United States ceding insurers under insurance policies issued or reinsurance contracts issued or assumed by the branch captive insurance company through its branch operations.

(2) (A) The amount of the security may be no less than the capital and surplus required by this subchapter and the reserves on these insurance policies or reinsurance contracts, including reserves for losses, allocated loss adjustment expenses, incurred but not reported losses, and unearned premiums with regard to business written through branch operations. (B) (i) The commissioner may permit a branch captive insurance company that is required to post security for loss reserves on branch business by its reinsurer to reduce the funds in the trust account required by this section by the same amount so long as the security remains posted with the reinsurer. (ii) If the form of security selected is a letter of credit, the letter of credit must be issued by a bank chartered in this state or a member bank of the Federal Reserve System.

(A) The amount of the security may be no less than the capital and surplus required by this subchapter and the reserves on these insurance policies or reinsurance contracts, including reserves for losses, allocated loss adjustment expenses, incurred but not reported losses, and unearned premiums with regard to business written through branch operations.

(B) (i) The commissioner may permit a branch captive insurance company that is required to post security for loss reserves on branch business by its reinsurer to reduce the funds in the trust account required by this section by the same amount so long as the security remains posted with the reinsurer. (ii) If the form of security selected is a letter of credit, the letter of credit must be issued by a bank chartered in this state or a member bank of the Federal Reserve System.

(i) The commissioner may permit a branch captive insurance company that is required to post security for loss reserves on branch business by its reinsurer to reduce the funds in the trust account required by this section by the same amount so long as the security remains posted with the reinsurer.

(ii) If the form of security selected is a letter of credit, the letter of credit must be issued by a bank chartered in this state or a member bank of the Federal Reserve System.

(d) (1) A captive insurance company may not pay a dividend out of, or other distribution with respect to, capital or surplus, in excess of the limitations set forth in § 23-63-515 , without the prior approval of the commissioner. (2) Approval of an ongoing plan for the payment of dividends or other distributions must be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by or determined in accordance with formulas approved by the commissioner. (3) This subsection shall not apply to producer reinsurance captive insurance companies.

(1) A captive insurance company may not pay a dividend out of, or other distribution with respect to, capital or surplus, in excess of the limitations set forth in § 23-63-515 , without the prior approval of the commissioner.

(2) Approval of an ongoing plan for the payment of dividends or other distributions must be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by or determined in accordance with formulas approved by the commissioner.

(3) This subsection shall not apply to producer reinsurance captive insurance companies.

Amended by Act 2019, No. 521,§ 6, eff. 7/24/2019.

Acts 2001, No. 1391, § 4; 2003, No. 466, § 3.
Ark. Code Ann. § 23-62-402 — AR Code / Title 23 / Chapter 62 / Subchapter 4 / Section 23-62-402
Definitions
Status: in_force

As used in this subchapter: (1) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries; (2) "Controlling person" means any person, firm, association, or corporation who directly or indirectly has the power to direct or cause to be directed the management, control, or activities of a reinsurance intermediary; (3) "Insurer" means any person, firm, association, or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer; (4) "Licensed producer" means an agent, broker, or reinsurance intermediary licensed pursuant to the applicable provision of the insurance law; (5) "Reinsurance intermediary" means a reinsurance intermediary broker or a reinsurance intermediary manager as these terms are defined in subdivisions (6) and (7) of this section; (6) "Reinsurance intermediary broker" means any person, other than an officer or employee of the ceding insurer, firm, association, or corporation who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer; (7) (A) "Reinsurance intermediary manager" means any person, firm, association, or corporation who has authority to bind, or who manages, all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such a reinsurer whether known as a reinsurance intermediary manager, a manager, or other similar term. (B) Notwithstanding the above, the following persons shall not be considered reinsurance intermediary managers, with respect to such a reinsurer, for the purposes of this subchapter: (i) An employee of the reinsurer; (ii) A United States manager of the United States branch of an alien reinsurer; (iii) An underwriting manager which, pursuant to contract, manages all the reinsurance operations of the reinsurer, is under common control with the reinsurer, subject to the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., and whose compensation is not based on the volume of premiums written; and (iv) The manager of a group, association, pool, or organization of insurers which engages in joint underwriting or joint reinsurance and which is subject to examination by the insurance commissioner of the state in which the manager's principal business office is located; (8) "Reinsurer" means any person, firm, association, or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance; and (9) "To be in violation" means that the reinsurance intermediary, insurer, or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provisions of this subchapter. Acts 1993, No. 527, § 1.

As used in this subchapter:

(1) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries;

(2) "Controlling person" means any person, firm, association, or corporation who directly or indirectly has the power to direct or cause to be directed the management, control, or activities of a reinsurance intermediary;

(3) "Insurer" means any person, firm, association, or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer;

(4) "Licensed producer" means an agent, broker, or reinsurance intermediary licensed pursuant to the applicable provision of the insurance law;

(5) "Reinsurance intermediary" means a reinsurance intermediary broker or a reinsurance intermediary manager as these terms are defined in subdivisions (6) and (7) of this section;

(6) "Reinsurance intermediary broker" means any person, other than an officer or employee of the ceding insurer, firm, association, or corporation who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer;

(7) (A) "Reinsurance intermediary manager" means any person, firm, association, or corporation who has authority to bind, or who manages, all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such a reinsurer whether known as a reinsurance intermediary manager, a manager, or other similar term. (B) Notwithstanding the above, the following persons shall not be considered reinsurance intermediary managers, with respect to such a reinsurer, for the purposes of this subchapter: (i) An employee of the reinsurer; (ii) A United States manager of the United States branch of an alien reinsurer; (iii) An underwriting manager which, pursuant to contract, manages all the reinsurance operations of the reinsurer, is under common control with the reinsurer, subject to the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., and whose compensation is not based on the volume of premiums written; and (iv) The manager of a group, association, pool, or organization of insurers which engages in joint underwriting or joint reinsurance and which is subject to examination by the insurance commissioner of the state in which the manager's principal business office is located;

(A) "Reinsurance intermediary manager" means any person, firm, association, or corporation who has authority to bind, or who manages, all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such a reinsurer whether known as a reinsurance intermediary manager, a manager, or other similar term.

(B) Notwithstanding the above, the following persons shall not be considered reinsurance intermediary managers, with respect to such a reinsurer, for the purposes of this subchapter: (i) An employee of the reinsurer; (ii) A United States manager of the United States branch of an alien reinsurer; (iii) An underwriting manager which, pursuant to contract, manages all the reinsurance operations of the reinsurer, is under common control with the reinsurer, subject to the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., and whose compensation is not based on the volume of premiums written; and (iv) The manager of a group, association, pool, or organization of insurers which engages in joint underwriting or joint reinsurance and which is subject to examination by the insurance commissioner of the state in which the manager's principal business office is located;

(i) An employee of the reinsurer;

(ii) A United States manager of the United States branch of an alien reinsurer;

(iii) An underwriting manager which, pursuant to contract, manages all the reinsurance operations of the reinsurer, is under common control with the reinsurer, subject to the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., and whose compensation is not based on the volume of premiums written; and

(iv) The manager of a group, association, pool, or organization of insurers which engages in joint underwriting or joint reinsurance and which is subject to examination by the insurance commissioner of the state in which the manager's principal business office is located;

(8) "Reinsurer" means any person, firm, association, or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance; and

(9) "To be in violation" means that the reinsurance intermediary, insurer, or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provisions of this subchapter.

Acts 1993, No. 527, § 1.
Ark. Code Ann. § 23-51-178 — AR Code / Title 23 / Chapter 51 / Section 23-51-178
Requirement of notice
Status: in_force

An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in this state pursuant to this chapter shall provide, or cause its home state regulator to provide, written notice of the proposed transaction to the Bank Commissioner on or after the date on which the out-of-state trust institution applies to the home state regulator for approval to establish and maintain or acquire the trust office. The filing of the notice shall be preceded or accompanied by a copy of the resolution adopted by the board authorizing the additional office and the filing fee, if any, prescribed by the commissioner. Acts 1997, No. 940, § 78.

An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in this state pursuant to this chapter shall provide, or cause its home state regulator to provide, written notice of the proposed transaction to the Bank Commissioner on or after the date on which the out-of-state trust institution applies to the home state regulator for approval to establish and maintain or acquire the trust office. The filing of the notice shall be preceded or accompanied by a copy of the resolution adopted by the board authorizing the additional office and the filing fee, if any, prescribed by the commissioner.

Acts 1997, No. 940, § 78.
Ark. Code Ann. § 23-13-705 — AR Code / Title 23 / Chapter 13 / Subchapter 7 / Section 23-13-705
Agent for service of process
Status: in_force

A transportation network company shall maintain an agent for service of process under the Model Registered Agents Act, § 4-20-101 et seq. Added by Act 2015, No. 1050,§ 1, eff. 7/22/2015.

A transportation network company shall maintain an agent for service of process under the Model Registered Agents Act, § 4-20-101 et seq.

Added by Act 2015, No. 1050,§ 1, eff. 7/22/2015.
Ark. Code Ann. § 23-114-701 — AR Code / Title 23 / Chapter 114 / Subchapter 7 / Section 23-114-701
Revocation of license - Licensed authorized organization
Status: in_force

The license issued to an authorized organization is subject to revocation under this chapter if the organization: (1) Makes a false statement or material omission in an application for a license under this chapter; (2) Fails to maintain records that fully and accurately record each transaction connected with: (A) Conducting raffles or games of bingo; and (B) Leasing of premises to be used for raffles or games of bingo; (3) Falsifies or makes a false entry in a book or record if the entry relates in any way to the promotion, operation, or administration of raffles or games of bingo; (4) Diverts or pays a portion of the proceeds from a raffle or a game of bingo to a person except in furtherance of one (1) or more of the lawful purposes set forth in this chapter; or (5) Violates this chapter or a term of a license issued under this chapter in any other way. Acts 2007, No. 388, § 1.

The license issued to an authorized organization is subject to revocation under this chapter if the organization:

(1) Makes a false statement or material omission in an application for a license under this chapter;

(2) Fails to maintain records that fully and accurately record each transaction connected with: (A) Conducting raffles or games of bingo; and (B) Leasing of premises to be used for raffles or games of bingo;

(A) Conducting raffles or games of bingo; and

(B) Leasing of premises to be used for raffles or games of bingo;

(3) Falsifies or makes a false entry in a book or record if the entry relates in any way to the promotion, operation, or administration of raffles or games of bingo;

(4) Diverts or pays a portion of the proceeds from a raffle or a game of bingo to a person except in furtherance of one (1) or more of the lawful purposes set forth in this chapter; or

(5) Violates this chapter or a term of a license issued under this chapter in any other way.

Acts 2007, No. 388, § 1.
Ark. Code Ann. § 23-63-210 — AR Code / Title 23 / Chapter 63 / Subchapter 2 / Section 23-63-210
Certificate of authority - Issuance
Status: in_force

(a) The certificate of authority, if issued, shall specify the kind or kinds of insurance the insurer is authorized to transact in Arkansas. At the insurer's request, the Insurance Commissioner may issue a certificate of authority limited to particular types of insurance or insurance coverage within the scope of a kind of insurance as defined in §§ 23-62-101 et seq., 23-62-201 , 23-62-202 , 23-62-204 , 23-62-205 , and 23-63-701 . (b) Although issued to the insurer, the certificate of authority is at all times the property of the State of Arkansas. Upon any expiration, suspension, or termination of the certificate, the insurer shall promptly deliver the certificate of authority to the commissioner. Acts 1959, No. 148, § 54; A.S.A. 1947, § 66-2212; Acts 1987, No. 456, § 7.

(a) The certificate of authority, if issued, shall specify the kind or kinds of insurance the insurer is authorized to transact in Arkansas. At the insurer's request, the Insurance Commissioner may issue a certificate of authority limited to particular types of insurance or insurance coverage within the scope of a kind of insurance as defined in §§ 23-62-101 et seq., 23-62-201 , 23-62-202 , 23-62-204 , 23-62-205 , and 23-63-701 .

(b) Although issued to the insurer, the certificate of authority is at all times the property of the State of Arkansas. Upon any expiration, suspension, or termination of the certificate, the insurer shall promptly deliver the certificate of authority to the commissioner.

Acts 1959, No. 148, § 54; A.S.A. 1947, § 66-2212; Acts 1987, No. 456, § 7.
Ark. Code Ann. § 23-47-806 — AR Code / Title 23 / Chapter 47 / Subchapter 8 / Section 23-47-806
Responsibility for acts and omissions
Status: in_force

(a) The bank holding company owning a subsidiary trust company or national trust company shall file with the Bank Commissioner an irrevocable undertaking to be fully responsible for the existing and future fiduciary acts and omissions of its subsidiary trust company or national trust company. (b) If an affiliated bank has given bond to secure performance of its duties and the subsidiary trust company or national trust company qualifies as successor fiduciary, the subsidiary trust company or national trust company shall give bond to secure performance of its duties in the same manner. Acts 1997, No. 89, § 1.

(a) The bank holding company owning a subsidiary trust company or national trust company shall file with the Bank Commissioner an irrevocable undertaking to be fully responsible for the existing and future fiduciary acts and omissions of its subsidiary trust company or national trust company.

(b) If an affiliated bank has given bond to secure performance of its duties and the subsidiary trust company or national trust company qualifies as successor fiduciary, the subsidiary trust company or national trust company shall give bond to secure performance of its duties in the same manner.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-88-201 — AR Code / Title 23 / Chapter 88 / Subchapter 2 / Section 23-88-201
Purpose
Status: in_force

The purpose of this subchapter is to promote the public welfare by reducing the loss of life and fire damage to property caused by the crime of arson by requiring insurance companies to secure antiarson applications from applicants for new policies of property insurance containing information to control the incidence of arson fraud. Acts 1983, No. 359, § 1; A.S.A. 1947, § 66-5606.

The purpose of this subchapter is to promote the public welfare by reducing the loss of life and fire damage to property caused by the crime of arson by requiring insurance companies to secure antiarson applications from applicants for new policies of property insurance containing information to control the incidence of arson fraud.

Acts 1983, No. 359, § 1; A.S.A. 1947, § 66-5606.
Ark. Code Ann. § 23-68-123 — AR Code / Title 23 / Chapter 68 / Section 23-68-123
Borrowing on pledge of assets
Status: in_force

(a) For the purpose of facilitating the rehabilitation, liquidation, conservation, or dissolution of an insurer pursuant to this chapter, the Insurance Commissioner may, subject to the approval of the court, borrow money and execute, acknowledge, and deliver notes or other evidences of indebtedness therefor and secure the repayment of the same by the mortgage, pledge, assignment, transfer in trust, or hypothecation of any or all of the property, whether real, personal, or mixed, of the insurer, and the commissioner, subject to the approval of the court, shall have power to take any and all other action necessary and proper to consummate any loan and to provide for the repayment thereof. (b) The commissioner shall be under no obligation personally or in his or her official capacity to repay any loan made pursuant to this section. Acts 1959, No. 148, § 661; A.S.A. 1947, § 66-4824.

(a) For the purpose of facilitating the rehabilitation, liquidation, conservation, or dissolution of an insurer pursuant to this chapter, the Insurance Commissioner may, subject to the approval of the court, borrow money and execute, acknowledge, and deliver notes or other evidences of indebtedness therefor and secure the repayment of the same by the mortgage, pledge, assignment, transfer in trust, or hypothecation of any or all of the property, whether real, personal, or mixed, of the insurer, and the commissioner, subject to the approval of the court, shall have power to take any and all other action necessary and proper to consummate any loan and to provide for the repayment thereof.

(b) The commissioner shall be under no obligation personally or in his or her official capacity to repay any loan made pursuant to this section.

Acts 1959, No. 148, § 661; A.S.A. 1947, § 66-4824.
Ark. Code Ann. § 23-99-505 — AR Code / Title 23 / Chapter 99 / Subchapter 5 / Section 23-99-505
Increased cost exemption
Status: in_force

(a) (1) This subchapter does not apply to a health benefit plan during the health benefit plan's following health benefit plan year if the application of this subchapter to the health benefit plan in a health benefit plan year resulted in an increase in the actual costs of coverage with respect to medical and surgical benefits and mental illness benefits under the health benefit plan as determined and certified under subsection (b) of this section by an amount that exceeds: (A) Two percent (2%) for the first health benefit plan year in which this section is applied; or (B) One percent (1%) for each subsequent health benefit plan year. (2) The exemption provided by subdivision (a)(1) of this section applies to a health benefit plan for one (1) year. (3) A healthcare insurer may elect to continue to apply mental health parity under this subchapter to its health benefit plans regardless of any increase in its total costs of coverage. (b) (1) A determination under this section of increases to the actual costs of coverage of a health benefit plan shall be made and certified by a qualified and licensed actuary who is a member in good standing of the American Academy of Actuaries. (2) The determination shall be in a written report prepared by the actuary. (3) The report and all underlying documentation relied upon by the actuary shall be maintained by the healthcare insurer for a period of six (6) years following the notification required by subsection (d) of this section. (c) To obtain an exemption under this section, a healthcare insurer shall make the increased cost determination required by this section after the health benefit plan has complied with this section for the first six (6) months of the health benefit plan year. (d) (1) A healthcare insurer that elects to claim an exemption for a qualifying health benefit plan under this section based upon a certification under subsection (b) of this section shall promptly notify the Insurance Commissioner, the policyholder or contract holder, and the certificate holders, subscribers, and enrollees covered by the health benefit plan of its election. (2) The notification to the commissioner under subdivision (d)(1) of this section shall include: (A) A description of the number of covered lives under the health benefit plan at the time of the notification and, if applicable, at the time of any prior election of the increased cost exemption under this section; and (B) For the current and previous health benefit plan year: (i) A description of the actual total costs of coverage for medical and surgical benefits and mental illness benefits under the health benefit plan; and (ii) The actual total costs of coverage with respect to mental illness benefits under the health benefit plan. (3) (A) A notification under this subsection is confidential. (B) The commissioner shall make available upon request, but not more than annually, an anonymous itemization of notifications under this section that includes a summary of the data received under subdivision (d)(2) of this section. (e) To determine compliance with this section, the commissioner may audit the books and records of a healthcare insurer relating to an exemption, including without limitation any actuarial reports prepared pursuant to subsection (b) of this section during the six-year period following the notification required by subsection (d) of this section. (f) The commissioner may promulgate rules to implement this section. Acts 1997, No. 1020, § 9; Acts 2009, No. 1193, § 6.

(a) (1) This subchapter does not apply to a health benefit plan during the health benefit plan's following health benefit plan year if the application of this subchapter to the health benefit plan in a health benefit plan year resulted in an increase in the actual costs of coverage with respect to medical and surgical benefits and mental illness benefits under the health benefit plan as determined and certified under subsection (b) of this section by an amount that exceeds: (A) Two percent (2%) for the first health benefit plan year in which this section is applied; or (B) One percent (1%) for each subsequent health benefit plan year. (2) The exemption provided by subdivision (a)(1) of this section applies to a health benefit plan for one (1) year. (3) A healthcare insurer may elect to continue to apply mental health parity under this subchapter to its health benefit plans regardless of any increase in its total costs of coverage.

(1) This subchapter does not apply to a health benefit plan during the health benefit plan's following health benefit plan year if the application of this subchapter to the health benefit plan in a health benefit plan year resulted in an increase in the actual costs of coverage with respect to medical and surgical benefits and mental illness benefits under the health benefit plan as determined and certified under subsection (b) of this section by an amount that exceeds: (A) Two percent (2%) for the first health benefit plan year in which this section is applied; or (B) One percent (1%) for each subsequent health benefit plan year.

(A) Two percent (2%) for the first health benefit plan year in which this section is applied; or

(B) One percent (1%) for each subsequent health benefit plan year.

(2) The exemption provided by subdivision (a)(1) of this section applies to a health benefit plan for one (1) year.

(3) A healthcare insurer may elect to continue to apply mental health parity under this subchapter to its health benefit plans regardless of any increase in its total costs of coverage.

(b) (1) A determination under this section of increases to the actual costs of coverage of a health benefit plan shall be made and certified by a qualified and licensed actuary who is a member in good standing of the American Academy of Actuaries. (2) The determination shall be in a written report prepared by the actuary. (3) The report and all underlying documentation relied upon by the actuary shall be maintained by the healthcare insurer for a period of six (6) years following the notification required by subsection (d) of this section.

(1) A determination under this section of increases to the actual costs of coverage of a health benefit plan shall be made and certified by a qualified and licensed actuary who is a member in good standing of the American Academy of Actuaries.

(2) The determination shall be in a written report prepared by the actuary.

(3) The report and all underlying documentation relied upon by the actuary shall be maintained by the healthcare insurer for a period of six (6) years following the notification required by subsection (d) of this section.

(c) To obtain an exemption under this section, a healthcare insurer shall make the increased cost determination required by this section after the health benefit plan has complied with this section for the first six (6) months of the health benefit plan year.

(d) (1) A healthcare insurer that elects to claim an exemption for a qualifying health benefit plan under this section based upon a certification under subsection (b) of this section shall promptly notify the Insurance Commissioner, the policyholder or contract holder, and the certificate holders, subscribers, and enrollees covered by the health benefit plan of its election. (2) The notification to the commissioner under subdivision (d)(1) of this section shall include: (A) A description of the number of covered lives under the health benefit plan at the time of the notification and, if applicable, at the time of any prior election of the increased cost exemption under this section; and (B) For the current and previous health benefit plan year: (i) A description of the actual total costs of coverage for medical and surgical benefits and mental illness benefits under the health benefit plan; and (ii) The actual total costs of coverage with respect to mental illness benefits under the health benefit plan. (3) (A) A notification under this subsection is confidential. (B) The commissioner shall make available upon request, but not more than annually, an anonymous itemization of notifications under this section that includes a summary of the data received under subdivision (d)(2) of this section.

(1) A healthcare insurer that elects to claim an exemption for a qualifying health benefit plan under this section based upon a certification under subsection (b) of this section shall promptly notify the Insurance Commissioner, the policyholder or contract holder, and the certificate holders, subscribers, and enrollees covered by the health benefit plan of its election.

(2) The notification to the commissioner under subdivision (d)(1) of this section shall include: (A) A description of the number of covered lives under the health benefit plan at the time of the notification and, if applicable, at the time of any prior election of the increased cost exemption under this section; and (B) For the current and previous health benefit plan year: (i) A description of the actual total costs of coverage for medical and surgical benefits and mental illness benefits under the health benefit plan; and (ii) The actual total costs of coverage with respect to mental illness benefits under the health benefit plan.

(A) A description of the number of covered lives under the health benefit plan at the time of the notification and, if applicable, at the time of any prior election of the increased cost exemption under this section; and

(B) For the current and previous health benefit plan year: (i) A description of the actual total costs of coverage for medical and surgical benefits and mental illness benefits under the health benefit plan; and (ii) The actual total costs of coverage with respect to mental illness benefits under the health benefit plan.

(i) A description of the actual total costs of coverage for medical and surgical benefits and mental illness benefits under the health benefit plan; and

(ii) The actual total costs of coverage with respect to mental illness benefits under the health benefit plan.

(3) (A) A notification under this subsection is confidential. (B) The commissioner shall make available upon request, but not more than annually, an anonymous itemization of notifications under this section that includes a summary of the data received under subdivision (d)(2) of this section.

(A) A notification under this subsection is confidential.

(B) The commissioner shall make available upon request, but not more than annually, an anonymous itemization of notifications under this section that includes a summary of the data received under subdivision (d)(2) of this section.

(e) To determine compliance with this section, the commissioner may audit the books and records of a healthcare insurer relating to an exemption, including without limitation any actuarial reports prepared pursuant to subsection (b) of this section during the six-year period following the notification required by subsection (d) of this section.

(f) The commissioner may promulgate rules to implement this section.

Acts 1997, No. 1020, § 9; Acts 2009, No. 1193, § 6.
Ark. Code Ann. § 23-11-401 — AR Code / Title 23 / Chapter 11 / Subchapter 4 / Section 23-11-401
Authority to construct railroads in state
Status: in_force

Any railroad company existing under the laws of any other state or territory may extend and construct its railroad into or through this state. Acts 1889, No. 34, § 2, p. 43; C. & M. Dig., § 8473; Pope's Dig., § 11047; A.S.A. 1947, § 73-421.

Any railroad company existing under the laws of any other state or territory may extend and construct its railroad into or through this state.

Acts 1889, No. 34, § 2, p. 43; C. & M. Dig., § 8473; Pope's Dig., § 11047; A.S.A. 1947, § 73-421.
Ark. Code Ann. § 23-102-117 — AR Code / Title 23 / Chapter 102 / Section 23-102-117
Federal or multistate catastrophic funds
Status: in_force

In the event a federal or multistate catastrophic insurance or reinsurance program intended to serve purposes similar to the purposes of the Market Assistance Program or the Arkansas Earthquake Authority is created, the Board of the Arkansas Earthquake Authority shall promptly take appropriate actions to coordinate with the federal or multistate program to the extent consistent with this chapter and if such actions are in the best interest of Arkansas citizens. The board shall also make recommendations to the General Assembly for coordination with the federal or multistate program or for termination of the program or the authority, if it is in the best interest of Arkansas citizens, or take such other actions as the board finds appropriate. Acts 1999, No. 1343, § 17.

In the event a federal or multistate catastrophic insurance or reinsurance program intended to serve purposes similar to the purposes of the Market Assistance Program or the Arkansas Earthquake Authority is created, the Board of the Arkansas Earthquake Authority shall promptly take appropriate actions to coordinate with the federal or multistate program to the extent consistent with this chapter and if such actions are in the best interest of Arkansas citizens. The board shall also make recommendations to the General Assembly for coordination with the federal or multistate program or for termination of the program or the authority, if it is in the best interest of Arkansas citizens, or take such other actions as the board finds appropriate.

Acts 1999, No. 1343, § 17.
Ark. Code Ann. § 23-40-102 — AR Code / Title 23 / Chapter 40 / Section 23-40-102
Purpose
Status: in_force

The purpose of this chapter is to provide for the regulation of the sale of prepaid funeral benefits by the Insurance Commissioner. Acts 1995, No. 852, § 12.

The purpose of this chapter is to provide for the regulation of the sale of prepaid funeral benefits by the Insurance Commissioner.

Acts 1995, No. 852, § 12.
Ark. Code Ann. § 23-77-101 — AR Code / Title 23 / Chapter 77 / Section 23-77-101
Definitions
Status: in_force

As used in this chapter: (1) "Automobile club or association" means: (A) Any person, firm, association, copartnership, corporation, company, or other organization, which undertakes for consideration paid by or on behalf of its members to defray all or a part of the expenses of the members with reference to motor club service as defined in this section or which issued a certificate which provides for the payment of the benefits to the members in services, cash, by furnishing bail, or otherwise; and (B) Every person, firm, association, copartnership, corporation, or company which prior to March 24, 1955, has undertaken for a consideration to pay money or render services to its members, or which has issued any form of contract or certificate or membership card which, under the terms thereof, provides for the payment in money, service, or otherwise for motor club service; (2) "Bail bond service" means any act by an automobile club or association, the purpose of which is to furnish to, or procure for, any person accused of violation of any law of this state a cash deposit, bond, or other undertaking required by law in order that the accused might enjoy his or her personal freedom pending trial, subject to, however, the provisions of §§ 27-50-611 and 27-50-612 ; (3) "Buying and selling service" means any act by an automobile club or association whereby the member of any automobile club or association is aided in any way in the purchase or sale of an automobile; (4) "Discount service" means any act by an automobile club or association resulting in the giving of special discounts, rebates, or reductions of price on gasoline, oil, repairs, parts, accessories, or service for motor vehicles to members of any automobile club or association; (5) "Emergency road service" means any act by an automobile club or association consisting of the adjustment, repair, or replacement of the equipment, tires, or mechanical parts of an automobile so as to permit it to be operated under its own power; (6) "Financial service" means any act by an automobile club or association whereby loans or other advances of money, with or without security, are made to members of any automobile club or association; (7) "Insurance service" means any act by an automobile club or association consisting of the selling or giving with a membership certificate or as a result of membership in or affiliation with an automobile club or association a policy of insurance covering liability or loss by the member of any such automobile club or association as the result of injury to the person of such a member following an accident resulting from the ownership, maintenance, operation, or use of a motor vehicle; (8) "Legal service" means any act by an automobile club or association consisting of the hiring, retaining, engaging, or appointing of an attorney or other person to give professional advice to, or represent, a member of any automobile club or association, in any court, as the result of liability incurred by the right of action accruing to the member as a result of the ownership, operation, use, or maintenance of a motor vehicle; (9) "Map service" means any act by an automobile club or association by which road maps are furnished without cost to members of any automobile club or association; (10) "Motor club service" means the rendering, furnishing, or procuring of four (4) or more of the following services: (A) Bail bond service; (B) Buying and selling service; (C) Discount service; (D) Emergency road service; (E) Financial service; (F) Insurance service; (G) Legal service; (H) Map service; (I) Theft service; (J) Touring service; and (K) Towing service; (11) "Theft service" means any act by an automobile club or association, the purpose of which is to locate, identify, or recover a motor vehicle, owned or controlled by a member of any automobile club or association, which has been, or may be, stolen, or to detect or apprehend the person guilty of such theft; (12) "Touring service" means any act by an automobile club or association by which touring information is furnished without cost to members of any automobile club or association or the making of arrangements, reservations for lodging or travel space, or procurement of tickets or permits for travel to any place in the world for a member of any automobile club or association; and (13) "Towing service" means any act by an automobile club or association consisting of the drafting or moving of a motor vehicle from one place to another under other than its own power. Acts 1955, No. 377, §§ 1, 2; 1981, No. 821, § 1; 1985, No. 804, § 30; A.S.A. 1947, §§ 75-1601, 75-1602.

As used in this chapter:

(1) "Automobile club or association" means: (A) Any person, firm, association, copartnership, corporation, company, or other organization, which undertakes for consideration paid by or on behalf of its members to defray all or a part of the expenses of the members with reference to motor club service as defined in this section or which issued a certificate which provides for the payment of the benefits to the members in services, cash, by furnishing bail, or otherwise; and (B) Every person, firm, association, copartnership, corporation, or company which prior to March 24, 1955, has undertaken for a consideration to pay money or render services to its members, or which has issued any form of contract or certificate or membership card which, under the terms thereof, provides for the payment in money, service, or otherwise for motor club service;

(A) Any person, firm, association, copartnership, corporation, company, or other organization, which undertakes for consideration paid by or on behalf of its members to defray all or a part of the expenses of the members with reference to motor club service as defined in this section or which issued a certificate which provides for the payment of the benefits to the members in services, cash, by furnishing bail, or otherwise; and

(B) Every person, firm, association, copartnership, corporation, or company which prior to March 24, 1955, has undertaken for a consideration to pay money or render services to its members, or which has issued any form of contract or certificate or membership card which, under the terms thereof, provides for the payment in money, service, or otherwise for motor club service;

(2) "Bail bond service" means any act by an automobile club or association, the purpose of which is to furnish to, or procure for, any person accused of violation of any law of this state a cash deposit, bond, or other undertaking required by law in order that the accused might enjoy his or her personal freedom pending trial, subject to, however, the provisions of §§ 27-50-611 and 27-50-612 ;

(3) "Buying and selling service" means any act by an automobile club or association whereby the member of any automobile club or association is aided in any way in the purchase or sale of an automobile;

(4) "Discount service" means any act by an automobile club or association resulting in the giving of special discounts, rebates, or reductions of price on gasoline, oil, repairs, parts, accessories, or service for motor vehicles to members of any automobile club or association;

(5) "Emergency road service" means any act by an automobile club or association consisting of the adjustment, repair, or replacement of the equipment, tires, or mechanical parts of an automobile so as to permit it to be operated under its own power;

(6) "Financial service" means any act by an automobile club or association whereby loans or other advances of money, with or without security, are made to members of any automobile club or association;

(7) "Insurance service" means any act by an automobile club or association consisting of the selling or giving with a membership certificate or as a result of membership in or affiliation with an automobile club or association a policy of insurance covering liability or loss by the member of any such automobile club or association as the result of injury to the person of such a member following an accident resulting from the ownership, maintenance, operation, or use of a motor vehicle;

(8) "Legal service" means any act by an automobile club or association consisting of the hiring, retaining, engaging, or appointing of an attorney or other person to give professional advice to, or represent, a member of any automobile club or association, in any court, as the result of liability incurred by the right of action accruing to the member as a result of the ownership, operation, use, or maintenance of a motor vehicle;

(9) "Map service" means any act by an automobile club or association by which road maps are furnished without cost to members of any automobile club or association;

(10) "Motor club service" means the rendering, furnishing, or procuring of four (4) or more of the following services: (A) Bail bond service; (B) Buying and selling service; (C) Discount service; (D) Emergency road service; (E) Financial service; (F) Insurance service; (G) Legal service; (H) Map service; (I) Theft service; (J) Touring service; and (K) Towing service;

(A) Bail bond service;

(B) Buying and selling service;

(C) Discount service;

(D) Emergency road service;

(E) Financial service;

(F) Insurance service;

(G) Legal service;

(H) Map service;

(I) Theft service;

(J) Touring service; and

(K) Towing service;

(11) "Theft service" means any act by an automobile club or association, the purpose of which is to locate, identify, or recover a motor vehicle, owned or controlled by a member of any automobile club or association, which has been, or may be, stolen, or to detect or apprehend the person guilty of such theft;

(12) "Touring service" means any act by an automobile club or association by which touring information is furnished without cost to members of any automobile club or association or the making of arrangements, reservations for lodging or travel space, or procurement of tickets or permits for travel to any place in the world for a member of any automobile club or association; and

(13) "Towing service" means any act by an automobile club or association consisting of the drafting or moving of a motor vehicle from one place to another under other than its own power.

Acts 1955, No. 377, §§ 1, 2; 1981, No. 821, § 1; 1985, No. 804, § 30; A.S.A. 1947, §§ 75-1601, 75-1602.
Ark. Code Ann. § 23-75-113 — AR Code / Title 23 / Chapter 75 / Section 23-75-113
Expenses and investments
Status: in_force

(a) The operating and administrative expenses of any corporation, including, but not limited to, all costs in connection with the solicitation of subscribers to such a corporation and capital expenditures, shall not exceed: (1) Thirty percent (30%) of paid subscriptions during the first year of operation; (2) Twenty-five percent (25%) of paid subscriptions during the second year of operation; and (3) Twenty percent (20%) of paid subscriptions in any year thereafter. (b) Every corporation heretofore incorporated shall maintain unearned subscription charges and other reserves upon the same basis as that required of domestic insurance companies transacting accident and health insurance. (c) The reserves required under this section constitute a liability of the corporation in a determination of its financial condition. (d) The funds for any corporation shall be invested as provided for insurers under §§ 23-63-801 - 23-63-833 and 23-63-835 . Acts 1959, No. 148, § 680; 1963, No. 54, § 3; 1975, No. 642, § 3; A.S.A. 1947, § 66-4910; Acts 2001, No. 1603, § 33.

(a) The operating and administrative expenses of any corporation, including, but not limited to, all costs in connection with the solicitation of subscribers to such a corporation and capital expenditures, shall not exceed: (1) Thirty percent (30%) of paid subscriptions during the first year of operation; (2) Twenty-five percent (25%) of paid subscriptions during the second year of operation; and (3) Twenty percent (20%) of paid subscriptions in any year thereafter.

(1) Thirty percent (30%) of paid subscriptions during the first year of operation;

(2) Twenty-five percent (25%) of paid subscriptions during the second year of operation; and

(3) Twenty percent (20%) of paid subscriptions in any year thereafter.

(b) Every corporation heretofore incorporated shall maintain unearned subscription charges and other reserves upon the same basis as that required of domestic insurance companies transacting accident and health insurance.

(c) The reserves required under this section constitute a liability of the corporation in a determination of its financial condition.

(d) The funds for any corporation shall be invested as provided for insurers under §§ 23-63-801 - 23-63-833 and 23-63-835 .

Acts 1959, No. 148, § 680; 1963, No. 54, § 3; 1975, No. 642, § 3; A.S.A. 1947, § 66-4910; Acts 2001, No. 1603, § 33.
Ark. Code Ann. § 23-55-807 — AR Code / Title 23 / Chapter 55 / Section 23-55-807
Unlicensed persons
Status: in_force

(a) (1) [Repealed.] (2) If as a result of an investigation or examination the Securities Commissioner finds that a person has engaged or is about to engage in an act or practice constituting a violation of this chapter or a rule or order under this chapter, the commissioner may summarily issue: (A) A cease and desist order under § 23-55-803 ; or (B) An order to prohibit the person from continuing to engage in providing money services. (b) [Repealed.] (c) (1) An order to cease and desist becomes effective upon service of it upon the person. (2) A hearing shall be held on the written request of the person aggrieved by the order to cease and desist if the request is received by the commissioner within thirty (30) days of the date of the entry of the order to cease and desist or if ordered by the commissioner. (d) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to §§ 23-55-901 and 23-55-902 and the entry of a subsequent order by the commissioner to affirm, modify, or vacate the order. (e) The commissioner may apply to the Pulaski County Circuit Court to: (1) Temporarily or permanently enjoin an act or practice that violates this chapter or a rule or order under this chapter; or (2) Enforce compliance with this chapter or a rule or order under this chapter. Acts 2007, No. 1595, § 1; 2009, No. 486, § 18.

(a) (1) [Repealed.] (2) If as a result of an investigation or examination the Securities Commissioner finds that a person has engaged or is about to engage in an act or practice constituting a violation of this chapter or a rule or order under this chapter, the commissioner may summarily issue: (A) A cease and desist order under § 23-55-803 ; or (B) An order to prohibit the person from continuing to engage in providing money services.

(1) [Repealed.]

(2) If as a result of an investigation or examination the Securities Commissioner finds that a person has engaged or is about to engage in an act or practice constituting a violation of this chapter or a rule or order under this chapter, the commissioner may summarily issue: (A) A cease and desist order under § 23-55-803 ; or (B) An order to prohibit the person from continuing to engage in providing money services.

(A) A cease and desist order under § 23-55-803 ; or

(B) An order to prohibit the person from continuing to engage in providing money services.

(b) [Repealed.]

(c) (1) An order to cease and desist becomes effective upon service of it upon the person. (2) A hearing shall be held on the written request of the person aggrieved by the order to cease and desist if the request is received by the commissioner within thirty (30) days of the date of the entry of the order to cease and desist or if ordered by the commissioner.

(1) An order to cease and desist becomes effective upon service of it upon the person.

(2) A hearing shall be held on the written request of the person aggrieved by the order to cease and desist if the request is received by the commissioner within thirty (30) days of the date of the entry of the order to cease and desist or if ordered by the commissioner.

(d) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to §§ 23-55-901 and 23-55-902 and the entry of a subsequent order by the commissioner to affirm, modify, or vacate the order.

(e) The commissioner may apply to the Pulaski County Circuit Court to: (1) Temporarily or permanently enjoin an act or practice that violates this chapter or a rule or order under this chapter; or (2) Enforce compliance with this chapter or a rule or order under this chapter.

(1) Temporarily or permanently enjoin an act or practice that violates this chapter or a rule or order under this chapter; or

(2) Enforce compliance with this chapter or a rule or order under this chapter.

Acts 2007, No. 1595, § 1; 2009, No. 486, § 18.
Ark. Code Ann. § 23-37-206 — AR Code / Title 23 / Chapter 37 / Subchapter 2 / Section 23-37-206
Division of Savings and Loan Associations - Supervisor - Staff
Status: in_force

(a) There is created a Division of Savings and Loan Associations of the State Securities Department which shall be administered by the Supervisor of Savings and Loan Associations. (b) (1) (A) The Securities Commissioner, in consultation with the Secretary of the Department of Commerce and the Bank Commissioner, shall act as Supervisor of Savings and Loan Associations. (B) The Securities Commissioner may appoint an assistant securities commissioner responsible for financial institutions to act as the Assistant Supervisor of Savings and Loan Associations and perform all duties delegated by the Securities Commissioner. (2) The supervisor, in consultation with the Secretary of the Department of Commerce, shall appoint any other assistants, secretaries, and examiners who may be necessary to assist in the performance of his or her duties under this chapter. Amended by Act 2023, No. 475,§ 6, eff. 8/1/2023. Amended by Act 2019, No. 910,§ 572, eff. 7/1/2019. Acts 1963, No. 227, § 2; 1979, No. 361, § 2; A.S.A. 1947, § 67-1802.

(a) There is created a Division of Savings and Loan Associations of the State Securities Department which shall be administered by the Supervisor of Savings and Loan Associations.

(b) (1) (A) The Securities Commissioner, in consultation with the Secretary of the Department of Commerce and the Bank Commissioner, shall act as Supervisor of Savings and Loan Associations. (B) The Securities Commissioner may appoint an assistant securities commissioner responsible for financial institutions to act as the Assistant Supervisor of Savings and Loan Associations and perform all duties delegated by the Securities Commissioner. (2) The supervisor, in consultation with the Secretary of the Department of Commerce, shall appoint any other assistants, secretaries, and examiners who may be necessary to assist in the performance of his or her duties under this chapter.

(1) (A) The Securities Commissioner, in consultation with the Secretary of the Department of Commerce and the Bank Commissioner, shall act as Supervisor of Savings and Loan Associations. (B) The Securities Commissioner may appoint an assistant securities commissioner responsible for financial institutions to act as the Assistant Supervisor of Savings and Loan Associations and perform all duties delegated by the Securities Commissioner.

(A) The Securities Commissioner, in consultation with the Secretary of the Department of Commerce and the Bank Commissioner, shall act as Supervisor of Savings and Loan Associations.

(B) The Securities Commissioner may appoint an assistant securities commissioner responsible for financial institutions to act as the Assistant Supervisor of Savings and Loan Associations and perform all duties delegated by the Securities Commissioner.

(2) The supervisor, in consultation with the Secretary of the Department of Commerce, shall appoint any other assistants, secretaries, and examiners who may be necessary to assist in the performance of his or her duties under this chapter.

Amended by Act 2023, No. 475,§ 6, eff. 8/1/2023.

Amended by Act 2019, No. 910,§ 572, eff. 7/1/2019.

Acts 1963, No. 227, § 2; 1979, No. 361, § 2; A.S.A. 1947, § 67-1802.
Ark. Code Ann. § 23-3-116 — AR Code / Title 23 / Chapter 3 / Subchapter 1 / Section 23-3-116
Power, water, gas, or electricity - Violation of municipal franchise - Penalties - Damages
Status: in_force

(a) (1) Whenever a person, company, or corporation which has secured a franchise from any municipality in this state to furnish power, water, gas, or electricity to the municipality and to consumers thereof, fails or refuses to keep, erect, or use due diligence to maintain reasonably adequate facilities or instrumentalities to enable it to carry out its contractual obligations with the municipality and the consumers therein, and negligently or willfully fails or refuses to furnish an adequate supply of the utility it has contracted and agreed to furnish and provide, then, and in every such case, the person, company, or corporation so failing or refusing shall be subject to a penalty of not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000) for each day the negligent or willful failure or refusal continues to exist. Each day shall constitute a separate offense. (2) The penalty shall be recovered by the city attorney of any municipality in a suit instituted by him or her, or by the prosecuting attorney filing information in behalf of the state for the use and benefit of the municipality affected, in a court of competent jurisdiction, from any such utility because of the negligent or willful failure or refusal of such a person, company, or corporation to furnish an adequate supply of the utility as provided by its contract. (b) Any person or consumer of the utility having a contract with the utility for service, upon the failure or refusal of the utility, shall have the right to institute a suit in his or her own behalf in a court of competent jurisdiction and recover compensatory damages for the failure or refusal in whatsoever amount the proof may show he or she has been damaged. (c) This section shall not apply to cities or towns of a population of less than three thousand (3,000) persons that have granted franchises for electric current for lighting and other purposes that is furnished by manufacturing establishments not solely engaged in the manufacture of electric current for lighting and other purposes. Acts 1919, No. 264, § 1; C. & M. Dig., § 7549; Pope's Dig., § 9623; A.S.A. 1947, § 73-213.

(a) (1) Whenever a person, company, or corporation which has secured a franchise from any municipality in this state to furnish power, water, gas, or electricity to the municipality and to consumers thereof, fails or refuses to keep, erect, or use due diligence to maintain reasonably adequate facilities or instrumentalities to enable it to carry out its contractual obligations with the municipality and the consumers therein, and negligently or willfully fails or refuses to furnish an adequate supply of the utility it has contracted and agreed to furnish and provide, then, and in every such case, the person, company, or corporation so failing or refusing shall be subject to a penalty of not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000) for each day the negligent or willful failure or refusal continues to exist. Each day shall constitute a separate offense. (2) The penalty shall be recovered by the city attorney of any municipality in a suit instituted by him or her, or by the prosecuting attorney filing information in behalf of the state for the use and benefit of the municipality affected, in a court of competent jurisdiction, from any such utility because of the negligent or willful failure or refusal of such a person, company, or corporation to furnish an adequate supply of the utility as provided by its contract.

(1) Whenever a person, company, or corporation which has secured a franchise from any municipality in this state to furnish power, water, gas, or electricity to the municipality and to consumers thereof, fails or refuses to keep, erect, or use due diligence to maintain reasonably adequate facilities or instrumentalities to enable it to carry out its contractual obligations with the municipality and the consumers therein, and negligently or willfully fails or refuses to furnish an adequate supply of the utility it has contracted and agreed to furnish and provide, then, and in every such case, the person, company, or corporation so failing or refusing shall be subject to a penalty of not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000) for each day the negligent or willful failure or refusal continues to exist. Each day shall constitute a separate offense.

(2) The penalty shall be recovered by the city attorney of any municipality in a suit instituted by him or her, or by the prosecuting attorney filing information in behalf of the state for the use and benefit of the municipality affected, in a court of competent jurisdiction, from any such utility because of the negligent or willful failure or refusal of such a person, company, or corporation to furnish an adequate supply of the utility as provided by its contract.

(b) Any person or consumer of the utility having a contract with the utility for service, upon the failure or refusal of the utility, shall have the right to institute a suit in his or her own behalf in a court of competent jurisdiction and recover compensatory damages for the failure or refusal in whatsoever amount the proof may show he or she has been damaged.

(c) This section shall not apply to cities or towns of a population of less than three thousand (3,000) persons that have granted franchises for electric current for lighting and other purposes that is furnished by manufacturing establishments not solely engaged in the manufacture of electric current for lighting and other purposes.

Acts 1919, No. 264, § 1; C. & M. Dig., § 7549; Pope's Dig., § 9623; A.S.A. 1947, § 73-213.
Ark. Code Ann. § 23-115-301 — AR Code / Title 23 / Chapter 115 / Subchapter 3 / Section 23-115-301
Director - Appointment - Duties
Status: in_force

(a) (1) (A) The Governor shall appoint the Director of the Office of the Arkansas Lottery. (B) The director is an employee of the Office of the Arkansas Lottery and shall direct the day-to-day operations and management of the office. (2) The director is vested with powers and duties as specified by law. (3) The director serves at the pleasure of the Governor. (b) (1) An individual considered for appointment as director shall apply to the Identification Bureau of the Division of Arkansas State Police for a state and federal criminal background check to be conducted by the Identification Bureau of the Division of Arkansas State Police and the Federal Bureau of Investigation. (2) The state and federal criminal background check shall conform to the applicable federal standards and shall include the taking of fingerprints. (3) The applicant shall sign a consent to the release of information for the state and federal criminal background check. (4) The office shall be responsible for the payment of any fee associated with the state and federal criminal background check. (5) Upon completion of the state and federal criminal background check, the Identification Bureau of the Division of Arkansas State Police shall forward to the Governor and the office all releasable information obtained concerning the applicant. (c) The Governor shall not appoint as director an individual who has: (1) Been convicted of a felony or a gambling offense in a state or federal court of the United States; (2) Been convicted of a crime involving moral turpitude; or (3) Entered into a plea agreement to avoid felony prosecution. Amended by Act 2015, No. 218,§ 25, eff. 2/26/2015. Acts 2009, No. 605, § 1; 2009, No. 606, § 1.

(a) (1) (A) The Governor shall appoint the Director of the Office of the Arkansas Lottery. (B) The director is an employee of the Office of the Arkansas Lottery and shall direct the day-to-day operations and management of the office. (2) The director is vested with powers and duties as specified by law. (3) The director serves at the pleasure of the Governor.

(1) (A) The Governor shall appoint the Director of the Office of the Arkansas Lottery. (B) The director is an employee of the Office of the Arkansas Lottery and shall direct the day-to-day operations and management of the office.

(A) The Governor shall appoint the Director of the Office of the Arkansas Lottery.

(B) The director is an employee of the Office of the Arkansas Lottery and shall direct the day-to-day operations and management of the office.

(2) The director is vested with powers and duties as specified by law.

(3) The director serves at the pleasure of the Governor.

(b) (1) An individual considered for appointment as director shall apply to the Identification Bureau of the Division of Arkansas State Police for a state and federal criminal background check to be conducted by the Identification Bureau of the Division of Arkansas State Police and the Federal Bureau of Investigation. (2) The state and federal criminal background check shall conform to the applicable federal standards and shall include the taking of fingerprints. (3) The applicant shall sign a consent to the release of information for the state and federal criminal background check. (4) The office shall be responsible for the payment of any fee associated with the state and federal criminal background check. (5) Upon completion of the state and federal criminal background check, the Identification Bureau of the Division of Arkansas State Police shall forward to the Governor and the office all releasable information obtained concerning the applicant.

(1) An individual considered for appointment as director shall apply to the Identification Bureau of the Division of Arkansas State Police for a state and federal criminal background check to be conducted by the Identification Bureau of the Division of Arkansas State Police and the Federal Bureau of Investigation.

(2) The state and federal criminal background check shall conform to the applicable federal standards and shall include the taking of fingerprints.

(3) The applicant shall sign a consent to the release of information for the state and federal criminal background check.

(4) The office shall be responsible for the payment of any fee associated with the state and federal criminal background check.

(5) Upon completion of the state and federal criminal background check, the Identification Bureau of the Division of Arkansas State Police shall forward to the Governor and the office all releasable information obtained concerning the applicant.

(c) The Governor shall not appoint as director an individual who has: (1) Been convicted of a felony or a gambling offense in a state or federal court of the United States; (2) Been convicted of a crime involving moral turpitude; or (3) Entered into a plea agreement to avoid felony prosecution.

(1) Been convicted of a felony or a gambling offense in a state or federal court of the United States;

(2) Been convicted of a crime involving moral turpitude; or

(3) Entered into a plea agreement to avoid felony prosecution.

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

Acts 2009, No. 605, § 1; 2009, No. 606, § 1.
Ark. Code Ann. § 23-99-1116 — AR Code / Title 23 / Chapter 99 / Subchapter 11 / Section 23-99-1116
Failure to comply with subchapter - Requested healthcare services deemed approved
Status: in_force

(a) If a healthcare insurer or utilization review entity fails to comply with this subchapter, the requested healthcare services shall be deemed authorized or approved. (b) A healthcare service that is authorized or approved under this section is not subject to audit recoupment under § 23-63-1801 et seq. Added by Act 2017, No. 815,§ 12, eff. 8/1/2017.

(a) If a healthcare insurer or utilization review entity fails to comply with this subchapter, the requested healthcare services shall be deemed authorized or approved.

(b) A healthcare service that is authorized or approved under this section is not subject to audit recoupment under § 23-63-1801 et seq.

Added by Act 2017, No. 815,§ 12, eff. 8/1/2017.
Ark. Code Ann. § 23-99-607 — AR Code / Title 23 / Chapter 99 / Subchapter 6 / Section 23-99-607
Duty of Attorney General to defend
Status: in_force

In any legal proceeding in which the validity of this subchapter is challenged, the Attorney General shall defend the subchapter regardless of the state agency or official named as an official party. Acts 1999, No. 1232, § 7.

In any legal proceeding in which the validity of this subchapter is challenged, the Attorney General shall defend the subchapter regardless of the state agency or official named as an official party.

Acts 1999, No. 1232, § 7.
Ark. Code Ann. § 23-51-183 — AR Code / Title 23 / Chapter 51 / Section 23-51-183
Notice of subsequent merger, closing, etc
Status: in_force

Each out-of-state trust institution that maintains an office in this state pursuant to this chapter, or the home state regulator of such a trust institution, shall give at least thirty (30) days prior written notice or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the Bank Commissioner of: (1) Any merger, consolidation, or other transaction that would cause a change of control with respect to the out-of-state trust institution or any bank holding company that controls the trust institution, with the result that an application would be required to be filed pursuant to the Change in Bank Control Act of 1978, as amended, 12 U.S.C. § 1817(j) , or the Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841 et seq., or any successor statutes thereto; (2) Any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or (3) The closing or disposition of any office in this state. Acts 1997, No. 940, § 83.

Each out-of-state trust institution that maintains an office in this state pursuant to this chapter, or the home state regulator of such a trust institution, shall give at least thirty (30) days prior written notice or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the Bank Commissioner of:

(1) Any merger, consolidation, or other transaction that would cause a change of control with respect to the out-of-state trust institution or any bank holding company that controls the trust institution, with the result that an application would be required to be filed pursuant to the Change in Bank Control Act of 1978, as amended, 12 U.S.C. § 1817(j) , or the Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841 et seq., or any successor statutes thereto;

(2) Any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or

(3) The closing or disposition of any office in this state.

Acts 1997, No. 940, § 83.
Ark. Code Ann. § 23-115-606 — AR Code / Title 23 / Chapter 115 / Subchapter 6 / Section 23-115-606
Retailer - Rental payments based on percentage of retail sales
Status: in_force

If a retailer's rental payments for the business premises are contractually computed, in whole or in part, on the basis of a percentage of retail sales and the computation of retail sales is not explicitly defined to include sales of tickets or shares, only the compensation received by the retailer from the Office of the Arkansas Lottery may be considered the amount of the lottery retail sale for purposes of computing the rental payment. Amended by Act 2015, No. 218,§ 25, eff. 2/26/2015. Acts 2009, No. 605, § 1; 2009, No. 606, § 1.

If a retailer's rental payments for the business premises are contractually computed, in whole or in part, on the basis of a percentage of retail sales and the computation of retail sales is not explicitly defined to include sales of tickets or shares, only the compensation received by the retailer from the Office of the Arkansas Lottery may be considered the amount of the lottery retail sale for purposes of computing the rental payment.

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

Acts 2009, No. 605, § 1; 2009, No. 606, § 1.
Ark. Code Ann. § 23-74-306 — AR Code / Title 23 / Chapter 74 / Subchapter 3 / Section 23-74-306
Conversion of fraternal benefit society into mutual life insurance company
Status: in_force

Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of §§ 23-63-205 and 23-63-207 and other provisions of this code applicable to domestic mutual life legal reserve insurers. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds (2/3) of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of such a plan. No such conversion shall take effect unless and until approved by the Insurance Commissioner, who may give such approval if the commissioner finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society. Acts 1989, No. 881, § 1.

Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of §§ 23-63-205 and 23-63-207 and other provisions of this code applicable to domestic mutual life legal reserve insurers. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds (2/3) of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of such a plan. No such conversion shall take effect unless and until approved by the Insurance Commissioner, who may give such approval if the commissioner finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.

Acts 1989, No. 881, § 1.
Ark. Code Ann. § 23-65-103 — AR Code / Title 23 / Chapter 65 / Subchapter 1 / Section 23-65-103
Report and tax of independently procured coverages
Status: in_force

(a) (1) An insured or self-insured whose home state is this state who directly procures, causes to be procured, continues, or renews insurance in an unauthorized insurer, including surplus lines insurance when procured without use of a surplus lines broker pursuant to the insurance laws of this state, within thirty (30) days after the date the insurance was procured, continued, or renewed, shall file a written report with the Insurance Commissioner on forms designated by the commissioner and furnished to the insured upon request. (2) The report shall show: (A) The name and address of each named insured; (B) The name and address of the insurer; (C) The subject of the insurance; (D) A general description of the coverage; (E) The amount of premium currently charged; and (F) Such additional pertinent information as is reasonably requested by the commissioner. (3) If the insurance also covers subjects of insurance resident, located, or to be performed outside this state, a proper pro rata portion of the entire premium payable for the insurance shall be allocated as to the subjects of insurance resident, located, or to be performed in this state, for the purposes of this section. (b) Insurance in an unauthorized insurer procured through negotiations or an application, in whole or in part, occurring or made within this state, or for which premiums are remitted directly or indirectly from within this state, is insurance procured, continued, or renewed in this state within the intent of subsection (a) of this section. (c) (1) For the general support of the government of this state there is levied upon the obligation, chose in action, right represented by the premium charged, or payable for the insurance a tax at the rate of two percent (2%) of the net direct amount of the premium. (2) The insured shall withhold the amount of the tax from the amount of premium charged by and otherwise payable to the insurer for the insurance, and within thirty (30) days after the insurance was so procured, continued, or renewed, and coincidentally with the filing of the report with the commissioner required by subsection (a) of this section, the insured shall pay the amount of the tax to the Treasurer of State through the commissioner. (d) If the insured fails to withhold from the premium the amount of tax levied under this section, the insured is liable for the amount and shall pay the amount to the commissioner within the time stated in subsection (c) of this section. (e) If the tax imposed under this section is delinquent, it shall bear interest at the rate of six percent (6%) per annum, compounded annually. (f) The tax is collectible from the insured by civil action brought by the commissioner. (g) This section does not abrogate or modify and shall not be construed or deemed to abrogate or modify § 23-65-101 , § 23-65-102 , or any other provision of the insurance laws of this state. (h) This section does not apply to life or accident and health insurance. (i) (1) The tax specified in subsection (c) of this section is not due and payable to this state if the unlicensed or unauthorized insurer reports and pays premium tax to this state under § 26-57-603 et seq., or other applicable premium tax laws for these independently procured coverages. (2) Upon receipt of a duplicate payment of tax from the insured and the unlicensed or unauthorized insurer, this state shall refund to the insured the amount of the duplicate payment. Acts 1959, No. 148, § 206; A.S.A. 1947, § 66-2926; Acts 1991, No. 1123, § 4; 2001, No. 1555, § 1; 2011, No. 1055, § 1.

(a) (1) An insured or self-insured whose home state is this state who directly procures, causes to be procured, continues, or renews insurance in an unauthorized insurer, including surplus lines insurance when procured without use of a surplus lines broker pursuant to the insurance laws of this state, within thirty (30) days after the date the insurance was procured, continued, or renewed, shall file a written report with the Insurance Commissioner on forms designated by the commissioner and furnished to the insured upon request. (2) The report shall show: (A) The name and address of each named insured; (B) The name and address of the insurer; (C) The subject of the insurance; (D) A general description of the coverage; (E) The amount of premium currently charged; and (F) Such additional pertinent information as is reasonably requested by the commissioner. (3) If the insurance also covers subjects of insurance resident, located, or to be performed outside this state, a proper pro rata portion of the entire premium payable for the insurance shall be allocated as to the subjects of insurance resident, located, or to be performed in this state, for the purposes of this section.

(1) An insured or self-insured whose home state is this state who directly procures, causes to be procured, continues, or renews insurance in an unauthorized insurer, including surplus lines insurance when procured without use of a surplus lines broker pursuant to the insurance laws of this state, within thirty (30) days after the date the insurance was procured, continued, or renewed, shall file a written report with the Insurance Commissioner on forms designated by the commissioner and furnished to the insured upon request.

(2) The report shall show: (A) The name and address of each named insured; (B) The name and address of the insurer; (C) The subject of the insurance; (D) A general description of the coverage; (E) The amount of premium currently charged; and (F) Such additional pertinent information as is reasonably requested by the commissioner.

(A) The name and address of each named insured;

(B) The name and address of the insurer;

(C) The subject of the insurance;

(D) A general description of the coverage;

(E) The amount of premium currently charged; and

(F) Such additional pertinent information as is reasonably requested by the commissioner.

(3) If the insurance also covers subjects of insurance resident, located, or to be performed outside this state, a proper pro rata portion of the entire premium payable for the insurance shall be allocated as to the subjects of insurance resident, located, or to be performed in this state, for the purposes of this section.

(b) Insurance in an unauthorized insurer procured through negotiations or an application, in whole or in part, occurring or made within this state, or for which premiums are remitted directly or indirectly from within this state, is insurance procured, continued, or renewed in this state within the intent of subsection (a) of this section.

(c) (1) For the general support of the government of this state there is levied upon the obligation, chose in action, right represented by the premium charged, or payable for the insurance a tax at the rate of two percent (2%) of the net direct amount of the premium. (2) The insured shall withhold the amount of the tax from the amount of premium charged by and otherwise payable to the insurer for the insurance, and within thirty (30) days after the insurance was so procured, continued, or renewed, and coincidentally with the filing of the report with the commissioner required by subsection (a) of this section, the insured shall pay the amount of the tax to the Treasurer of State through the commissioner.

(1) For the general support of the government of this state there is levied upon the obligation, chose in action, right represented by the premium charged, or payable for the insurance a tax at the rate of two percent (2%) of the net direct amount of the premium.

(2) The insured shall withhold the amount of the tax from the amount of premium charged by and otherwise payable to the insurer for the insurance, and within thirty (30) days after the insurance was so procured, continued, or renewed, and coincidentally with the filing of the report with the commissioner required by subsection (a) of this section, the insured shall pay the amount of the tax to the Treasurer of State through the commissioner.

(d) If the insured fails to withhold from the premium the amount of tax levied under this section, the insured is liable for the amount and shall pay the amount to the commissioner within the time stated in subsection (c) of this section.

(e) If the tax imposed under this section is delinquent, it shall bear interest at the rate of six percent (6%) per annum, compounded annually.

(f) The tax is collectible from the insured by civil action brought by the commissioner.

(g) This section does not abrogate or modify and shall not be construed or deemed to abrogate or modify § 23-65-101 , § 23-65-102 , or any other provision of the insurance laws of this state.

(h) This section does not apply to life or accident and health insurance.

(i) (1) The tax specified in subsection (c) of this section is not due and payable to this state if the unlicensed or unauthorized insurer reports and pays premium tax to this state under § 26-57-603 et seq., or other applicable premium tax laws for these independently procured coverages. (2) Upon receipt of a duplicate payment of tax from the insured and the unlicensed or unauthorized insurer, this state shall refund to the insured the amount of the duplicate payment.

(1) The tax specified in subsection (c) of this section is not due and payable to this state if the unlicensed or unauthorized insurer reports and pays premium tax to this state under § 26-57-603 et seq., or other applicable premium tax laws for these independently procured coverages.

(2) Upon receipt of a duplicate payment of tax from the insured and the unlicensed or unauthorized insurer, this state shall refund to the insured the amount of the duplicate payment.

Acts 1959, No. 148, § 206; A.S.A. 1947, § 66-2926; Acts 1991, No. 1123, § 4; 2001, No. 1555, § 1; 2011, No. 1055, § 1.
Ark. Code Ann. § 23-32-504 — AR Code / Title 23 / Chapter 32 / Subchapter 5 / Section 23-32-504
Designation of agent
Status: in_force

(a) Unless the terms of an agency designation provide that the authority of the agent terminates on disability or incapacity of a party, the agent's authority survives disability and incapacity. The agent may act for a disabled or incapacitated party until the authority of the agent is terminated. (b) Death of the sole party or last surviving party terminates the authority of an agent. (c) An agent in an account with an agency designation has no beneficial right to sums on deposit. Acts 1997, No. 85, § 4.

(a) Unless the terms of an agency designation provide that the authority of the agent terminates on disability or incapacity of a party, the agent's authority survives disability and incapacity. The agent may act for a disabled or incapacitated party until the authority of the agent is terminated.

(b) Death of the sole party or last surviving party terminates the authority of an agent.

(c) An agent in an account with an agency designation has no beneficial right to sums on deposit.

Acts 1997, No. 85, § 4.
Ark. Code Ann. § 23-51-155 — AR Code / Title 23 / Chapter 51 / Section 23-51-155
Sale of assets
Status: in_force

(a) The board of a state trust company, with the Bank Commissioner's approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder approval if the commissioner finds: (1) The interests of the state trust company's clients, depositors, and creditors are jeopardized because of insolvency or imminent insolvency of the state trust company; (2) The sale is in the best interest of the state trust company's clients and creditors; and (3) The Federal Deposit Insurance Corporation or its successor approves the transaction unless the deposits of the state trust company are not insured. (b) A sale under this section must include an assumption and promise by the buyer to pay or otherwise discharge: (1) All of the state trust company's liabilities to clients and depositors; (2) All of the state trust company's liabilities for salaries of the state trust company's employees incurred before the date of the sale; (3) Obligations incurred by the commissioner arising out of the supervision or sale of the state trust company; and (4) Fees and assessments due the State Bank Department. (c) This section does not limit the incidental power of a state trust company to buy and sell assets in the ordinary course of business. (d) This section does not affect the commissioner's right to take action under any other law. The sale by a trust company of all or substantially all of its assets with shareholder approval is deemed a voluntary dissolution and liquidation and shall be governed by § 23-49-119 . Acts 1997, No. 940, § 55.

(a) The board of a state trust company, with the Bank Commissioner's approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder approval if the commissioner finds: (1) The interests of the state trust company's clients, depositors, and creditors are jeopardized because of insolvency or imminent insolvency of the state trust company; (2) The sale is in the best interest of the state trust company's clients and creditors; and (3) The Federal Deposit Insurance Corporation or its successor approves the transaction unless the deposits of the state trust company are not insured.

(1) The interests of the state trust company's clients, depositors, and creditors are jeopardized because of insolvency or imminent insolvency of the state trust company;

(2) The sale is in the best interest of the state trust company's clients and creditors; and

(3) The Federal Deposit Insurance Corporation or its successor approves the transaction unless the deposits of the state trust company are not insured.

(b) A sale under this section must include an assumption and promise by the buyer to pay or otherwise discharge: (1) All of the state trust company's liabilities to clients and depositors; (2) All of the state trust company's liabilities for salaries of the state trust company's employees incurred before the date of the sale; (3) Obligations incurred by the commissioner arising out of the supervision or sale of the state trust company; and (4) Fees and assessments due the State Bank Department.

(1) All of the state trust company's liabilities to clients and depositors;

(2) All of the state trust company's liabilities for salaries of the state trust company's employees incurred before the date of the sale;

(3) Obligations incurred by the commissioner arising out of the supervision or sale of the state trust company; and

(4) Fees and assessments due the State Bank Department.

(c) This section does not limit the incidental power of a state trust company to buy and sell assets in the ordinary course of business.

(d) This section does not affect the commissioner's right to take action under any other law. The sale by a trust company of all or substantially all of its assets with shareholder approval is deemed a voluntary dissolution and liquidation and shall be governed by § 23-49-119 .

Acts 1997, No. 940, § 55.
Ark. Code Ann. § 23-84-109 — AR Code / Title 23 / Chapter 84 / Section 23-84-109
Calculation of reserves - Standards of valuation
Status: in_force

(a) Reserves for policies and contracts issued before January 1, 1960, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for all the policies and contracts than the minimum reserves required by the laws in effect immediately prior to the date. (b) Reserves for any category of policies, contracts, or benefits as established by the Insurance Commissioner which are issued on or after January 1, 1960, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for the category than those calculated according to the minimum standard provided in this chapter, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided in the policies or contracts. (c) (1) Any insurer which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in this chapter may adopt, with the approval of the commissioner, any lower standard of valuation, but not lower than the minimum provided in this chapter. (2) However, for the purposes of this chapter, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by § 23-84-112 shall not be deemed to be the adoption of a higher standard of valuation. Amended by Act 2015, No. 1223,§ 42, eff. 7/22/2015. Acts 1959, No. 148, § 92; 1977, No. 551, § 5; 1981, No. 535, § 1; A.S.A. 1947, § 66-2511; Acts 1995, No. 1272, § 18.

(a) Reserves for policies and contracts issued before January 1, 1960, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for all the policies and contracts than the minimum reserves required by the laws in effect immediately prior to the date.

(b) Reserves for any category of policies, contracts, or benefits as established by the Insurance Commissioner which are issued on or after January 1, 1960, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for the category than those calculated according to the minimum standard provided in this chapter, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided in the policies or contracts.

(c) (1) Any insurer which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in this chapter may adopt, with the approval of the commissioner, any lower standard of valuation, but not lower than the minimum provided in this chapter. (2) However, for the purposes of this chapter, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by § 23-84-112 shall not be deemed to be the adoption of a higher standard of valuation.

(1) Any insurer which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in this chapter may adopt, with the approval of the commissioner, any lower standard of valuation, but not lower than the minimum provided in this chapter.

(2) However, for the purposes of this chapter, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by § 23-84-112 shall not be deemed to be the adoption of a higher standard of valuation.

Amended by Act 2015, No. 1223,§ 42, eff. 7/22/2015.

Acts 1959, No. 148, § 92; 1977, No. 551, § 5; 1981, No. 535, § 1; A.S.A. 1947, § 66-2511; Acts 1995, No. 1272, § 18.