Ark. Code Ann. § 23-17-239 — AR Code / Title 23 / Chapter 17 / Subchapter 2 / Section 23-17-239
Standards of conduct for directors - Actions taken without board meeting - Conflicts of interest - Definition
Status: in_force

(a) A director shall discharge his or her duties as a director, including his or her duties as a member of a committee: (1) In good faith; (2) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and (3) In a manner he or she reasonably believes to be in the best interests of the cooperative. (b) In discharging his or her duties, a director is entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by: (1) One (1) or more officers or employees of the cooperative whom the director reasonably believes to be reliable and competent in the matters presented; (2) Legal counsel, public accountants, engineers, or other persons as to matters the director reasonably believes are within the person's professional or expert competence; or (3) A committee of the board of directors of which he or she is not a member, if the director reasonably believes the committee merits confidence. (c) A director is not acting in good faith if he or she has knowledge concerning the matter in question that makes reliance otherwise permitted by subsection (b) of this section unwarranted. (d) Unless the articles of incorporation or bylaws provide otherwise, action required or permitted by this chapter to be taken at a board of directors' meeting may be taken without a meeting if the action is taken by all members of the board. The action must be evidenced by one (1) or more written consents describing the action taken, signed by each director, and included in the minutes or filed with the corporate records reflecting the action taken. (e) Action taken under this section is effective when the last director signs the consent, unless the consent specifies a different effective date. A consent signed under this section has the effect of a meeting vote and may be described as such in any document. (f) (1) A "conflict-of-interest transaction" is a transaction with the cooperative in which a director of the cooperative has direct or indirect interest. A conflict-of-interest transaction is not voidable by the cooperative solely because of the director's interest in the transaction if any one (1) of the following is true: (A) The material facts of the transaction and the director's interest were disclosed or known to the board of directors or a committee of the board of directors and the board of directors or committee authorized, approved, or ratified the transaction; (B) The material facts of the transaction and the director's interest were disclosed or known to the members entitled to vote and they authorized, approved, or ratified the transaction; or (C) The transaction was fair to the cooperative. (2) For purposes of this section, a director of the cooperative has an indirect interest in a transaction and it should be considered by the board of directors of the cooperative if: (A) Another entity in which he or she has a material financial interest or in which he or she is a general partner is a party to the transaction; or (B) Another entity of which he or she is a director, officer, or trustee is a party to the transaction. (3) For purposes of subdivision (f)(1)(A) of this section, a conflict-of-interest transaction is authorized, approved, or ratified if it receives the affirmative vote of a majority of the directors on the board of directors, or on the committee, who have no direct or indirect interest in the transaction, but a transaction may not be authorized, approved, or ratified under this section by a single director. If a majority of the directors who have no direct or indirect interest in the transaction vote to authorize, approve, or ratify the transaction, a quorum is present for the purpose of taking action under this subsection. The presence of, or a vote cast by, a director with a direct or indirect interest in the transaction does not affect the validity of any action taken under subdivision (f)(1)(A) of this section if the transaction is otherwise authorized, approved, or ratified as provided in this subsection. (4) For purposes of subdivision (f)(1)(B) of this section, a conflict-of-interest transaction is authorized, approved, or ratified if it receives the vote of a majority of the members entitled to vote under this subsection. Proxies voted under the control of a director who has a direct or indirect interest in the transaction, and proxies voted under the control of an entity described in subdivision (f)(2)(A) of this section, may not be counted in a vote of members to determine whether to authorize, approve, or ratify a conflict-of-interest transaction under subdivision (f)(1)(B) of this section. The vote of those members, however, is counted in determining whether the transaction is approved under other sections of this chapter. A majority of the members, whether or not present, that are entitled to vote on the transaction under this subsection constitutes a quorum for the purpose of taking action under this section. Acts 1989, No. 438, § 1; 1999, No. 946, § 16.

(a) A director shall discharge his or her duties as a director, including his or her duties as a member of a committee: (1) In good faith; (2) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and (3) In a manner he or she reasonably believes to be in the best interests of the cooperative.

(1) In good faith;

(2) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and

(3) In a manner he or she reasonably believes to be in the best interests of the cooperative.

(b) In discharging his or her duties, a director is entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by: (1) One (1) or more officers or employees of the cooperative whom the director reasonably believes to be reliable and competent in the matters presented; (2) Legal counsel, public accountants, engineers, or other persons as to matters the director reasonably believes are within the person's professional or expert competence; or (3) A committee of the board of directors of which he or she is not a member, if the director reasonably believes the committee merits confidence.

(1) One (1) or more officers or employees of the cooperative whom the director reasonably believes to be reliable and competent in the matters presented;

(2) Legal counsel, public accountants, engineers, or other persons as to matters the director reasonably believes are within the person's professional or expert competence; or

(3) A committee of the board of directors of which he or she is not a member, if the director reasonably believes the committee merits confidence.

(c) A director is not acting in good faith if he or she has knowledge concerning the matter in question that makes reliance otherwise permitted by subsection (b) of this section unwarranted.

(d) Unless the articles of incorporation or bylaws provide otherwise, action required or permitted by this chapter to be taken at a board of directors' meeting may be taken without a meeting if the action is taken by all members of the board. The action must be evidenced by one (1) or more written consents describing the action taken, signed by each director, and included in the minutes or filed with the corporate records reflecting the action taken.

(e) Action taken under this section is effective when the last director signs the consent, unless the consent specifies a different effective date. A consent signed under this section has the effect of a meeting vote and may be described as such in any document.

(f) (1) A "conflict-of-interest transaction" is a transaction with the cooperative in which a director of the cooperative has direct or indirect interest. A conflict-of-interest transaction is not voidable by the cooperative solely because of the director's interest in the transaction if any one (1) of the following is true: (A) The material facts of the transaction and the director's interest were disclosed or known to the board of directors or a committee of the board of directors and the board of directors or committee authorized, approved, or ratified the transaction; (B) The material facts of the transaction and the director's interest were disclosed or known to the members entitled to vote and they authorized, approved, or ratified the transaction; or (C) The transaction was fair to the cooperative. (2) For purposes of this section, a director of the cooperative has an indirect interest in a transaction and it should be considered by the board of directors of the cooperative if: (A) Another entity in which he or she has a material financial interest or in which he or she is a general partner is a party to the transaction; or (B) Another entity of which he or she is a director, officer, or trustee is a party to the transaction. (3) For purposes of subdivision (f)(1)(A) of this section, a conflict-of-interest transaction is authorized, approved, or ratified if it receives the affirmative vote of a majority of the directors on the board of directors, or on the committee, who have no direct or indirect interest in the transaction, but a transaction may not be authorized, approved, or ratified under this section by a single director. If a majority of the directors who have no direct or indirect interest in the transaction vote to authorize, approve, or ratify the transaction, a quorum is present for the purpose of taking action under this subsection. The presence of, or a vote cast by, a director with a direct or indirect interest in the transaction does not affect the validity of any action taken under subdivision (f)(1)(A) of this section if the transaction is otherwise authorized, approved, or ratified as provided in this subsection. (4) For purposes of subdivision (f)(1)(B) of this section, a conflict-of-interest transaction is authorized, approved, or ratified if it receives the vote of a majority of the members entitled to vote under this subsection. Proxies voted under the control of a director who has a direct or indirect interest in the transaction, and proxies voted under the control of an entity described in subdivision (f)(2)(A) of this section, may not be counted in a vote of members to determine whether to authorize, approve, or ratify a conflict-of-interest transaction under subdivision (f)(1)(B) of this section. The vote of those members, however, is counted in determining whether the transaction is approved under other sections of this chapter. A majority of the members, whether or not present, that are entitled to vote on the transaction under this subsection constitutes a quorum for the purpose of taking action under this section.

(1) A "conflict-of-interest transaction" is a transaction with the cooperative in which a director of the cooperative has direct or indirect interest. A conflict-of-interest transaction is not voidable by the cooperative solely because of the director's interest in the transaction if any one (1) of the following is true: (A) The material facts of the transaction and the director's interest were disclosed or known to the board of directors or a committee of the board of directors and the board of directors or committee authorized, approved, or ratified the transaction; (B) The material facts of the transaction and the director's interest were disclosed or known to the members entitled to vote and they authorized, approved, or ratified the transaction; or (C) The transaction was fair to the cooperative.

(A) The material facts of the transaction and the director's interest were disclosed or known to the board of directors or a committee of the board of directors and the board of directors or committee authorized, approved, or ratified the transaction;

(B) The material facts of the transaction and the director's interest were disclosed or known to the members entitled to vote and they authorized, approved, or ratified the transaction; or

(C) The transaction was fair to the cooperative.

(2) For purposes of this section, a director of the cooperative has an indirect interest in a transaction and it should be considered by the board of directors of the cooperative if: (A) Another entity in which he or she has a material financial interest or in which he or she is a general partner is a party to the transaction; or (B) Another entity of which he or she is a director, officer, or trustee is a party to the transaction.

(A) Another entity in which he or she has a material financial interest or in which he or she is a general partner is a party to the transaction; or

(B) Another entity of which he or she is a director, officer, or trustee is a party to the transaction.

(3) For purposes of subdivision (f)(1)(A) of this section, a conflict-of-interest transaction is authorized, approved, or ratified if it receives the affirmative vote of a majority of the directors on the board of directors, or on the committee, who have no direct or indirect interest in the transaction, but a transaction may not be authorized, approved, or ratified under this section by a single director. If a majority of the directors who have no direct or indirect interest in the transaction vote to authorize, approve, or ratify the transaction, a quorum is present for the purpose of taking action under this subsection. The presence of, or a vote cast by, a director with a direct or indirect interest in the transaction does not affect the validity of any action taken under subdivision (f)(1)(A) of this section if the transaction is otherwise authorized, approved, or ratified as provided in this subsection.

(4) For purposes of subdivision (f)(1)(B) of this section, a conflict-of-interest transaction is authorized, approved, or ratified if it receives the vote of a majority of the members entitled to vote under this subsection. Proxies voted under the control of a director who has a direct or indirect interest in the transaction, and proxies voted under the control of an entity described in subdivision (f)(2)(A) of this section, may not be counted in a vote of members to determine whether to authorize, approve, or ratify a conflict-of-interest transaction under subdivision (f)(1)(B) of this section. The vote of those members, however, is counted in determining whether the transaction is approved under other sections of this chapter. A majority of the members, whether or not present, that are entitled to vote on the transaction under this subsection constitutes a quorum for the purpose of taking action under this section.

Acts 1989, No. 438, § 1; 1999, No. 946, § 16.
Ark. Code Ann. § 23-66-701 — AR Code / Title 23 / Chapter 66 / Subchapter 7 / Section 23-66-701
Legislative findings and intent
Status: in_force

The General Assembly hereby finds that registry numbers issued to physicians by the United States Drug Enforcement Administration are protected numbers not intended for use by insurance companies and health maintenance organizations. Pharmacists are prohibited by law from selling or dispensing controlled substances without a physician's United States Drug Enforcement Administration registry number, and disclosure of the registry number to insurers is unwarranted and inappropriate. The intent of this subchapter is to prohibit insurance companies and health maintenance organizations from requiring physicians, pharmacists, or others to disclose a physician's United States Drug Enforcement Administration registry number. Acts 1999, No. 1302, § 1.

The General Assembly hereby finds that registry numbers issued to physicians by the United States Drug Enforcement Administration are protected numbers not intended for use by insurance companies and health maintenance organizations. Pharmacists are prohibited by law from selling or dispensing controlled substances without a physician's United States Drug Enforcement Administration registry number, and disclosure of the registry number to insurers is unwarranted and inappropriate. The intent of this subchapter is to prohibit insurance companies and health maintenance organizations from requiring physicians, pharmacists, or others to disclose a physician's United States Drug Enforcement Administration registry number.

Acts 1999, No. 1302, § 1.
Ark. Code Ann. § 23-79-151 — AR Code / Title 23 / Chapter 79 / Subchapter 1 / Section 23-79-151
Liability insurance - Notice requirements prior to expiration of policy
Status: in_force

(a) (1) When an insurer writing workers' compensation insurance, employers' liability insurance, or professional liability insurance, including, but not limited to, medical malpractice insurance, revises its rates or rules and the revision results in a premium increase equal to or greater than twenty-five percent (25%) on any renewal policy issued for a term of twelve (12) months or less, the insurer shall mail or deliver to the insured's agent not less than sixty (60) days prior to the effective date of renewal and to the insured not less than thirty (30) days prior to the effective date of renewal notice specifically stating the insurer's intention to increase the premium by an amount equal to or greater than twenty-five percent (25%). (2) If the notice is not given as stated in subdivision (a)(1) of this section, the insurer is required to extend the existing policy sixty (60) days from the date the notice is mailed or delivered. The premium for the policy as extended in such circumstances shall be no more than the pro rata premium of the existing policy. (b) Except in the case of nonpayment of premium, an insurer shall renew a policy unless a written notice of nonrenewal is mailed at least sixty (60) days prior to the: (1) Expiration date of the policy; or (2) Anniversary date of a policy for a term longer than one (1) year and not having a fixed expiration date. Acts 2003, No. 1790, § 1.

(a) (1) When an insurer writing workers' compensation insurance, employers' liability insurance, or professional liability insurance, including, but not limited to, medical malpractice insurance, revises its rates or rules and the revision results in a premium increase equal to or greater than twenty-five percent (25%) on any renewal policy issued for a term of twelve (12) months or less, the insurer shall mail or deliver to the insured's agent not less than sixty (60) days prior to the effective date of renewal and to the insured not less than thirty (30) days prior to the effective date of renewal notice specifically stating the insurer's intention to increase the premium by an amount equal to or greater than twenty-five percent (25%). (2) If the notice is not given as stated in subdivision (a)(1) of this section, the insurer is required to extend the existing policy sixty (60) days from the date the notice is mailed or delivered. The premium for the policy as extended in such circumstances shall be no more than the pro rata premium of the existing policy.

(1) When an insurer writing workers' compensation insurance, employers' liability insurance, or professional liability insurance, including, but not limited to, medical malpractice insurance, revises its rates or rules and the revision results in a premium increase equal to or greater than twenty-five percent (25%) on any renewal policy issued for a term of twelve (12) months or less, the insurer shall mail or deliver to the insured's agent not less than sixty (60) days prior to the effective date of renewal and to the insured not less than thirty (30) days prior to the effective date of renewal notice specifically stating the insurer's intention to increase the premium by an amount equal to or greater than twenty-five percent (25%).

(2) If the notice is not given as stated in subdivision (a)(1) of this section, the insurer is required to extend the existing policy sixty (60) days from the date the notice is mailed or delivered. The premium for the policy as extended in such circumstances shall be no more than the pro rata premium of the existing policy.

(b) Except in the case of nonpayment of premium, an insurer shall renew a policy unless a written notice of nonrenewal is mailed at least sixty (60) days prior to the: (1) Expiration date of the policy; or (2) Anniversary date of a policy for a term longer than one (1) year and not having a fixed expiration date.

(1) Expiration date of the policy; or

(2) Anniversary date of a policy for a term longer than one (1) year and not having a fixed expiration date.

Acts 2003, No. 1790, § 1.
Ark. Code Ann. § 23-79-2203 — AR Code / Title 23 / Chapter 79 / Subchapter 22 / Section 23-79-2203
Prescription eye drops - Early refills - Requirements
Status: in_force

A healthcare insurer that provides coverage for prescription eye drops under a health benefit plan shall provide coverage for early refills of prescription eye drops to a covered person on and after January 1, 2022, if: (1) For a thirty-day supply: (A) The amount of time has passed after which a covered person should have used seventy percent (70%) of the dosage of the prescription eye drops according to a healthcare professional's instructions on the prescription; or (B) Twenty-two (22) days have passed from: (i) The original date the prescription eye drops were distributed to a covered person; or (ii) The date the most recent refill of the prescription eye drops was distributed to a covered person; (2) The healthcare professional indicates on the original prescription that additional quantities of the prescription eye drops are needed; (3) A refill request of a covered person for prescription eye drops does not exceed the number of additional quantities needed as described in subdivision (2) of this section; and (4) The prescription eye drops prescribed by a healthcare professional are a covered benefit under the health benefit plan of the covered person. Added by Act 2021, No. 357,§ 1, eff. 7/28/2021.

A healthcare insurer that provides coverage for prescription eye drops under a health benefit plan shall provide coverage for early refills of prescription eye drops to a covered person on and after January 1, 2022, if:

(1) For a thirty-day supply: (A) The amount of time has passed after which a covered person should have used seventy percent (70%) of the dosage of the prescription eye drops according to a healthcare professional's instructions on the prescription; or (B) Twenty-two (22) days have passed from: (i) The original date the prescription eye drops were distributed to a covered person; or (ii) The date the most recent refill of the prescription eye drops was distributed to a covered person;

(A) The amount of time has passed after which a covered person should have used seventy percent (70%) of the dosage of the prescription eye drops according to a healthcare professional's instructions on the prescription; or

(B) Twenty-two (22) days have passed from: (i) The original date the prescription eye drops were distributed to a covered person; or (ii) The date the most recent refill of the prescription eye drops was distributed to a covered person;

(i) The original date the prescription eye drops were distributed to a covered person; or

(ii) The date the most recent refill of the prescription eye drops was distributed to a covered person;

(2) The healthcare professional indicates on the original prescription that additional quantities of the prescription eye drops are needed;

(3) A refill request of a covered person for prescription eye drops does not exceed the number of additional quantities needed as described in subdivision (2) of this section; and

(4) The prescription eye drops prescribed by a healthcare professional are a covered benefit under the health benefit plan of the covered person.

Added by Act 2021, No. 357,§ 1, eff. 7/28/2021.
Ark. Code Ann. § 23-111-202 — AR Code / Title 23 / Chapter 111 / Subchapter 2 / Section 23-111-202
Membership
Status: in_force

No person who is officially connected with, employed by, financially interested in, or related within the third degree of consanguinity or affinity to any officer or stockholder of an applicant for, or any officer or stockholder of a holder of, a franchise applied for or issued under or pursuant to the provisions of this chapter shall be eligible to serve as a member of the Arkansas Racing Commission having authority to administer this chapter. Acts 1957, No. 191, § 3; A.S.A. 1947, § 84-2818.

No person who is officially connected with, employed by, financially interested in, or related within the third degree of consanguinity or affinity to any officer or stockholder of an applicant for, or any officer or stockholder of a holder of, a franchise applied for or issued under or pursuant to the provisions of this chapter shall be eligible to serve as a member of the Arkansas Racing Commission having authority to administer this chapter.

Acts 1957, No. 191, § 3; A.S.A. 1947, § 84-2818.
Ark. Code Ann. § 23-92-415 — AR Code / Title 23 / Chapter 92 / Subchapter 4 / Section 23-92-415
Licensing of employer service assurance organizations
Status: in_force

(a) (1) No employer service assurance organization shall provide any service relating to the regulation of professional employer organizations, and no state agency, professional employer organization, or insurer shall utilize the services of the organization for those purposes unless the organization has obtained a license from the Insurance Commissioner. (2) No state agency, professional employer organization, or insurer shall use the services of an employer service assurance organization unless the organization has obtained a license from the commissioner. (b) No employer service assurance organization shall refuse to supply any services for which it is licensed in Arkansas to any state agency, professional employer organization, or insurer authorized to do business in Arkansas and offering to pay the fair and usual compensation for the services. (c) (1) An employer service assurance organization applying for a license shall include with its application: (A) A copy of its: (i) Constitution, charter, or articles of organization, agreement, association, or incorporation; and (ii) Bylaws, plan of operation, and any other rules or regulations governing the conduct of its business; (B) A list of its members and subscribers; (C) The name and address of one (1) or more residents of this state upon whom notices, process affecting it, or orders of the commissioner may be served; (D) A statement showing its technical qualifications for acting in the capacity for which it seeks a license; (E) (i) Financial assurance acceptable to the commissioner, including: (a) (1) A surety bond issued by a corporate surety in favor of a trust, maintained at a national bank with the bank serving as trustee, in an amount of not less than one million dollars ($1,000,000) or an equivalent amount of cash or other security acceptable to the commissioner on behalf of each professional employer organization for which the employer service assurance organization provides an affidavit under § 23-92-414 . (2) The security under subdivision (c)(1)(E)(i)( a )( 1 ) of this section shall be held by the trust to compensate for payment of claims made by clients, employees, insurers, or taxing authorities in accordance with the employer service assurance organization's policies and procedures, as approved by the commissioner, and if the professional employer organization fails to pay wages, taxes, insurance premiums, and contributions to employee retirement plans as promised in its professional employer organization service arrangement or as required by law; and (b) A surety bond issued by a corporate surety in favor of the State of Arkansas in the amount of not less than one hundred thousand dollars ($100,000), the terms and conditions of which shall be approved by the commissioner. (ii) The one hundred thousand dollar ($100,000) surety bond shall be conditioned so that any professional employer organization for which the employer service assurance organization provides an affidavit under § 23-92-414 and each member, employee, shareholder, or officer or a person, firm, partnership, corporation, or association operating as an agent of the professional employer organization will not violate rules, regulations, or orders lawfully promulgated by the commissioner under this subchapter or fail to pay any wages due under any contract made by the professional employer organization in the conduct of its business under this subchapter; (F) License fees as provided by § 23-61-401 for rate service organizations; and (G) Any other relevant information and documents that the commissioner may require. (2) (A) Every organization that has applied for a license shall notify the commissioner of every material change in facts or in the documents on which its application was based. (B) Any amendment to a document filed under this section shall become effective thirty (30) days after it is filed. (3) (A) If the commissioner finds that the applicant and the natural persons through whom it acts are competent, trustworthy, and technically qualified to provide the services proposed and that all requirements of the law are met, he or she shall issue a license specifying the authorized activity of the applicant. (B) The commissioner shall not issue a license if the proposed activity would tend to create a monopoly or to lessen substantially the competition in any market. (4) Licenses issued under this section shall remain in effect until the licensee withdraws from the state or until the license is suspended or revoked if an employer service assurance organization under § 23-92-416 continues the license each calendar year, upon the following activity by the licensee: (A) Payment on or before January 1 of a continuation fee as provided in § 23-61-401 for rate service organizations; (B) Filing of a letter requesting continuation of its license for the following calendar year; and (C) Submission of information that may be required by the commissioner. Acts 2003, No. 1750, § 1.

(a) (1) No employer service assurance organization shall provide any service relating to the regulation of professional employer organizations, and no state agency, professional employer organization, or insurer shall utilize the services of the organization for those purposes unless the organization has obtained a license from the Insurance Commissioner. (2) No state agency, professional employer organization, or insurer shall use the services of an employer service assurance organization unless the organization has obtained a license from the commissioner.

(1) No employer service assurance organization shall provide any service relating to the regulation of professional employer organizations, and no state agency, professional employer organization, or insurer shall utilize the services of the organization for those purposes unless the organization has obtained a license from the Insurance Commissioner.

(2) No state agency, professional employer organization, or insurer shall use the services of an employer service assurance organization unless the organization has obtained a license from the commissioner.

(b) No employer service assurance organization shall refuse to supply any services for which it is licensed in Arkansas to any state agency, professional employer organization, or insurer authorized to do business in Arkansas and offering to pay the fair and usual compensation for the services.

(c) (1) An employer service assurance organization applying for a license shall include with its application: (A) A copy of its: (i) Constitution, charter, or articles of organization, agreement, association, or incorporation; and (ii) Bylaws, plan of operation, and any other rules or regulations governing the conduct of its business; (B) A list of its members and subscribers; (C) The name and address of one (1) or more residents of this state upon whom notices, process affecting it, or orders of the commissioner may be served; (D) A statement showing its technical qualifications for acting in the capacity for which it seeks a license; (E) (i) Financial assurance acceptable to the commissioner, including: (a) (1) A surety bond issued by a corporate surety in favor of a trust, maintained at a national bank with the bank serving as trustee, in an amount of not less than one million dollars ($1,000,000) or an equivalent amount of cash or other security acceptable to the commissioner on behalf of each professional employer organization for which the employer service assurance organization provides an affidavit under § 23-92-414 . (2) The security under subdivision (c)(1)(E)(i)( a )( 1 ) of this section shall be held by the trust to compensate for payment of claims made by clients, employees, insurers, or taxing authorities in accordance with the employer service assurance organization's policies and procedures, as approved by the commissioner, and if the professional employer organization fails to pay wages, taxes, insurance premiums, and contributions to employee retirement plans as promised in its professional employer organization service arrangement or as required by law; and (b) A surety bond issued by a corporate surety in favor of the State of Arkansas in the amount of not less than one hundred thousand dollars ($100,000), the terms and conditions of which shall be approved by the commissioner. (ii) The one hundred thousand dollar ($100,000) surety bond shall be conditioned so that any professional employer organization for which the employer service assurance organization provides an affidavit under § 23-92-414 and each member, employee, shareholder, or officer or a person, firm, partnership, corporation, or association operating as an agent of the professional employer organization will not violate rules, regulations, or orders lawfully promulgated by the commissioner under this subchapter or fail to pay any wages due under any contract made by the professional employer organization in the conduct of its business under this subchapter; (F) License fees as provided by § 23-61-401 for rate service organizations; and (G) Any other relevant information and documents that the commissioner may require. (2) (A) Every organization that has applied for a license shall notify the commissioner of every material change in facts or in the documents on which its application was based. (B) Any amendment to a document filed under this section shall become effective thirty (30) days after it is filed. (3) (A) If the commissioner finds that the applicant and the natural persons through whom it acts are competent, trustworthy, and technically qualified to provide the services proposed and that all requirements of the law are met, he or she shall issue a license specifying the authorized activity of the applicant. (B) The commissioner shall not issue a license if the proposed activity would tend to create a monopoly or to lessen substantially the competition in any market. (4) Licenses issued under this section shall remain in effect until the licensee withdraws from the state or until the license is suspended or revoked if an employer service assurance organization under § 23-92-416 continues the license each calendar year, upon the following activity by the licensee: (A) Payment on or before January 1 of a continuation fee as provided in § 23-61-401 for rate service organizations; (B) Filing of a letter requesting continuation of its license for the following calendar year; and (C) Submission of information that may be required by the commissioner.

(1) An employer service assurance organization applying for a license shall include with its application: (A) A copy of its: (i) Constitution, charter, or articles of organization, agreement, association, or incorporation; and (ii) Bylaws, plan of operation, and any other rules or regulations governing the conduct of its business; (B) A list of its members and subscribers; (C) The name and address of one (1) or more residents of this state upon whom notices, process affecting it, or orders of the commissioner may be served; (D) A statement showing its technical qualifications for acting in the capacity for which it seeks a license; (E) (i) Financial assurance acceptable to the commissioner, including: (a) (1) A surety bond issued by a corporate surety in favor of a trust, maintained at a national bank with the bank serving as trustee, in an amount of not less than one million dollars ($1,000,000) or an equivalent amount of cash or other security acceptable to the commissioner on behalf of each professional employer organization for which the employer service assurance organization provides an affidavit under § 23-92-414 . (2) The security under subdivision (c)(1)(E)(i)( a )( 1 ) of this section shall be held by the trust to compensate for payment of claims made by clients, employees, insurers, or taxing authorities in accordance with the employer service assurance organization's policies and procedures, as approved by the commissioner, and if the professional employer organization fails to pay wages, taxes, insurance premiums, and contributions to employee retirement plans as promised in its professional employer organization service arrangement or as required by law; and (b) A surety bond issued by a corporate surety in favor of the State of Arkansas in the amount of not less than one hundred thousand dollars ($100,000), the terms and conditions of which shall be approved by the commissioner. (ii) The one hundred thousand dollar ($100,000) surety bond shall be conditioned so that any professional employer organization for which the employer service assurance organization provides an affidavit under § 23-92-414 and each member, employee, shareholder, or officer or a person, firm, partnership, corporation, or association operating as an agent of the professional employer organization will not violate rules, regulations, or orders lawfully promulgated by the commissioner under this subchapter or fail to pay any wages due under any contract made by the professional employer organization in the conduct of its business under this subchapter; (F) License fees as provided by § 23-61-401 for rate service organizations; and (G) Any other relevant information and documents that the commissioner may require.

(A) A copy of its: (i) Constitution, charter, or articles of organization, agreement, association, or incorporation; and (ii) Bylaws, plan of operation, and any other rules or regulations governing the conduct of its business;

(i) Constitution, charter, or articles of organization, agreement, association, or incorporation; and

(ii) Bylaws, plan of operation, and any other rules or regulations governing the conduct of its business;

(B) A list of its members and subscribers;

(C) The name and address of one (1) or more residents of this state upon whom notices, process affecting it, or orders of the commissioner may be served;

(D) A statement showing its technical qualifications for acting in the capacity for which it seeks a license;

(E) (i) Financial assurance acceptable to the commissioner, including: (a) (1) A surety bond issued by a corporate surety in favor of a trust, maintained at a national bank with the bank serving as trustee, in an amount of not less than one million dollars ($1,000,000) or an equivalent amount of cash or other security acceptable to the commissioner on behalf of each professional employer organization for which the employer service assurance organization provides an affidavit under § 23-92-414 . (2) The security under subdivision (c)(1)(E)(i)( a )( 1 ) of this section shall be held by the trust to compensate for payment of claims made by clients, employees, insurers, or taxing authorities in accordance with the employer service assurance organization's policies and procedures, as approved by the commissioner, and if the professional employer organization fails to pay wages, taxes, insurance premiums, and contributions to employee retirement plans as promised in its professional employer organization service arrangement or as required by law; and (b) A surety bond issued by a corporate surety in favor of the State of Arkansas in the amount of not less than one hundred thousand dollars ($100,000), the terms and conditions of which shall be approved by the commissioner. (ii) The one hundred thousand dollar ($100,000) surety bond shall be conditioned so that any professional employer organization for which the employer service assurance organization provides an affidavit under § 23-92-414 and each member, employee, shareholder, or officer or a person, firm, partnership, corporation, or association operating as an agent of the professional employer organization will not violate rules, regulations, or orders lawfully promulgated by the commissioner under this subchapter or fail to pay any wages due under any contract made by the professional employer organization in the conduct of its business under this subchapter;

(i) Financial assurance acceptable to the commissioner, including: (a) (1) A surety bond issued by a corporate surety in favor of a trust, maintained at a national bank with the bank serving as trustee, in an amount of not less than one million dollars ($1,000,000) or an equivalent amount of cash or other security acceptable to the commissioner on behalf of each professional employer organization for which the employer service assurance organization provides an affidavit under § 23-92-414 . (2) The security under subdivision (c)(1)(E)(i)( a )( 1 ) of this section shall be held by the trust to compensate for payment of claims made by clients, employees, insurers, or taxing authorities in accordance with the employer service assurance organization's policies and procedures, as approved by the commissioner, and if the professional employer organization fails to pay wages, taxes, insurance premiums, and contributions to employee retirement plans as promised in its professional employer organization service arrangement or as required by law; and (b) A surety bond issued by a corporate surety in favor of the State of Arkansas in the amount of not less than one hundred thousand dollars ($100,000), the terms and conditions of which shall be approved by the commissioner.

(a) (1) A surety bond issued by a corporate surety in favor of a trust, maintained at a national bank with the bank serving as trustee, in an amount of not less than one million dollars ($1,000,000) or an equivalent amount of cash or other security acceptable to the commissioner on behalf of each professional employer organization for which the employer service assurance organization provides an affidavit under § 23-92-414 . (2) The security under subdivision (c)(1)(E)(i)( a )( 1 ) of this section shall be held by the trust to compensate for payment of claims made by clients, employees, insurers, or taxing authorities in accordance with the employer service assurance organization's policies and procedures, as approved by the commissioner, and if the professional employer organization fails to pay wages, taxes, insurance premiums, and contributions to employee retirement plans as promised in its professional employer organization service arrangement or as required by law; and

(1) A surety bond issued by a corporate surety in favor of a trust, maintained at a national bank with the bank serving as trustee, in an amount of not less than one million dollars ($1,000,000) or an equivalent amount of cash or other security acceptable to the commissioner on behalf of each professional employer organization for which the employer service assurance organization provides an affidavit under § 23-92-414 .

(2) The security under subdivision (c)(1)(E)(i)( a )( 1 ) of this section shall be held by the trust to compensate for payment of claims made by clients, employees, insurers, or taxing authorities in accordance with the employer service assurance organization's policies and procedures, as approved by the commissioner, and if the professional employer organization fails to pay wages, taxes, insurance premiums, and contributions to employee retirement plans as promised in its professional employer organization service arrangement or as required by law; and

(b) A surety bond issued by a corporate surety in favor of the State of Arkansas in the amount of not less than one hundred thousand dollars ($100,000), the terms and conditions of which shall be approved by the commissioner.

(ii) The one hundred thousand dollar ($100,000) surety bond shall be conditioned so that any professional employer organization for which the employer service assurance organization provides an affidavit under § 23-92-414 and each member, employee, shareholder, or officer or a person, firm, partnership, corporation, or association operating as an agent of the professional employer organization will not violate rules, regulations, or orders lawfully promulgated by the commissioner under this subchapter or fail to pay any wages due under any contract made by the professional employer organization in the conduct of its business under this subchapter;

(F) License fees as provided by § 23-61-401 for rate service organizations; and

(G) Any other relevant information and documents that the commissioner may require.

(2) (A) Every organization that has applied for a license shall notify the commissioner of every material change in facts or in the documents on which its application was based. (B) Any amendment to a document filed under this section shall become effective thirty (30) days after it is filed.

(A) Every organization that has applied for a license shall notify the commissioner of every material change in facts or in the documents on which its application was based.

(B) Any amendment to a document filed under this section shall become effective thirty (30) days after it is filed.

(3) (A) If the commissioner finds that the applicant and the natural persons through whom it acts are competent, trustworthy, and technically qualified to provide the services proposed and that all requirements of the law are met, he or she shall issue a license specifying the authorized activity of the applicant. (B) The commissioner shall not issue a license if the proposed activity would tend to create a monopoly or to lessen substantially the competition in any market.

(A) If the commissioner finds that the applicant and the natural persons through whom it acts are competent, trustworthy, and technically qualified to provide the services proposed and that all requirements of the law are met, he or she shall issue a license specifying the authorized activity of the applicant.

(B) The commissioner shall not issue a license if the proposed activity would tend to create a monopoly or to lessen substantially the competition in any market.

(4) Licenses issued under this section shall remain in effect until the licensee withdraws from the state or until the license is suspended or revoked if an employer service assurance organization under § 23-92-416 continues the license each calendar year, upon the following activity by the licensee: (A) Payment on or before January 1 of a continuation fee as provided in § 23-61-401 for rate service organizations; (B) Filing of a letter requesting continuation of its license for the following calendar year; and (C) Submission of information that may be required by the commissioner.

(A) Payment on or before January 1 of a continuation fee as provided in § 23-61-401 for rate service organizations;

(B) Filing of a letter requesting continuation of its license for the following calendar year; and

(C) Submission of information that may be required by the commissioner.

Acts 2003, No. 1750, § 1.
Ark. Code Ann. § 23-98-109 — AR Code / Title 23 / Chapter 98 / Section 23-98-109
Managed care and cost control provisions
Status: in_force

(a) The insurer may include any or all of the following managed care provisions to control the cost of a minimum basic benefit policy issued pursuant to this chapter: (1) An exclusion for services that are not medically necessary; (2) A procedure for preauthorization by telephone, to be confirmed in writing, by the insurer or its designee of any medical service, the cost of which is anticipated to exceed a minimum threshold, except for services necessary to treat a medical emergency; (3) (A) A preferred panel of providers who have entered into written agreements with the insurer to provide services at specified levels of reimbursement. (B) With the exception of health maintenance organizations, participation in such a preferred panel shall be open to all providers licensed to provide the services to be covered. (C) (i) Any such written agreement between a provider and an insurer shall contain a provision under which the parties agree that the insured individual or covered member will have no obligation to make payment for any medical service rendered by the provider that is determined not to be medically necessary. (ii) However, charges for medically necessary services received by the insured which are not covered by the minimum basic benefit policy shall be considered the responsibility of the insured; and (4) (A) A provision under which any insured who obtains medical services from a nonpreferred provider shall receive reimbursement only in the amount that would have been received had services been rendered by a preferred provider, less a differential, if any, in an amount to be approved by the Insurance Commissioner but which may not exceed twenty-five percent (25%). (B) However, charges for medically necessary services received by the insured which are not covered by the minimum basic benefit policy shall be considered the responsibility of the insured. (b) Nothing in this chapter shall be construed to prohibit an insurer from including in a minimum basic benefit policy other managed care and cost control provisions which, subject to the approval of the commissioner, have the potential to control costs in a manner which does not result in inequitable treatment of an insured under this chapter. Acts 1991, No. 238, § 7.

(a) The insurer may include any or all of the following managed care provisions to control the cost of a minimum basic benefit policy issued pursuant to this chapter: (1) An exclusion for services that are not medically necessary; (2) A procedure for preauthorization by telephone, to be confirmed in writing, by the insurer or its designee of any medical service, the cost of which is anticipated to exceed a minimum threshold, except for services necessary to treat a medical emergency; (3) (A) A preferred panel of providers who have entered into written agreements with the insurer to provide services at specified levels of reimbursement. (B) With the exception of health maintenance organizations, participation in such a preferred panel shall be open to all providers licensed to provide the services to be covered. (C) (i) Any such written agreement between a provider and an insurer shall contain a provision under which the parties agree that the insured individual or covered member will have no obligation to make payment for any medical service rendered by the provider that is determined not to be medically necessary. (ii) However, charges for medically necessary services received by the insured which are not covered by the minimum basic benefit policy shall be considered the responsibility of the insured; and (4) (A) A provision under which any insured who obtains medical services from a nonpreferred provider shall receive reimbursement only in the amount that would have been received had services been rendered by a preferred provider, less a differential, if any, in an amount to be approved by the Insurance Commissioner but which may not exceed twenty-five percent (25%). (B) However, charges for medically necessary services received by the insured which are not covered by the minimum basic benefit policy shall be considered the responsibility of the insured.

(1) An exclusion for services that are not medically necessary;

(2) A procedure for preauthorization by telephone, to be confirmed in writing, by the insurer or its designee of any medical service, the cost of which is anticipated to exceed a minimum threshold, except for services necessary to treat a medical emergency;

(3) (A) A preferred panel of providers who have entered into written agreements with the insurer to provide services at specified levels of reimbursement. (B) With the exception of health maintenance organizations, participation in such a preferred panel shall be open to all providers licensed to provide the services to be covered. (C) (i) Any such written agreement between a provider and an insurer shall contain a provision under which the parties agree that the insured individual or covered member will have no obligation to make payment for any medical service rendered by the provider that is determined not to be medically necessary. (ii) However, charges for medically necessary services received by the insured which are not covered by the minimum basic benefit policy shall be considered the responsibility of the insured; and

(A) A preferred panel of providers who have entered into written agreements with the insurer to provide services at specified levels of reimbursement.

(B) With the exception of health maintenance organizations, participation in such a preferred panel shall be open to all providers licensed to provide the services to be covered.

(C) (i) Any such written agreement between a provider and an insurer shall contain a provision under which the parties agree that the insured individual or covered member will have no obligation to make payment for any medical service rendered by the provider that is determined not to be medically necessary. (ii) However, charges for medically necessary services received by the insured which are not covered by the minimum basic benefit policy shall be considered the responsibility of the insured; and

(i) Any such written agreement between a provider and an insurer shall contain a provision under which the parties agree that the insured individual or covered member will have no obligation to make payment for any medical service rendered by the provider that is determined not to be medically necessary.

(ii) However, charges for medically necessary services received by the insured which are not covered by the minimum basic benefit policy shall be considered the responsibility of the insured; and

(4) (A) A provision under which any insured who obtains medical services from a nonpreferred provider shall receive reimbursement only in the amount that would have been received had services been rendered by a preferred provider, less a differential, if any, in an amount to be approved by the Insurance Commissioner but which may not exceed twenty-five percent (25%). (B) However, charges for medically necessary services received by the insured which are not covered by the minimum basic benefit policy shall be considered the responsibility of the insured.

(A) A provision under which any insured who obtains medical services from a nonpreferred provider shall receive reimbursement only in the amount that would have been received had services been rendered by a preferred provider, less a differential, if any, in an amount to be approved by the Insurance Commissioner but which may not exceed twenty-five percent (25%).

(B) However, charges for medically necessary services received by the insured which are not covered by the minimum basic benefit policy shall be considered the responsibility of the insured.

(b) Nothing in this chapter shall be construed to prohibit an insurer from including in a minimum basic benefit policy other managed care and cost control provisions which, subject to the approval of the commissioner, have the potential to control costs in a manner which does not result in inequitable treatment of an insured under this chapter.

Acts 1991, No. 238, § 7.
Ark. Code Ann. § 23-36-102 — AR Code / Title 23 / Chapter 36 / Section 23-36-102
Stock ownership
Status: in_force

At least two-thirds (2/3) of the stock of an industrial loan institution shall be owned by bona fide residents of the State of Arkansas. Acts 1941, No. 111, § 9; A.S.A. 1947, § 67-1009.

At least two-thirds (2/3) of the stock of an industrial loan institution shall be owned by bona fide residents of the State of Arkansas.

Acts 1941, No. 111, § 9; A.S.A. 1947, § 67-1009.
Ark. Code Ann. § 23-12-304 — AR Code / Title 23 / Chapter 12 / Subchapter 3 / Section 23-12-304
Inspection of road crossings by commission - Hearings and orders
Status: in_force

(a) (1) It shall be the duty of the State Highway Commission, or any representative of it, to inspect any road or street crossing in this state, either on its own initiative or when its attention is called to it by any citizen. (2) Upon a hearing the commission may make an order requiring the railroad company to protect the crossing in any manner which it considers just and reasonable, whether the crossings are at grade or over or under crossing and whether a public or private crossing. (b) (1) It shall further be the duty of the commission, or any representative thereof, to make a personal inspection of any designated place where it is desired that a road or street, either public or private, cross any railroad in this state. (2) Upon ten (10) days' notice as required by law and after a public hearing, the commission may make such order as in its judgment shall be just and proper. The order may provide for a crossing at grade, over or under the railroad, and shall be enforced as other orders made by the commission. (c) By applicable federal law, the United States Congress has declared that laws, rules, regulations, orders, and standards relative to railroad safety shall be nationally standard to the extent practicable and that each state shall conduct and maintain a survey of all crossings and assign priorities from a safety standpoint for appropriate improvements and protective devices. The commission has made the survey, given the crossings in Arkansas hazardous index ratings, and now administers the crossing safety program in Arkansas. In view of the above, the commission is hereby designated as the sole public body to deal with, and shall have exclusive jurisdiction over, the location and construction of new, and the improving and protecting of new and existing, street, road, and highway railroad crossings in Arkansas. Acts 1913, No. 272, §§ 1-3; C. & M. Dig., §§ 1644, 1645; Pope's Dig., §§ 1965, 1966; A.S.A. 1947, §§ 73-621, 73-622, 73-622n; Acts 1991, No. 1226, § 1.

(a) (1) It shall be the duty of the State Highway Commission, or any representative of it, to inspect any road or street crossing in this state, either on its own initiative or when its attention is called to it by any citizen. (2) Upon a hearing the commission may make an order requiring the railroad company to protect the crossing in any manner which it considers just and reasonable, whether the crossings are at grade or over or under crossing and whether a public or private crossing.

(1) It shall be the duty of the State Highway Commission, or any representative of it, to inspect any road or street crossing in this state, either on its own initiative or when its attention is called to it by any citizen.

(2) Upon a hearing the commission may make an order requiring the railroad company to protect the crossing in any manner which it considers just and reasonable, whether the crossings are at grade or over or under crossing and whether a public or private crossing.

(b) (1) It shall further be the duty of the commission, or any representative thereof, to make a personal inspection of any designated place where it is desired that a road or street, either public or private, cross any railroad in this state. (2) Upon ten (10) days' notice as required by law and after a public hearing, the commission may make such order as in its judgment shall be just and proper. The order may provide for a crossing at grade, over or under the railroad, and shall be enforced as other orders made by the commission.

(1) It shall further be the duty of the commission, or any representative thereof, to make a personal inspection of any designated place where it is desired that a road or street, either public or private, cross any railroad in this state.

(2) Upon ten (10) days' notice as required by law and after a public hearing, the commission may make such order as in its judgment shall be just and proper. The order may provide for a crossing at grade, over or under the railroad, and shall be enforced as other orders made by the commission.

(c) By applicable federal law, the United States Congress has declared that laws, rules, regulations, orders, and standards relative to railroad safety shall be nationally standard to the extent practicable and that each state shall conduct and maintain a survey of all crossings and assign priorities from a safety standpoint for appropriate improvements and protective devices. The commission has made the survey, given the crossings in Arkansas hazardous index ratings, and now administers the crossing safety program in Arkansas. In view of the above, the commission is hereby designated as the sole public body to deal with, and shall have exclusive jurisdiction over, the location and construction of new, and the improving and protecting of new and existing, street, road, and highway railroad crossings in Arkansas.

Acts 1913, No. 272, §§ 1-3; C. & M. Dig., §§ 1644, 1645; Pope's Dig., §§ 1965, 1966; A.S.A. 1947, §§ 73-621, 73-622, 73-622n; Acts 1991, No. 1226, § 1.
Ark. Code Ann. § 23-4-612 — AR Code / Title 23 / Chapter 4 / Subchapter 6 / Section 23-4-612
Railroads - Switching charges on coal cars
Status: in_force

(a) When any railroad in Arkansas moves coal in car lots from one (1) switch or spur on its line to a connecting line and the distance is not more than two and one-half (21/2) miles, it shall be allowed to charge and collect for such services three dollars ($3.00) per car. (b) If the railroad company performing the service described in subsection (a) of this section also furnishes the car in which the freight is loaded, it shall be permitted to charge and collect ten cents (10¢) per ton for the service so rendered. (c) This section shall not apply to switch limits of cities of the first and second class. (d) Any railroad company violating the provisions of this section shall be punished as is provided in § 23-4-706 . Acts 1909, No. 71, §§ 1-3, p. 185; C. & M. Dig., § 868; Pope's Dig., § 1072; A.S.A. 1947, §§ 73-1424 -- 73-1426.

(a) When any railroad in Arkansas moves coal in car lots from one (1) switch or spur on its line to a connecting line and the distance is not more than two and one-half (21/2) miles, it shall be allowed to charge and collect for such services three dollars ($3.00) per car.

(b) If the railroad company performing the service described in subsection (a) of this section also furnishes the car in which the freight is loaded, it shall be permitted to charge and collect ten cents (10¢) per ton for the service so rendered.

(c) This section shall not apply to switch limits of cities of the first and second class.

(d) Any railroad company violating the provisions of this section shall be punished as is provided in § 23-4-706 .

Acts 1909, No. 71, §§ 1-3, p. 185; C. & M. Dig., § 868; Pope's Dig., § 1072; A.S.A. 1947, §§ 73-1424 -- 73-1426.
Ark. Code Ann. § 23-99-302 — AR Code / Title 23 / Chapter 99 / Subchapter 3 / Section 23-99-302
Definitions
Status: in_force

As used in this subchapter: (1) "Covered persons" means any individual or family that is enrolled in a health benefit plan or policy from a healthcare insurer and on whose behalf the healthcare insurer is obligated to pay for or provide eye and/or vision care benefits; (2) "Covered service" means those healthcare services, including eye and/or vision care benefits, which the healthcare insurer is obligated to pay for or provide to covered persons under the health benefit plan or policy; (3) (A) "Eye and/or vision care benefits" means those services and materials which are provided by a primary eye care provider who is functioning within the scope of his or her license. (B) The conditions imposed by any specific health benefit plan upon the provision of eye and/or vision care benefits shall not: (i) Prohibit the primary eye care provider from providing covered services to covered persons at his or her highest level of licensure and competence at any given time, as determined by his or her respective licensing board; or (ii) Require that the primary eye care provider hold hospital staff privileges or include any other condition as a requirement which would have the practical effect of excluding any class of provider from participation in the health benefit plan; (4) "Gatekeeper" means a covered person's primary care provider in a gatekeeper system; (5) "Gatekeeper system" means a system of administration used by any health benefit plan in which a primary care provider furnishes basic patient care and coordinates diagnostic testing, indicated treatment, and specialty referral for persons covered by the health benefit plan; (6) "Health benefit plan" means any public or private health plan, program, policy, subscriber agreement, or contract implemented in the State of Arkansas which includes or may include payment, reimbursement, including capitation, or financial compensation for provision of eye and/or vision care benefits to covered persons but does not include workers' compensation coverage or reimbursement; (7) "Healthcare insurer" means any entity, including, but not limited to, insurance companies, hospital and medical service corporations, health maintenance organizations, preferred provider organizations, and physician hospital organizations, that is authorized by the State of Arkansas to offer or provide health benefit plans, policies, subscriber contracts, or any other contracts of a similar nature which indemnify or compensate healthcare providers for the provision of healthcare services; and (8) "Primary eye care provider" means an ophthalmologist or optometrist licensed by the State of Arkansas who has been selected by a person covered by a health benefit plan to provide eye and/or vision care benefits and who agrees to provide these services in accordance with the terms, conditions, reimbursement rates, and standards of quality as set forth within the specific health benefit plan. Acts 1995, No. 515, § 2; 1995, No. 1092, § 2.

As used in this subchapter:

(1) "Covered persons" means any individual or family that is enrolled in a health benefit plan or policy from a healthcare insurer and on whose behalf the healthcare insurer is obligated to pay for or provide eye and/or vision care benefits;

(2) "Covered service" means those healthcare services, including eye and/or vision care benefits, which the healthcare insurer is obligated to pay for or provide to covered persons under the health benefit plan or policy;

(3) (A) "Eye and/or vision care benefits" means those services and materials which are provided by a primary eye care provider who is functioning within the scope of his or her license. (B) The conditions imposed by any specific health benefit plan upon the provision of eye and/or vision care benefits shall not: (i) Prohibit the primary eye care provider from providing covered services to covered persons at his or her highest level of licensure and competence at any given time, as determined by his or her respective licensing board; or (ii) Require that the primary eye care provider hold hospital staff privileges or include any other condition as a requirement which would have the practical effect of excluding any class of provider from participation in the health benefit plan;

(A) "Eye and/or vision care benefits" means those services and materials which are provided by a primary eye care provider who is functioning within the scope of his or her license.

(B) The conditions imposed by any specific health benefit plan upon the provision of eye and/or vision care benefits shall not: (i) Prohibit the primary eye care provider from providing covered services to covered persons at his or her highest level of licensure and competence at any given time, as determined by his or her respective licensing board; or (ii) Require that the primary eye care provider hold hospital staff privileges or include any other condition as a requirement which would have the practical effect of excluding any class of provider from participation in the health benefit plan;

(i) Prohibit the primary eye care provider from providing covered services to covered persons at his or her highest level of licensure and competence at any given time, as determined by his or her respective licensing board; or

(ii) Require that the primary eye care provider hold hospital staff privileges or include any other condition as a requirement which would have the practical effect of excluding any class of provider from participation in the health benefit plan;

(4) "Gatekeeper" means a covered person's primary care provider in a gatekeeper system;

(5) "Gatekeeper system" means a system of administration used by any health benefit plan in which a primary care provider furnishes basic patient care and coordinates diagnostic testing, indicated treatment, and specialty referral for persons covered by the health benefit plan;

(6) "Health benefit plan" means any public or private health plan, program, policy, subscriber agreement, or contract implemented in the State of Arkansas which includes or may include payment, reimbursement, including capitation, or financial compensation for provision of eye and/or vision care benefits to covered persons but does not include workers' compensation coverage or reimbursement;

(7) "Healthcare insurer" means any entity, including, but not limited to, insurance companies, hospital and medical service corporations, health maintenance organizations, preferred provider organizations, and physician hospital organizations, that is authorized by the State of Arkansas to offer or provide health benefit plans, policies, subscriber contracts, or any other contracts of a similar nature which indemnify or compensate healthcare providers for the provision of healthcare services; and

(8) "Primary eye care provider" means an ophthalmologist or optometrist licensed by the State of Arkansas who has been selected by a person covered by a health benefit plan to provide eye and/or vision care benefits and who agrees to provide these services in accordance with the terms, conditions, reimbursement rates, and standards of quality as set forth within the specific health benefit plan.

Acts 1995, No. 515, § 2; 1995, No. 1092, § 2.
Ark. Code Ann. § 23-102-106 — AR Code / Title 23 / Chapter 102 / Section 23-102-106
Immunity and limitations on liability
Status: in_force

There is no liability on the part of and no cause of action of any nature may arise against any participating insurer, the Arkansas Earthquake Authority's agents or employees, the Board of the Arkansas Earthquake Authority, or the Insurance Commissioner or his or her representatives for any act or omission in the performance of their powers and duties under this chapter. Acts 1999, No. 1343, § 6.

There is no liability on the part of and no cause of action of any nature may arise against any participating insurer, the Arkansas Earthquake Authority's agents or employees, the Board of the Arkansas Earthquake Authority, or the Insurance Commissioner or his or her representatives for any act or omission in the performance of their powers and duties under this chapter.

Acts 1999, No. 1343, § 6.
Ark. Code Ann. § 23-72-102 — AR Code / Title 23 / Chapter 72 / Section 23-72-102
Scope
Status: in_force

(a) This chapter applies only to domestic and foreign mutual insurers transacting life and disability insurance on the mutual assessment plan. (b) No provision of the Arkansas Insurance Code shall apply to such insurers unless contained or referred to in this chapter. Acts 1959, No. 148, § 556; A.S.A. 1947, § 66-4501.

(a) This chapter applies only to domestic and foreign mutual insurers transacting life and disability insurance on the mutual assessment plan.

(b) No provision of the Arkansas Insurance Code shall apply to such insurers unless contained or referred to in this chapter.

Acts 1959, No. 148, § 556; A.S.A. 1947, § 66-4501.
Ark. Code Ann. § 23-99-506 — AR Code / Title 23 / Chapter 99 / Subchapter 5 / Section 23-99-506
Parity requirements
Status: in_force

(a) Except as provided in § 23-99-504 , a health benefit plan that provides benefits for the diagnosis and treatment of mental illnesses shall provide the benefits under the same terms and conditions as provided for covered benefits offered under the health benefit plan for the treatment of other medical illnesses and conditions, including without limitation: (1) The duration or frequency of coverage; (2) The dollar amount of coverage; or (3) Financial requirements. (b) This subchapter does not: (1) Require equal coverage between treatments for a mental illness with coverage for preventive care; (2) Prohibit a healthcare insurer from: (A) Negotiating separate reimbursement rates and service delivery systems, including without limitation a carve-out arrangement; (B) Managing the provision of mental health benefits for mental illnesses by common methods used for other medical conditions, including without limitation preadmission screening, prior authorization of services, or other mechanisms designed to limit coverage of services or mental illnesses to mental illnesses that are deemed medically necessary; (C) Limiting covered services to covered services authorized by the health benefit plan, if the limitations are made in accordance with this subchapter; (D) Using separate but equal cost-sharing features for mental illnesses; or (E) Using a single lifetime or annual dollar limit as applicable to other medical illness; and (3) Include a Medicare or Medicaid plan or contract or any privatized risk or demonstration program for Medicare or Medicaid coverage. Acts 1997, No. 1020, § 4; 2009, No. 1193, § 7.

(a) Except as provided in § 23-99-504 , a health benefit plan that provides benefits for the diagnosis and treatment of mental illnesses shall provide the benefits under the same terms and conditions as provided for covered benefits offered under the health benefit plan for the treatment of other medical illnesses and conditions, including without limitation: (1) The duration or frequency of coverage; (2) The dollar amount of coverage; or (3) Financial requirements.

(1) The duration or frequency of coverage;

(2) The dollar amount of coverage; or

(3) Financial requirements.

(b) This subchapter does not: (1) Require equal coverage between treatments for a mental illness with coverage for preventive care; (2) Prohibit a healthcare insurer from: (A) Negotiating separate reimbursement rates and service delivery systems, including without limitation a carve-out arrangement; (B) Managing the provision of mental health benefits for mental illnesses by common methods used for other medical conditions, including without limitation preadmission screening, prior authorization of services, or other mechanisms designed to limit coverage of services or mental illnesses to mental illnesses that are deemed medically necessary; (C) Limiting covered services to covered services authorized by the health benefit plan, if the limitations are made in accordance with this subchapter; (D) Using separate but equal cost-sharing features for mental illnesses; or (E) Using a single lifetime or annual dollar limit as applicable to other medical illness; and (3) Include a Medicare or Medicaid plan or contract or any privatized risk or demonstration program for Medicare or Medicaid coverage.

(1) Require equal coverage between treatments for a mental illness with coverage for preventive care;

(2) Prohibit a healthcare insurer from: (A) Negotiating separate reimbursement rates and service delivery systems, including without limitation a carve-out arrangement; (B) Managing the provision of mental health benefits for mental illnesses by common methods used for other medical conditions, including without limitation preadmission screening, prior authorization of services, or other mechanisms designed to limit coverage of services or mental illnesses to mental illnesses that are deemed medically necessary; (C) Limiting covered services to covered services authorized by the health benefit plan, if the limitations are made in accordance with this subchapter; (D) Using separate but equal cost-sharing features for mental illnesses; or (E) Using a single lifetime or annual dollar limit as applicable to other medical illness; and

(A) Negotiating separate reimbursement rates and service delivery systems, including without limitation a carve-out arrangement;

(B) Managing the provision of mental health benefits for mental illnesses by common methods used for other medical conditions, including without limitation preadmission screening, prior authorization of services, or other mechanisms designed to limit coverage of services or mental illnesses to mental illnesses that are deemed medically necessary;

(C) Limiting covered services to covered services authorized by the health benefit plan, if the limitations are made in accordance with this subchapter;

(D) Using separate but equal cost-sharing features for mental illnesses; or

(E) Using a single lifetime or annual dollar limit as applicable to other medical illness; and

(3) Include a Medicare or Medicaid plan or contract or any privatized risk or demonstration program for Medicare or Medicaid coverage.

Acts 1997, No. 1020, § 4; 2009, No. 1193, § 7.
Ark. Code Ann. § 23-61-104 — AR Code / Title 23 / Chapter 61 / Subchapter 1 / Section 23-61-104
Deputies, assistants, and other employees - Appointment - Duties
Status: in_force

(a) The Insurance Commissioner, in consultation with the Secretary of the Department of Commerce, may appoint such assistants and deputies and such examiners, attorneys, clerks, stenographers, and other personnel as may be necessary to assist him or her in the discharge of the duties imposed upon him or her under the Arkansas Insurance Code and as may be authorized by law. All such personnel shall devote their entire business time to their duties in the State Insurance Department. (b) The commissioner, in consultation with the Secretary of the Department of Commerce, may employ an actuary on a consulting or full-time basis to perform such duties as the commissioner may designate. (c) The commissioner, in consultation with the Secretary of the Department of Commerce, may at any time terminate the appointment, designation, or employment of any assistant, deputy, examiner, attorney, actuary, clerk, or other employee. (d) The compensation for all such personnel so appointed or employed shall be as fixed by law. (e) The commissioner, in consultation with the Secretary of the Department of Commerce, may contract for and procure on a basis of fee such independently contracting examination, actuarial, technical, and other professional services as he or she may from time to time require for the discharge of his or her duties. Amended by Act 2019, No. 910,§ 593, eff. 7/1/2019. Acts 1959, No. 148, § 19; A.S.A. 1947, § 66-2104; Acts 2001, No. 1604, § 3.

(a) The Insurance Commissioner, in consultation with the Secretary of the Department of Commerce, may appoint such assistants and deputies and such examiners, attorneys, clerks, stenographers, and other personnel as may be necessary to assist him or her in the discharge of the duties imposed upon him or her under the Arkansas Insurance Code and as may be authorized by law. All such personnel shall devote their entire business time to their duties in the State Insurance Department.

(b) The commissioner, in consultation with the Secretary of the Department of Commerce, may employ an actuary on a consulting or full-time basis to perform such duties as the commissioner may designate.

(c) The commissioner, in consultation with the Secretary of the Department of Commerce, may at any time terminate the appointment, designation, or employment of any assistant, deputy, examiner, attorney, actuary, clerk, or other employee.

(d) The compensation for all such personnel so appointed or employed shall be as fixed by law.

(e) The commissioner, in consultation with the Secretary of the Department of Commerce, may contract for and procure on a basis of fee such independently contracting examination, actuarial, technical, and other professional services as he or she may from time to time require for the discharge of his or her duties.

Amended by Act 2019, No. 910,§ 593, eff. 7/1/2019.

Acts 1959, No. 148, § 19; A.S.A. 1947, § 66-2104; Acts 2001, No. 1604, § 3.
Ark. Code Ann. § 23-81-903 — AR Code / Title 23 / Chapter 81 / Subchapter 9 / Section 23-81-903
Definitions
Status: in_force

As used in this subchapter: (1) (A) "Contract" means an annuity contract. (B) "Contract" does not include: (i) An annuity contract used to fund an employment-based retirement plan or program in which an insurer: (a) Does not perform recordkeeping services; or (b) Is not required to pay death benefits to the beneficiaries of a specific plan participant by terms of the annuity contract; or (ii) An annuity used to fund a funeral or related expenses or a prepaid funeral benefits contract; (2) "Death master file" means a comprehensive database or source of death information used to verify the death of an individual maintained by the Division of Vital Records, the Social Security Administration, or other database or service; (3) "Death master file match" means locating a Social Security number or the name and date of birth of an insured, annuity owner, or retained asset account holder in a search of a death master file; (4) "Knowledge of death" means: (A) Receipt of an original or valid copy of a death certificate issued by the state or a political subdivision of the state; or (B) A death master file match validated by an insurer under § 23-81-904(c)(1)(A) ; (5) (A) "Policy" means a policy or certificate of life insurance issued in this state that provides a death benefit. (B) "Policy" does not include: (i) A policy or certificate of life insurance that provides a death benefit under: (a) A defined employee benefit pension plan, as defined in section 3(35) of the Employee Retirement Income Security Act of 1974, Pub. L. No. 93-406; or (b) Any federal employee benefit program; (ii) A policy or certificate of life insurance that is used to fund a funeral or related expenses or a prepaid funeral benefits contract; (iii) A policy or certificate of credit life or accidental death insurance; or (iv) A policy issued to a group master policyholder for which the insurer does not provide recordkeeping services; (6) "Recordkeeping services" means services under a group policy or contract between an insurer and a group policy or contract customer to obtain, maintain, and administer on behalf of the insured a list of the individuals who are insured under a group insurance contract or a line of coverage, including an individual's: (A) Social Security number or name and date of birth; (B) Beneficiary designation information; (C) Coverage eligibility; (D) Benefit amount; and (E) Premium payment status; and (7) "Retained asset account" means a mechanism to deposit the settlement of proceeds payable under a policy or contract into a deposit account where the proceeds are retained by the insurer or its agent under a supplementary contract that only involves death benefits. Amended by Act 2017, No. 368,§ 2, eff. 8/1/2017. Amended by Act 2017, No. 368,§ 1, eff. 8/1/2017. Added by Act 2015, No. 905,§ 1, eff. 7/22/2015, op. applicable to policies issued after June 30, 2016.

As used in this subchapter:

(1) (A) "Contract" means an annuity contract. (B) "Contract" does not include: (i) An annuity contract used to fund an employment-based retirement plan or program in which an insurer: (a) Does not perform recordkeeping services; or (b) Is not required to pay death benefits to the beneficiaries of a specific plan participant by terms of the annuity contract; or (ii) An annuity used to fund a funeral or related expenses or a prepaid funeral benefits contract;

(A) "Contract" means an annuity contract.

(B) "Contract" does not include: (i) An annuity contract used to fund an employment-based retirement plan or program in which an insurer: (a) Does not perform recordkeeping services; or (b) Is not required to pay death benefits to the beneficiaries of a specific plan participant by terms of the annuity contract; or (ii) An annuity used to fund a funeral or related expenses or a prepaid funeral benefits contract;

(i) An annuity contract used to fund an employment-based retirement plan or program in which an insurer: (a) Does not perform recordkeeping services; or (b) Is not required to pay death benefits to the beneficiaries of a specific plan participant by terms of the annuity contract; or

(a) Does not perform recordkeeping services; or

(b) Is not required to pay death benefits to the beneficiaries of a specific plan participant by terms of the annuity contract; or

(ii) An annuity used to fund a funeral or related expenses or a prepaid funeral benefits contract;

(2) "Death master file" means a comprehensive database or source of death information used to verify the death of an individual maintained by the Division of Vital Records, the Social Security Administration, or other database or service;

(3) "Death master file match" means locating a Social Security number or the name and date of birth of an insured, annuity owner, or retained asset account holder in a search of a death master file;

(4) "Knowledge of death" means: (A) Receipt of an original or valid copy of a death certificate issued by the state or a political subdivision of the state; or (B) A death master file match validated by an insurer under § 23-81-904(c)(1)(A) ;

(A) Receipt of an original or valid copy of a death certificate issued by the state or a political subdivision of the state; or

(B) A death master file match validated by an insurer under § 23-81-904(c)(1)(A) ;

(5) (A) "Policy" means a policy or certificate of life insurance issued in this state that provides a death benefit. (B) "Policy" does not include: (i) A policy or certificate of life insurance that provides a death benefit under: (a) A defined employee benefit pension plan, as defined in section 3(35) of the Employee Retirement Income Security Act of 1974, Pub. L. No. 93-406; or (b) Any federal employee benefit program; (ii) A policy or certificate of life insurance that is used to fund a funeral or related expenses or a prepaid funeral benefits contract; (iii) A policy or certificate of credit life or accidental death insurance; or (iv) A policy issued to a group master policyholder for which the insurer does not provide recordkeeping services;

(A) "Policy" means a policy or certificate of life insurance issued in this state that provides a death benefit.

(B) "Policy" does not include: (i) A policy or certificate of life insurance that provides a death benefit under: (a) A defined employee benefit pension plan, as defined in section 3(35) of the Employee Retirement Income Security Act of 1974, Pub. L. No. 93-406; or (b) Any federal employee benefit program; (ii) A policy or certificate of life insurance that is used to fund a funeral or related expenses or a prepaid funeral benefits contract; (iii) A policy or certificate of credit life or accidental death insurance; or (iv) A policy issued to a group master policyholder for which the insurer does not provide recordkeeping services;

(i) A policy or certificate of life insurance that provides a death benefit under: (a) A defined employee benefit pension plan, as defined in section 3(35) of the Employee Retirement Income Security Act of 1974, Pub. L. No. 93-406; or (b) Any federal employee benefit program;

(a) A defined employee benefit pension plan, as defined in section 3(35) of the Employee Retirement Income Security Act of 1974, Pub. L. No. 93-406; or

(b) Any federal employee benefit program;

(ii) A policy or certificate of life insurance that is used to fund a funeral or related expenses or a prepaid funeral benefits contract;

(iii) A policy or certificate of credit life or accidental death insurance; or

(iv) A policy issued to a group master policyholder for which the insurer does not provide recordkeeping services;

(6) "Recordkeeping services" means services under a group policy or contract between an insurer and a group policy or contract customer to obtain, maintain, and administer on behalf of the insured a list of the individuals who are insured under a group insurance contract or a line of coverage, including an individual's: (A) Social Security number or name and date of birth; (B) Beneficiary designation information; (C) Coverage eligibility; (D) Benefit amount; and (E) Premium payment status; and

(A) Social Security number or name and date of birth;

(B) Beneficiary designation information;

(C) Coverage eligibility;

(D) Benefit amount; and

(E) Premium payment status; and

(7) "Retained asset account" means a mechanism to deposit the settlement of proceeds payable under a policy or contract into a deposit account where the proceeds are retained by the insurer or its agent under a supplementary contract that only involves death benefits.

Amended by Act 2017, No. 368,§ 2, eff. 8/1/2017.

Amended by Act 2017, No. 368,§ 1, eff. 8/1/2017.

Added by Act 2015, No. 905,§ 1, eff. 7/22/2015, op. applicable to policies issued after June 30, 2016.
Ark. Code Ann. § 23-84-116 — AR Code / Title 23 / Chapter 84 / Section 23-84-116
Requirements of principle-based valuation
Status: in_force

(a) A company shall establish reserves for a policy or contract using a principle-based valuation as specified in the valuation manual that: (1) (A) Quantifies the benefits and guarantees and the funding associated with the policy or contract and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the policy or contract. (B) For a policy or contract with significant tail risk, the principle-based valuation shall reflect conditions appropriately adverse to quantify the tail risk; (2) Incorporates assumptions, risk analysis methods, financial models, and management techniques that are consistent with, but not necessarily identical to, those utilized within the company's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods; (3) Incorporates assumptions that are: (A) Prescribed by the valuation manual; or (B) For assumptions that are not prescribed by the valuation manual: (i) Established utilizing the company's available experience to the extent it is relevant and statistically credible; and (ii) To the extent that company data is not available, relevant, or statistically credible, established utilizing other relevant, statistically credible experience; and (4) Provides margins for uncertainty, including adverse deviation and estimation error, such that the greater the uncertainty, the larger the margin and resulting reserve. (b) A company using a principle-based valuation for one (1) or more policies or contracts subject to this section as specified in the valuation manual shall: (1) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual; (2) (A) Provide to the Insurance Commissioner and its board of directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. (B) The controls shall be designed to assure that all material risks inherent in the liabilities and associated assets subject to the principle-based valuation are included in the valuation and that valuations are made in accordance with the valuation manual. (C) The annual certification shall be based on the controls in place as of the end of the preceding calendar year; and (3) Develop and file with the commissioner upon request a principle-based valuation report that complies with the standards prescribed in the valuation manual. (c) A principle-based valuation may include a prescribed formulaic reserve component. Added by Act 2015, No. 1223,§ 45, eff. 7/22/2015.

(a) A company shall establish reserves for a policy or contract using a principle-based valuation as specified in the valuation manual that: (1) (A) Quantifies the benefits and guarantees and the funding associated with the policy or contract and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the policy or contract. (B) For a policy or contract with significant tail risk, the principle-based valuation shall reflect conditions appropriately adverse to quantify the tail risk; (2) Incorporates assumptions, risk analysis methods, financial models, and management techniques that are consistent with, but not necessarily identical to, those utilized within the company's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods; (3) Incorporates assumptions that are: (A) Prescribed by the valuation manual; or (B) For assumptions that are not prescribed by the valuation manual: (i) Established utilizing the company's available experience to the extent it is relevant and statistically credible; and (ii) To the extent that company data is not available, relevant, or statistically credible, established utilizing other relevant, statistically credible experience; and (4) Provides margins for uncertainty, including adverse deviation and estimation error, such that the greater the uncertainty, the larger the margin and resulting reserve.

(1) (A) Quantifies the benefits and guarantees and the funding associated with the policy or contract and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the policy or contract. (B) For a policy or contract with significant tail risk, the principle-based valuation shall reflect conditions appropriately adverse to quantify the tail risk;

(A) Quantifies the benefits and guarantees and the funding associated with the policy or contract and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the policy or contract.

(B) For a policy or contract with significant tail risk, the principle-based valuation shall reflect conditions appropriately adverse to quantify the tail risk;

(2) Incorporates assumptions, risk analysis methods, financial models, and management techniques that are consistent with, but not necessarily identical to, those utilized within the company's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods;

(3) Incorporates assumptions that are: (A) Prescribed by the valuation manual; or (B) For assumptions that are not prescribed by the valuation manual: (i) Established utilizing the company's available experience to the extent it is relevant and statistically credible; and (ii) To the extent that company data is not available, relevant, or statistically credible, established utilizing other relevant, statistically credible experience; and

(A) Prescribed by the valuation manual; or

(B) For assumptions that are not prescribed by the valuation manual: (i) Established utilizing the company's available experience to the extent it is relevant and statistically credible; and (ii) To the extent that company data is not available, relevant, or statistically credible, established utilizing other relevant, statistically credible experience; and

(i) Established utilizing the company's available experience to the extent it is relevant and statistically credible; and

(ii) To the extent that company data is not available, relevant, or statistically credible, established utilizing other relevant, statistically credible experience; and

(4) Provides margins for uncertainty, including adverse deviation and estimation error, such that the greater the uncertainty, the larger the margin and resulting reserve.

(b) A company using a principle-based valuation for one (1) or more policies or contracts subject to this section as specified in the valuation manual shall: (1) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual; (2) (A) Provide to the Insurance Commissioner and its board of directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. (B) The controls shall be designed to assure that all material risks inherent in the liabilities and associated assets subject to the principle-based valuation are included in the valuation and that valuations are made in accordance with the valuation manual. (C) The annual certification shall be based on the controls in place as of the end of the preceding calendar year; and (3) Develop and file with the commissioner upon request a principle-based valuation report that complies with the standards prescribed in the valuation manual.

(1) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual;

(2) (A) Provide to the Insurance Commissioner and its board of directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. (B) The controls shall be designed to assure that all material risks inherent in the liabilities and associated assets subject to the principle-based valuation are included in the valuation and that valuations are made in accordance with the valuation manual. (C) The annual certification shall be based on the controls in place as of the end of the preceding calendar year; and

(A) Provide to the Insurance Commissioner and its board of directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation.

(B) The controls shall be designed to assure that all material risks inherent in the liabilities and associated assets subject to the principle-based valuation are included in the valuation and that valuations are made in accordance with the valuation manual.

(C) The annual certification shall be based on the controls in place as of the end of the preceding calendar year; and

(3) Develop and file with the commissioner upon request a principle-based valuation report that complies with the standards prescribed in the valuation manual.

(c) A principle-based valuation may include a prescribed formulaic reserve component.

Added by Act 2015, No. 1223,§ 45, eff. 7/22/2015.
Ark. Code Ann. § 23-12-504 — AR Code / Title 23 / Chapter 12 / Subchapter 5 / Section 23-12-504
Death or injury caused by defective cars, appliances, etc. - Presumption of knowledge - Prima facie evidence of negligence
Status: in_force

(a) If the employee of any common carrier shall receive any injury or shall be killed by reason of any defect in any cars, engines, motors, appliances, machinery, tracks, roadbeds, works, wharves, or other equipment owned, operated, or used by the common carrier, the common carrier shall be deemed to have had knowledge of the defect before and at the time the injury is sustained or death caused. (b) When the fact of the defect shall be made to appear in the trial of any action in the courts of this state brought by the employee or his or her personal or legal representative against any common carrier for damages on account of injuries so received or death so caused, the fact of the defect shall be prima facie evidence of negligence on the part of the common carrier. Acts 1911, No. 88, § 2; C. & M. Dig., § 7139; Pope's Dig., § 9125; A.S.A. 1947, § 73-915.

(a) If the employee of any common carrier shall receive any injury or shall be killed by reason of any defect in any cars, engines, motors, appliances, machinery, tracks, roadbeds, works, wharves, or other equipment owned, operated, or used by the common carrier, the common carrier shall be deemed to have had knowledge of the defect before and at the time the injury is sustained or death caused.

(b) When the fact of the defect shall be made to appear in the trial of any action in the courts of this state brought by the employee or his or her personal or legal representative against any common carrier for damages on account of injuries so received or death so caused, the fact of the defect shall be prima facie evidence of negligence on the part of the common carrier.

Acts 1911, No. 88, § 2; C. & M. Dig., § 7139; Pope's Dig., § 9125; A.S.A. 1947, § 73-915.
Ark. Code Ann. § 23-81-208 — AR Code / Title 23 / Chapter 81 / Subchapter 2 / Section 23-81-208
Calculation of adjusted premiums and present values - Industrial policies issued on or after operative date of section 23-81-213 (c)
Status: in_force

(a) In the case of industrial policies issued on or after the operative date of § 23-81-213(c) as defined therein, all adjusted premiums and present values referred to in this subchapter shall be calculated on the basis of the Insurance Commissioner's 1961 Standard Industrial Mortality Table and the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits. (b) However, the rate of interest shall not exceed three and one-half percent (3.5%) per annum, except that a rate of interest not exceeding five and one-half percent (5.5%) per annum may be used for policies issued on or after March 18, 1977, except that for any single premium whole life or endowment insurance policy a rate of interest not exceeding six and one-half percent (6.5%) per annum may be used. (c) However, in calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the commissioner's 1961 Industrial Extended Term Insurance Table. (d) Further, for insurance issued on a substandard basis, the calculations of any adjusted premiums and present values may be based on such other table of mortality as may be specified by the insurer and approved by the commissioner. (e) This section shall not apply to industrial policies issued on or after the operative date of § 23-81-213(d) as defined therein. Acts 1959, No. 148, § 336; 1965, No. 439, § 2; 1977, No. 550, § 3; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.

(a) In the case of industrial policies issued on or after the operative date of § 23-81-213(c) as defined therein, all adjusted premiums and present values referred to in this subchapter shall be calculated on the basis of the Insurance Commissioner's 1961 Standard Industrial Mortality Table and the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits.

(b) However, the rate of interest shall not exceed three and one-half percent (3.5%) per annum, except that a rate of interest not exceeding five and one-half percent (5.5%) per annum may be used for policies issued on or after March 18, 1977, except that for any single premium whole life or endowment insurance policy a rate of interest not exceeding six and one-half percent (6.5%) per annum may be used.

(c) However, in calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the commissioner's 1961 Industrial Extended Term Insurance Table.

(d) Further, for insurance issued on a substandard basis, the calculations of any adjusted premiums and present values may be based on such other table of mortality as may be specified by the insurer and approved by the commissioner.

(e) This section shall not apply to industrial policies issued on or after the operative date of § 23-81-213(d) as defined therein.

Acts 1959, No. 148, § 336; 1965, No. 439, § 2; 1977, No. 550, § 3; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.
Ark. Code Ann. § 23-64-520 — AR Code / Title 23 / Chapter 64 / Subchapter 5 / Section 23-64-520
Compensation disclosure - Definitions
Status: in_force

(a) As used in this section: (1) "Affiliate" means a person that controls, is controlled by, or is under common control with a producer; (2) (A) "Compensation from an insurer or other third party" means payments, commissions, fees, overrides, bonuses, contingent commissions, loans, stock options, or any other form of valuable consideration, whether or not payable pursuant to a written agreement. (B) Awards, gifts, and prizes shall be considered "compensation from an insurer or other third party" if the award, gift, or prize is directly tied to the producer's performance; and (3) "Compensation from the customer" shall not include any fee or similar expense under § 23-66-310 or any fee or amount collected by or paid to the producer that does not exceed an amount established by the Insurance Commissioner. (b) (1) Before the placement of insurance business, all insurance producers shall disclose: (A) Whether the producer or its affiliate represents the customer or the insurer; and (B) The source or sources of the producer's or affiliate's compensation for the placement. (2) If the producer represents the insurer, the producer shall disclose to the customer that the producer provides services to the customer on behalf of the insurer. (3) If the producer receives compensation from the customer for a placement of insurance or acts as a broker as defined by § 23-64-102 , the producer shall disclose: (A) The source or sources of the producer's or affiliate's compensation for the placement; and (B) Whether the producer or its affiliate will receive compensation for the placement from the insurer or other third party based upon volume, profitability, or other factors, and if the customer requests, the producer shall provide a reasonable estimate of the amount of compensation. (c) A person shall not be considered a "customer" for purposes of this section if the person is merely: (1) A participant or beneficiary of an employee benefit plan; or (2) Covered by a group or blanket insurance policy or group annuity contract sold, solicited, or negotiated by the producer or affiliate. (d) This section shall not apply to: (1) A person licensed as a producer who acts only as an intermediary between an insurer and the customer's producer, including, but not limited to, a managing general agent, a sales manager, or wholesale broker when acting only as an intermediary; (2) A reinsurance intermediary; (3) Any placement involving a residual market mechanism; (4) Renewals, unless the information previously disclosed under subsection (b) of this section has substantially changed; or (5) Any placement of credit life or credit disability insurance. Acts 2005, No. 1697, § 9.

(a) As used in this section: (1) "Affiliate" means a person that controls, is controlled by, or is under common control with a producer; (2) (A) "Compensation from an insurer or other third party" means payments, commissions, fees, overrides, bonuses, contingent commissions, loans, stock options, or any other form of valuable consideration, whether or not payable pursuant to a written agreement. (B) Awards, gifts, and prizes shall be considered "compensation from an insurer or other third party" if the award, gift, or prize is directly tied to the producer's performance; and (3) "Compensation from the customer" shall not include any fee or similar expense under § 23-66-310 or any fee or amount collected by or paid to the producer that does not exceed an amount established by the Insurance Commissioner.

(1) "Affiliate" means a person that controls, is controlled by, or is under common control with a producer;

(2) (A) "Compensation from an insurer or other third party" means payments, commissions, fees, overrides, bonuses, contingent commissions, loans, stock options, or any other form of valuable consideration, whether or not payable pursuant to a written agreement. (B) Awards, gifts, and prizes shall be considered "compensation from an insurer or other third party" if the award, gift, or prize is directly tied to the producer's performance; and

(A) "Compensation from an insurer or other third party" means payments, commissions, fees, overrides, bonuses, contingent commissions, loans, stock options, or any other form of valuable consideration, whether or not payable pursuant to a written agreement.

(B) Awards, gifts, and prizes shall be considered "compensation from an insurer or other third party" if the award, gift, or prize is directly tied to the producer's performance; and

(3) "Compensation from the customer" shall not include any fee or similar expense under § 23-66-310 or any fee or amount collected by or paid to the producer that does not exceed an amount established by the Insurance Commissioner.

(b) (1) Before the placement of insurance business, all insurance producers shall disclose: (A) Whether the producer or its affiliate represents the customer or the insurer; and (B) The source or sources of the producer's or affiliate's compensation for the placement. (2) If the producer represents the insurer, the producer shall disclose to the customer that the producer provides services to the customer on behalf of the insurer. (3) If the producer receives compensation from the customer for a placement of insurance or acts as a broker as defined by § 23-64-102 , the producer shall disclose: (A) The source or sources of the producer's or affiliate's compensation for the placement; and (B) Whether the producer or its affiliate will receive compensation for the placement from the insurer or other third party based upon volume, profitability, or other factors, and if the customer requests, the producer shall provide a reasonable estimate of the amount of compensation.

(1) Before the placement of insurance business, all insurance producers shall disclose: (A) Whether the producer or its affiliate represents the customer or the insurer; and (B) The source or sources of the producer's or affiliate's compensation for the placement.

(A) Whether the producer or its affiliate represents the customer or the insurer; and

(B) The source or sources of the producer's or affiliate's compensation for the placement.

(2) If the producer represents the insurer, the producer shall disclose to the customer that the producer provides services to the customer on behalf of the insurer.

(3) If the producer receives compensation from the customer for a placement of insurance or acts as a broker as defined by § 23-64-102 , the producer shall disclose: (A) The source or sources of the producer's or affiliate's compensation for the placement; and (B) Whether the producer or its affiliate will receive compensation for the placement from the insurer or other third party based upon volume, profitability, or other factors, and if the customer requests, the producer shall provide a reasonable estimate of the amount of compensation.

(A) The source or sources of the producer's or affiliate's compensation for the placement; and

(B) Whether the producer or its affiliate will receive compensation for the placement from the insurer or other third party based upon volume, profitability, or other factors, and if the customer requests, the producer shall provide a reasonable estimate of the amount of compensation.

(c) A person shall not be considered a "customer" for purposes of this section if the person is merely: (1) A participant or beneficiary of an employee benefit plan; or (2) Covered by a group or blanket insurance policy or group annuity contract sold, solicited, or negotiated by the producer or affiliate.

(1) A participant or beneficiary of an employee benefit plan; or

(2) Covered by a group or blanket insurance policy or group annuity contract sold, solicited, or negotiated by the producer or affiliate.

(d) This section shall not apply to: (1) A person licensed as a producer who acts only as an intermediary between an insurer and the customer's producer, including, but not limited to, a managing general agent, a sales manager, or wholesale broker when acting only as an intermediary; (2) A reinsurance intermediary; (3) Any placement involving a residual market mechanism; (4) Renewals, unless the information previously disclosed under subsection (b) of this section has substantially changed; or (5) Any placement of credit life or credit disability insurance.

(1) A person licensed as a producer who acts only as an intermediary between an insurer and the customer's producer, including, but not limited to, a managing general agent, a sales manager, or wholesale broker when acting only as an intermediary;

(2) A reinsurance intermediary;

(3) Any placement involving a residual market mechanism;

(4) Renewals, unless the information previously disclosed under subsection (b) of this section has substantially changed; or

(5) Any placement of credit life or credit disability insurance.

Acts 2005, No. 1697, § 9.
Ark. Code Ann. § 23-18-528 — AR Code / Title 23 / Chapter 18 / Subchapter 5 / Section 23-18-528
Eminent domain
Status: in_force

(a) (1) As used in this section, the word "land" shall include any estate or interest therein. (2) Whenever a certificate has been issued to an applicant for the construction of any major utility facility under the provisions of this subchapter and the applicant is unable to reach agreement with the owner of land to construct, operate, maintain, and obtain reasonable access to the major utility facility in accordance with the certificate, it may acquire the land by the exercise of the power of eminent domain in a state court of competent jurisdiction in the judicial district in which the land is located. (b) The petition shall contain or have annexed thereto: (1) A statement of the authority under which and the use for which the land is taken; (2) A description of the land taken sufficient for the identification thereof; (3) A statement of the estate or interest in the land taken for such a use; (4) A statement that a certificate has been issued to the petitioner; and (5) A statement of the sum of money estimated by the utility to be just compensation for the land taken. (c) In the event the property sought to be condemned is owned by one (1) person and is situated in more than one (1) county, the petition may be filed in the court of any county where a part of the property may be located. (d) (1) After the filing of the petition and upon the deposit in court of a sum determined by the court to be sufficient to secure compensation to the owner of the property or interest therein sought to be condemned, the court shall immediately enter an order finding title to the land in fee simple absolute, or such less estate or interest therein as is prayed in the petition, to be vested in the applicant. The land or interest therein shall be deemed to be condemned and taken for the use of the applicant. The right to just compensation for the same fee or for such lesser interest as may be taken shall vest in the person entitled thereto. (2) However, any taking of lands in fee simple absolute under the authority granted in this section shall be limited to taking for electric generating plant sites and substation sites, compressor station sites, and meter station sites only. Nothing in this section shall be construed as authorizing a utility to take fee simple title to lands for gas or electric transmission line or distribution line rights-of-way purposes. (e) The compensation shall be determined by a jury pursuant to § 18-15-506 . (f) Upon the filing of a petition, the court shall have power to fix the time within which and the terms upon which the party in possession shall be required to surrender possession to the applicant. (g) The court shall have power to make such orders in respect of encumbrances, liens, rents, taxes, assessments, insurance, and such other charges, if any, as shall be just and equitable. (h) No appeal in the proceeding or any bond or undertaking given therein shall operate to prevent or delay the vesting of title to the land in the applicant. (i) The right to exercise the power of eminent domain and to take possession and title in advance of final judgment in the proceeding and all powers delegated in this section shall be in addition to any right, power, or authority conferred by any other laws of the state or of franchises, contracts, or agreements and shall not be construed as abrogating, limiting, or modifying any such right, power, authority, franchise, contract, or agreement. Acts 1973, No. 164, § 16; 1977, No. 866, § 1; A.S.A. 1947, § 73-276.15.

(a) (1) As used in this section, the word "land" shall include any estate or interest therein. (2) Whenever a certificate has been issued to an applicant for the construction of any major utility facility under the provisions of this subchapter and the applicant is unable to reach agreement with the owner of land to construct, operate, maintain, and obtain reasonable access to the major utility facility in accordance with the certificate, it may acquire the land by the exercise of the power of eminent domain in a state court of competent jurisdiction in the judicial district in which the land is located.

(1) As used in this section, the word "land" shall include any estate or interest therein.

(2) Whenever a certificate has been issued to an applicant for the construction of any major utility facility under the provisions of this subchapter and the applicant is unable to reach agreement with the owner of land to construct, operate, maintain, and obtain reasonable access to the major utility facility in accordance with the certificate, it may acquire the land by the exercise of the power of eminent domain in a state court of competent jurisdiction in the judicial district in which the land is located.

(b) The petition shall contain or have annexed thereto: (1) A statement of the authority under which and the use for which the land is taken; (2) A description of the land taken sufficient for the identification thereof; (3) A statement of the estate or interest in the land taken for such a use; (4) A statement that a certificate has been issued to the petitioner; and (5) A statement of the sum of money estimated by the utility to be just compensation for the land taken.

(1) A statement of the authority under which and the use for which the land is taken;

(2) A description of the land taken sufficient for the identification thereof;

(3) A statement of the estate or interest in the land taken for such a use;

(4) A statement that a certificate has been issued to the petitioner; and

(5) A statement of the sum of money estimated by the utility to be just compensation for the land taken.

(c) In the event the property sought to be condemned is owned by one (1) person and is situated in more than one (1) county, the petition may be filed in the court of any county where a part of the property may be located.

(d) (1) After the filing of the petition and upon the deposit in court of a sum determined by the court to be sufficient to secure compensation to the owner of the property or interest therein sought to be condemned, the court shall immediately enter an order finding title to the land in fee simple absolute, or such less estate or interest therein as is prayed in the petition, to be vested in the applicant. The land or interest therein shall be deemed to be condemned and taken for the use of the applicant. The right to just compensation for the same fee or for such lesser interest as may be taken shall vest in the person entitled thereto. (2) However, any taking of lands in fee simple absolute under the authority granted in this section shall be limited to taking for electric generating plant sites and substation sites, compressor station sites, and meter station sites only. Nothing in this section shall be construed as authorizing a utility to take fee simple title to lands for gas or electric transmission line or distribution line rights-of-way purposes.

(1) After the filing of the petition and upon the deposit in court of a sum determined by the court to be sufficient to secure compensation to the owner of the property or interest therein sought to be condemned, the court shall immediately enter an order finding title to the land in fee simple absolute, or such less estate or interest therein as is prayed in the petition, to be vested in the applicant. The land or interest therein shall be deemed to be condemned and taken for the use of the applicant. The right to just compensation for the same fee or for such lesser interest as may be taken shall vest in the person entitled thereto.

(2) However, any taking of lands in fee simple absolute under the authority granted in this section shall be limited to taking for electric generating plant sites and substation sites, compressor station sites, and meter station sites only. Nothing in this section shall be construed as authorizing a utility to take fee simple title to lands for gas or electric transmission line or distribution line rights-of-way purposes.

(e) The compensation shall be determined by a jury pursuant to § 18-15-506 .

(f) Upon the filing of a petition, the court shall have power to fix the time within which and the terms upon which the party in possession shall be required to surrender possession to the applicant.

(g) The court shall have power to make such orders in respect of encumbrances, liens, rents, taxes, assessments, insurance, and such other charges, if any, as shall be just and equitable.

(h) No appeal in the proceeding or any bond or undertaking given therein shall operate to prevent or delay the vesting of title to the land in the applicant.

(i) The right to exercise the power of eminent domain and to take possession and title in advance of final judgment in the proceeding and all powers delegated in this section shall be in addition to any right, power, or authority conferred by any other laws of the state or of franchises, contracts, or agreements and shall not be construed as abrogating, limiting, or modifying any such right, power, authority, franchise, contract, or agreement.

Acts 1973, No. 164, § 16; 1977, No. 866, § 1; A.S.A. 1947, § 73-276.15.
Ark. Code Ann. § 23-51-125 — AR Code / Title 23 / Chapter 51 / Section 23-51-125
Subsidiaries
Status: in_force

(a) Except as otherwise provided by this chapter or rules adopted under this chapter, a state trust company may acquire or establish a subsidiary to conduct any activity that may lawfully be conducted through the form of organization chosen for the subsidiary. (b) A state trust company may not invest more than an amount equal to twenty percent (20%) of its capital base in a single subsidiary and may not invest an amount in excess of forty percent (40%) of its capital base in all subsidiaries. The amount of a state trust company's investment in a subsidiary is the total amount of the state trust company's investment in equity or investment securities issued by its subsidiary and any loans and extensions of credit from the state trust company to its subsidiary. The Bank Commissioner may authorize investments in excess of these limitations on written application if the commissioner concludes that: (1) The excess investment is not prohibited by other applicable law; and (2) The safety and soundness of the requesting state trust company is not adversely affected. (c) A state trust company that intends to acquire, establish, or perform new activities through a subsidiary shall submit a letter to the commissioner describing in detail the proposed activities of the subsidiary. (d) The state trust company may acquire or establish a subsidiary or begin performing new activities in an existing subsidiary thirty (30) days after the date the commissioner receives the state trust company's letter, unless the commissioner specifies another date. The commissioner may extend the thirty-day period of review on a determination that the state trust company's letter raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust company may acquire or establish the subsidiary, or perform new activities in an existing subsidiary, only on prior written approval of the commissioner. (e) A subsidiary of a state trust company is subject to rule by the commissioner to the extent provided by this chapter or rules adopted under this chapter. In the absence of limiting rules, the commissioner may regulate a subsidiary as if it were a state trust company. Amended by Act 2019, No. 315,§ 2583, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2582, eff. 7/24/2019. Acts 1997, No. 940, § 25.

(a) Except as otherwise provided by this chapter or rules adopted under this chapter, a state trust company may acquire or establish a subsidiary to conduct any activity that may lawfully be conducted through the form of organization chosen for the subsidiary.

(b) A state trust company may not invest more than an amount equal to twenty percent (20%) of its capital base in a single subsidiary and may not invest an amount in excess of forty percent (40%) of its capital base in all subsidiaries. The amount of a state trust company's investment in a subsidiary is the total amount of the state trust company's investment in equity or investment securities issued by its subsidiary and any loans and extensions of credit from the state trust company to its subsidiary. The Bank Commissioner may authorize investments in excess of these limitations on written application if the commissioner concludes that: (1) The excess investment is not prohibited by other applicable law; and (2) The safety and soundness of the requesting state trust company is not adversely affected.

(1) The excess investment is not prohibited by other applicable law; and

(2) The safety and soundness of the requesting state trust company is not adversely affected.

(c) A state trust company that intends to acquire, establish, or perform new activities through a subsidiary shall submit a letter to the commissioner describing in detail the proposed activities of the subsidiary.

(d) The state trust company may acquire or establish a subsidiary or begin performing new activities in an existing subsidiary thirty (30) days after the date the commissioner receives the state trust company's letter, unless the commissioner specifies another date. The commissioner may extend the thirty-day period of review on a determination that the state trust company's letter raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust company may acquire or establish the subsidiary, or perform new activities in an existing subsidiary, only on prior written approval of the commissioner.

(e) A subsidiary of a state trust company is subject to rule by the commissioner to the extent provided by this chapter or rules adopted under this chapter. In the absence of limiting rules, the commissioner may regulate a subsidiary as if it were a state trust company.

Amended by Act 2019, No. 315,§ 2583, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2582, eff. 7/24/2019.

Acts 1997, No. 940, § 25.
Ark. Code Ann. § 23-4-1001 — AR Code / Title 23 / Chapter 4 / Subchapter 10 / Section 23-4-1001
Definitions
Status: in_force

As used in this subchapter: (1) (A) "Pole attachment" means the attachment of wires and related equipment to a pole, duct, or conduit owned or controlled by a public utility for the provision of: (i) Electric service; (ii) Telecommunication service; (iii) Cable television service; (iv) Internet access service; or (v) Other related information services. (B) "Pole attachment" does not mean multiground neutral connections; and (2) (A) "Public utility" means an electric utility as defined in § 23-1-101 , an electric cooperative as defined in § 23-18-201 , or a telecommunications provider as defined in § 23-17-403 . (B) "Public utility" does not mean a municipal electric utility. Acts 2007, No. 740, § 1.

As used in this subchapter:

(1) (A) "Pole attachment" means the attachment of wires and related equipment to a pole, duct, or conduit owned or controlled by a public utility for the provision of: (i) Electric service; (ii) Telecommunication service; (iii) Cable television service; (iv) Internet access service; or (v) Other related information services. (B) "Pole attachment" does not mean multiground neutral connections; and

(A) "Pole attachment" means the attachment of wires and related equipment to a pole, duct, or conduit owned or controlled by a public utility for the provision of: (i) Electric service; (ii) Telecommunication service; (iii) Cable television service; (iv) Internet access service; or (v) Other related information services.

(i) Electric service;

(ii) Telecommunication service;

(iii) Cable television service;

(iv) Internet access service; or

(v) Other related information services.

(B) "Pole attachment" does not mean multiground neutral connections; and

(2) (A) "Public utility" means an electric utility as defined in § 23-1-101 , an electric cooperative as defined in § 23-18-201 , or a telecommunications provider as defined in § 23-17-403 . (B) "Public utility" does not mean a municipal electric utility.

(A) "Public utility" means an electric utility as defined in § 23-1-101 , an electric cooperative as defined in § 23-18-201 , or a telecommunications provider as defined in § 23-17-403 .

(B) "Public utility" does not mean a municipal electric utility.

Acts 2007, No. 740, § 1.
Ark. Code Ann. § 23-86-114 — AR Code / Title 23 / Chapter 86 / Subchapter 1 / Section 23-86-114
Group accident and health insurance - Continuation of coverage beyond termination of employment, change in marital status, etc
Status: in_force

(a) Every group accident and health insurance policy, contract, or certificate providing hospital, surgical, or major medical coverage, other than accident only or specified disease policies, shall contain a provision that any certificate holder, member, or spouse whose coverage under the policy would otherwise terminate due to termination of employment or membership or a change in marital status may continue coverage under the policy for themselves and their eligible dependents as provided in this section. (b) The continued coverage need not include benefits for dental care, vision services, or prescription drug expenses. (c) (1) Continuation of coverage shall be available only to individuals who have been insured continuously under the group policy during the three-month period prior to the termination of employment membership or change in marital status. (2) Continuation of coverage shall not be available to an individual who is eligible for: (A) Federal Medicare coverage; or (B) (i) Full coverage under any other group accident and health policy or contract. (ii) This coverage must provide benefits for all preexisting conditions to be considered full coverage. (iii) Accordingly, under this subdivision (c)(2), an individual may continue his or her previous group coverage until all preexisting conditions are covered or would be covered under another group policy or contract or until termination pursuant to subsection (f) of this section or pursuant to the applicable provisions of federal law. (d) An individual who wishes to continue coverage must request continuation in writing not later than ten (10) days after the termination of employment or membership or the change in marital status. (e) An individual who requests continuation of coverage must pay the premium required by the policyholder on a monthly basis and in advance. Payments shall be made in accordance with the group policy. (f) Continuation of coverage shall end upon the earliest of the following dates: (1) One hundred twenty (120) days after continuation of coverage began; (2) The end of the period for which the individual made a timely contribution; (3) The contribution due date following the date the individual becomes eligible for Medicare; or (4) (A) The date on which the policy is terminated or the group withdraws from the plan. (B) However, if the group policy is replaced, continuation shall continue under the new coverage. (g) At the termination of the continued coverage, an individual shall be offered the conversion policy under the group policy. (h) Individuals choosing to utilize the conversion privilege under the group policy may do so and thereby waive their right to continuation of coverage. (i) This section shall not be applicable to healthcare plans in which the employer is self-insured. Acts 1985, No. 814, §§ 1-10; 1985, No. 853, §§ 1-10; A.S.A. 1947, §§ 66-3721 -- 66-3730; Acts 1987, No. 456, § 18; 2001, No. 1063, § 14.

(a) Every group accident and health insurance policy, contract, or certificate providing hospital, surgical, or major medical coverage, other than accident only or specified disease policies, shall contain a provision that any certificate holder, member, or spouse whose coverage under the policy would otherwise terminate due to termination of employment or membership or a change in marital status may continue coverage under the policy for themselves and their eligible dependents as provided in this section.

(b) The continued coverage need not include benefits for dental care, vision services, or prescription drug expenses.

(c) (1) Continuation of coverage shall be available only to individuals who have been insured continuously under the group policy during the three-month period prior to the termination of employment membership or change in marital status. (2) Continuation of coverage shall not be available to an individual who is eligible for: (A) Federal Medicare coverage; or (B) (i) Full coverage under any other group accident and health policy or contract. (ii) This coverage must provide benefits for all preexisting conditions to be considered full coverage. (iii) Accordingly, under this subdivision (c)(2), an individual may continue his or her previous group coverage until all preexisting conditions are covered or would be covered under another group policy or contract or until termination pursuant to subsection (f) of this section or pursuant to the applicable provisions of federal law.

(1) Continuation of coverage shall be available only to individuals who have been insured continuously under the group policy during the three-month period prior to the termination of employment membership or change in marital status.

(2) Continuation of coverage shall not be available to an individual who is eligible for: (A) Federal Medicare coverage; or (B) (i) Full coverage under any other group accident and health policy or contract. (ii) This coverage must provide benefits for all preexisting conditions to be considered full coverage. (iii) Accordingly, under this subdivision (c)(2), an individual may continue his or her previous group coverage until all preexisting conditions are covered or would be covered under another group policy or contract or until termination pursuant to subsection (f) of this section or pursuant to the applicable provisions of federal law.

(A) Federal Medicare coverage; or

(B) (i) Full coverage under any other group accident and health policy or contract. (ii) This coverage must provide benefits for all preexisting conditions to be considered full coverage. (iii) Accordingly, under this subdivision (c)(2), an individual may continue his or her previous group coverage until all preexisting conditions are covered or would be covered under another group policy or contract or until termination pursuant to subsection (f) of this section or pursuant to the applicable provisions of federal law.

(i) Full coverage under any other group accident and health policy or contract.

(ii) This coverage must provide benefits for all preexisting conditions to be considered full coverage.

(iii) Accordingly, under this subdivision (c)(2), an individual may continue his or her previous group coverage until all preexisting conditions are covered or would be covered under another group policy or contract or until termination pursuant to subsection (f) of this section or pursuant to the applicable provisions of federal law.

(d) An individual who wishes to continue coverage must request continuation in writing not later than ten (10) days after the termination of employment or membership or the change in marital status.

(e) An individual who requests continuation of coverage must pay the premium required by the policyholder on a monthly basis and in advance. Payments shall be made in accordance with the group policy.

(f) Continuation of coverage shall end upon the earliest of the following dates: (1) One hundred twenty (120) days after continuation of coverage began; (2) The end of the period for which the individual made a timely contribution; (3) The contribution due date following the date the individual becomes eligible for Medicare; or (4) (A) The date on which the policy is terminated or the group withdraws from the plan. (B) However, if the group policy is replaced, continuation shall continue under the new coverage.

(1) One hundred twenty (120) days after continuation of coverage began;

(2) The end of the period for which the individual made a timely contribution;

(3) The contribution due date following the date the individual becomes eligible for Medicare; or

(4) (A) The date on which the policy is terminated or the group withdraws from the plan. (B) However, if the group policy is replaced, continuation shall continue under the new coverage.

(A) The date on which the policy is terminated or the group withdraws from the plan.

(B) However, if the group policy is replaced, continuation shall continue under the new coverage.

(g) At the termination of the continued coverage, an individual shall be offered the conversion policy under the group policy.

(h) Individuals choosing to utilize the conversion privilege under the group policy may do so and thereby waive their right to continuation of coverage.

(i) This section shall not be applicable to healthcare plans in which the employer is self-insured.

Acts 1985, No. 814, §§ 1-10; 1985, No. 853, §§ 1-10; A.S.A. 1947, §§ 66-3721 -- 66-3730; Acts 1987, No. 456, § 18; 2001, No. 1063, § 14.
Ark. Code Ann. § 23-116-102 — AR Code / Title 23 / Chapter 116 / Subchapter 1 / Section 23-116-102
Definitions
Status: in_force

As used in this chapter: (1) "Game operator" means a person who: (A) Is engaged in the business of professionally conducting paid fantasy sports games for cash prizes for members of the general public; and (B) Requires cash or a cash equivalent as an entry fee to be paid by a member of the general public who participates in a paid fantasy sports game; (2) "Game participant" means an individual who participates in a paid fantasy sports game offered by a game operator; (3) "Gross paid fantasy sports game revenues" means the amount equal to the total of all entry fees that a game operator collects from all game participants, less the total of all sums paid out as prizes to all game participants, multiplied by the location percentage for this state; (4) "Location percentage" means, for each paid fantasy sports game, the percentage rounded to the nearest tenth of a percent of the total of entry fees collected from game participants located in this state, divided by the total of entry fees collected from all game participants in paid fantasy sports games; (5) "Paid fantasy sports game" means any fantasy sports game or contest that meets the following conditions: (A) The values of all prizes and awards offered to winning game participants in public contests are established and made known to the game participants in advance of the game or contest; (B) All winning outcomes reflect the relative knowledge and skill of the game participants and are determined predominantly by accumulated statistical results of the performance of individual athletes in actual sporting events; (C) A winning outcome is not based on the score, point spread, or performance or performances of any single team or combination of teams or solely on any single performance of an individual athlete or player in any single event; (D) The statistical results of the performance of individuals under subdivision (5)(B) of this section are not based on college or high school sports or on horse racing or greyhound racing; (E) A paid fantasy sports game participant is not permitted to select an athlete through an automatic draft that does not involve any input or control by the paid fantasy sports game participant or to choose preselected teams of athletes; (F) A winning outcome is determined by accumulated statistical results of fully completed contests or events and not merely a portion of a contest or event, except that a paid fantasy sports game participant may be credited for statistical results accumulated in a suspended or shortened contest or event that has been suspended or shortened on account of weather or other natural or unforeseen event; and (G) (i) Each paid fantasy sports game participant is required to pay an entry fee to participate. (ii) Payment under subdivision (5)(G)(i) of this section shall be with cash or a cash equivalent and is not gambling for the purposes of § 5-66-101 et seq.; and (6) "Person" means any association, corporation, limited liability company, fiduciary, individual, joint stock company, joint venture, partnership, sole proprietorship, or other private legal entity. Added by Act 2017, No. 1075,§ 2, eff. 8/1/2017.

As used in this chapter:

(1) "Game operator" means a person who: (A) Is engaged in the business of professionally conducting paid fantasy sports games for cash prizes for members of the general public; and (B) Requires cash or a cash equivalent as an entry fee to be paid by a member of the general public who participates in a paid fantasy sports game;

(A) Is engaged in the business of professionally conducting paid fantasy sports games for cash prizes for members of the general public; and

(B) Requires cash or a cash equivalent as an entry fee to be paid by a member of the general public who participates in a paid fantasy sports game;

(2) "Game participant" means an individual who participates in a paid fantasy sports game offered by a game operator;

(3) "Gross paid fantasy sports game revenues" means the amount equal to the total of all entry fees that a game operator collects from all game participants, less the total of all sums paid out as prizes to all game participants, multiplied by the location percentage for this state;

(4) "Location percentage" means, for each paid fantasy sports game, the percentage rounded to the nearest tenth of a percent of the total of entry fees collected from game participants located in this state, divided by the total of entry fees collected from all game participants in paid fantasy sports games;

(5) "Paid fantasy sports game" means any fantasy sports game or contest that meets the following conditions: (A) The values of all prizes and awards offered to winning game participants in public contests are established and made known to the game participants in advance of the game or contest; (B) All winning outcomes reflect the relative knowledge and skill of the game participants and are determined predominantly by accumulated statistical results of the performance of individual athletes in actual sporting events; (C) A winning outcome is not based on the score, point spread, or performance or performances of any single team or combination of teams or solely on any single performance of an individual athlete or player in any single event; (D) The statistical results of the performance of individuals under subdivision (5)(B) of this section are not based on college or high school sports or on horse racing or greyhound racing; (E) A paid fantasy sports game participant is not permitted to select an athlete through an automatic draft that does not involve any input or control by the paid fantasy sports game participant or to choose preselected teams of athletes; (F) A winning outcome is determined by accumulated statistical results of fully completed contests or events and not merely a portion of a contest or event, except that a paid fantasy sports game participant may be credited for statistical results accumulated in a suspended or shortened contest or event that has been suspended or shortened on account of weather or other natural or unforeseen event; and (G) (i) Each paid fantasy sports game participant is required to pay an entry fee to participate. (ii) Payment under subdivision (5)(G)(i) of this section shall be with cash or a cash equivalent and is not gambling for the purposes of § 5-66-101 et seq.; and

(A) The values of all prizes and awards offered to winning game participants in public contests are established and made known to the game participants in advance of the game or contest;

(B) All winning outcomes reflect the relative knowledge and skill of the game participants and are determined predominantly by accumulated statistical results of the performance of individual athletes in actual sporting events;

(C) A winning outcome is not based on the score, point spread, or performance or performances of any single team or combination of teams or solely on any single performance of an individual athlete or player in any single event;

(D) The statistical results of the performance of individuals under subdivision (5)(B) of this section are not based on college or high school sports or on horse racing or greyhound racing;

(E) A paid fantasy sports game participant is not permitted to select an athlete through an automatic draft that does not involve any input or control by the paid fantasy sports game participant or to choose preselected teams of athletes;

(F) A winning outcome is determined by accumulated statistical results of fully completed contests or events and not merely a portion of a contest or event, except that a paid fantasy sports game participant may be credited for statistical results accumulated in a suspended or shortened contest or event that has been suspended or shortened on account of weather or other natural or unforeseen event; and

(G) (i) Each paid fantasy sports game participant is required to pay an entry fee to participate. (ii) Payment under subdivision (5)(G)(i) of this section shall be with cash or a cash equivalent and is not gambling for the purposes of § 5-66-101 et seq.; and

(i) Each paid fantasy sports game participant is required to pay an entry fee to participate.

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

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

Added by Act 2017, No. 1075,§ 2, eff. 8/1/2017.
Ark. Code Ann. § 23-42-109 — AR Code / Title 23 / Chapter 42 / Subchapter 1 / Section 23-42-109
Waiver of compliance void
Status: in_force

Any condition, stipulation, or provision binding any person acquiring any security to waive compliance with any provision of this chapter or any rule or order under this chapter is void. Acts 1959, No. 254, § 22; A.S.A. 1947, § 67-1256.

Any condition, stipulation, or provision binding any person acquiring any security to waive compliance with any provision of this chapter or any rule or order under this chapter is void.

Acts 1959, No. 254, § 22; A.S.A. 1947, § 67-1256.
Ark. Code Ann. § 23-97-313 — AR Code / Title 23 / Chapter 97 / Subchapter 3 / Section 23-97-313
Certificates
Status: in_force

A certificate issued for delivery in this state under a group long-term care insurance policy shall include: (1) A description of the principal benefits and coverage provided in the policy; (2) A statement of the principal exclusions, reductions, and limitations contained in the policy; and (3) A statement that the group master policy determines governing contractual provisions. Acts 2005, No. 1697, § 31.

A certificate issued for delivery in this state under a group long-term care insurance policy shall include:

(1) A description of the principal benefits and coverage provided in the policy;

(2) A statement of the principal exclusions, reductions, and limitations contained in the policy; and

(3) A statement that the group master policy determines governing contractual provisions.

Acts 2005, No. 1697, § 31.
Ark. Code Ann. § 23-66-610 — AR Code / Title 23 / Chapter 66 / Subchapter 6 / Section 23-66-610
Commissioner's powers - Administrative proceedings
Status: in_force

(a) The Insurance Commissioner shall have the power to examine and investigate the insurance activities of depository institutions in order to determine whether a depository institution has been or is engaged in any unfair trade practice prohibited by this subchapter. (b) The commissioner shall notify the appropriate bank regulatory agency of the commissioner's intent to examine or investigate a depository institution and advise the appropriate bank regulatory agency of the suspected violations of state law prior to commencing the examination or investigation. (c) Administrative proceedings for persons not in compliance with this subchapter shall be held in accord with the procedures of §§ 23-66-209 - 23-66-213 , subject to the following limitations or conditions: (1) (A) If the person being investigated by the commissioner under subsection (a) of this section is a depository institution, the commissioner's authority to call a hearing for suspected violations of this subchapter is limited to the depository institution's insurance underwriting, sales, solicitation, and cross-marketing activities. (B) The commissioner shall provide a copy of the notice of hearing to the appropriate bank regulatory agency when a depository institution is involved; (2) If the person being investigated by the commissioner under subsection (a) of this section is a depository institution, the commissioner shall have the power to require the depository institution to produce books, papers, records, correspondence, or other documents that the commissioner deems relevant only to the inquiry regarding the insurance activities of the depository institution; and (3) If practicable, the commissioner shall: (A) Notify the appropriate bank regulatory agency before imposing a monetary penalty on a depository institution or suspending or revoking the depository institution's insurance license; and (B) Provide to the appropriate bank regulatory agency a copy of the findings. Acts 2003, No. 1747, § 13.

(a) The Insurance Commissioner shall have the power to examine and investigate the insurance activities of depository institutions in order to determine whether a depository institution has been or is engaged in any unfair trade practice prohibited by this subchapter.

(b) The commissioner shall notify the appropriate bank regulatory agency of the commissioner's intent to examine or investigate a depository institution and advise the appropriate bank regulatory agency of the suspected violations of state law prior to commencing the examination or investigation.

(c) Administrative proceedings for persons not in compliance with this subchapter shall be held in accord with the procedures of §§ 23-66-209 - 23-66-213 , subject to the following limitations or conditions: (1) (A) If the person being investigated by the commissioner under subsection (a) of this section is a depository institution, the commissioner's authority to call a hearing for suspected violations of this subchapter is limited to the depository institution's insurance underwriting, sales, solicitation, and cross-marketing activities. (B) The commissioner shall provide a copy of the notice of hearing to the appropriate bank regulatory agency when a depository institution is involved; (2) If the person being investigated by the commissioner under subsection (a) of this section is a depository institution, the commissioner shall have the power to require the depository institution to produce books, papers, records, correspondence, or other documents that the commissioner deems relevant only to the inquiry regarding the insurance activities of the depository institution; and (3) If practicable, the commissioner shall: (A) Notify the appropriate bank regulatory agency before imposing a monetary penalty on a depository institution or suspending or revoking the depository institution's insurance license; and (B) Provide to the appropriate bank regulatory agency a copy of the findings.

(1) (A) If the person being investigated by the commissioner under subsection (a) of this section is a depository institution, the commissioner's authority to call a hearing for suspected violations of this subchapter is limited to the depository institution's insurance underwriting, sales, solicitation, and cross-marketing activities. (B) The commissioner shall provide a copy of the notice of hearing to the appropriate bank regulatory agency when a depository institution is involved;

(A) If the person being investigated by the commissioner under subsection (a) of this section is a depository institution, the commissioner's authority to call a hearing for suspected violations of this subchapter is limited to the depository institution's insurance underwriting, sales, solicitation, and cross-marketing activities.

(B) The commissioner shall provide a copy of the notice of hearing to the appropriate bank regulatory agency when a depository institution is involved;

(2) If the person being investigated by the commissioner under subsection (a) of this section is a depository institution, the commissioner shall have the power to require the depository institution to produce books, papers, records, correspondence, or other documents that the commissioner deems relevant only to the inquiry regarding the insurance activities of the depository institution; and

(3) If practicable, the commissioner shall: (A) Notify the appropriate bank regulatory agency before imposing a monetary penalty on a depository institution or suspending or revoking the depository institution's insurance license; and (B) Provide to the appropriate bank regulatory agency a copy of the findings.

(A) Notify the appropriate bank regulatory agency before imposing a monetary penalty on a depository institution or suspending or revoking the depository institution's insurance license; and

(B) Provide to the appropriate bank regulatory agency a copy of the findings.

Acts 2003, No. 1747, § 13.
Ark. Code Ann. § 23-85-109 — AR Code / Title 23 / Chapter 85 / Section 23-85-109
Reinstatement provision
Status: in_force

(a) There shall be a provision as follows: "Reinstatement: If any renewal premium is not paid within the time granted the insured for payment, a subsequent acceptance of premium by the insurer or by any agent authorized by the insurer to accept such premium, without requiring in connection therewith an application for reinstatement, shall reinstate the policy; provided, however, that if the insurer or such agent requires an application for reinstatement and issues a conditional receipt for the premium tendered, the policy will be reinstated upon approval of such application by the insurer or, lacking such approval, upon the forty-fifth day following the date of such conditional receipt unless the insurer has previously notified the insured in writing of its disapproval of such application. The reinstated policy shall cover only loss resulting from such accidental injury as may be sustained after the date of reinstatement and loss due to such sickness as may begin more than ten (10) days after such date. In all other respects, the insured and insurer shall have the same rights thereunder as they had under the policy immediately before the due date of the defaulted premium, subject to any provisions endorsed hereon or attached hereto in connection with the reinstatement. Any premium accepted in connection with a reinstatement shall be applied to a period for which premium has not been previously paid, but not to any period more than sixty (60) days prior to the date of reinstatement." (b) The last sentence of the provision set forth in subsection (a) of this section may be omitted from any policy which the insured has the right to continue in force subject to its terms by the timely payment of premiums: (1) Until at least fifty (50) years of age; or (2) In the case of a policy issued after forty-four (44) years of age, for at least five (5) years from its date of issue. Acts 1959, No. 148, § 392; A.S.A. 1947, § 66-3607.

(a) There shall be a provision as follows: "Reinstatement: If any renewal premium is not paid within the time granted the insured for payment, a subsequent acceptance of premium by the insurer or by any agent authorized by the insurer to accept such premium, without requiring in connection therewith an application for reinstatement, shall reinstate the policy; provided, however, that if the insurer or such agent requires an application for reinstatement and issues a conditional receipt for the premium tendered, the policy will be reinstated upon approval of such application by the insurer or, lacking such approval, upon the forty-fifth day following the date of such conditional receipt unless the insurer has previously notified the insured in writing of its disapproval of such application. The reinstated policy shall cover only loss resulting from such accidental injury as may be sustained after the date of reinstatement and loss due to such sickness as may begin more than ten (10) days after such date. In all other respects, the insured and insurer shall have the same rights thereunder as they had under the policy immediately before the due date of the defaulted premium, subject to any provisions endorsed hereon or attached hereto in connection with the reinstatement. Any premium accepted in connection with a reinstatement shall be applied to a period for which premium has not been previously paid, but not to any period more than sixty (60) days prior to the date of reinstatement."

"Reinstatement: If any renewal premium is not paid within the time granted the insured for payment, a subsequent acceptance of premium by the insurer or by any agent authorized by the insurer to accept such premium, without requiring in connection therewith an application for reinstatement, shall reinstate the policy; provided, however, that if the insurer or such agent requires an application for reinstatement and issues a conditional receipt for the premium tendered, the policy will be reinstated upon approval of such application by the insurer or, lacking such approval, upon the forty-fifth day following the date of such conditional receipt unless the insurer has previously notified the insured in writing of its disapproval of such application. The reinstated policy shall cover only loss resulting from such accidental injury as may be sustained after the date of reinstatement and loss due to such sickness as may begin more than ten (10) days after such date. In all other respects, the insured and insurer shall have the same rights thereunder as they had under the policy immediately before the due date of the defaulted premium, subject to any provisions endorsed hereon or attached hereto in connection with the reinstatement. Any premium accepted in connection with a reinstatement shall be applied to a period for which premium has not been previously paid, but not to any period more than sixty (60) days prior to the date of reinstatement."

(b) The last sentence of the provision set forth in subsection (a) of this section may be omitted from any policy which the insured has the right to continue in force subject to its terms by the timely payment of premiums: (1) Until at least fifty (50) years of age; or (2) In the case of a policy issued after forty-four (44) years of age, for at least five (5) years from its date of issue.

(1) Until at least fifty (50) years of age; or

(2) In the case of a policy issued after forty-four (44) years of age, for at least five (5) years from its date of issue.

Acts 1959, No. 148, § 392; A.S.A. 1947, § 66-3607.
Ark. Code Ann. § 23-55-802 — AR Code / Title 23 / Chapter 55 / Section 23-55-802
Suspension and revocation of authorized delegates
Status: in_force

(a) The commissioner may issue an order suspending or revoking the designation of an authorized delegate, if the commissioner finds that: (1) the authorized delegate violated this chapter or a rule adopted or an order issued under this chapter; (2) the authorized delegate did not cooperate with an examination or investigation by the commissioner; (3) the authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence; (4) the authorized delegate is convicted of a violation of a state or federal anti-money laundering statute; (5) the competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money services; or (6) the authorized delegate is engaging in an unsafe or unsound practice. (b) In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the commissioner may consider the size and condition of the authorized delegate's provision of money services, the magnitude of the loss, the gravity of the violation of this chapter or a rule adopted or order issued under this chapter, and the previous conduct of the authorized delegate. (c) An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate according to procedures prescribed by the commissioner. Acts 2007, No. 1595, § 1.

(a) The commissioner may issue an order suspending or revoking the designation of an authorized delegate, if the commissioner finds that: (1) the authorized delegate violated this chapter or a rule adopted or an order issued under this chapter; (2) the authorized delegate did not cooperate with an examination or investigation by the commissioner; (3) the authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence; (4) the authorized delegate is convicted of a violation of a state or federal anti-money laundering statute; (5) the competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money services; or (6) the authorized delegate is engaging in an unsafe or unsound practice.

(1) the authorized delegate violated this chapter or a rule adopted or an order issued under this chapter;

(2) the authorized delegate did not cooperate with an examination or investigation by the commissioner;

(3) the authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence;

(4) the authorized delegate is convicted of a violation of a state or federal anti-money laundering statute;

(5) the competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money services; or

(6) the authorized delegate is engaging in an unsafe or unsound practice.

(b) In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the commissioner may consider the size and condition of the authorized delegate's provision of money services, the magnitude of the loss, the gravity of the violation of this chapter or a rule adopted or order issued under this chapter, and the previous conduct of the authorized delegate.

(c) An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate according to procedures prescribed by the commissioner.

Acts 2007, No. 1595, § 1.
Ark. Code Ann. § 23-92-407 — AR Code / Title 23 / Chapter 92 / Subchapter 4 / Section 23-92-407
Fees
Status: in_force

(a) Upon filing an initial licensing statement under this subchapter, a professional employer organization shall pay an initial licensing fee of one thousand dollars ($1,000). (b) Upon each biennial renewal of a licensing statement filed under this subchapter, a professional employer organization shall pay a renewal fee of one thousand dollars ($1,000). (c) Each professional employer organization exempt from licensing under the terms of this subchapter shall pay an exemption fee in the amount of fifty dollars ($50.00) upon initial application for exemption and upon each biennial renewal of the exemption. (d) Upon the filing of each request for a change in ownership or controlling person filed under this subchapter, a professional employer organization shall pay a change-in-ownership fee of five hundred dollars ($500). (e) By rule, the Insurance Commissioner may increase, decrease, or eliminate any fee provided for in this section, but no fee provided for in this section shall ever exceed five thousand dollars ($5,000). Amended by Act 2019, No. 315,§ 2774, eff. 7/24/2019. Acts 2003, No. 1750, § 1.

(a) Upon filing an initial licensing statement under this subchapter, a professional employer organization shall pay an initial licensing fee of one thousand dollars ($1,000).

(b) Upon each biennial renewal of a licensing statement filed under this subchapter, a professional employer organization shall pay a renewal fee of one thousand dollars ($1,000).

(c) Each professional employer organization exempt from licensing under the terms of this subchapter shall pay an exemption fee in the amount of fifty dollars ($50.00) upon initial application for exemption and upon each biennial renewal of the exemption.

(d) Upon the filing of each request for a change in ownership or controlling person filed under this subchapter, a professional employer organization shall pay a change-in-ownership fee of five hundred dollars ($500).

(e) By rule, the Insurance Commissioner may increase, decrease, or eliminate any fee provided for in this section, but no fee provided for in this section shall ever exceed five thousand dollars ($5,000).

Amended by Act 2019, No. 315,§ 2774, eff. 7/24/2019.

Acts 2003, No. 1750, § 1.
Ark. Code Ann. § 23-2-429 — AR Code / Title 23 / Chapter 2 / Subchapter 4 / Section 23-2-429
Investigation, inquiry, or hearing by commissioner or examiner
Status: in_force

(a) Any investigation, inquiry, or hearing which the commission has power to undertake or hold may be undertaken or held by or before any commissioners or examiners designated for that purpose by the commission. (b) The evidence in any investigation, inquiry, or hearing may be taken by any commissioner, or commissioners, or examiners to whom the investigation, inquiry, or hearing has been assigned. (c) Every finding, opinion, and order made by a commissioner, or commissioners, or examiners, when approved or confirmed by the commission, shall be the finding, opinion, and order of the commission. Acts 1935, No. 324, § 7; Pope's Dig., § 2070; A.S.A. 1947, § 73-128.

(a) Any investigation, inquiry, or hearing which the commission has power to undertake or hold may be undertaken or held by or before any commissioners or examiners designated for that purpose by the commission.

(b) The evidence in any investigation, inquiry, or hearing may be taken by any commissioner, or commissioners, or examiners to whom the investigation, inquiry, or hearing has been assigned.

(c) Every finding, opinion, and order made by a commissioner, or commissioners, or examiners, when approved or confirmed by the commission, shall be the finding, opinion, and order of the commission.

Acts 1935, No. 324, § 7; Pope's Dig., § 2070; A.S.A. 1947, § 73-128.
Ark. Code Ann. § 23-13-210 — AR Code / Title 23 / Chapter 13 / Subchapter 2 / Section 23-13-210
Hearings before department
Status: in_force

(a) Any matter arising in the administration of this subchapter concerning which a hearing is required shall be heard by the Arkansas Department of Transportation. (b) A decision of the majority of the members of the department shall constitute its decision. (c) The department may assign or refer the matter to an employee or board of employees for hearing and written report and recommended order, and the department shall review and may determine the matter upon the record theretofore made. (d) All hearings shall be held in the office of the department except that if in the discretion of the department circumstances justify it, hearings may be held at any place in the state. (e) The members of the department, the secretary thereof, and employees designated by the department to hold hearings shall have the power to administer oaths and to issue subpoenas requiring the attendance and testimony of witnesses and the production of books, papers, tariffs, contracts, agreements, and documents and to take testimony by deposition, relating to any matter under consideration. (f) In connection with any proceedings under this subchapter in which a hearing is required, or is deemed necessary by the department, not less than ten (10) days' notice shall be afforded, except in hearings provided for in § 23-13-224 . Opportunity for intervention by interested parties in connection with any such proceeding shall be afforded. (g) (1) The department or its designated employees are authorized to confer with or hold joint hearings with any authorities of the United States or any state, or any department of the State of Arkansas, in connection with any matter arising in any proceeding under this subchapter. (2) This department is also authorized to avail itself of the cooperation, services, records, and facilities of such authorities as fully as may be necessary in the enforcement of any provision of this subchapter. Amended by Act 2017, No. 707,§ 187, eff. 8/1/2017. Acts 1955, No. 397, § 7; A.S.A. 1947, § 73-1760.

(a) Any matter arising in the administration of this subchapter concerning which a hearing is required shall be heard by the Arkansas Department of Transportation.

(b) A decision of the majority of the members of the department shall constitute its decision.

(c) The department may assign or refer the matter to an employee or board of employees for hearing and written report and recommended order, and the department shall review and may determine the matter upon the record theretofore made.

(d) All hearings shall be held in the office of the department except that if in the discretion of the department circumstances justify it, hearings may be held at any place in the state.

(e) The members of the department, the secretary thereof, and employees designated by the department to hold hearings shall have the power to administer oaths and to issue subpoenas requiring the attendance and testimony of witnesses and the production of books, papers, tariffs, contracts, agreements, and documents and to take testimony by deposition, relating to any matter under consideration.

(f) In connection with any proceedings under this subchapter in which a hearing is required, or is deemed necessary by the department, not less than ten (10) days' notice shall be afforded, except in hearings provided for in § 23-13-224 . Opportunity for intervention by interested parties in connection with any such proceeding shall be afforded.

(g) (1) The department or its designated employees are authorized to confer with or hold joint hearings with any authorities of the United States or any state, or any department of the State of Arkansas, in connection with any matter arising in any proceeding under this subchapter. (2) This department is also authorized to avail itself of the cooperation, services, records, and facilities of such authorities as fully as may be necessary in the enforcement of any provision of this subchapter.

(1) The department or its designated employees are authorized to confer with or hold joint hearings with any authorities of the United States or any state, or any department of the State of Arkansas, in connection with any matter arising in any proceeding under this subchapter.

(2) This department is also authorized to avail itself of the cooperation, services, records, and facilities of such authorities as fully as may be necessary in the enforcement of any provision of this subchapter.

Amended by Act 2017, No. 707,§ 187, eff. 8/1/2017.

Acts 1955, No. 397, § 7; A.S.A. 1947, § 73-1760.
Ark. Code Ann. § 23-72-122 — AR Code / Title 23 / Chapter 72 / Section 23-72-122
Officers and members not individually liable
Status: in_force

Officers and members of a domestic insurer shall not be individually liable for the payment of any disability or death benefit provided for in the bylaws and agreements of the insurer, but the benefit shall be payable out of the funds of the insurer and in the manner provided by its bylaws. Acts 1959, No. 148, § 577; A.S.A. 1947, § 66-4522.

Officers and members of a domestic insurer shall not be individually liable for the payment of any disability or death benefit provided for in the bylaws and agreements of the insurer, but the benefit shall be payable out of the funds of the insurer and in the manner provided by its bylaws.

Acts 1959, No. 148, § 577; A.S.A. 1947, § 66-4522.
Ark. Code Ann. § 23-11-209 — AR Code / Title 23 / Chapter 11 / Subchapter 2 / Section 23-11-209
Specific powers and liabilities
Status: in_force

Every such corporation shall possess the general powers and be subject to the general liabilities and restrictions expressed in the special powers following, that is to say: (1) To cause such examinations and surveys by their officers, agents, and servants for the proposed railroad to be made as may be necessary for the selection of the most advantageous route for the railroad and for this purpose to enter upon lands or waters of any person, but with their officers, agents, and servants subject to responsibilities for all damages which they shall do thereto; (2) To receive, hold, and take such voluntary grants and donations of real estate and other property as shall be made to the company to aid in the construction, maintenance, and accommodation of the railroad. However, real estate thus received by voluntary grant shall be held, used, and disposed of by the company only according to the terms of the grants; (3) To purchase and, by voluntary grants and donations, receive and take and, by its officers, engineers and surveyors, and agents, to enter upon and take possession of and hold and use all such lands and real estate and other property as may be necessary for the construction and maintenance of its railroad and the stations, depots, and other accommodations necessary to accomplish the object for which the corporation is created, but not until the compensation to be made therefor, as agreed upon by the parties or ascertained as hereinafter provided, is paid to the owners thereof, or deposited as hereinafter directed, unless the consent of the owner is given to enter into possession; (4) To lay out its road, not exceeding six (6) rods wide, and to construct the road, and, for the purpose of cuttings, embankments, and procurements of stone and gravel, the corporation may take as much more land, within the limits of the charter and in the manner provided hereinafter, as may be necessary for the proper construction and security of the road; (5) To construct their road upon or across any stream of water, watercourse, road, highway, railroad, or canal which the route of the road shall intersect, but the corporation shall not fill up, change, or permanently obstruct the channel of any navigable stream or other stream of water or watercourse but shall cross the stream or watercourse by bridge, trestle, or culvert and leave the stream or watercourse open so that the water may at all times flow in the natural channel. When its bridge, trestle, or culvert is constructed, the corporation shall remove from the bed of the stream or watercourse any temporary obstruction placed therein by it which will interfere with the flow of the water and shall restore the stream or watercourse, road, or highway thus intersected to its former state, or as nearly as may be and so as not to have impaired its usefulness; (6) To take, transport, carry, and convey persons and property and to receive tolls or compensation therefor; (7) To erect and maintain all necessary and convenient buildings, stations, depots, yards, passing and switching facilities, fixtures, and machinery for the accommodation and use of their passengers, freight, and business and to take, obtain, and hold the lands necessary therefor; (8) To regulate the time and manner in which passengers and property shall be transported and the tolls and compensation to be paid therefor, subject to the approval of the Arkansas Department of Transportation; (9) To borrow money, at such rate of interest as the board of directors may determine, to be applied to the acquisition or construction of their railroad and all necessary and convenient buildings, stations, depots, yards, passing and switching facilities, and fixtures, to the purchase or other acquisition of equipment for use in connection with its business, engines, cars, and other rolling stock of every description, and to the refinancing of existing indebtedness and to no other purpose; (10) To, at any time by means of subscription to the capital stock of any other railroad company or otherwise, aid the other company in the construction of its railroad, within or without the state, for the purpose of forming a connection to the other road, with the road owned by the company furnishing the aid. Any such railway company which may have built its road to the boundary line of the state may extend into the adjoining state and, for that purpose, may build or buy or lease a railroad in the adjoining state and operate the railroad and may own such real estate and other property in any adjoining state as may be convenient in operating the road, subject to approval by two-thirds (2/3) of its stockholders and the department under rules established by the department; and (11) To make donations for the public welfare or for charitable, scientific, or educational purposes. Amended by Act 2019, No. 315,§ 2407, eff. 7/24/2019. Amended by Act 2017, No. 707,§ 161, eff. 8/1/2017. Acts 1868, No. 71, § 22, p. 290; 1893, No. 150, § 1, p. 263; C. & M. Dig., §§ 3976, 8450; Pope's Dig., §§ 4978, 11024; Acts 1959, No. 30, § 15; A.S.A. 1947, § 73-309.

Every such corporation shall possess the general powers and be subject to the general liabilities and restrictions expressed in the special powers following, that is to say:

(1) To cause such examinations and surveys by their officers, agents, and servants for the proposed railroad to be made as may be necessary for the selection of the most advantageous route for the railroad and for this purpose to enter upon lands or waters of any person, but with their officers, agents, and servants subject to responsibilities for all damages which they shall do thereto;

(2) To receive, hold, and take such voluntary grants and donations of real estate and other property as shall be made to the company to aid in the construction, maintenance, and accommodation of the railroad. However, real estate thus received by voluntary grant shall be held, used, and disposed of by the company only according to the terms of the grants;

(3) To purchase and, by voluntary grants and donations, receive and take and, by its officers, engineers and surveyors, and agents, to enter upon and take possession of and hold and use all such lands and real estate and other property as may be necessary for the construction and maintenance of its railroad and the stations, depots, and other accommodations necessary to accomplish the object for which the corporation is created, but not until the compensation to be made therefor, as agreed upon by the parties or ascertained as hereinafter provided, is paid to the owners thereof, or deposited as hereinafter directed, unless the consent of the owner is given to enter into possession;

(4) To lay out its road, not exceeding six (6) rods wide, and to construct the road, and, for the purpose of cuttings, embankments, and procurements of stone and gravel, the corporation may take as much more land, within the limits of the charter and in the manner provided hereinafter, as may be necessary for the proper construction and security of the road;

(5) To construct their road upon or across any stream of water, watercourse, road, highway, railroad, or canal which the route of the road shall intersect, but the corporation shall not fill up, change, or permanently obstruct the channel of any navigable stream or other stream of water or watercourse but shall cross the stream or watercourse by bridge, trestle, or culvert and leave the stream or watercourse open so that the water may at all times flow in the natural channel. When its bridge, trestle, or culvert is constructed, the corporation shall remove from the bed of the stream or watercourse any temporary obstruction placed therein by it which will interfere with the flow of the water and shall restore the stream or watercourse, road, or highway thus intersected to its former state, or as nearly as may be and so as not to have impaired its usefulness;

(6) To take, transport, carry, and convey persons and property and to receive tolls or compensation therefor;

(7) To erect and maintain all necessary and convenient buildings, stations, depots, yards, passing and switching facilities, fixtures, and machinery for the accommodation and use of their passengers, freight, and business and to take, obtain, and hold the lands necessary therefor;

(8) To regulate the time and manner in which passengers and property shall be transported and the tolls and compensation to be paid therefor, subject to the approval of the Arkansas Department of Transportation;

(9) To borrow money, at such rate of interest as the board of directors may determine, to be applied to the acquisition or construction of their railroad and all necessary and convenient buildings, stations, depots, yards, passing and switching facilities, and fixtures, to the purchase or other acquisition of equipment for use in connection with its business, engines, cars, and other rolling stock of every description, and to the refinancing of existing indebtedness and to no other purpose;

(10) To, at any time by means of subscription to the capital stock of any other railroad company or otherwise, aid the other company in the construction of its railroad, within or without the state, for the purpose of forming a connection to the other road, with the road owned by the company furnishing the aid. Any such railway company which may have built its road to the boundary line of the state may extend into the adjoining state and, for that purpose, may build or buy or lease a railroad in the adjoining state and operate the railroad and may own such real estate and other property in any adjoining state as may be convenient in operating the road, subject to approval by two-thirds (2/3) of its stockholders and the department under rules established by the department; and

(11) To make donations for the public welfare or for charitable, scientific, or educational purposes.

Amended by Act 2019, No. 315,§ 2407, eff. 7/24/2019.

Amended by Act 2017, No. 707,§ 161, eff. 8/1/2017.

Acts 1868, No. 71, § 22, p. 290; 1893, No. 150, § 1, p. 263; C. & M. Dig., §§ 3976, 8450; Pope's Dig., §§ 4978, 11024; Acts 1959, No. 30, § 15; A.S.A. 1947, § 73-309.
Ark. Code Ann. § 23-3-316 — AR Code / Title 23 / Chapter 3 / Subchapter 3 / Section 23-3-316
Injunctions - Criminal proceedings
Status: in_force

(a) Whenever it shall appear to the Arkansas Public Service Commission, the Attorney General, or a domestic public utility which reasonably believes itself to be the object of a tender offer or attempt to obtain control as described in § 23-3-306 , that any person is engaged or about to engage in any acts or practices which constitute or will constitute a violation of the provisions of this subchapter, or of any rule or order thereunder, the commission, the Attorney General, or the domestic public utility may bring an action in Pulaski County Circuit Court to enjoin those acts or practices and to enforce compliance with this subchapter or any rule or order thereunder. Upon a proper showing being made, a temporary restraining order, preliminary injunction, or permanent injunction enjoining any such person and all others acting on behalf of or at the discretion of that person shall be granted without bond. (b) The commission, the Attorney General, and the domestic public utility shall transmit any evidence which may be available concerning those acts or practices or concerning apparent violations of this subchapter to the prosecuting attorney for Pulaski County who, in his or her discretion, may institute appropriate criminal proceedings. Amended by Act 2019, No. 315,§ 2385, eff. 7/24/2019. Acts 1985, No. 343, § 10; A.S.A. 1947, § 73-142.10.

(a) Whenever it shall appear to the Arkansas Public Service Commission, the Attorney General, or a domestic public utility which reasonably believes itself to be the object of a tender offer or attempt to obtain control as described in § 23-3-306 , that any person is engaged or about to engage in any acts or practices which constitute or will constitute a violation of the provisions of this subchapter, or of any rule or order thereunder, the commission, the Attorney General, or the domestic public utility may bring an action in Pulaski County Circuit Court to enjoin those acts or practices and to enforce compliance with this subchapter or any rule or order thereunder. Upon a proper showing being made, a temporary restraining order, preliminary injunction, or permanent injunction enjoining any such person and all others acting on behalf of or at the discretion of that person shall be granted without bond.

(b) The commission, the Attorney General, and the domestic public utility shall transmit any evidence which may be available concerning those acts or practices or concerning apparent violations of this subchapter to the prosecuting attorney for Pulaski County who, in his or her discretion, may institute appropriate criminal proceedings.

Amended by Act 2019, No. 315,§ 2385, eff. 7/24/2019.

Acts 1985, No. 343, § 10; A.S.A. 1947, § 73-142.10.
Ark. Code Ann. § 23-68-116 — AR Code / Title 23 / Chapter 68 / Section 23-68-116
Claims of nonresidents against domestic insurers
Status: in_force

(1) In a delinquency proceeding begun in this state against a domestic insurer, claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the domiciliary receiver. All such claims must be filed on or before the last date fixed for the filing of claims in the domiciliary delinquency proceedings. (2) Controverted claims belonging to claimants residing in reciprocal states may either: (a) Be proved in this state; or (b) If ancillary proceedings have been commenced in such reciprocal states, may be proved in those proceedings. In the event a claimant elects to prove his or her claim in ancillary proceedings, if notice of the claim and opportunity to appear and be heard is afforded the domiciliary receiver of this state, as provided in § 23-68-117 with respect to ancillary proceedings in this state, the final allowance of such claim by the courts in the ancillary state shall be accepted in this state as conclusive as to its amount and shall also be accepted as conclusive as to its priority, if any, against special deposits or other security located within the ancillary state. Acts 1959, No. 148, § 653; A.S.A. 1947, § 66-4816.

(1) In a delinquency proceeding begun in this state against a domestic insurer, claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the domiciliary receiver. All such claims must be filed on or before the last date fixed for the filing of claims in the domiciliary delinquency proceedings.

(2) Controverted claims belonging to claimants residing in reciprocal states may either: (a) Be proved in this state; or (b) If ancillary proceedings have been commenced in such reciprocal states, may be proved in those proceedings. In the event a claimant elects to prove his or her claim in ancillary proceedings, if notice of the claim and opportunity to appear and be heard is afforded the domiciliary receiver of this state, as provided in § 23-68-117 with respect to ancillary proceedings in this state, the final allowance of such claim by the courts in the ancillary state shall be accepted in this state as conclusive as to its amount and shall also be accepted as conclusive as to its priority, if any, against special deposits or other security located within the ancillary state.

(a) Be proved in this state; or

(b) If ancillary proceedings have been commenced in such reciprocal states, may be proved in those proceedings. In the event a claimant elects to prove his or her claim in ancillary proceedings, if notice of the claim and opportunity to appear and be heard is afforded the domiciliary receiver of this state, as provided in § 23-68-117 with respect to ancillary proceedings in this state, the final allowance of such claim by the courts in the ancillary state shall be accepted in this state as conclusive as to its amount and shall also be accepted as conclusive as to its priority, if any, against special deposits or other security located within the ancillary state.

Acts 1959, No. 148, § 653; A.S.A. 1947, § 66-4816.
Ark. Code Ann. § 23-4-411 — AR Code / Title 23 / Chapter 4 / Subchapter 4 / Section 23-4-411
Failure of commission to reach timely decision - Conditional implementation of suspended rates
Status: in_force

In the event no final rate determination has been made upon the schedule for new rates within ten (10) months after the date the schedule for new rates was filed with the Arkansas Public Service Commission, the public utility may put the suspended rate into effect for all bills rendered thereafter immediately upon the filing of a bond to be approved by the commission payable to the State of Arkansas in such amount and with sufficient security to insure prompt payment of any refunds to the persons entitled thereto, including an interest rate as determined by the commission not to exceed the maximum interest otherwise allowed by law, if the rate or rates so put into effect are finally determined to be excessive. There may be substituted for the bond other arrangements satisfactory to the commission for the protection of the parties interested. Acts 1935, No. 324, § 18; Pope's Dig., § 2081; Acts 1955, No. 31, § 1; 1975 (Extended Sess., 1976), No. 1181, § 1; 1980 (2nd Ex. Sess.), No. 4, § 1; 1981 (Ex. Sess.), No. 30, § 2; 1983, No. 911, § 1; A.S.A. 1947, § 73-217; reen. Acts 1987, No. 994, § 1.

In the event no final rate determination has been made upon the schedule for new rates within ten (10) months after the date the schedule for new rates was filed with the Arkansas Public Service Commission, the public utility may put the suspended rate into effect for all bills rendered thereafter immediately upon the filing of a bond to be approved by the commission payable to the State of Arkansas in such amount and with sufficient security to insure prompt payment of any refunds to the persons entitled thereto, including an interest rate as determined by the commission not to exceed the maximum interest otherwise allowed by law, if the rate or rates so put into effect are finally determined to be excessive. There may be substituted for the bond other arrangements satisfactory to the commission for the protection of the parties interested.

Acts 1935, No. 324, § 18; Pope's Dig., § 2081; Acts 1955, No. 31, § 1; 1975 (Extended Sess., 1976), No. 1181, § 1; 1980 (2nd Ex. Sess.), No. 4, § 1; 1981 (Ex. Sess.), No. 30, § 2; 1983, No. 911, § 1; A.S.A. 1947, § 73-217; reen. Acts 1987, No. 994, § 1.
Ark. Code Ann. § 23-49-108 — AR Code / Title 23 / Chapter 49 / Section 23-49-108
Sale of assets - Assumption of deposit liabilities by new institution
Status: in_force

(a) The receiver may, with ex parte approval of the circuit court, sell all or any part of the institution's assets to one (1) or more other state or federally chartered depository institution or to a federal deposit insurance agency in its corporate capacity. (b) The receiver may also borrow from a federal deposit insurance agency any amount necessary to facilitate the assumption of deposit liabilities by a newly chartered or existing state or federally chartered depository institution, assigning any part or all of the assets of the institution as security for the loan. Acts 1997, No. 89, § 1.

(a) The receiver may, with ex parte approval of the circuit court, sell all or any part of the institution's assets to one (1) or more other state or federally chartered depository institution or to a federal deposit insurance agency in its corporate capacity.

(b) The receiver may also borrow from a federal deposit insurance agency any amount necessary to facilitate the assumption of deposit liabilities by a newly chartered or existing state or federally chartered depository institution, assigning any part or all of the assets of the institution as security for the loan.

Acts 1997, No. 89, § 1.