Ark. Code Ann. § 23-114-102 — AR Code / Title 23 / Chapter 114 / Subchapter 1 / Section 23-114-102
Definitions
Status: in_force

As used in this chapter: (1) (A) "Authorized organization" means an organization eligible for a license to conduct games of bingo and raffles that is a nonprofit tax-exempt religious, educational, veterans, fraternal, service, civic, medical, volunteer rescue service, volunteer firefighters organization, or volunteer police organization that has been in continuing existence as a nonprofit tax-exempt organization in this state for a period of not less than five (5) years immediately prior to conducting the game of bingo or raffles. (B) A nonprofit tax-exempt instrumentality of the United States Government is a service agency for the purpose of this subdivision (1); (2) (A) "Bingo equipment" means equipment and supplies used, made, or sold for the purpose of use in bingo. (B) "Bingo equipment" includes: (i) A machine or other device from which balls or other items are withdrawn to determine the letters and numbers or other symbols to be called; (ii) A bingo face; (iii) A bingo ball; and (iv) Any other device commonly used in the direct operation of a bingo game. (C) "Bingo equipment" is not intended and shall not be construed to permit the participants to play the game through: (i) Any electronic device or machine; or (ii) A pull-tab bingo ticket. (D) "Bingo equipment" does not include: (i) A bingo game set commonly manufactured and sold as a child's game for a retail price of twenty dollars ($20.00) or less, unless the set or a part of the set is used in a game of bingo subject to regulation under this chapter; or (ii) A commonly available component part of bingo equipment such as a light bulb or fuse; (3) "Bingo face" means a disposable flat piece of paper that may be used one (1) time and that cannot be reused after the game in which the bingo face was used has ended. The bingo face is marked off into any number of squares in any arrangement of rows, with each square being designated by number, letter, or combination of numbers and letters, and with one (1) or more squares designated as a "free" space; (4) "Bingo session" means all activities incidental to the conduct of a series of games of bingo by a licensed authorized organization, beginning when the first game of bingo of a bingo session is commenced by calling the first bingo ball drawn, such session not to exceed five (5) consecutive hours during any one (1) twenty-four-hour calendar day; (5) "Charitable purpose" means a purpose described by § 23-114-504 ; (6) "Department" means the Department of Finance and Administration; (7) [Repealed.] (8) "Distributor" means a person or business entity that sells, markets, or otherwise provides bingo equipment to a licensed authorized organization; (9) (A) "Game of bingo" means a single game of the activity commonly known as "bingo" in which the participants pay a sum of money for the use of one (1) or more bingo faces. (B) "Game of bingo" includes only a game in which the winner receives a preannounced, fixed-dollar prize and in which the winner is determined by the matching of letters and numbers on a bingo face imprinted with at least twenty-four (24) numbers, with letters and numbers appearing on objects randomly drawn and announced by a caller, in contemporaneous competition among all players in the game; (10) "Gross receipts" means the total amount received from the sale of raffle tickets and the sale, rental, transfer, or use of bingo faces and entrance fees charged at premises at which games of bingo or raffles are conducted without any deduction on account of prizes paid, losses, or any other expenses whatsoever; (11) "Licensed authorized organization" means an authorized organization that holds a license to conduct games of bingo or raffles; (12) "Manufacturer" means a person or business entity that produces finished bingo equipment from raw materials, supplies, or subparts and that sells, markets, or otherwise provides such equipment to a licensed distributor; (13) "Person" means any individual, company, partnership, limited liability company, joint venture, joint agreement, association, mutual or otherwise, corporation, estate, trust, business trust, receiver, trustee, syndicate, or any other private entity; (14) "Premises" means the area subject to the direct control of and actual use by a licensed authorized organization to conduct games of bingo. "Premises" includes a location or place; (15) "Primary business office" means the Arkansas location at which all records relating to the primary purpose of a licensed authorized organization are maintained in the ordinary course of business; (16) (A) "Raffle" means the selling of tickets to win a prize awarded through a random drawing. (B) "Raffle" does not include any game played through the use of a machine or electronic device; and (17) "Responsible person" means the person or persons within a licensed authorized organization that are responsible for organizing, conducting, and otherwise administering the licensed authorized organization's raffles or bingo sessions. Amended by Act 2019, No. 391,§ 16, eff. 7/24/2019. Amended by Act 2019, No. 910,§ 3520, eff. 7/1/2019. Acts 2007, No. 388, § 1; 2009, No. 499, § 1.

As used in this chapter:

(1) (A) "Authorized organization" means an organization eligible for a license to conduct games of bingo and raffles that is a nonprofit tax-exempt religious, educational, veterans, fraternal, service, civic, medical, volunteer rescue service, volunteer firefighters organization, or volunteer police organization that has been in continuing existence as a nonprofit tax-exempt organization in this state for a period of not less than five (5) years immediately prior to conducting the game of bingo or raffles. (B) A nonprofit tax-exempt instrumentality of the United States Government is a service agency for the purpose of this subdivision (1);

(A) "Authorized organization" means an organization eligible for a license to conduct games of bingo and raffles that is a nonprofit tax-exempt religious, educational, veterans, fraternal, service, civic, medical, volunteer rescue service, volunteer firefighters organization, or volunteer police organization that has been in continuing existence as a nonprofit tax-exempt organization in this state for a period of not less than five (5) years immediately prior to conducting the game of bingo or raffles.

(B) A nonprofit tax-exempt instrumentality of the United States Government is a service agency for the purpose of this subdivision (1);

(2) (A) "Bingo equipment" means equipment and supplies used, made, or sold for the purpose of use in bingo. (B) "Bingo equipment" includes: (i) A machine or other device from which balls or other items are withdrawn to determine the letters and numbers or other symbols to be called; (ii) A bingo face; (iii) A bingo ball; and (iv) Any other device commonly used in the direct operation of a bingo game. (C) "Bingo equipment" is not intended and shall not be construed to permit the participants to play the game through: (i) Any electronic device or machine; or (ii) A pull-tab bingo ticket. (D) "Bingo equipment" does not include: (i) A bingo game set commonly manufactured and sold as a child's game for a retail price of twenty dollars ($20.00) or less, unless the set or a part of the set is used in a game of bingo subject to regulation under this chapter; or (ii) A commonly available component part of bingo equipment such as a light bulb or fuse;

(A) "Bingo equipment" means equipment and supplies used, made, or sold for the purpose of use in bingo.

(B) "Bingo equipment" includes: (i) A machine or other device from which balls or other items are withdrawn to determine the letters and numbers or other symbols to be called; (ii) A bingo face; (iii) A bingo ball; and (iv) Any other device commonly used in the direct operation of a bingo game.

(i) A machine or other device from which balls or other items are withdrawn to determine the letters and numbers or other symbols to be called;

(ii) A bingo face;

(iii) A bingo ball; and

(iv) Any other device commonly used in the direct operation of a bingo game.

(C) "Bingo equipment" is not intended and shall not be construed to permit the participants to play the game through: (i) Any electronic device or machine; or (ii) A pull-tab bingo ticket.

(i) Any electronic device or machine; or

(ii) A pull-tab bingo ticket.

(D) "Bingo equipment" does not include: (i) A bingo game set commonly manufactured and sold as a child's game for a retail price of twenty dollars ($20.00) or less, unless the set or a part of the set is used in a game of bingo subject to regulation under this chapter; or (ii) A commonly available component part of bingo equipment such as a light bulb or fuse;

(i) A bingo game set commonly manufactured and sold as a child's game for a retail price of twenty dollars ($20.00) or less, unless the set or a part of the set is used in a game of bingo subject to regulation under this chapter; or

(ii) A commonly available component part of bingo equipment such as a light bulb or fuse;

(3) "Bingo face" means a disposable flat piece of paper that may be used one (1) time and that cannot be reused after the game in which the bingo face was used has ended. The bingo face is marked off into any number of squares in any arrangement of rows, with each square being designated by number, letter, or combination of numbers and letters, and with one (1) or more squares designated as a "free" space;

(4) "Bingo session" means all activities incidental to the conduct of a series of games of bingo by a licensed authorized organization, beginning when the first game of bingo of a bingo session is commenced by calling the first bingo ball drawn, such session not to exceed five (5) consecutive hours during any one (1) twenty-four-hour calendar day;

(5) "Charitable purpose" means a purpose described by § 23-114-504 ;

(6) "Department" means the Department of Finance and Administration;

(7) [Repealed.]

(8) "Distributor" means a person or business entity that sells, markets, or otherwise provides bingo equipment to a licensed authorized organization;

(9) (A) "Game of bingo" means a single game of the activity commonly known as "bingo" in which the participants pay a sum of money for the use of one (1) or more bingo faces. (B) "Game of bingo" includes only a game in which the winner receives a preannounced, fixed-dollar prize and in which the winner is determined by the matching of letters and numbers on a bingo face imprinted with at least twenty-four (24) numbers, with letters and numbers appearing on objects randomly drawn and announced by a caller, in contemporaneous competition among all players in the game;

(A) "Game of bingo" means a single game of the activity commonly known as "bingo" in which the participants pay a sum of money for the use of one (1) or more bingo faces.

(B) "Game of bingo" includes only a game in which the winner receives a preannounced, fixed-dollar prize and in which the winner is determined by the matching of letters and numbers on a bingo face imprinted with at least twenty-four (24) numbers, with letters and numbers appearing on objects randomly drawn and announced by a caller, in contemporaneous competition among all players in the game;

(10) "Gross receipts" means the total amount received from the sale of raffle tickets and the sale, rental, transfer, or use of bingo faces and entrance fees charged at premises at which games of bingo or raffles are conducted without any deduction on account of prizes paid, losses, or any other expenses whatsoever;

(11) "Licensed authorized organization" means an authorized organization that holds a license to conduct games of bingo or raffles;

(12) "Manufacturer" means a person or business entity that produces finished bingo equipment from raw materials, supplies, or subparts and that sells, markets, or otherwise provides such equipment to a licensed distributor;

(13) "Person" means any individual, company, partnership, limited liability company, joint venture, joint agreement, association, mutual or otherwise, corporation, estate, trust, business trust, receiver, trustee, syndicate, or any other private entity;

(14) "Premises" means the area subject to the direct control of and actual use by a licensed authorized organization to conduct games of bingo. "Premises" includes a location or place;

(15) "Primary business office" means the Arkansas location at which all records relating to the primary purpose of a licensed authorized organization are maintained in the ordinary course of business;

(16) (A) "Raffle" means the selling of tickets to win a prize awarded through a random drawing. (B) "Raffle" does not include any game played through the use of a machine or electronic device; and

(A) "Raffle" means the selling of tickets to win a prize awarded through a random drawing.

(B) "Raffle" does not include any game played through the use of a machine or electronic device; and

(17) "Responsible person" means the person or persons within a licensed authorized organization that are responsible for organizing, conducting, and otherwise administering the licensed authorized organization's raffles or bingo sessions.

Amended by Act 2019, No. 391,§ 16, eff. 7/24/2019.

Amended by Act 2019, No. 910,§ 3520, eff. 7/1/2019.

Acts 2007, No. 388, § 1; 2009, No. 499, § 1.
Ark. Code Ann. § 23-102-107 — AR Code / Title 23 / Chapter 102 / Section 23-102-107
Plan of operation - Suspension of operation - Dissolution
Status: in_force

(a) (1) The Board of the Arkansas Earthquake Authority shall adopt a plan of operation pursuant to this chapter and shall submit to the Insurance Commissioner for approval the plan of operation, including the Arkansas Earthquake Authority's bylaws and operating rules and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the authority. The plan of operation shall become effective upon approval in writing by the commissioner. (2) If the board fails to submit a suitable plan of operation within one hundred eighty (180) days after the appointment of the board or at any time thereafter fails to submit suitable amendments to the plan of operation, the commissioner shall adopt and promulgate such rules as are necessary or advisable to effectuate the provisions of this section. The rules shall continue in force until modified by the commissioner or superseded by a plan of operation submitted by the board and approved by the commissioner. (b) The plan of operation shall: (1) Establish procedures for operation of the authority; (2) Create a fund under the management of the board to pay administrative costs, claims, and other expenses of the authority; (3) Develop and implement a Market Assistance Program to assist insureds in procuring residential earthquake coverage in the voluntary market; (4) Develop and implement a program to publicize the existence of the Market Assistance Program and the authority, the eligibility requirements, and procedures for enrollment, and to maintain public awareness of the Market Assistance Program and the authority; (5) Establish procedures for the handling, accounting, and auditing of assets, moneys, and claims of the authority and the Executive Director of the Arkansas Earthquake Authority or the Plan Administrator of the Arkansas Earthquake Authority; (6) Establish procedures for selecting either an executive director or a plan administrator in accordance with § 23-102-111 ; (7) Establish procedures for issuance of policies; (8) Establish procedures under which applicants and participants may have written grievances reviewed by a grievance committee appointed by the board. The grievances shall be reported to the board after completion of the review. The board shall retain all written complaints regarding the plan for at least three (3) years; (9) Establish procedures to conduct necessary analyses at reasonable intervals to appropriately evaluate the Arkansas earthquake insurance market; (10) Establish procedures and guidelines to prevent a company from transferring and causing to be transferred substantially all of its earthquake exposure to the authority unless the commissioner finds after notice and hearing that it is in the best interests of Arkansas citizens to allow such a practice; and (11) Provide for other matters as may be necessary and proper for the execution of the board's powers, duties, and obligations under this chapter. (c) If the board finds after investigation conducted pursuant to subdivision (b)(9) of this section that there is sufficient availability and competition in the marketplace, the board shall request that the commissioner hold a public hearing to determine if it is in the best interest of Arkansas citizens to suspend operation of or dissolve the Market Assistance Program or the authority. If after the hearing the commissioner determines that there is sufficient availability and competition in the voluntary earthquake market and it is in the best interest of Arkansas citizens, the commissioner may: (1) Suspend operations of the Market Assistance Program or the authority; (2) Suspend policy issuance by the authority or any other operational component of the Market Assistance Program or the authority; or (3) Dissolve the Market Assistance Program or the authority. Acts 1999, No. 1343, § 7.

(a) (1) The Board of the Arkansas Earthquake Authority shall adopt a plan of operation pursuant to this chapter and shall submit to the Insurance Commissioner for approval the plan of operation, including the Arkansas Earthquake Authority's bylaws and operating rules and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the authority. The plan of operation shall become effective upon approval in writing by the commissioner. (2) If the board fails to submit a suitable plan of operation within one hundred eighty (180) days after the appointment of the board or at any time thereafter fails to submit suitable amendments to the plan of operation, the commissioner shall adopt and promulgate such rules as are necessary or advisable to effectuate the provisions of this section. The rules shall continue in force until modified by the commissioner or superseded by a plan of operation submitted by the board and approved by the commissioner.

(1) The Board of the Arkansas Earthquake Authority shall adopt a plan of operation pursuant to this chapter and shall submit to the Insurance Commissioner for approval the plan of operation, including the Arkansas Earthquake Authority's bylaws and operating rules and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the authority. The plan of operation shall become effective upon approval in writing by the commissioner.

(2) If the board fails to submit a suitable plan of operation within one hundred eighty (180) days after the appointment of the board or at any time thereafter fails to submit suitable amendments to the plan of operation, the commissioner shall adopt and promulgate such rules as are necessary or advisable to effectuate the provisions of this section. The rules shall continue in force until modified by the commissioner or superseded by a plan of operation submitted by the board and approved by the commissioner.

(b) The plan of operation shall: (1) Establish procedures for operation of the authority; (2) Create a fund under the management of the board to pay administrative costs, claims, and other expenses of the authority; (3) Develop and implement a Market Assistance Program to assist insureds in procuring residential earthquake coverage in the voluntary market; (4) Develop and implement a program to publicize the existence of the Market Assistance Program and the authority, the eligibility requirements, and procedures for enrollment, and to maintain public awareness of the Market Assistance Program and the authority; (5) Establish procedures for the handling, accounting, and auditing of assets, moneys, and claims of the authority and the Executive Director of the Arkansas Earthquake Authority or the Plan Administrator of the Arkansas Earthquake Authority; (6) Establish procedures for selecting either an executive director or a plan administrator in accordance with § 23-102-111 ; (7) Establish procedures for issuance of policies; (8) Establish procedures under which applicants and participants may have written grievances reviewed by a grievance committee appointed by the board. The grievances shall be reported to the board after completion of the review. The board shall retain all written complaints regarding the plan for at least three (3) years; (9) Establish procedures to conduct necessary analyses at reasonable intervals to appropriately evaluate the Arkansas earthquake insurance market; (10) Establish procedures and guidelines to prevent a company from transferring and causing to be transferred substantially all of its earthquake exposure to the authority unless the commissioner finds after notice and hearing that it is in the best interests of Arkansas citizens to allow such a practice; and (11) Provide for other matters as may be necessary and proper for the execution of the board's powers, duties, and obligations under this chapter.

(1) Establish procedures for operation of the authority;

(2) Create a fund under the management of the board to pay administrative costs, claims, and other expenses of the authority;

(3) Develop and implement a Market Assistance Program to assist insureds in procuring residential earthquake coverage in the voluntary market;

(4) Develop and implement a program to publicize the existence of the Market Assistance Program and the authority, the eligibility requirements, and procedures for enrollment, and to maintain public awareness of the Market Assistance Program and the authority;

(5) Establish procedures for the handling, accounting, and auditing of assets, moneys, and claims of the authority and the Executive Director of the Arkansas Earthquake Authority or the Plan Administrator of the Arkansas Earthquake Authority;

(6) Establish procedures for selecting either an executive director or a plan administrator in accordance with § 23-102-111 ;

(7) Establish procedures for issuance of policies;

(8) Establish procedures under which applicants and participants may have written grievances reviewed by a grievance committee appointed by the board. The grievances shall be reported to the board after completion of the review. The board shall retain all written complaints regarding the plan for at least three (3) years;

(9) Establish procedures to conduct necessary analyses at reasonable intervals to appropriately evaluate the Arkansas earthquake insurance market;

(10) Establish procedures and guidelines to prevent a company from transferring and causing to be transferred substantially all of its earthquake exposure to the authority unless the commissioner finds after notice and hearing that it is in the best interests of Arkansas citizens to allow such a practice; and

(11) Provide for other matters as may be necessary and proper for the execution of the board's powers, duties, and obligations under this chapter.

(c) If the board finds after investigation conducted pursuant to subdivision (b)(9) of this section that there is sufficient availability and competition in the marketplace, the board shall request that the commissioner hold a public hearing to determine if it is in the best interest of Arkansas citizens to suspend operation of or dissolve the Market Assistance Program or the authority. If after the hearing the commissioner determines that there is sufficient availability and competition in the voluntary earthquake market and it is in the best interest of Arkansas citizens, the commissioner may: (1) Suspend operations of the Market Assistance Program or the authority; (2) Suspend policy issuance by the authority or any other operational component of the Market Assistance Program or the authority; or (3) Dissolve the Market Assistance Program or the authority.

(1) Suspend operations of the Market Assistance Program or the authority;

(2) Suspend policy issuance by the authority or any other operational component of the Market Assistance Program or the authority; or

(3) Dissolve the Market Assistance Program or the authority.

Acts 1999, No. 1343, § 7.
Ark. Code Ann. § 23-64-614 — AR Code / Title 23 / Chapter 64 / Subchapter 6 / Section 23-64-614
[See Note] Relation to other laws
Status: in_force

(a) This subchapter is amendatory to the Arkansas Insurance Code. (b) Provisions of the Arkansas Insurance Code that are not in conflict with this subchapter apply to this subchapter. (c) This subchapter and actions taken by the health insurance marketplace in this state under this subchapter do not preempt or supersede the authority of the Insurance Commissioner to regulate the business of insurance within this state. (d) Except as expressly provided to the contrary in this subchapter, a health insurer offering a qualified health plan in this state shall comply fully with all applicable health insurance laws of this state and rules adopted and orders issued by the commissioner. Amended by Act 2019, No. 315,§ 2660, eff. 7/24/2019. Added by Act 2013, No. 1439,§ 1, eff. when (1) The United States Department of Health and Human Services or other responsible federal agency or federal official notifies the Governor, the Insurance Commissioner, or other responsible state agency or state official pursuant to the federal healthcare laws established by Pub. L. No. 111-148, as amended by Pub. L. No. 111-152, and any amendments thereto, or regulations or guidance issued under those federal statutes; or (2) A health insurance marketplace is initiated and is operable in this state..

(a) This subchapter is amendatory to the Arkansas Insurance Code.

(b) Provisions of the Arkansas Insurance Code that are not in conflict with this subchapter apply to this subchapter.

(c) This subchapter and actions taken by the health insurance marketplace in this state under this subchapter do not preempt or supersede the authority of the Insurance Commissioner to regulate the business of insurance within this state.

(d) Except as expressly provided to the contrary in this subchapter, a health insurer offering a qualified health plan in this state shall comply fully with all applicable health insurance laws of this state and rules adopted and orders issued by the commissioner.

Amended by Act 2019, No. 315,§ 2660, eff. 7/24/2019.

Added by Act 2013, No. 1439,§ 1, eff. when (1) The United States Department of Health and Human Services or other responsible federal agency or federal official notifies the Governor, the Insurance Commissioner, or other responsible state agency or state official pursuant to the federal healthcare laws established by Pub. L. No. 111-148, as amended by Pub. L. No. 111-152, and any amendments thereto, or regulations or guidance issued under those federal statutes; or (2) A health insurance marketplace is initiated and is operable in this state..
Ark. Code Ann. § 23-16-101 — AR Code / Title 23 / Chapter 16 / Subchapter 1 / Section 23-16-101
Definitions
Status: in_force

As used in this subchapter: (1) (A) "Other carriers" means all persons, firms, and corporations, other than rail carriers as defined in this section, which were subject to regulation by the former Arkansas Transportation Commission before the enactment of Acts 1945, No. 40, together with all persons, firms, and corporations that perform similar services in Arkansas. (B) "Other carriers" includes common carriers by aircraft as defined under the Arkansas Air Commerce Act, § 23-14-101 et seq.; and (2) "Rail carrier" means all persons, firms, and corporations engaged in the business of common carrier of freight and passengers by rail in Arkansas and which are subject to regulation by the Arkansas Department of Transportation. Amended by Act 2019, No. 391,§ 2, eff. 7/24/2019. Amended by Act 2017, No. 707,§ 257, eff. 8/1/2017. Acts 1949, No. 262, § 1; A.S.A. 1947, § 73-268.

As used in this subchapter:

(1) (A) "Other carriers" means all persons, firms, and corporations, other than rail carriers as defined in this section, which were subject to regulation by the former Arkansas Transportation Commission before the enactment of Acts 1945, No. 40, together with all persons, firms, and corporations that perform similar services in Arkansas. (B) "Other carriers" includes common carriers by aircraft as defined under the Arkansas Air Commerce Act, § 23-14-101 et seq.; and

(A) "Other carriers" means all persons, firms, and corporations, other than rail carriers as defined in this section, which were subject to regulation by the former Arkansas Transportation Commission before the enactment of Acts 1945, No. 40, together with all persons, firms, and corporations that perform similar services in Arkansas.

(B) "Other carriers" includes common carriers by aircraft as defined under the Arkansas Air Commerce Act, § 23-14-101 et seq.; and

(2) "Rail carrier" means all persons, firms, and corporations engaged in the business of common carrier of freight and passengers by rail in Arkansas and which are subject to regulation by the Arkansas Department of Transportation.

Amended by Act 2019, No. 391,§ 2, eff. 7/24/2019.

Amended by Act 2017, No. 707,§ 257, eff. 8/1/2017.

Acts 1949, No. 262, § 1; A.S.A. 1947, § 73-268.
Ark. Code Ann. § 23-38-215 — AR Code / Title 23 / Chapter 38 / Subchapter 2 / Section 23-38-215
[Repealed]
Status: repealed

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013. Acts 1933, No. 54, § 4; Pope's Dig., § 1038; A.S.A. 1947, § 67-838.

Repealed by Act 2013, No. 1144,§ 4, eff. 8/16/2013.

Acts 1933, No. 54, § 4; Pope's Dig., § 1038; A.S.A. 1947, § 67-838.
Ark. Code Ann. § 23-47-306 — AR Code / Title 23 / Chapter 47 / Subchapter 3 / Section 23-47-306
Payment to minor
Status: in_force

If a bank is required or permitted to make payment pursuant to this subchapter to a minor designated as a beneficiary, payment may be made pursuant to the Arkansas Uniform Transfers to Minors Act, § 9-26-201 et seq. Acts 1997, No. 89, § 1.

If a bank is required or permitted to make payment pursuant to this subchapter to a minor designated as a beneficiary, payment may be made pursuant to the Arkansas Uniform Transfers to Minors Act, § 9-26-201 et seq.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-18-318 — AR Code / Title 23 / Chapter 18 / Subchapter 3 / Section 23-18-318
Members
Status: in_force

(a) (1) All persons proposed to be served by a corporation shall be eligible to membership in a corporation. (2) No person other than the incorporators shall be, become, or remain a member of a corporation unless the person shall use or agree to use electric energy or, as the case may be, the facilities, supplies, equipment, and services furnished by a corporation. (b) A corporation organized under this subchapter may become a member of another such corporation and may avail itself fully of the facilities and services thereof. Acts 1937, No. 342, § 12; Pope's Dig., § 2326; A.S.A. 1947, § 77-1112; Acts 1999, No. 1556, § 16.

(a) (1) All persons proposed to be served by a corporation shall be eligible to membership in a corporation. (2) No person other than the incorporators shall be, become, or remain a member of a corporation unless the person shall use or agree to use electric energy or, as the case may be, the facilities, supplies, equipment, and services furnished by a corporation.

(1) All persons proposed to be served by a corporation shall be eligible to membership in a corporation.

(2) No person other than the incorporators shall be, become, or remain a member of a corporation unless the person shall use or agree to use electric energy or, as the case may be, the facilities, supplies, equipment, and services furnished by a corporation.

(b) A corporation organized under this subchapter may become a member of another such corporation and may avail itself fully of the facilities and services thereof.

Acts 1937, No. 342, § 12; Pope's Dig., § 2326; A.S.A. 1947, § 77-1112; Acts 1999, No. 1556, § 16.
Ark. Code Ann. § 23-80-407 — AR Code / Title 23 / Chapter 80 / Subchapter 4 / Section 23-80-407
Compliance date
Status: in_force

All prescription drug information cards or other technologies, including dual-use identification cards described in § 23-80-406 , that are executed, delivered, issued, modified, extended, or renewed by a health benefit plan shall comply with the requirements of this subchapter. Acts 2001, No. 1409, § 7.

All prescription drug information cards or other technologies, including dual-use identification cards described in § 23-80-406 , that are executed, delivered, issued, modified, extended, or renewed by a health benefit plan shall comply with the requirements of this subchapter.

Acts 2001, No. 1409, § 7.
Ark. Code Ann. § 23-18-108 — AR Code / Title 23 / Chapter 18 / Subchapter 1 / Section 23-18-108
Eminent domain for transmission lines - Market value - Definition
Status: in_force

(a) As used in this section, "electric utility" means an electric utility that: (1) Is not a municipally owned utility system; (2) Is under the jurisdiction of the Arkansas Public Service Commission; (3) Primarily transmits electricity and does not generate or distribute electricity; and (4) Has not been directed or designated to construct an electric transmission facility by a regional transmission organization. (b) If an electric utility acquires land from a private property owner through eminent domain for purposes of a transmission line, then the electric utility shall compensate the private property owner at three (3) times the market value of the property taken by eminent domain. Added by Act 2015, No. 1002,§ 3, eff. 4/2/2015.

(a) As used in this section, "electric utility" means an electric utility that: (1) Is not a municipally owned utility system; (2) Is under the jurisdiction of the Arkansas Public Service Commission; (3) Primarily transmits electricity and does not generate or distribute electricity; and (4) Has not been directed or designated to construct an electric transmission facility by a regional transmission organization.

(1) Is not a municipally owned utility system;

(2) Is under the jurisdiction of the Arkansas Public Service Commission;

(3) Primarily transmits electricity and does not generate or distribute electricity; and

(4) Has not been directed or designated to construct an electric transmission facility by a regional transmission organization.

(b) If an electric utility acquires land from a private property owner through eminent domain for purposes of a transmission line, then the electric utility shall compensate the private property owner at three (3) times the market value of the property taken by eminent domain.

Added by Act 2015, No. 1002,§ 3, eff. 4/2/2015.
Ark. Code Ann. § 23-37-701 — AR Code / Title 23 / Chapter 37 / Subchapter 7 / Section 23-37-701
Conversion of state association into federal association
Status: in_force

(a) Any association subject to this chapter may convert itself into a federal savings and loan association in accordance with the provisions of Section 5 of the Home Owners' Loan Act of 1933, upon a majority vote of the members or stockholders at an annual meeting or any special meeting called to consider that action. (b) A copy of the minutes of the proceedings of the meeting of the members or stockholders,verified by the affidavit of the secretary, shall be filed in the office of the Supervisor of Savings and Loan Associations within ten (10) days after the date of the meeting. A sworn copy of the proceedings of the meeting, when so filed, shall be presumptive evidence of the holding and action of the meeting. (c) Within three (3) months after the date of the meeting, the association shall take such action, in the manner prescribed and authorized by the laws of the United States, as shall make it a federal savings and loan association. (d) (1) There shall be filed with the supervisor a copy of the charter issued to the federal savings and loan association by the Federal Home Loan Bank Board [abolished] or a certificate showing the organization of the association as a federal savings and loan association, certified by the secretary or assistant secretary of the Federal Home Loan Bank Board [abolished]. (2) A copy of the charter, or of the certificate, shall be filed by the association with the Secretary of State and with the county clerk of the county in which the home office of the association is located. (e) Upon the grant to any association of a charter by the Federal Home Loan Bank Board [abolished], the association receiving the charter shall cease to be an association incorporated under this chapter and shall no longer be subject to the supervision and control of the supervisor and the Savings and Loan Association Board [abolished]. (f) Upon the conversion of any association into a federal savings and loan association, the corporate existence of the association shall not terminate, but the federal association shall be deemed to be a continuation of the entity of the association so converted, and all property of the converted association, including its rights, titles, and interests in and to all property of whatever kind, whether real, personal, or mixed, and things in action, and every right, privilege, interest, and asset of any conceivable value or benefit then existing, or pertaining to it, or which would inure to it, shall immediately by operation of law, and without any conveyance or transfer, and without any further act or deed, remain and be vested in and continue and be the property of the federal association into which the state association has converted itself. The federal association shall have, hold, and enjoy the same, in its own right, as fully and to the same extent as the same was possessed, held, and enjoyed by the converting association. The federal association, as of the time of the taking effect of the conversion, shall continue to have and succeed to all the rights, obligations, and relations of the converting association. (g) All pending actions and other judicial proceedings to which the converting state association is a party shall not be deemed to have abated or to have been discontinued by reason of the conversion, but may be prosecuted to final judgment, order, or decree in the same manner as if the conversion into the federal association had not been made. The federal association resulting from the conversion may continue the action in its corporate name as a federal association, and any judgment, order, or decree may be rendered for or against it which might have been rendered for or against the converting state association theretofore involved in the judicial proceedings. Acts 1963, No. 227, § 50; A.S.A. 1947, § 67-1850.

(a) Any association subject to this chapter may convert itself into a federal savings and loan association in accordance with the provisions of Section 5 of the Home Owners' Loan Act of 1933, upon a majority vote of the members or stockholders at an annual meeting or any special meeting called to consider that action.

(b) A copy of the minutes of the proceedings of the meeting of the members or stockholders,verified by the affidavit of the secretary, shall be filed in the office of the Supervisor of Savings and Loan Associations within ten (10) days after the date of the meeting. A sworn copy of the proceedings of the meeting, when so filed, shall be presumptive evidence of the holding and action of the meeting.

(c) Within three (3) months after the date of the meeting, the association shall take such action, in the manner prescribed and authorized by the laws of the United States, as shall make it a federal savings and loan association.

(d) (1) There shall be filed with the supervisor a copy of the charter issued to the federal savings and loan association by the Federal Home Loan Bank Board [abolished] or a certificate showing the organization of the association as a federal savings and loan association, certified by the secretary or assistant secretary of the Federal Home Loan Bank Board [abolished]. (2) A copy of the charter, or of the certificate, shall be filed by the association with the Secretary of State and with the county clerk of the county in which the home office of the association is located.

(1) There shall be filed with the supervisor a copy of the charter issued to the federal savings and loan association by the Federal Home Loan Bank Board [abolished] or a certificate showing the organization of the association as a federal savings and loan association, certified by the secretary or assistant secretary of the Federal Home Loan Bank Board [abolished].

(2) A copy of the charter, or of the certificate, shall be filed by the association with the Secretary of State and with the county clerk of the county in which the home office of the association is located.

(e) Upon the grant to any association of a charter by the Federal Home Loan Bank Board [abolished], the association receiving the charter shall cease to be an association incorporated under this chapter and shall no longer be subject to the supervision and control of the supervisor and the Savings and Loan Association Board [abolished].

(f) Upon the conversion of any association into a federal savings and loan association, the corporate existence of the association shall not terminate, but the federal association shall be deemed to be a continuation of the entity of the association so converted, and all property of the converted association, including its rights, titles, and interests in and to all property of whatever kind, whether real, personal, or mixed, and things in action, and every right, privilege, interest, and asset of any conceivable value or benefit then existing, or pertaining to it, or which would inure to it, shall immediately by operation of law, and without any conveyance or transfer, and without any further act or deed, remain and be vested in and continue and be the property of the federal association into which the state association has converted itself. The federal association shall have, hold, and enjoy the same, in its own right, as fully and to the same extent as the same was possessed, held, and enjoyed by the converting association. The federal association, as of the time of the taking effect of the conversion, shall continue to have and succeed to all the rights, obligations, and relations of the converting association.

(g) All pending actions and other judicial proceedings to which the converting state association is a party shall not be deemed to have abated or to have been discontinued by reason of the conversion, but may be prosecuted to final judgment, order, or decree in the same manner as if the conversion into the federal association had not been made. The federal association resulting from the conversion may continue the action in its corporate name as a federal association, and any judgment, order, or decree may be rendered for or against it which might have been rendered for or against the converting state association theretofore involved in the judicial proceedings.

Acts 1963, No. 227, § 50; A.S.A. 1947, § 67-1850.
Ark. Code Ann. § 23-115-206 — AR Code / Title 23 / Chapter 115 / Subchapter 2 / Section 23-115-206
Internal controls - Annual audit
Status: in_force

(a) To ensure the financial integrity of lotteries, the Office of the Arkansas Lottery shall: (1) Establish and maintain effective internal controls over financial reporting, including the monitoring of ongoing activities, and comply with the Arkansas Constitution and applicable laws, rules, contracts, agreements, and grants; (2) (A) Establish and maintain effective internal controls to prevent and detect fraud, including without limitation a system of internal audits. (B) The Director of the Office of the Arkansas Lottery shall: (i) By July 1, 2015, approve a formal, written three-year audit plan; and (ii) Annually review the audit plan. (C) The director shall review and take action to approve or reject a recommendation from the internal auditor to amend the audit plan; (3) Include in any contract or license with a vendor or retailer for data processing services or other computer services a provision permitting Arkansas Legislative Audit to have access and authority to audit the computer systems of the vendor or retailer; (4) Notify Arkansas Legislative Audit of all known fraud or suspected fraud or all known or suspected illegal acts involving management or other employees of the office or others with whom the office contracts; (5) Inform Arkansas Legislative Audit and the Chief Fiscal Officer of the State of any known material violations of the Arkansas Constitution, applicable statutes, rules, contracts, agreements, or grants; (6) Prepare the financial statements, including the related notes to the financial statements, of the office in accordance with generally accepted accounting principles and in accordance with guidelines and timelines established by the Chief Fiscal Officer of the State to permit incorporation into the state's financial statements and to permit the audit of the state's financial statements and the office's financial statements in a timely manner; (7) Make all financial records and related information available to Arkansas Legislative Audit, including the identification of significant vendor relationships in which the vendor has the responsibility for program compliance, in accordance with §§ 10-4-416 and 10-4-424 ; (8) (A) Submit monthly reports to the Governor and the Legislative Council disclosing the following budgeted and actual information for the reporting period and cumulatively for the fiscal year: (i) Total lottery revenues; (ii) Prize disbursements; (iii) Operating expenses; (iv) Net assets; and (v) Administrative expenses. (B) The director shall submit an annual comprehensive financial report to the Governor and to the Legislative Council by placing the report on the office's website and providing notice of its availability to the Governor and to the Legislative Council. (C) (i) The annual comprehensive financial report shall comply with Governmental Accounting Standards Board Statement 34 and follow the guidelines of the Certificate of Achievement for Excellence in Financial Reporting Program of the Government Finance Officers Association. (ii) The Legislative Council shall identify the statistical data required for compliance with this subdivision (a)(8)(C). (D) The annual comprehensive financial report shall include without limitation: (i) Information concerning the director; (ii) A current organizational chart; (iii) Information on each type of lottery game offered by the Arkansas Scholarship Lottery, game promotions, or other activities related to games during the fiscal year; (iv) The annual financial audit report made to the Legislative Joint Auditing Committee; (v) A statement of revenue, expenses, and changes in net assets for each fiscal year since inception of the Arkansas Scholarship Lottery; (vi) Separate reports from each component or department of the office or the Arkansas Scholarship Lottery, including without limitation sales, marketing, retailers, gaming operations, players, and security; (vii) A fiscal year-end report on any information required to be reported by the office on a monthly basis, including without limitation: (a) Unclaimed lottery prize money under § 23-115-403 ; (b) The Scholarship Shortfall Reserve Trust Account under § 23-115-802 ; and (c) Minority-owned business and female-owned business participation under § 23-115-401 ; (viii) Information concerning the Arkansas Scholarship Lottery's industry standings or rankings; (ix) Information concerning the scholarships awarded from net lottery proceeds, including without limitation: (a) Demographic reports from the Division of Higher Education for each full semester during the fiscal year on accessibility to scholarships, award amounts for each approved institution of higher education; and (b) The division's report to the Legislative Council required by § 6-85-219 ; (x) [Repealed.] (xi) Where to find information on gambling disorder treatment and education programs; (xii) Where to find website information on rules, gaming, and frequently asked questions; and (xiii) Contact information for the Arkansas Scholarship Lottery and key employees of the office; (9) Maintain weekly or more frequent records of lottery transactions, including without limitation: (A) The distribution of tickets or shares to retailers; (B) Revenues received; (C) Claims for lottery prizes; (D) Lottery prizes paid; (E) Lottery prizes forfeited; and (F) Other financial transactions of the office; (10) (A) Submit to the cochairs of the Legislative Council by April 30 of each year the estimated annual operating budget for the office for the next fiscal year. (B) At a minimum, the estimated annual operating budget submitted for the Legislative Council's review shall: (i) Contain an estimate of the net proceeds to be available for scholarships and grants during the succeeding fiscal year; (ii) Compare the: (a) Actual revenues and expenditures for the last completed fiscal year; (b) Budgeted revenues and expenditures for the current fiscal year; and (c) Estimated revenues and expenditures for the next fiscal year; (iii) Contain an explanation of increases or decreases in revenues and expenditures shown in the estimated annual operating budget for the next fiscal year compared to the budgeted revenues and expenditures for the current fiscal year; (iv) Classify all revenues and expenditures by specific purpose instead of "miscellaneous" or "other"; (v) Contain a schedule of the total amounts of regular salaries, extra help compensation, overtime compensation, and personal services matching as defined in § 19-4-521 ; and (vi) For each position title authorized under §§ 23-115-305 - 23-115-307 , contain a schedule of the annual salary, special allowance, or grade and include: (a) The total number of persons currently employed; (b) The number of Caucasian male employees; (c) The number of Caucasian female employees; (d) The total number of Caucasian employees; (e) The number of African-American male employees; (f) The number of African-American female employees; (g) The number of other employees who are members of racial minorities; and (h) The total number of minorities currently employed; and (11) Adopt the same fiscal year as that used by state government. (b) (1) (A) Arkansas Legislative Audit shall annually audit the office. (B) Arkansas Legislative Audit may conduct an investigation or audit or prepare special reports regarding the office or related entities, scholarships, grants, vendors, retailers, or any other transactions or relationships connected or associated with the office or its operations, duties, or functions upon the approval of the Legislative Joint Auditing Committee. (2) The office shall reimburse Arkansas Legislative Audit at an hourly rate set by the Legislative Joint Auditing Committee for work performed by Arkansas Legislative Audit relating to any audit, investigation, or special report regarding the office and related entities, scholarships, grants, vendors, retailers, or other related matters. (3) (A) If the office, the General Assembly, the Legislative Council, or the Legislative Joint Auditing Committee requests additional audits or performance reviews of the fiscal affairs or operations of the office to be conducted by a private certified public accountant or other consultant, the Secretary of the Department of Finance and Administration shall select and contract with appropriate certified public accountants or consultants to provide the services. (B) The secretary shall contract for the services which shall be paid directly to the contractor by the office. (C) A copy of any report or management correspondence prepared by the certified public accountants or consultants shall be forwarded to Arkansas Legislative Audit, the secretary, and the Legislative Council. (4) This chapter does not limit the statutory authority of Arkansas Legislative Audit or the responsibilities of the office or related entities, employees, vendors, retailers, or any other individuals or entities to cooperate with Arkansas Legislative Audit or provide information or records requested by Arkansas Legislative Audit. Amended by Act 2023, No. 88,§ 4, eff. 8/1/2023. Amended by Act 2023, No. 365,§ 75, eff. 7/1/2023. Amended by Act 2023, No. 365,§ 74, eff. 7/1/2023. Amended by Act 2019, No. 910,§ 3534, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 3533, eff. 7/1/2019. Amended by Act 2015, No. 1258,§ 23, eff. 7/22/2015. Amended by Act 2015, No. 218,§ 25, eff. 2/26/2015. Acts 2009, No. 605, § 1; 2009, No. 606, § 1; 2011, No. 207, §§ 22, 23; 2011, No. 1057, §§ 1, 2.

(a) To ensure the financial integrity of lotteries, the Office of the Arkansas Lottery shall: (1) Establish and maintain effective internal controls over financial reporting, including the monitoring of ongoing activities, and comply with the Arkansas Constitution and applicable laws, rules, contracts, agreements, and grants; (2) (A) Establish and maintain effective internal controls to prevent and detect fraud, including without limitation a system of internal audits. (B) The Director of the Office of the Arkansas Lottery shall: (i) By July 1, 2015, approve a formal, written three-year audit plan; and (ii) Annually review the audit plan. (C) The director shall review and take action to approve or reject a recommendation from the internal auditor to amend the audit plan; (3) Include in any contract or license with a vendor or retailer for data processing services or other computer services a provision permitting Arkansas Legislative Audit to have access and authority to audit the computer systems of the vendor or retailer; (4) Notify Arkansas Legislative Audit of all known fraud or suspected fraud or all known or suspected illegal acts involving management or other employees of the office or others with whom the office contracts; (5) Inform Arkansas Legislative Audit and the Chief Fiscal Officer of the State of any known material violations of the Arkansas Constitution, applicable statutes, rules, contracts, agreements, or grants; (6) Prepare the financial statements, including the related notes to the financial statements, of the office in accordance with generally accepted accounting principles and in accordance with guidelines and timelines established by the Chief Fiscal Officer of the State to permit incorporation into the state's financial statements and to permit the audit of the state's financial statements and the office's financial statements in a timely manner; (7) Make all financial records and related information available to Arkansas Legislative Audit, including the identification of significant vendor relationships in which the vendor has the responsibility for program compliance, in accordance with §§ 10-4-416 and 10-4-424 ; (8) (A) Submit monthly reports to the Governor and the Legislative Council disclosing the following budgeted and actual information for the reporting period and cumulatively for the fiscal year: (i) Total lottery revenues; (ii) Prize disbursements; (iii) Operating expenses; (iv) Net assets; and (v) Administrative expenses. (B) The director shall submit an annual comprehensive financial report to the Governor and to the Legislative Council by placing the report on the office's website and providing notice of its availability to the Governor and to the Legislative Council. (C) (i) The annual comprehensive financial report shall comply with Governmental Accounting Standards Board Statement 34 and follow the guidelines of the Certificate of Achievement for Excellence in Financial Reporting Program of the Government Finance Officers Association. (ii) The Legislative Council shall identify the statistical data required for compliance with this subdivision (a)(8)(C). (D) The annual comprehensive financial report shall include without limitation: (i) Information concerning the director; (ii) A current organizational chart; (iii) Information on each type of lottery game offered by the Arkansas Scholarship Lottery, game promotions, or other activities related to games during the fiscal year; (iv) The annual financial audit report made to the Legislative Joint Auditing Committee; (v) A statement of revenue, expenses, and changes in net assets for each fiscal year since inception of the Arkansas Scholarship Lottery; (vi) Separate reports from each component or department of the office or the Arkansas Scholarship Lottery, including without limitation sales, marketing, retailers, gaming operations, players, and security; (vii) A fiscal year-end report on any information required to be reported by the office on a monthly basis, including without limitation: (a) Unclaimed lottery prize money under § 23-115-403 ; (b) The Scholarship Shortfall Reserve Trust Account under § 23-115-802 ; and (c) Minority-owned business and female-owned business participation under § 23-115-401 ; (viii) Information concerning the Arkansas Scholarship Lottery's industry standings or rankings; (ix) Information concerning the scholarships awarded from net lottery proceeds, including without limitation: (a) Demographic reports from the Division of Higher Education for each full semester during the fiscal year on accessibility to scholarships, award amounts for each approved institution of higher education; and (b) The division's report to the Legislative Council required by § 6-85-219 ; (x) [Repealed.] (xi) Where to find information on gambling disorder treatment and education programs; (xii) Where to find website information on rules, gaming, and frequently asked questions; and (xiii) Contact information for the Arkansas Scholarship Lottery and key employees of the office; (9) Maintain weekly or more frequent records of lottery transactions, including without limitation: (A) The distribution of tickets or shares to retailers; (B) Revenues received; (C) Claims for lottery prizes; (D) Lottery prizes paid; (E) Lottery prizes forfeited; and (F) Other financial transactions of the office; (10) (A) Submit to the cochairs of the Legislative Council by April 30 of each year the estimated annual operating budget for the office for the next fiscal year. (B) At a minimum, the estimated annual operating budget submitted for the Legislative Council's review shall: (i) Contain an estimate of the net proceeds to be available for scholarships and grants during the succeeding fiscal year; (ii) Compare the: (a) Actual revenues and expenditures for the last completed fiscal year; (b) Budgeted revenues and expenditures for the current fiscal year; and (c) Estimated revenues and expenditures for the next fiscal year; (iii) Contain an explanation of increases or decreases in revenues and expenditures shown in the estimated annual operating budget for the next fiscal year compared to the budgeted revenues and expenditures for the current fiscal year; (iv) Classify all revenues and expenditures by specific purpose instead of "miscellaneous" or "other"; (v) Contain a schedule of the total amounts of regular salaries, extra help compensation, overtime compensation, and personal services matching as defined in § 19-4-521 ; and (vi) For each position title authorized under §§ 23-115-305 - 23-115-307 , contain a schedule of the annual salary, special allowance, or grade and include: (a) The total number of persons currently employed; (b) The number of Caucasian male employees; (c) The number of Caucasian female employees; (d) The total number of Caucasian employees; (e) The number of African-American male employees; (f) The number of African-American female employees; (g) The number of other employees who are members of racial minorities; and (h) The total number of minorities currently employed; and (11) Adopt the same fiscal year as that used by state government.

(1) Establish and maintain effective internal controls over financial reporting, including the monitoring of ongoing activities, and comply with the Arkansas Constitution and applicable laws, rules, contracts, agreements, and grants;

(2) (A) Establish and maintain effective internal controls to prevent and detect fraud, including without limitation a system of internal audits. (B) The Director of the Office of the Arkansas Lottery shall: (i) By July 1, 2015, approve a formal, written three-year audit plan; and (ii) Annually review the audit plan. (C) The director shall review and take action to approve or reject a recommendation from the internal auditor to amend the audit plan;

(A) Establish and maintain effective internal controls to prevent and detect fraud, including without limitation a system of internal audits.

(B) The Director of the Office of the Arkansas Lottery shall: (i) By July 1, 2015, approve a formal, written three-year audit plan; and (ii) Annually review the audit plan.

(i) By July 1, 2015, approve a formal, written three-year audit plan; and

(ii) Annually review the audit plan.

(C) The director shall review and take action to approve or reject a recommendation from the internal auditor to amend the audit plan;

(3) Include in any contract or license with a vendor or retailer for data processing services or other computer services a provision permitting Arkansas Legislative Audit to have access and authority to audit the computer systems of the vendor or retailer;

(4) Notify Arkansas Legislative Audit of all known fraud or suspected fraud or all known or suspected illegal acts involving management or other employees of the office or others with whom the office contracts;

(5) Inform Arkansas Legislative Audit and the Chief Fiscal Officer of the State of any known material violations of the Arkansas Constitution, applicable statutes, rules, contracts, agreements, or grants;

(6) Prepare the financial statements, including the related notes to the financial statements, of the office in accordance with generally accepted accounting principles and in accordance with guidelines and timelines established by the Chief Fiscal Officer of the State to permit incorporation into the state's financial statements and to permit the audit of the state's financial statements and the office's financial statements in a timely manner;

(7) Make all financial records and related information available to Arkansas Legislative Audit, including the identification of significant vendor relationships in which the vendor has the responsibility for program compliance, in accordance with §§ 10-4-416 and 10-4-424 ;

(8) (A) Submit monthly reports to the Governor and the Legislative Council disclosing the following budgeted and actual information for the reporting period and cumulatively for the fiscal year: (i) Total lottery revenues; (ii) Prize disbursements; (iii) Operating expenses; (iv) Net assets; and (v) Administrative expenses. (B) The director shall submit an annual comprehensive financial report to the Governor and to the Legislative Council by placing the report on the office's website and providing notice of its availability to the Governor and to the Legislative Council. (C) (i) The annual comprehensive financial report shall comply with Governmental Accounting Standards Board Statement 34 and follow the guidelines of the Certificate of Achievement for Excellence in Financial Reporting Program of the Government Finance Officers Association. (ii) The Legislative Council shall identify the statistical data required for compliance with this subdivision (a)(8)(C). (D) The annual comprehensive financial report shall include without limitation: (i) Information concerning the director; (ii) A current organizational chart; (iii) Information on each type of lottery game offered by the Arkansas Scholarship Lottery, game promotions, or other activities related to games during the fiscal year; (iv) The annual financial audit report made to the Legislative Joint Auditing Committee; (v) A statement of revenue, expenses, and changes in net assets for each fiscal year since inception of the Arkansas Scholarship Lottery; (vi) Separate reports from each component or department of the office or the Arkansas Scholarship Lottery, including without limitation sales, marketing, retailers, gaming operations, players, and security; (vii) A fiscal year-end report on any information required to be reported by the office on a monthly basis, including without limitation: (a) Unclaimed lottery prize money under § 23-115-403 ; (b) The Scholarship Shortfall Reserve Trust Account under § 23-115-802 ; and (c) Minority-owned business and female-owned business participation under § 23-115-401 ; (viii) Information concerning the Arkansas Scholarship Lottery's industry standings or rankings; (ix) Information concerning the scholarships awarded from net lottery proceeds, including without limitation: (a) Demographic reports from the Division of Higher Education for each full semester during the fiscal year on accessibility to scholarships, award amounts for each approved institution of higher education; and (b) The division's report to the Legislative Council required by § 6-85-219 ; (x) [Repealed.] (xi) Where to find information on gambling disorder treatment and education programs; (xii) Where to find website information on rules, gaming, and frequently asked questions; and (xiii) Contact information for the Arkansas Scholarship Lottery and key employees of the office;

(A) Submit monthly reports to the Governor and the Legislative Council disclosing the following budgeted and actual information for the reporting period and cumulatively for the fiscal year: (i) Total lottery revenues; (ii) Prize disbursements; (iii) Operating expenses; (iv) Net assets; and (v) Administrative expenses.

(i) Total lottery revenues;

(ii) Prize disbursements;

(iii) Operating expenses;

(iv) Net assets; and

(v) Administrative expenses.

(B) The director shall submit an annual comprehensive financial report to the Governor and to the Legislative Council by placing the report on the office's website and providing notice of its availability to the Governor and to the Legislative Council.

(C) (i) The annual comprehensive financial report shall comply with Governmental Accounting Standards Board Statement 34 and follow the guidelines of the Certificate of Achievement for Excellence in Financial Reporting Program of the Government Finance Officers Association. (ii) The Legislative Council shall identify the statistical data required for compliance with this subdivision (a)(8)(C).

(i) The annual comprehensive financial report shall comply with Governmental Accounting Standards Board Statement 34 and follow the guidelines of the Certificate of Achievement for Excellence in Financial Reporting Program of the Government Finance Officers Association.

(ii) The Legislative Council shall identify the statistical data required for compliance with this subdivision (a)(8)(C).

(D) The annual comprehensive financial report shall include without limitation: (i) Information concerning the director; (ii) A current organizational chart; (iii) Information on each type of lottery game offered by the Arkansas Scholarship Lottery, game promotions, or other activities related to games during the fiscal year; (iv) The annual financial audit report made to the Legislative Joint Auditing Committee; (v) A statement of revenue, expenses, and changes in net assets for each fiscal year since inception of the Arkansas Scholarship Lottery; (vi) Separate reports from each component or department of the office or the Arkansas Scholarship Lottery, including without limitation sales, marketing, retailers, gaming operations, players, and security; (vii) A fiscal year-end report on any information required to be reported by the office on a monthly basis, including without limitation: (a) Unclaimed lottery prize money under § 23-115-403 ; (b) The Scholarship Shortfall Reserve Trust Account under § 23-115-802 ; and (c) Minority-owned business and female-owned business participation under § 23-115-401 ; (viii) Information concerning the Arkansas Scholarship Lottery's industry standings or rankings; (ix) Information concerning the scholarships awarded from net lottery proceeds, including without limitation: (a) Demographic reports from the Division of Higher Education for each full semester during the fiscal year on accessibility to scholarships, award amounts for each approved institution of higher education; and (b) The division's report to the Legislative Council required by § 6-85-219 ; (x) [Repealed.] (xi) Where to find information on gambling disorder treatment and education programs; (xii) Where to find website information on rules, gaming, and frequently asked questions; and (xiii) Contact information for the Arkansas Scholarship Lottery and key employees of the office;

(i) Information concerning the director;

(ii) A current organizational chart;

(iii) Information on each type of lottery game offered by the Arkansas Scholarship Lottery, game promotions, or other activities related to games during the fiscal year;

(iv) The annual financial audit report made to the Legislative Joint Auditing Committee;

(v) A statement of revenue, expenses, and changes in net assets for each fiscal year since inception of the Arkansas Scholarship Lottery;

(vi) Separate reports from each component or department of the office or the Arkansas Scholarship Lottery, including without limitation sales, marketing, retailers, gaming operations, players, and security;

(vii) A fiscal year-end report on any information required to be reported by the office on a monthly basis, including without limitation: (a) Unclaimed lottery prize money under § 23-115-403 ; (b) The Scholarship Shortfall Reserve Trust Account under § 23-115-802 ; and (c) Minority-owned business and female-owned business participation under § 23-115-401 ;

(a) Unclaimed lottery prize money under § 23-115-403 ;

(b) The Scholarship Shortfall Reserve Trust Account under § 23-115-802 ; and

(c) Minority-owned business and female-owned business participation under § 23-115-401 ;

(viii) Information concerning the Arkansas Scholarship Lottery's industry standings or rankings;

(ix) Information concerning the scholarships awarded from net lottery proceeds, including without limitation: (a) Demographic reports from the Division of Higher Education for each full semester during the fiscal year on accessibility to scholarships, award amounts for each approved institution of higher education; and (b) The division's report to the Legislative Council required by § 6-85-219 ;

(a) Demographic reports from the Division of Higher Education for each full semester during the fiscal year on accessibility to scholarships, award amounts for each approved institution of higher education; and

(b) The division's report to the Legislative Council required by § 6-85-219 ;

(x) [Repealed.]

(xi) Where to find information on gambling disorder treatment and education programs;

(xii) Where to find website information on rules, gaming, and frequently asked questions; and

(xiii) Contact information for the Arkansas Scholarship Lottery and key employees of the office;

(9) Maintain weekly or more frequent records of lottery transactions, including without limitation: (A) The distribution of tickets or shares to retailers; (B) Revenues received; (C) Claims for lottery prizes; (D) Lottery prizes paid; (E) Lottery prizes forfeited; and (F) Other financial transactions of the office;

(A) The distribution of tickets or shares to retailers;

(B) Revenues received;

(C) Claims for lottery prizes;

(D) Lottery prizes paid;

(E) Lottery prizes forfeited; and

(F) Other financial transactions of the office;

(10) (A) Submit to the cochairs of the Legislative Council by April 30 of each year the estimated annual operating budget for the office for the next fiscal year. (B) At a minimum, the estimated annual operating budget submitted for the Legislative Council's review shall: (i) Contain an estimate of the net proceeds to be available for scholarships and grants during the succeeding fiscal year; (ii) Compare the: (a) Actual revenues and expenditures for the last completed fiscal year; (b) Budgeted revenues and expenditures for the current fiscal year; and (c) Estimated revenues and expenditures for the next fiscal year; (iii) Contain an explanation of increases or decreases in revenues and expenditures shown in the estimated annual operating budget for the next fiscal year compared to the budgeted revenues and expenditures for the current fiscal year; (iv) Classify all revenues and expenditures by specific purpose instead of "miscellaneous" or "other"; (v) Contain a schedule of the total amounts of regular salaries, extra help compensation, overtime compensation, and personal services matching as defined in § 19-4-521 ; and (vi) For each position title authorized under §§ 23-115-305 - 23-115-307 , contain a schedule of the annual salary, special allowance, or grade and include: (a) The total number of persons currently employed; (b) The number of Caucasian male employees; (c) The number of Caucasian female employees; (d) The total number of Caucasian employees; (e) The number of African-American male employees; (f) The number of African-American female employees; (g) The number of other employees who are members of racial minorities; and (h) The total number of minorities currently employed; and

(A) Submit to the cochairs of the Legislative Council by April 30 of each year the estimated annual operating budget for the office for the next fiscal year.

(B) At a minimum, the estimated annual operating budget submitted for the Legislative Council's review shall: (i) Contain an estimate of the net proceeds to be available for scholarships and grants during the succeeding fiscal year; (ii) Compare the: (a) Actual revenues and expenditures for the last completed fiscal year; (b) Budgeted revenues and expenditures for the current fiscal year; and (c) Estimated revenues and expenditures for the next fiscal year; (iii) Contain an explanation of increases or decreases in revenues and expenditures shown in the estimated annual operating budget for the next fiscal year compared to the budgeted revenues and expenditures for the current fiscal year; (iv) Classify all revenues and expenditures by specific purpose instead of "miscellaneous" or "other"; (v) Contain a schedule of the total amounts of regular salaries, extra help compensation, overtime compensation, and personal services matching as defined in § 19-4-521 ; and (vi) For each position title authorized under §§ 23-115-305 - 23-115-307 , contain a schedule of the annual salary, special allowance, or grade and include: (a) The total number of persons currently employed; (b) The number of Caucasian male employees; (c) The number of Caucasian female employees; (d) The total number of Caucasian employees; (e) The number of African-American male employees; (f) The number of African-American female employees; (g) The number of other employees who are members of racial minorities; and (h) The total number of minorities currently employed; and

(i) Contain an estimate of the net proceeds to be available for scholarships and grants during the succeeding fiscal year;

(ii) Compare the: (a) Actual revenues and expenditures for the last completed fiscal year; (b) Budgeted revenues and expenditures for the current fiscal year; and (c) Estimated revenues and expenditures for the next fiscal year;

(a) Actual revenues and expenditures for the last completed fiscal year;

(b) Budgeted revenues and expenditures for the current fiscal year; and

(c) Estimated revenues and expenditures for the next fiscal year;

(iii) Contain an explanation of increases or decreases in revenues and expenditures shown in the estimated annual operating budget for the next fiscal year compared to the budgeted revenues and expenditures for the current fiscal year;

(iv) Classify all revenues and expenditures by specific purpose instead of "miscellaneous" or "other";

(v) Contain a schedule of the total amounts of regular salaries, extra help compensation, overtime compensation, and personal services matching as defined in § 19-4-521 ; and

(vi) For each position title authorized under §§ 23-115-305 - 23-115-307 , contain a schedule of the annual salary, special allowance, or grade and include: (a) The total number of persons currently employed; (b) The number of Caucasian male employees; (c) The number of Caucasian female employees; (d) The total number of Caucasian employees; (e) The number of African-American male employees; (f) The number of African-American female employees; (g) The number of other employees who are members of racial minorities; and (h) The total number of minorities currently employed; and

(a) The total number of persons currently employed;

(b) The number of Caucasian male employees;

(c) The number of Caucasian female employees;

(d) The total number of Caucasian employees;

(e) The number of African-American male employees;

(f) The number of African-American female employees;

(g) The number of other employees who are members of racial minorities; and

(h) The total number of minorities currently employed; and

(11) Adopt the same fiscal year as that used by state government.

(b) (1) (A) Arkansas Legislative Audit shall annually audit the office. (B) Arkansas Legislative Audit may conduct an investigation or audit or prepare special reports regarding the office or related entities, scholarships, grants, vendors, retailers, or any other transactions or relationships connected or associated with the office or its operations, duties, or functions upon the approval of the Legislative Joint Auditing Committee. (2) The office shall reimburse Arkansas Legislative Audit at an hourly rate set by the Legislative Joint Auditing Committee for work performed by Arkansas Legislative Audit relating to any audit, investigation, or special report regarding the office and related entities, scholarships, grants, vendors, retailers, or other related matters. (3) (A) If the office, the General Assembly, the Legislative Council, or the Legislative Joint Auditing Committee requests additional audits or performance reviews of the fiscal affairs or operations of the office to be conducted by a private certified public accountant or other consultant, the Secretary of the Department of Finance and Administration shall select and contract with appropriate certified public accountants or consultants to provide the services. (B) The secretary shall contract for the services which shall be paid directly to the contractor by the office. (C) A copy of any report or management correspondence prepared by the certified public accountants or consultants shall be forwarded to Arkansas Legislative Audit, the secretary, and the Legislative Council. (4) This chapter does not limit the statutory authority of Arkansas Legislative Audit or the responsibilities of the office or related entities, employees, vendors, retailers, or any other individuals or entities to cooperate with Arkansas Legislative Audit or provide information or records requested by Arkansas Legislative Audit.

(1) (A) Arkansas Legislative Audit shall annually audit the office. (B) Arkansas Legislative Audit may conduct an investigation or audit or prepare special reports regarding the office or related entities, scholarships, grants, vendors, retailers, or any other transactions or relationships connected or associated with the office or its operations, duties, or functions upon the approval of the Legislative Joint Auditing Committee.

(A) Arkansas Legislative Audit shall annually audit the office.

(B) Arkansas Legislative Audit may conduct an investigation or audit or prepare special reports regarding the office or related entities, scholarships, grants, vendors, retailers, or any other transactions or relationships connected or associated with the office or its operations, duties, or functions upon the approval of the Legislative Joint Auditing Committee.

(2) The office shall reimburse Arkansas Legislative Audit at an hourly rate set by the Legislative Joint Auditing Committee for work performed by Arkansas Legislative Audit relating to any audit, investigation, or special report regarding the office and related entities, scholarships, grants, vendors, retailers, or other related matters.

(3) (A) If the office, the General Assembly, the Legislative Council, or the Legislative Joint Auditing Committee requests additional audits or performance reviews of the fiscal affairs or operations of the office to be conducted by a private certified public accountant or other consultant, the Secretary of the Department of Finance and Administration shall select and contract with appropriate certified public accountants or consultants to provide the services. (B) The secretary shall contract for the services which shall be paid directly to the contractor by the office. (C) A copy of any report or management correspondence prepared by the certified public accountants or consultants shall be forwarded to Arkansas Legislative Audit, the secretary, and the Legislative Council.

(A) If the office, the General Assembly, the Legislative Council, or the Legislative Joint Auditing Committee requests additional audits or performance reviews of the fiscal affairs or operations of the office to be conducted by a private certified public accountant or other consultant, the Secretary of the Department of Finance and Administration shall select and contract with appropriate certified public accountants or consultants to provide the services.

(B) The secretary shall contract for the services which shall be paid directly to the contractor by the office.

(C) A copy of any report or management correspondence prepared by the certified public accountants or consultants shall be forwarded to Arkansas Legislative Audit, the secretary, and the Legislative Council.

(4) This chapter does not limit the statutory authority of Arkansas Legislative Audit or the responsibilities of the office or related entities, employees, vendors, retailers, or any other individuals or entities to cooperate with Arkansas Legislative Audit or provide information or records requested by Arkansas Legislative Audit.

Amended by Act 2023, No. 88,§ 4, eff. 8/1/2023.

Amended by Act 2023, No. 365,§ 75, eff. 7/1/2023.

Amended by Act 2023, No. 365,§ 74, eff. 7/1/2023.

Amended by Act 2019, No. 910,§ 3534, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 3533, eff. 7/1/2019.

Amended by Act 2015, No. 1258,§ 23, eff. 7/22/2015.

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

Acts 2009, No. 605, § 1; 2009, No. 606, § 1; 2011, No. 207, §§ 22, 23; 2011, No. 1057, §§ 1, 2.
Ark. Code Ann. § 23-61-201 — AR Code / Title 23 / Chapter 61 / Subchapter 2 / Section 23-61-201
Examination of insurers required
Status: in_force

(a) (1) The Insurance Commissioner shall examine the affairs, transactions, accounts, records, market conduct activity, and assets of each authorized insurer as often as in the commissioner's sole discretion he or she deems advisable. (2) The commissioner shall so examine each authorized insurer not less frequently than every five (5) years. (3) Examination of an alien insurer shall be limited to its insurance transactions and affairs in the United States. (4) In scheduling and determining the nature, scope, and frequency of the examinations, the commissioner shall consider such matters as the results of financial statement analyses and ratios, changes in management or ownership, actuarial opinions, reports of independent certified public accountants, and other criteria as set forth in the most current edition of the applicable examiners handbook and other standards adopted by the National Association of Insurance Commissioners and in effect when the commissioner exercises discretion to conduct an examination under subdivision (a)(1) of this section. (b) The commissioner may, in like manner, examine each insurer applying for an initial certificate of authority to transact insurance in this state. (c) In lieu of making his or her own examination of any foreign or alien insurer authorized in this state, the commissioner may, in his or her discretion, accept a full report of the last recent examination of a foreign or alien insurer as prepared by the insurance department for the company's state of domicile or port-of-entry state. After January 1, 1994, such reports may only be accepted by the commissioner if: (1) The insurance department preparing the report was at the time of the examination accredited under the National Association of Insurance Commissioners' Financial Regulation Standards and Accreditation Program; or (2) The examination was performed with the participation of one (1) or more examiners employed by such an accredited state insurance department, who, after a review of the examination work papers and report, state under oath that the examination was performed in a manner consistent with the standards and procedures required by their accredited insurance department. (d) As far as practical, the examination of a foreign or alien insurer shall be made in cooperation with the insurance supervisory officials of other states in which the insurer transacts business. Acts 1959, No. 148, § 30; A.S.A. 1947, § 66-2115; Acts 1991, No. 723, § 2; 1995, No. 1272, § 3; 1997, No. 1000, § 2; 2007, No. 496, § 1.

(a) (1) The Insurance Commissioner shall examine the affairs, transactions, accounts, records, market conduct activity, and assets of each authorized insurer as often as in the commissioner's sole discretion he or she deems advisable. (2) The commissioner shall so examine each authorized insurer not less frequently than every five (5) years. (3) Examination of an alien insurer shall be limited to its insurance transactions and affairs in the United States. (4) In scheduling and determining the nature, scope, and frequency of the examinations, the commissioner shall consider such matters as the results of financial statement analyses and ratios, changes in management or ownership, actuarial opinions, reports of independent certified public accountants, and other criteria as set forth in the most current edition of the applicable examiners handbook and other standards adopted by the National Association of Insurance Commissioners and in effect when the commissioner exercises discretion to conduct an examination under subdivision (a)(1) of this section.

(1) The Insurance Commissioner shall examine the affairs, transactions, accounts, records, market conduct activity, and assets of each authorized insurer as often as in the commissioner's sole discretion he or she deems advisable.

(2) The commissioner shall so examine each authorized insurer not less frequently than every five (5) years.

(3) Examination of an alien insurer shall be limited to its insurance transactions and affairs in the United States.

(4) In scheduling and determining the nature, scope, and frequency of the examinations, the commissioner shall consider such matters as the results of financial statement analyses and ratios, changes in management or ownership, actuarial opinions, reports of independent certified public accountants, and other criteria as set forth in the most current edition of the applicable examiners handbook and other standards adopted by the National Association of Insurance Commissioners and in effect when the commissioner exercises discretion to conduct an examination under subdivision (a)(1) of this section.

(b) The commissioner may, in like manner, examine each insurer applying for an initial certificate of authority to transact insurance in this state.

(c) In lieu of making his or her own examination of any foreign or alien insurer authorized in this state, the commissioner may, in his or her discretion, accept a full report of the last recent examination of a foreign or alien insurer as prepared by the insurance department for the company's state of domicile or port-of-entry state. After January 1, 1994, such reports may only be accepted by the commissioner if: (1) The insurance department preparing the report was at the time of the examination accredited under the National Association of Insurance Commissioners' Financial Regulation Standards and Accreditation Program; or (2) The examination was performed with the participation of one (1) or more examiners employed by such an accredited state insurance department, who, after a review of the examination work papers and report, state under oath that the examination was performed in a manner consistent with the standards and procedures required by their accredited insurance department.

(1) The insurance department preparing the report was at the time of the examination accredited under the National Association of Insurance Commissioners' Financial Regulation Standards and Accreditation Program; or

(2) The examination was performed with the participation of one (1) or more examiners employed by such an accredited state insurance department, who, after a review of the examination work papers and report, state under oath that the examination was performed in a manner consistent with the standards and procedures required by their accredited insurance department.

(d) As far as practical, the examination of a foreign or alien insurer shall be made in cooperation with the insurance supervisory officials of other states in which the insurer transacts business.

Acts 1959, No. 148, § 30; A.S.A. 1947, § 66-2115; Acts 1991, No. 723, § 2; 1995, No. 1272, § 3; 1997, No. 1000, § 2; 2007, No. 496, § 1.
Ark. Code Ann. § 23-70-110 — AR Code / Title 23 / Chapter 70 / Section 23-70-110
Attorney's bond required - Exception
Status: in_force

(a) (1) Concurrently with the filing of the declaration provided for in § 23-70-106 , the attorney of a domestic reciprocal insurer shall file with the Insurance Commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breach by the attorney of the conditions of his or her bond as set forth in subdivision (a)(2) of this section. The bond shall be executed by the attorney and by an authorized corporate surety and shall be subject to the commissioner's approval. (2) The bond shall be in the penal sum of twenty-five thousand dollars ($25,000), aggregate in form, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into his or her hands and that he or she will not withdraw nor appropriate to his or her own use from the funds of the insurer any moneys or property to which he or she is not entitled under the power of attorney. (3) The bond shall provide that it is not subject to cancellation unless thirty (30) days' advance notice in writing of cancellation is given both the attorney and the commissioner. (b) In lieu of the bond required under subsection (a) of this section, the attorney may maintain on deposit through the office of the commissioner a like amount in cash or in value of securities eligible for deposit under § 23-63-903 and subject to the same conditions as the bond. (c) Action on the attorney's bond or to recover against any deposit made in lieu of the attorney's bond may be brought at any time by one (1) or more subscribers suffering loss through a violation of its conditions, or by a receiver or liquidator of the insurer. Amounts recovered on the bond shall be deposited in and become part of the insurer's funds. The total aggregate liability of the surety shall be limited to the amount of the penalty of the bond. Acts 1959, No. 148, §§ 521-523; A.S.A. 1947, §§ 66-4312 -- 66-4314.

(a) (1) Concurrently with the filing of the declaration provided for in § 23-70-106 , the attorney of a domestic reciprocal insurer shall file with the Insurance Commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breach by the attorney of the conditions of his or her bond as set forth in subdivision (a)(2) of this section. The bond shall be executed by the attorney and by an authorized corporate surety and shall be subject to the commissioner's approval. (2) The bond shall be in the penal sum of twenty-five thousand dollars ($25,000), aggregate in form, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into his or her hands and that he or she will not withdraw nor appropriate to his or her own use from the funds of the insurer any moneys or property to which he or she is not entitled under the power of attorney. (3) The bond shall provide that it is not subject to cancellation unless thirty (30) days' advance notice in writing of cancellation is given both the attorney and the commissioner.

(1) Concurrently with the filing of the declaration provided for in § 23-70-106 , the attorney of a domestic reciprocal insurer shall file with the Insurance Commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breach by the attorney of the conditions of his or her bond as set forth in subdivision (a)(2) of this section. The bond shall be executed by the attorney and by an authorized corporate surety and shall be subject to the commissioner's approval.

(2) The bond shall be in the penal sum of twenty-five thousand dollars ($25,000), aggregate in form, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into his or her hands and that he or she will not withdraw nor appropriate to his or her own use from the funds of the insurer any moneys or property to which he or she is not entitled under the power of attorney.

(3) The bond shall provide that it is not subject to cancellation unless thirty (30) days' advance notice in writing of cancellation is given both the attorney and the commissioner.

(b) In lieu of the bond required under subsection (a) of this section, the attorney may maintain on deposit through the office of the commissioner a like amount in cash or in value of securities eligible for deposit under § 23-63-903 and subject to the same conditions as the bond.

(c) Action on the attorney's bond or to recover against any deposit made in lieu of the attorney's bond may be brought at any time by one (1) or more subscribers suffering loss through a violation of its conditions, or by a receiver or liquidator of the insurer. Amounts recovered on the bond shall be deposited in and become part of the insurer's funds. The total aggregate liability of the surety shall be limited to the amount of the penalty of the bond.

Acts 1959, No. 148, §§ 521-523; A.S.A. 1947, §§ 66-4312 -- 66-4314.
Ark. Code Ann. § 23-10-437 — AR Code / Title 23 / Chapter 10 / Subchapter 4 / Section 23-10-437
Intrastate freight - Rules
Status: in_force

(a) The Arkansas Department of Transportation is authorized and empowered, as to all freight carried wholly within this state and the cars used therefor: (1) To make and establish all needful rules, general and special, which may be different according to the circumstances and conditions of different railroads and localities and for different kinds and classes of freight and cars, providing for the time, place, and manner of demanding cars for or giving notice of shipment of such freight and the time, place, and manner and the order in which the cars shall be furnished to shippers for the purpose of shipping freight between points in this state; and (2) To prescribe rules for: (A) The furnishing, exchanging, and interchanging of cars, loaded and empty, by railroad companies as between each other; (B) The time, place, terms, and conditions upon which cars shall be furnished and interchange shall be made, and, in the absence of an agreement of such railroad companies, the reasonable compensation to be paid by each railroad company for the use, loss, injury, or destruction of the cars of another railroad company in the transportation of freight; (C) The time within which and the manner by which railroad companies shall give notice or make demand upon each other for cars to be furnished by one railroad company in exchange for loaded cars or to have its cars returned, the reasonable free time to be allowed the shipper for the loading of cars without incurring liability for demurrage, and the free time which shall be allowed to the shipper or consignee in which to unload freight without incurring any liability for demurrage; and (D) A schedule of reasonable demurrage charges, reciprocal or otherwise, for the use of cars, irrespective of damages or penalties provided in this subchapter, which may be different for different railroads and different traffic and localities to be paid by shippers for the detention or use of cars, either in loading or unloading or paid by the railroads for failing in a reasonable time to furnish cars or to make delivery of loaded cars, subject to the penalties and damages provided in §§ 23-10-432 - 23-10-436 and the rules with respect thereto. (b) The department, whenever it may deem it necessary in order to secure the prompt transportation of freight and preservation of property, shall be authorized to prescribe the minimum speed at which freight shall be moved when being transported between points within this state, including the time for transfer and delivery between connecting railroads. (c) It shall be the duty of every such railroad to conform to all the rules and orders of the department made in accordance with this section. The failure of any such railroad company to observe the rules of the department, or to comply with the provisions of this section and §§ 23-10-401 , 23-10-432 - 23-10-436 , and 23-12-605 as to freight carried wholly within this state, shall be deemed an abuse subject to correction by the department and shall subject the railroad company to the penalties provided in §§ 23-10-432 - 23-10-436 . Amended by Act 2019, No. 315,§ 2406, eff. 7/24/2019. Amended by Act 2017, No. 707,§ 152, eff. 8/1/2017. Acts 1909, No. 277, § 1, p. 814; C. & M. Dig., § 1650; Pope's Dig., § 1971; A.S.A. 1947, § 73-1305.

(a) The Arkansas Department of Transportation is authorized and empowered, as to all freight carried wholly within this state and the cars used therefor: (1) To make and establish all needful rules, general and special, which may be different according to the circumstances and conditions of different railroads and localities and for different kinds and classes of freight and cars, providing for the time, place, and manner of demanding cars for or giving notice of shipment of such freight and the time, place, and manner and the order in which the cars shall be furnished to shippers for the purpose of shipping freight between points in this state; and (2) To prescribe rules for: (A) The furnishing, exchanging, and interchanging of cars, loaded and empty, by railroad companies as between each other; (B) The time, place, terms, and conditions upon which cars shall be furnished and interchange shall be made, and, in the absence of an agreement of such railroad companies, the reasonable compensation to be paid by each railroad company for the use, loss, injury, or destruction of the cars of another railroad company in the transportation of freight; (C) The time within which and the manner by which railroad companies shall give notice or make demand upon each other for cars to be furnished by one railroad company in exchange for loaded cars or to have its cars returned, the reasonable free time to be allowed the shipper for the loading of cars without incurring liability for demurrage, and the free time which shall be allowed to the shipper or consignee in which to unload freight without incurring any liability for demurrage; and (D) A schedule of reasonable demurrage charges, reciprocal or otherwise, for the use of cars, irrespective of damages or penalties provided in this subchapter, which may be different for different railroads and different traffic and localities to be paid by shippers for the detention or use of cars, either in loading or unloading or paid by the railroads for failing in a reasonable time to furnish cars or to make delivery of loaded cars, subject to the penalties and damages provided in §§ 23-10-432 - 23-10-436 and the rules with respect thereto.

(1) To make and establish all needful rules, general and special, which may be different according to the circumstances and conditions of different railroads and localities and for different kinds and classes of freight and cars, providing for the time, place, and manner of demanding cars for or giving notice of shipment of such freight and the time, place, and manner and the order in which the cars shall be furnished to shippers for the purpose of shipping freight between points in this state; and

(2) To prescribe rules for: (A) The furnishing, exchanging, and interchanging of cars, loaded and empty, by railroad companies as between each other; (B) The time, place, terms, and conditions upon which cars shall be furnished and interchange shall be made, and, in the absence of an agreement of such railroad companies, the reasonable compensation to be paid by each railroad company for the use, loss, injury, or destruction of the cars of another railroad company in the transportation of freight; (C) The time within which and the manner by which railroad companies shall give notice or make demand upon each other for cars to be furnished by one railroad company in exchange for loaded cars or to have its cars returned, the reasonable free time to be allowed the shipper for the loading of cars without incurring liability for demurrage, and the free time which shall be allowed to the shipper or consignee in which to unload freight without incurring any liability for demurrage; and (D) A schedule of reasonable demurrage charges, reciprocal or otherwise, for the use of cars, irrespective of damages or penalties provided in this subchapter, which may be different for different railroads and different traffic and localities to be paid by shippers for the detention or use of cars, either in loading or unloading or paid by the railroads for failing in a reasonable time to furnish cars or to make delivery of loaded cars, subject to the penalties and damages provided in §§ 23-10-432 - 23-10-436 and the rules with respect thereto.

(A) The furnishing, exchanging, and interchanging of cars, loaded and empty, by railroad companies as between each other;

(B) The time, place, terms, and conditions upon which cars shall be furnished and interchange shall be made, and, in the absence of an agreement of such railroad companies, the reasonable compensation to be paid by each railroad company for the use, loss, injury, or destruction of the cars of another railroad company in the transportation of freight;

(C) The time within which and the manner by which railroad companies shall give notice or make demand upon each other for cars to be furnished by one railroad company in exchange for loaded cars or to have its cars returned, the reasonable free time to be allowed the shipper for the loading of cars without incurring liability for demurrage, and the free time which shall be allowed to the shipper or consignee in which to unload freight without incurring any liability for demurrage; and

(D) A schedule of reasonable demurrage charges, reciprocal or otherwise, for the use of cars, irrespective of damages or penalties provided in this subchapter, which may be different for different railroads and different traffic and localities to be paid by shippers for the detention or use of cars, either in loading or unloading or paid by the railroads for failing in a reasonable time to furnish cars or to make delivery of loaded cars, subject to the penalties and damages provided in §§ 23-10-432 - 23-10-436 and the rules with respect thereto.

(b) The department, whenever it may deem it necessary in order to secure the prompt transportation of freight and preservation of property, shall be authorized to prescribe the minimum speed at which freight shall be moved when being transported between points within this state, including the time for transfer and delivery between connecting railroads.

(c) It shall be the duty of every such railroad to conform to all the rules and orders of the department made in accordance with this section. The failure of any such railroad company to observe the rules of the department, or to comply with the provisions of this section and §§ 23-10-401 , 23-10-432 - 23-10-436 , and 23-12-605 as to freight carried wholly within this state, shall be deemed an abuse subject to correction by the department and shall subject the railroad company to the penalties provided in §§ 23-10-432 - 23-10-436 .

Amended by Act 2019, No. 315,§ 2406, eff. 7/24/2019.

Amended by Act 2017, No. 707,§ 152, eff. 8/1/2017.

Acts 1909, No. 277, § 1, p. 814; C. & M. Dig., § 1650; Pope's Dig., § 1971; A.S.A. 1947, § 73-1305.
Ark. Code Ann. § 23-99-1401 — AR Code / Title 23 / Chapter 99 / Subchapter 14 / Section 23-99-1401
Title
Status: in_force

This subchapter shall be known and may be cited as the "Temporary Hospital Facility Act". Added by Act 2021, No. 723,§ 1, eff. 7/28/2021.

This subchapter shall be known and may be cited as the "Temporary Hospital Facility Act".

Added by Act 2021, No. 723,§ 1, eff. 7/28/2021.
Ark. Code Ann. § 23-51-111 — AR Code / Title 23 / Chapter 51 / Section 23-51-111
Application of laws relating to general business corporations
Status: in_force

(a) The Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., applies to a trust company to the extent not inconsistent with this chapter or the proper business of a trust company, except that any reference to the Secretary of State means the Bank Commissioner unless the context requires otherwise. (b) Unless expressly authorized by this chapter or a rule of the commissioner, a trust company may not take an action authorized by the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., regarding its corporate status, capital structure, or a matter of corporate governance, of the type for which the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., would require a filing with the Secretary of State if the trust company were a business corporation, without first submitting the filing to the commissioner for the same purposes for which it otherwise would be required to be submitted to the Secretary of State and compliance with the applicable provisions of this chapter. (c) The commissioner may adopt rules to limit or refine the applicability of subsection (a) of this section to a trust company or to alter or supplement the procedures and requirements of the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., applicable to an action taken under this chapter. Amended by Act 2019, No. 315,§ 2569, eff. 7/24/2019. Acts 1997, No. 940, § 11.

(a) The Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., applies to a trust company to the extent not inconsistent with this chapter or the proper business of a trust company, except that any reference to the Secretary of State means the Bank Commissioner unless the context requires otherwise.

(b) Unless expressly authorized by this chapter or a rule of the commissioner, a trust company may not take an action authorized by the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., regarding its corporate status, capital structure, or a matter of corporate governance, of the type for which the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., would require a filing with the Secretary of State if the trust company were a business corporation, without first submitting the filing to the commissioner for the same purposes for which it otherwise would be required to be submitted to the Secretary of State and compliance with the applicable provisions of this chapter.

(c) The commissioner may adopt rules to limit or refine the applicability of subsection (a) of this section to a trust company or to alter or supplement the procedures and requirements of the Arkansas Business Corporation Act of 1987, § 4-27-101 et seq., applicable to an action taken under this chapter.

Amended by Act 2019, No. 315,§ 2569, eff. 7/24/2019.

Acts 1997, No. 940, § 11.
Ark. Code Ann. § 23-12-907 — AR Code / Title 23 / Chapter 12 / Subchapter 9 / Section 23-12-907
Duty of persons running trains to keep lookout - Contributory negligence no bar to recovery of damages
Status: in_force

(a) (1) It shall be the duty of all persons running trains in this state upon any railroad to keep a constant lookout for all persons, including licensees and trespassers, and property upon the track of any and all railroads. (2) If any person or property is killed or injured by the neglect of any employee of any railroad to keep a lookout, the company owning or operating any railroad or its agents, servants, and employees shall be liable and responsible to the person injured for all damages resulting from neglect to keep a lookout. (b) (1) In any action brought for failure to keep a lookout, contributory negligence shall not bar recovery of damages for any injury, property damage, or death where the negligence of the person injured or killed is of a lesser degree than the negligence of the employee or employees in charge of the train of the company. (2) In all such actions accruing for negligence resulting in personal injuries or wrongful death or injury to property, the contributory negligence shall not prevent a recovery where any negligence of the person so injured, damaged, or killed is of a lesser degree than any negligence of the person, firm, or corporation causing the damage. However, where contributory negligence is shown on the part of the person injured, damaged, or killed, the amount of the recovery shall be diminished in proportion to such contributory negligence. (c) The legislative intent of this section is to place railroads upon a parity with all other persons, firms, and corporations in the matter of contributory negligence. Acts 1891, No. 125, § 1; 1911, No. 284, § 1; C. & M. Dig., § 8568; Pope's Dig., § 11144; repealed by Acts 1961, No. 170, § 4; reen. 1961 (1st Ex. Sess.), No. 62, §§ 1, 3; A.S.A. 1947, §§ 73-1002, 73-1002n.

(a) (1) It shall be the duty of all persons running trains in this state upon any railroad to keep a constant lookout for all persons, including licensees and trespassers, and property upon the track of any and all railroads. (2) If any person or property is killed or injured by the neglect of any employee of any railroad to keep a lookout, the company owning or operating any railroad or its agents, servants, and employees shall be liable and responsible to the person injured for all damages resulting from neglect to keep a lookout.

(1) It shall be the duty of all persons running trains in this state upon any railroad to keep a constant lookout for all persons, including licensees and trespassers, and property upon the track of any and all railroads.

(2) If any person or property is killed or injured by the neglect of any employee of any railroad to keep a lookout, the company owning or operating any railroad or its agents, servants, and employees shall be liable and responsible to the person injured for all damages resulting from neglect to keep a lookout.

(b) (1) In any action brought for failure to keep a lookout, contributory negligence shall not bar recovery of damages for any injury, property damage, or death where the negligence of the person injured or killed is of a lesser degree than the negligence of the employee or employees in charge of the train of the company. (2) In all such actions accruing for negligence resulting in personal injuries or wrongful death or injury to property, the contributory negligence shall not prevent a recovery where any negligence of the person so injured, damaged, or killed is of a lesser degree than any negligence of the person, firm, or corporation causing the damage. However, where contributory negligence is shown on the part of the person injured, damaged, or killed, the amount of the recovery shall be diminished in proportion to such contributory negligence.

(1) In any action brought for failure to keep a lookout, contributory negligence shall not bar recovery of damages for any injury, property damage, or death where the negligence of the person injured or killed is of a lesser degree than the negligence of the employee or employees in charge of the train of the company.

(2) In all such actions accruing for negligence resulting in personal injuries or wrongful death or injury to property, the contributory negligence shall not prevent a recovery where any negligence of the person so injured, damaged, or killed is of a lesser degree than any negligence of the person, firm, or corporation causing the damage. However, where contributory negligence is shown on the part of the person injured, damaged, or killed, the amount of the recovery shall be diminished in proportion to such contributory negligence.

(c) The legislative intent of this section is to place railroads upon a parity with all other persons, firms, and corporations in the matter of contributory negligence.

Acts 1891, No. 125, § 1; 1911, No. 284, § 1; C. & M. Dig., § 8568; Pope's Dig., § 11144; repealed by Acts 1961, No. 170, § 4; reen. 1961 (1st Ex. Sess.), No. 62, §§ 1, 3; A.S.A. 1947, §§ 73-1002, 73-1002n.
Ark. Code Ann. § 23-13-251 — AR Code / Title 23 / Chapter 13 / Subchapter 2 / Section 23-13-251
Collection of rates and charges
Status: in_force

(a) A common carrier by motor vehicle shall not deliver or relinquish possession at destination of any freight transported by it until all tariff rates and charges thereon have been paid except under such rules as the Arkansas Department of Transportation from time to time may prescribe to govern the settlement of all such rates and charges, including rules for weekly or monthly settlement and those to prevent unjust discrimination or undue preference or prejudice. (b) However, the provisions of this section shall not be construed to prohibit any such carrier from extending credit in connection with rates and charges on freight transported to the United States, for any department, bureau, or agency thereof, for any state or territory, or political subdivision thereof, or for the District of Columbia. Amended by Act 2019, No. 315,§ 2445, eff. 7/24/2019. Amended by Act 2017, No. 707,§ 220, eff. 8/1/2017. Acts 1955, No. 397, § 23; A.S.A. 1947, § 73-1776.

(a) A common carrier by motor vehicle shall not deliver or relinquish possession at destination of any freight transported by it until all tariff rates and charges thereon have been paid except under such rules as the Arkansas Department of Transportation from time to time may prescribe to govern the settlement of all such rates and charges, including rules for weekly or monthly settlement and those to prevent unjust discrimination or undue preference or prejudice.

(b) However, the provisions of this section shall not be construed to prohibit any such carrier from extending credit in connection with rates and charges on freight transported to the United States, for any department, bureau, or agency thereof, for any state or territory, or political subdivision thereof, or for the District of Columbia.

Amended by Act 2019, No. 315,§ 2445, eff. 7/24/2019.

Amended by Act 2017, No. 707,§ 220, eff. 8/1/2017.

Acts 1955, No. 397, § 23; A.S.A. 1947, § 73-1776.
Ark. Code Ann. § 23-99-414 — AR Code / Title 23 / Chapter 99 / Subchapter 4 / Section 23-99-414
Rules
Status: in_force

The Insurance Commissioner may promulgate necessary rules for carrying out this subchapter. Amended by Act 2019, No. 315,§ 2802, eff. 7/24/2019. Acts 1997, No. 1196, § 14.

The Insurance Commissioner may promulgate necessary rules for carrying out this subchapter.

Amended by Act 2019, No. 315,§ 2802, eff. 7/24/2019.

Acts 1997, No. 1196, § 14.
Ark. Code Ann. § 23-66-215 — AR Code / Title 23 / Chapter 66 / Subchapter 2 / Section 23-66-215
Penalty for late payment of claims by health carriers - Definitions
Status: in_force

(a) (1) A health carrier shall pay a penalty of twelve percent (12%) per annum for late payment of claims under a health insurance contract pursuant to rules promulgated by the Insurance Commissioner, without necessity for demand for payment by a claimant. (2) Hiring a third-party administrator or other person to process claims shall not relieve a health carrier of its obligation to pay this penalty. (b) For purposes of this section: (1) "Claimant" means a person insured or covered by a health carrier, a provider holding a valid assignment from a person insured or covered by a health carrier, or a provider contracted with a health carrier, who is claiming a benefit under a health insurance contract; (2) (A) "Health carrier" means a health maintenance organization, hospital medical service corporation, or a disability insurance company. (B) "Health carrier" includes a self-insured governmental or church plan and third-party administrators that administer or adjust disability benefits for a disability insurer, hospital medical service corporation, health maintenance organization, self-insured governmental plan, or self-insured church plan. (C) "Health carrier" does not include: (i) An automobile insurer paying medical or hospital benefits under § 23-89-202(1) or a self-insured employer health benefits plan; or (ii) Any person, company, or organization licensed or registered to issue or who issues any insurance policy or insurance contract in this state as described in §§ 23-62-102 and 23-62-104 - 23-62-107 providing medical or hospital benefits for accidental injury or disability; and (3) (A) "Health insurance contract" means a disability insurance policy, a hospital medical service corporation contract, a health maintenance organization contract, or a plan document issued or provided by a health carrier. (B) "Health insurance contract" does not include a disability income insurance policy, a long-term care contract, a hospital indemnity contract, an accident-only contract, or any other form of disability insurance policy that provides a benefit as a result of a sickness or accident that does not directly cover expenses related to healthcare treatment. Amended by Act 2019, No. 315,§ 2664, eff. 7/24/2019. Acts 2001, No. 1454, § 1.

(a) (1) A health carrier shall pay a penalty of twelve percent (12%) per annum for late payment of claims under a health insurance contract pursuant to rules promulgated by the Insurance Commissioner, without necessity for demand for payment by a claimant. (2) Hiring a third-party administrator or other person to process claims shall not relieve a health carrier of its obligation to pay this penalty.

(1) A health carrier shall pay a penalty of twelve percent (12%) per annum for late payment of claims under a health insurance contract pursuant to rules promulgated by the Insurance Commissioner, without necessity for demand for payment by a claimant.

(2) Hiring a third-party administrator or other person to process claims shall not relieve a health carrier of its obligation to pay this penalty.

(b) For purposes of this section: (1) "Claimant" means a person insured or covered by a health carrier, a provider holding a valid assignment from a person insured or covered by a health carrier, or a provider contracted with a health carrier, who is claiming a benefit under a health insurance contract; (2) (A) "Health carrier" means a health maintenance organization, hospital medical service corporation, or a disability insurance company. (B) "Health carrier" includes a self-insured governmental or church plan and third-party administrators that administer or adjust disability benefits for a disability insurer, hospital medical service corporation, health maintenance organization, self-insured governmental plan, or self-insured church plan. (C) "Health carrier" does not include: (i) An automobile insurer paying medical or hospital benefits under § 23-89-202(1) or a self-insured employer health benefits plan; or (ii) Any person, company, or organization licensed or registered to issue or who issues any insurance policy or insurance contract in this state as described in §§ 23-62-102 and 23-62-104 - 23-62-107 providing medical or hospital benefits for accidental injury or disability; and (3) (A) "Health insurance contract" means a disability insurance policy, a hospital medical service corporation contract, a health maintenance organization contract, or a plan document issued or provided by a health carrier. (B) "Health insurance contract" does not include a disability income insurance policy, a long-term care contract, a hospital indemnity contract, an accident-only contract, or any other form of disability insurance policy that provides a benefit as a result of a sickness or accident that does not directly cover expenses related to healthcare treatment.

(1) "Claimant" means a person insured or covered by a health carrier, a provider holding a valid assignment from a person insured or covered by a health carrier, or a provider contracted with a health carrier, who is claiming a benefit under a health insurance contract;

(2) (A) "Health carrier" means a health maintenance organization, hospital medical service corporation, or a disability insurance company. (B) "Health carrier" includes a self-insured governmental or church plan and third-party administrators that administer or adjust disability benefits for a disability insurer, hospital medical service corporation, health maintenance organization, self-insured governmental plan, or self-insured church plan. (C) "Health carrier" does not include: (i) An automobile insurer paying medical or hospital benefits under § 23-89-202(1) or a self-insured employer health benefits plan; or (ii) Any person, company, or organization licensed or registered to issue or who issues any insurance policy or insurance contract in this state as described in §§ 23-62-102 and 23-62-104 - 23-62-107 providing medical or hospital benefits for accidental injury or disability; and

(A) "Health carrier" means a health maintenance organization, hospital medical service corporation, or a disability insurance company.

(B) "Health carrier" includes a self-insured governmental or church plan and third-party administrators that administer or adjust disability benefits for a disability insurer, hospital medical service corporation, health maintenance organization, self-insured governmental plan, or self-insured church plan.

(C) "Health carrier" does not include: (i) An automobile insurer paying medical or hospital benefits under § 23-89-202(1) or a self-insured employer health benefits plan; or (ii) Any person, company, or organization licensed or registered to issue or who issues any insurance policy or insurance contract in this state as described in §§ 23-62-102 and 23-62-104 - 23-62-107 providing medical or hospital benefits for accidental injury or disability; and

(i) An automobile insurer paying medical or hospital benefits under § 23-89-202(1) or a self-insured employer health benefits plan; or

(ii) Any person, company, or organization licensed or registered to issue or who issues any insurance policy or insurance contract in this state as described in §§ 23-62-102 and 23-62-104 - 23-62-107 providing medical or hospital benefits for accidental injury or disability; and

(3) (A) "Health insurance contract" means a disability insurance policy, a hospital medical service corporation contract, a health maintenance organization contract, or a plan document issued or provided by a health carrier. (B) "Health insurance contract" does not include a disability income insurance policy, a long-term care contract, a hospital indemnity contract, an accident-only contract, or any other form of disability insurance policy that provides a benefit as a result of a sickness or accident that does not directly cover expenses related to healthcare treatment.

(A) "Health insurance contract" means a disability insurance policy, a hospital medical service corporation contract, a health maintenance organization contract, or a plan document issued or provided by a health carrier.

(B) "Health insurance contract" does not include a disability income insurance policy, a long-term care contract, a hospital indemnity contract, an accident-only contract, or any other form of disability insurance policy that provides a benefit as a result of a sickness or accident that does not directly cover expenses related to healthcare treatment.

Amended by Act 2019, No. 315,§ 2664, eff. 7/24/2019.

Acts 2001, No. 1454, § 1.
Ark. Code Ann. § 23-63-519 — AR Code / Title 23 / Chapter 63 / Subchapter 5 / Section 23-63-519
Judicial review - Mandamus
Status: in_force

(a) (1) Any person aggrieved by any act, determination, rule, regulation, order, or any other action of the Insurance Commissioner pursuant to this subchapter may appeal therefrom to the Pulaski County Circuit Court. (2) The court shall conduct its review without a jury and by trial de novo, except that, if all parties including the commissioner so stipulate, the review shall be confined to the record. (3) Portions of the record may be introduced by stipulation into evidence in a trial de novo as to those parties so stipulating. (b) The filing of an appeal pursuant to this section shall stay the application of any rule, regulation, order, or other action of the commissioner to the appealing party unless the court, after giving the party notice and an opportunity to be heard, determines that such a stay would be detrimental to the interests of policyholders, shareholders, creditors, or the public. (c) Any person aggrieved by any failure of the commissioner to act or make a determination required by this subchapter may petition the Pulaski County Circuit Court for a writ in the nature of a mandamus directing the commissioner to act or make the determination forthwith. Acts 1971, No. 288, § 11; A.S.A. 1947, § 66-5011.

(a) (1) Any person aggrieved by any act, determination, rule, regulation, order, or any other action of the Insurance Commissioner pursuant to this subchapter may appeal therefrom to the Pulaski County Circuit Court. (2) The court shall conduct its review without a jury and by trial de novo, except that, if all parties including the commissioner so stipulate, the review shall be confined to the record. (3) Portions of the record may be introduced by stipulation into evidence in a trial de novo as to those parties so stipulating.

(1) Any person aggrieved by any act, determination, rule, regulation, order, or any other action of the Insurance Commissioner pursuant to this subchapter may appeal therefrom to the Pulaski County Circuit Court.

(2) The court shall conduct its review without a jury and by trial de novo, except that, if all parties including the commissioner so stipulate, the review shall be confined to the record.

(3) Portions of the record may be introduced by stipulation into evidence in a trial de novo as to those parties so stipulating.

(b) The filing of an appeal pursuant to this section shall stay the application of any rule, regulation, order, or other action of the commissioner to the appealing party unless the court, after giving the party notice and an opportunity to be heard, determines that such a stay would be detrimental to the interests of policyholders, shareholders, creditors, or the public.

(c) Any person aggrieved by any failure of the commissioner to act or make a determination required by this subchapter may petition the Pulaski County Circuit Court for a writ in the nature of a mandamus directing the commissioner to act or make the determination forthwith.

Acts 1971, No. 288, § 11; A.S.A. 1947, § 66-5011.
Ark. Code Ann. § 23-67-508 — AR Code / Title 23 / Chapter 67 / Subchapter 5 / Section 23-67-508
Administrative procedures
Status: in_force

(a) Administrative procedures exercised by the Insurance Commissioner under this subchapter shall be in accordance with §§ 23-61-303 - 23-61-306 . (b) (1) Appeals from orders of the commissioner under this subchapter shall be made in accordance with § 23-61-307 . (2) Any appeal under this subchapter shall be given precedence over other pending matters so that the court may hold a hearing and reach a decision within thirty (30) days of the filing of the transcript, evidence, and files. Acts 2005, No. 1697, § 19.

(a) Administrative procedures exercised by the Insurance Commissioner under this subchapter shall be in accordance with §§ 23-61-303 - 23-61-306 .

(b) (1) Appeals from orders of the commissioner under this subchapter shall be made in accordance with § 23-61-307 . (2) Any appeal under this subchapter shall be given precedence over other pending matters so that the court may hold a hearing and reach a decision within thirty (30) days of the filing of the transcript, evidence, and files.

(1) Appeals from orders of the commissioner under this subchapter shall be made in accordance with § 23-61-307 .

(2) Any appeal under this subchapter shall be given precedence over other pending matters so that the court may hold a hearing and reach a decision within thirty (30) days of the filing of the transcript, evidence, and files.

Acts 2005, No. 1697, § 19.
Ark. Code Ann. § 23-39-516 — AR Code / Title 23 / Chapter 39 / Subchapter 5 / Section 23-39-516
Criminal penalty
Status: in_force

(a) It is unlawful for any person to make or cause to be made in any document filed with the Securities Commissioner or in any proceeding under this subchapter any statement that is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect. (b) (1) A person is guilty of a Class B felony if he or she: (A) Willfully violates any provision of this subchapter, except subsection (a) of this section; (B) Willfully violates subsection (a) of this section knowing the statement to be false or misleading in any material respect; or (C) Willfully violates any rule under this subchapter or any order of the commissioner. (2) Each transaction involving the unlawful making or brokering of a mortgage loan is a separate offense. (c) No person may be imprisoned for violation of any order of the commissioner unless the person had actual knowledge of the order. (d) The commissioner may refer any available evidence concerning violations of this subchapter or any rule or order issued under this subchapter to the appropriate prosecuting authority who, with or without the reference, may institute the appropriate criminal proceedings under this subchapter. (e) This subchapter does not limit the power of the state to punish any person for any conduct that constitutes a crime under any statute or common law. Acts 2003, No. 554, § 1.

(a) It is unlawful for any person to make or cause to be made in any document filed with the Securities Commissioner or in any proceeding under this subchapter any statement that is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect.

(b) (1) A person is guilty of a Class B felony if he or she: (A) Willfully violates any provision of this subchapter, except subsection (a) of this section; (B) Willfully violates subsection (a) of this section knowing the statement to be false or misleading in any material respect; or (C) Willfully violates any rule under this subchapter or any order of the commissioner. (2) Each transaction involving the unlawful making or brokering of a mortgage loan is a separate offense.

(1) A person is guilty of a Class B felony if he or she: (A) Willfully violates any provision of this subchapter, except subsection (a) of this section; (B) Willfully violates subsection (a) of this section knowing the statement to be false or misleading in any material respect; or (C) Willfully violates any rule under this subchapter or any order of the commissioner.

(A) Willfully violates any provision of this subchapter, except subsection (a) of this section;

(B) Willfully violates subsection (a) of this section knowing the statement to be false or misleading in any material respect; or

(C) Willfully violates any rule under this subchapter or any order of the commissioner.

(2) Each transaction involving the unlawful making or brokering of a mortgage loan is a separate offense.

(c) No person may be imprisoned for violation of any order of the commissioner unless the person had actual knowledge of the order.

(d) The commissioner may refer any available evidence concerning violations of this subchapter or any rule or order issued under this subchapter to the appropriate prosecuting authority who, with or without the reference, may institute the appropriate criminal proceedings under this subchapter.

(e) This subchapter does not limit the power of the state to punish any person for any conduct that constitutes a crime under any statute or common law.

Acts 2003, No. 554, § 1.
Ark. Code Ann. § 23-62-413 — AR Code / Title 23 / Chapter 62 / Subchapter 4 / Section 23-62-413
Rules
Status: in_force

The Insurance Commissioner may adopt reasonable rules for the implementation and administration of the provisions of this subchapter. Amended by Act 2019, No. 315,§ 2626, eff. 7/24/2019. Acts 1993, No. 527, § 1.

The Insurance Commissioner may adopt reasonable rules for the implementation and administration of the provisions of this subchapter.

Amended by Act 2019, No. 315,§ 2626, eff. 7/24/2019.

Acts 1993, No. 527, § 1.
Ark. Code Ann. § 23-4-714 — AR Code / Title 23 / Chapter 4 / Subchapter 7 / Section 23-4-714
Complaints - Investigation
Status: in_force

It shall be the duty of the Arkansas Department of Transportation, upon the complaint of any person, company, or corporation in writing, charging any person or corporation with discrimination or overcharge, to investigate the complaint and take such action in the premises as is provided in this act and which the facts in the case justify. Amended by Act 2017, No. 707,§ 138, eff. 8/1/2017. Acts 1899, No. 53, § 23, p. 82; C. & M. Dig., §§ 1631, 1690; Pope's Dig., §§ 1953, 1994; A.S.A. 1947, § 73-1522.

It shall be the duty of the Arkansas Department of Transportation, upon the complaint of any person, company, or corporation in writing, charging any person or corporation with discrimination or overcharge, to investigate the complaint and take such action in the premises as is provided in this act and which the facts in the case justify.

Amended by Act 2017, No. 707,§ 138, eff. 8/1/2017.

Acts 1899, No. 53, § 23, p. 82; C. & M. Dig., §§ 1631, 1690; Pope's Dig., §§ 1953, 1994; A.S.A. 1947, § 73-1522.
Ark. Code Ann. § 23-17-121 — AR Code / Title 23 / Chapter 17 / Subchapter 1 / Section 23-17-121
Agreements for special terminating access rates or plans
Status: in_force

(a) Two (2) or more eligible telecommunications carriers may enter into an agreement under this section for special terminating access rates or plans between exchanges of the parties to the agreement. The agreement is conditioned upon the approval of the Arkansas Public Service Commission. (b) The commission may approve the agreement only if the commission determines that: (1) The agreement is needed to enhance or improve calling between communities of interest or to assist citizens to call their county seat; (2) The agreement is in the best interest of the customers of the eligible telecommunications carriers; (3) The special terminating access rate or plan recovers the cost of providing the service; and (4) The agreement does not detrimentally impact the customers of other telecommunications carriers in Arkansas. (c) (1) The approval may provide for special terminating access rates that shall be available only to the companies entering into the agreement. (2) No other company may take advantage of the special access rates. In all other instances, the filed-rate doctrine shall continue to apply. (d) Any reduced revenue or additional costs caused by the agreement shall not be recovered from the Arkansas Universal Service Fund [superseded]. Acts 2001, No. 1824, § 1.

(a) Two (2) or more eligible telecommunications carriers may enter into an agreement under this section for special terminating access rates or plans between exchanges of the parties to the agreement. The agreement is conditioned upon the approval of the Arkansas Public Service Commission.

(b) The commission may approve the agreement only if the commission determines that: (1) The agreement is needed to enhance or improve calling between communities of interest or to assist citizens to call their county seat; (2) The agreement is in the best interest of the customers of the eligible telecommunications carriers; (3) The special terminating access rate or plan recovers the cost of providing the service; and (4) The agreement does not detrimentally impact the customers of other telecommunications carriers in Arkansas.

(1) The agreement is needed to enhance or improve calling between communities of interest or to assist citizens to call their county seat;

(2) The agreement is in the best interest of the customers of the eligible telecommunications carriers;

(3) The special terminating access rate or plan recovers the cost of providing the service; and

(4) The agreement does not detrimentally impact the customers of other telecommunications carriers in Arkansas.

(c) (1) The approval may provide for special terminating access rates that shall be available only to the companies entering into the agreement. (2) No other company may take advantage of the special access rates. In all other instances, the filed-rate doctrine shall continue to apply.

(1) The approval may provide for special terminating access rates that shall be available only to the companies entering into the agreement.

(2) No other company may take advantage of the special access rates. In all other instances, the filed-rate doctrine shall continue to apply.

(d) Any reduced revenue or additional costs caused by the agreement shall not be recovered from the Arkansas Universal Service Fund [superseded].

Acts 2001, No. 1824, § 1.
Ark. Code Ann. § 23-4-630 — AR Code / Title 23 / Chapter 4 / Subchapter 6 / Section 23-4-630
Refunds of excessive rate collections under bond
Status: in_force

In the event a public utility shall have implemented under bond or other arrangements as a matter involving an immediate and impelling necessity under § 23-4-624 an amount which exceeds that allowed by the Arkansas Department of Transportation in its final order, the department shall order the immediate refund of the excessive bonded collections. Amended by Act 2017, No. 707,§ 127, eff. 8/1/2017. 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 a public utility shall have implemented under bond or other arrangements as a matter involving an immediate and impelling necessity under § 23-4-624 an amount which exceeds that allowed by the Arkansas Department of Transportation in its final order, the department shall order the immediate refund of the excessive bonded collections.

Amended by Act 2017, No. 707,§ 127, eff. 8/1/2017.

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. § 23-80-207 — AR Code / Title 23 / Chapter 80 / Subchapter 2 / Section 23-80-207
Authorization to use lower score
Status: in_force

The Insurance Commissioner may authorize a lower score than the Flesch reading ease score required in § 23-80-206(a)(1) whenever, in the commissioner's discretion, he or she finds that a lower score: (1) Will provide a more accurate reflection of the readability of a policy form; (2) Is warranted by the nature of a particular policy form or type or class of policy forms; or (3) Is caused by certain policy language which is drafted to conform to the requirements of any state law, rule, or agency interpretation. Amended by Act 2019, No. 315,§ 2723, eff. 7/24/2019. Acts 1979, No. 258, § 7; A.S.A. 1947, § 66-3257.

The Insurance Commissioner may authorize a lower score than the Flesch reading ease score required in § 23-80-206(a)(1) whenever, in the commissioner's discretion, he or she finds that a lower score:

(1) Will provide a more accurate reflection of the readability of a policy form;

(2) Is warranted by the nature of a particular policy form or type or class of policy forms; or

(3) Is caused by certain policy language which is drafted to conform to the requirements of any state law, rule, or agency interpretation.

Amended by Act 2019, No. 315,§ 2723, eff. 7/24/2019.

Acts 1979, No. 258, § 7; A.S.A. 1947, § 66-3257.
Ark. Code Ann. § 23-37-801 — AR Code / Title 23 / Chapter 37 / Subchapter 8 / Section 23-37-801
Title
Status: in_force

This subchapter shall be known and may be cited as the "Regional Savings and Loan Act of 1987". Acts 1987, No. 45, § 1.

This subchapter shall be known and may be cited as the "Regional Savings and Loan Act of 1987".

Acts 1987, No. 45, § 1.
Ark. Code Ann. § 23-4-304 — AR Code / Title 23 / Chapter 4 / Subchapter 3 / Section 23-4-304
Director and staff
Status: in_force

The Director of the Consumer Utilities Rate Advocacy Division shall hold the title of Deputy Attorney General and shall be appointed to the position by the Attorney General who may also appoint such assistants, professionals, and clerical staff as authorized by appropriation acts for the effective operation of the division. Acts 1981 (Ex. Sess.), No. 39, § 3; A.S.A. 1947, § 73-217n.

The Director of the Consumer Utilities Rate Advocacy Division shall hold the title of Deputy Attorney General and shall be appointed to the position by the Attorney General who may also appoint such assistants, professionals, and clerical staff as authorized by appropriation acts for the effective operation of the division.

Acts 1981 (Ex. Sess.), No. 39, § 3; A.S.A. 1947, § 73-217n.
Ark. Code Ann. § 23-3-504 — AR Code / Title 23 / Chapter 3 / Subchapter 5 / Section 23-3-504
Petition regarding operation
Status: in_force

Pursuant to the authority granted in this subchapter, the Arkansas Public Service Commission shall require any river crossing proprietor operating or proposing to operate a navigable water crossing to file a verified petition with the commission showing such data and specifications in relation thereto as the commission may reasonably prescribe. The petition may include the following: (1) The name of the river crossing proprietor and the nature of its organization and the nature of its business; (2) The river crossing proprietor's principal office and place of business; (3) A map, based upon a ground survey, showing the location of the public service facility at the point of the existing or proposed navigable water crossing, a drawing showing in some detail the specifications of the proposed crossing, and a profile plat showing, with respect to the mean surface level and the bed of the navigable waterway, the elevations of the existing or proposed public service facility; (4) A general description of the physical nature of the bed underlying the navigable waterway at the point of the existing or proposed navigable water crossing, if the crossing is to be constructed on the underlying bed; (5) A description of materials and the type of construction employed or to be employed in effecting the navigable water crossing; (6) The size, capacity, and purpose of the public service facilities at the point of the navigable water crossing, together with operating conditions and safety factors; (7) A showing of approval or permissive authorization of the existing or proposed navigable water crossing by the United States Secretary of Defense or the United States Secretary of the Army or other federal agency having jurisdiction to consent to erections in navigable waterways; and (8) A prayer that the legality of the existing or proposed navigable water crossing be recognized pursuant to this subchapter. Acts 1961, No. 188, § 3; A.S.A. 1947, § 73-2203.

Pursuant to the authority granted in this subchapter, the Arkansas Public Service Commission shall require any river crossing proprietor operating or proposing to operate a navigable water crossing to file a verified petition with the commission showing such data and specifications in relation thereto as the commission may reasonably prescribe. The petition may include the following:

(1) The name of the river crossing proprietor and the nature of its organization and the nature of its business;

(2) The river crossing proprietor's principal office and place of business;

(3) A map, based upon a ground survey, showing the location of the public service facility at the point of the existing or proposed navigable water crossing, a drawing showing in some detail the specifications of the proposed crossing, and a profile plat showing, with respect to the mean surface level and the bed of the navigable waterway, the elevations of the existing or proposed public service facility;

(4) A general description of the physical nature of the bed underlying the navigable waterway at the point of the existing or proposed navigable water crossing, if the crossing is to be constructed on the underlying bed;

(5) A description of materials and the type of construction employed or to be employed in effecting the navigable water crossing;

(6) The size, capacity, and purpose of the public service facilities at the point of the navigable water crossing, together with operating conditions and safety factors;

(7) A showing of approval or permissive authorization of the existing or proposed navigable water crossing by the United States Secretary of Defense or the United States Secretary of the Army or other federal agency having jurisdiction to consent to erections in navigable waterways; and

(8) A prayer that the legality of the existing or proposed navigable water crossing be recognized pursuant to this subchapter.

Acts 1961, No. 188, § 3; A.S.A. 1947, § 73-2203.
Ark. Code Ann. § 23-63-601 — AR Code / Title 23 / Chapter 63 / Subchapter 6 / Section 23-63-601
Definition
Status: in_force

In any determination of the financial condition, including whether an asset is allowable, of a domestic insurer, domestic title insurer, or other domestic regulated entities reporting to the Insurance Commissioner, including health maintenance organizations, hospital or medical service corporations, farmers' mutual aid associations or companies, and other licensees, all hereinafter called "reporting entities" for purposes of this subchapter, the definition of an "asset" contained in the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the "Accounting Practices and Procedures Manual", with certain additions, will be used in the determination. Additions shall include, but may not be limited to, the following: (1) (A) Electronic data processing equipment, licenses, and operating system software, excluding any amount paid to officers and employees of the reporting entity, necessary for installation and use of a data processing or accounting system, or both, to be used in connection with the business of the insurer or reporting entity. (B) Commencing on and after January 1, 2001, assets allowed under this section, as well as nonoperating system software, shall be accounted for in accordance with the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the "Accounting Practices and Procedures Manual"; and (2) Other assets as specified by the commissioner in a rule. Amended by Act 2019, No. 315,§ 2634, eff. 7/24/2019. Acts 1959, No. 148, § 82; 1961, No. 466, § 9; 1973, No. 195, § 1; 1975, No. 729, § 7; 1981, No. 809, § 2; A.S.A. 1947, § 66-2501; Acts 2001, No. 1566, § 3.

In any determination of the financial condition, including whether an asset is allowable, of a domestic insurer, domestic title insurer, or other domestic regulated entities reporting to the Insurance Commissioner, including health maintenance organizations, hospital or medical service corporations, farmers' mutual aid associations or companies, and other licensees, all hereinafter called "reporting entities" for purposes of this subchapter, the definition of an "asset" contained in the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the "Accounting Practices and Procedures Manual", with certain additions, will be used in the determination. Additions shall include, but may not be limited to, the following:

(1) (A) Electronic data processing equipment, licenses, and operating system software, excluding any amount paid to officers and employees of the reporting entity, necessary for installation and use of a data processing or accounting system, or both, to be used in connection with the business of the insurer or reporting entity. (B) Commencing on and after January 1, 2001, assets allowed under this section, as well as nonoperating system software, shall be accounted for in accordance with the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the "Accounting Practices and Procedures Manual"; and

(A) Electronic data processing equipment, licenses, and operating system software, excluding any amount paid to officers and employees of the reporting entity, necessary for installation and use of a data processing or accounting system, or both, to be used in connection with the business of the insurer or reporting entity.

(B) Commencing on and after January 1, 2001, assets allowed under this section, as well as nonoperating system software, shall be accounted for in accordance with the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the "Accounting Practices and Procedures Manual"; and

(2) Other assets as specified by the commissioner in a rule.

Amended by Act 2019, No. 315,§ 2634, eff. 7/24/2019.

Acts 1959, No. 148, § 82; 1961, No. 466, § 9; 1973, No. 195, § 1; 1975, No. 729, § 7; 1981, No. 809, § 2; A.S.A. 1947, § 66-2501; Acts 2001, No. 1566, § 3.
Ark. Code Ann. § 23-100-104 — AR Code / Title 23 / Chapter 100 / Section 23-100-104
Antifraud assessment
Status: in_force

(a) (1) (A) Each licensed insurer shall pay into the State Insurance Department Criminal Investigation Division Trust Fund a nonrefundable antifraud assessment as directed by the Insurance Commissioner for the reasonable and necessary expenses and operation of the Criminal Investigation Division. (B) As used in this section, "licensed insurer" includes a: (i) Licensed stock and mutual insurance company; (ii) Reinsurer; (iii) Health maintenance organization; (iv) Fraternal benefit society; (v) Hospital and medical service corporation; (vi) Stipulated premium insurer; (vii) Farmers' mutual aid association; and (viii) Prepaid legal insurer. (2) This section does not apply to an approved but nonadmitted surplus lines insurer or to a registered risk retention group. (b) (1) The antifraud assessment required by this section shall be paid annually on or before June 1 at the time and in the manner that the commissioner prescribes or at times alternate from June 1 annually that the commissioner prescribes. (2) (A) By rule, the commissioner may set the amount of the antifraud assessment. (B) The antifraud assessment shall not exceed one thousand dollars ($1,000) per fiscal year. (3) The antifraud assessment is in addition to the premium taxes and fees required under existing law. (c) This section shall apply notwithstanding the provisions of § 26-57-601 et seq., the State Insurance Department Trust Fund Act, § 23-61-701 et seq., and other provisions of Arkansas law. Amended by Act 2017, No. 283,§ 22, eff. 8/1/2017. Acts 1997, No. 337, § 3; 1999, No. 881, § 20; 2005, No. 1697, § 28; 2007, No. 827, § 190.

(a) (1) (A) Each licensed insurer shall pay into the State Insurance Department Criminal Investigation Division Trust Fund a nonrefundable antifraud assessment as directed by the Insurance Commissioner for the reasonable and necessary expenses and operation of the Criminal Investigation Division. (B) As used in this section, "licensed insurer" includes a: (i) Licensed stock and mutual insurance company; (ii) Reinsurer; (iii) Health maintenance organization; (iv) Fraternal benefit society; (v) Hospital and medical service corporation; (vi) Stipulated premium insurer; (vii) Farmers' mutual aid association; and (viii) Prepaid legal insurer. (2) This section does not apply to an approved but nonadmitted surplus lines insurer or to a registered risk retention group.

(1) (A) Each licensed insurer shall pay into the State Insurance Department Criminal Investigation Division Trust Fund a nonrefundable antifraud assessment as directed by the Insurance Commissioner for the reasonable and necessary expenses and operation of the Criminal Investigation Division. (B) As used in this section, "licensed insurer" includes a: (i) Licensed stock and mutual insurance company; (ii) Reinsurer; (iii) Health maintenance organization; (iv) Fraternal benefit society; (v) Hospital and medical service corporation; (vi) Stipulated premium insurer; (vii) Farmers' mutual aid association; and (viii) Prepaid legal insurer.

(A) Each licensed insurer shall pay into the State Insurance Department Criminal Investigation Division Trust Fund a nonrefundable antifraud assessment as directed by the Insurance Commissioner for the reasonable and necessary expenses and operation of the Criminal Investigation Division.

(B) As used in this section, "licensed insurer" includes a: (i) Licensed stock and mutual insurance company; (ii) Reinsurer; (iii) Health maintenance organization; (iv) Fraternal benefit society; (v) Hospital and medical service corporation; (vi) Stipulated premium insurer; (vii) Farmers' mutual aid association; and (viii) Prepaid legal insurer.

(i) Licensed stock and mutual insurance company;

(ii) Reinsurer;

(iii) Health maintenance organization;

(iv) Fraternal benefit society;

(v) Hospital and medical service corporation;

(vi) Stipulated premium insurer;

(vii) Farmers' mutual aid association; and

(viii) Prepaid legal insurer.

(2) This section does not apply to an approved but nonadmitted surplus lines insurer or to a registered risk retention group.

(b) (1) The antifraud assessment required by this section shall be paid annually on or before June 1 at the time and in the manner that the commissioner prescribes or at times alternate from June 1 annually that the commissioner prescribes. (2) (A) By rule, the commissioner may set the amount of the antifraud assessment. (B) The antifraud assessment shall not exceed one thousand dollars ($1,000) per fiscal year. (3) The antifraud assessment is in addition to the premium taxes and fees required under existing law.

(1) The antifraud assessment required by this section shall be paid annually on or before June 1 at the time and in the manner that the commissioner prescribes or at times alternate from June 1 annually that the commissioner prescribes.

(2) (A) By rule, the commissioner may set the amount of the antifraud assessment. (B) The antifraud assessment shall not exceed one thousand dollars ($1,000) per fiscal year.

(A) By rule, the commissioner may set the amount of the antifraud assessment.

(B) The antifraud assessment shall not exceed one thousand dollars ($1,000) per fiscal year.

(3) The antifraud assessment is in addition to the premium taxes and fees required under existing law.

(c) This section shall apply notwithstanding the provisions of § 26-57-601 et seq., the State Insurance Department Trust Fund Act, § 23-61-701 et seq., and other provisions of Arkansas law.

Amended by Act 2017, No. 283,§ 22, eff. 8/1/2017.

Acts 1997, No. 337, § 3; 1999, No. 881, § 20; 2005, No. 1697, § 28; 2007, No. 827, § 190.
Ark. Code Ann. § 23-2-423 — AR Code / Title 23 / Chapter 2 / Subchapter 4 / Section 23-2-423
Commission orders - Judicial review - Procedure
Status: in_force

(a) (1) Any party to a proceeding before the Arkansas Public Service Commission aggrieved by an order issued by the commission in the proceeding may obtain a review of the order in the Court of Appeals. The review of the order may be had by filing in that court, within thirty (30) days after the order of the commission upon the application for rehearing or within thirty (30) days from the date the application is deemed to be denied as provided in § 23-2-422 , a notice of appeal stating the nature of the proceeding before the commission, identifying the order complained of and the reasons why the order is claimed to be unlawful, and praying that the order of the commission be modified, remanded, or set aside in whole or in part. (2) No proceeding to review any order of the commission shall be brought by any party unless that party has made application to the commission for a rehearing on the order. (b) (1) A copy of the petition shall immediately be transmitted by the Clerk of the Court of Appeals to the secretary of the Arkansas Public Service Commission. Thereupon, the commission, within thirty (30) days from the service of the notice, shall file with the Court of Appeals the record upon which the order complained of was entered. (2) The record shall consist of a complete transcript of the record in the case made before the commission which shall include a copy of all pleadings, proceedings, testimony, exhibits, orders, findings, and opinions in the case. However, the parties and the commission may stipulate that only a specified portion of the record as made before the commission shall be included in the transcript to be filed with the Court of Appeals. (c) (1) Upon the filing of the petition, the court shall have original jurisdiction, which, upon the filing of the record with it, shall be exclusive, to affirm, modify, or set aside the order of the commission in whole or in part. (2) No objection to any order of the commission shall be considered by the Court of Appeals unless the objection shall have been urged before the commission in the application for rehearing. (3) The finding of the commission as to the facts, if supported by substantial evidence, shall be conclusive. (4) The review shall not be extended further than to determine whether the commission's findings are supported by substantial evidence and whether the commission has regularly pursued its authority, including a determination of whether the order or decision under review violated any right of the petitioner under the laws or Constitution of the United States or of the State of Arkansas. (5) All evidence before the commission shall be considered by the court regardless of any technical rule which might have rendered the evidence inadmissible if originally offered in the trial of any action at law or in equity. (d) The Court of Appeals, on review, shall advance commission cases as matters of public interest over all other civil cases except child custody cases, and appeals under the Workers' Compensation Law, § 11-9-101 et seq., and the Division of Workforce Services Law, § 11-10-101 et seq. (e) Section 23-2-425 shall have no application to judicial review of orders of the commission. Amended by Act 2019, No. 910,§ 570, eff. 7/1/2019. Acts 1973, No. 231, §§ 3, 4; 1985, No. 770, § 1; A.S.A. 1947, §§ 73-229.1, 73-229.2; Acts 1991, No. 811, § 2.

(a) (1) Any party to a proceeding before the Arkansas Public Service Commission aggrieved by an order issued by the commission in the proceeding may obtain a review of the order in the Court of Appeals. The review of the order may be had by filing in that court, within thirty (30) days after the order of the commission upon the application for rehearing or within thirty (30) days from the date the application is deemed to be denied as provided in § 23-2-422 , a notice of appeal stating the nature of the proceeding before the commission, identifying the order complained of and the reasons why the order is claimed to be unlawful, and praying that the order of the commission be modified, remanded, or set aside in whole or in part. (2) No proceeding to review any order of the commission shall be brought by any party unless that party has made application to the commission for a rehearing on the order.

(1) Any party to a proceeding before the Arkansas Public Service Commission aggrieved by an order issued by the commission in the proceeding may obtain a review of the order in the Court of Appeals. The review of the order may be had by filing in that court, within thirty (30) days after the order of the commission upon the application for rehearing or within thirty (30) days from the date the application is deemed to be denied as provided in § 23-2-422 , a notice of appeal stating the nature of the proceeding before the commission, identifying the order complained of and the reasons why the order is claimed to be unlawful, and praying that the order of the commission be modified, remanded, or set aside in whole or in part.

(2) No proceeding to review any order of the commission shall be brought by any party unless that party has made application to the commission for a rehearing on the order.

(b) (1) A copy of the petition shall immediately be transmitted by the Clerk of the Court of Appeals to the secretary of the Arkansas Public Service Commission. Thereupon, the commission, within thirty (30) days from the service of the notice, shall file with the Court of Appeals the record upon which the order complained of was entered. (2) The record shall consist of a complete transcript of the record in the case made before the commission which shall include a copy of all pleadings, proceedings, testimony, exhibits, orders, findings, and opinions in the case. However, the parties and the commission may stipulate that only a specified portion of the record as made before the commission shall be included in the transcript to be filed with the Court of Appeals.

(1) A copy of the petition shall immediately be transmitted by the Clerk of the Court of Appeals to the secretary of the Arkansas Public Service Commission. Thereupon, the commission, within thirty (30) days from the service of the notice, shall file with the Court of Appeals the record upon which the order complained of was entered.

(2) The record shall consist of a complete transcript of the record in the case made before the commission which shall include a copy of all pleadings, proceedings, testimony, exhibits, orders, findings, and opinions in the case. However, the parties and the commission may stipulate that only a specified portion of the record as made before the commission shall be included in the transcript to be filed with the Court of Appeals.

(c) (1) Upon the filing of the petition, the court shall have original jurisdiction, which, upon the filing of the record with it, shall be exclusive, to affirm, modify, or set aside the order of the commission in whole or in part. (2) No objection to any order of the commission shall be considered by the Court of Appeals unless the objection shall have been urged before the commission in the application for rehearing. (3) The finding of the commission as to the facts, if supported by substantial evidence, shall be conclusive. (4) The review shall not be extended further than to determine whether the commission's findings are supported by substantial evidence and whether the commission has regularly pursued its authority, including a determination of whether the order or decision under review violated any right of the petitioner under the laws or Constitution of the United States or of the State of Arkansas. (5) All evidence before the commission shall be considered by the court regardless of any technical rule which might have rendered the evidence inadmissible if originally offered in the trial of any action at law or in equity.

(1) Upon the filing of the petition, the court shall have original jurisdiction, which, upon the filing of the record with it, shall be exclusive, to affirm, modify, or set aside the order of the commission in whole or in part.

(2) No objection to any order of the commission shall be considered by the Court of Appeals unless the objection shall have been urged before the commission in the application for rehearing.

(3) The finding of the commission as to the facts, if supported by substantial evidence, shall be conclusive.

(4) The review shall not be extended further than to determine whether the commission's findings are supported by substantial evidence and whether the commission has regularly pursued its authority, including a determination of whether the order or decision under review violated any right of the petitioner under the laws or Constitution of the United States or of the State of Arkansas.

(5) All evidence before the commission shall be considered by the court regardless of any technical rule which might have rendered the evidence inadmissible if originally offered in the trial of any action at law or in equity.

(d) The Court of Appeals, on review, shall advance commission cases as matters of public interest over all other civil cases except child custody cases, and appeals under the Workers' Compensation Law, § 11-9-101 et seq., and the Division of Workforce Services Law, § 11-10-101 et seq.

(e) Section 23-2-425 shall have no application to judicial review of orders of the commission.

Amended by Act 2019, No. 910,§ 570, eff. 7/1/2019.

Acts 1973, No. 231, §§ 3, 4; 1985, No. 770, § 1; A.S.A. 1947, §§ 73-229.1, 73-229.2; Acts 1991, No. 811, § 2.
Ark. Code Ann. § 23-54-104 — AR Code / Title 23 / Chapter 54 / Section 23-54-104
Provisions of reverse mortgages
Status: in_force

(a) A reverse mortgage loan: (1) (A) Shall permit prepayment in whole or in part without penalty at any time during the term of the reverse mortgage loan. (B) For the purposes of this subdivision (a)(1), "penalty" does not include any fees, payments, or other charges that would have otherwise been due upon the maturity of the reverse mortgage; (2) May provide for a fixed or adjustable interest rate, or combination thereof, and compound interest; (3) May provide for a rate of interest that is contingent upon the value of the property at the time of execution of the loan or at maturity, or upon changes in value between closing and maturity; and (4) May include costs and fees that are customarily charged by the lender or the lender's designee, originator, or servicer, including costs and fees charged: (1) Upon execution of the loan; (2) On a periodic basis; or (3) Upon maturity. (b) If a reverse mortgage loan provides for periodic advances to a borrower, the advances shall not be reduced in amount or number based upon any adjustment in the interest rate. (c) The lender shall prominently disclose in the loan agreement any interest rate or other fees to be charged during the period that commences on the date that the reverse mortgage loan becomes due and payable and that ends when repayment in full is made. (d) The first page of any mortgage or deed of trust securing a reverse mortgage loan shall contain the following statement in 10-point boldface type: "This deed of trust secures a reverse mortgage loan." Acts 2005, No. 2166, § 1.

(a) A reverse mortgage loan: (1) (A) Shall permit prepayment in whole or in part without penalty at any time during the term of the reverse mortgage loan. (B) For the purposes of this subdivision (a)(1), "penalty" does not include any fees, payments, or other charges that would have otherwise been due upon the maturity of the reverse mortgage; (2) May provide for a fixed or adjustable interest rate, or combination thereof, and compound interest; (3) May provide for a rate of interest that is contingent upon the value of the property at the time of execution of the loan or at maturity, or upon changes in value between closing and maturity; and (4) May include costs and fees that are customarily charged by the lender or the lender's designee, originator, or servicer, including costs and fees charged: (1) Upon execution of the loan; (2) On a periodic basis; or (3) Upon maturity.

(1) (A) Shall permit prepayment in whole or in part without penalty at any time during the term of the reverse mortgage loan. (B) For the purposes of this subdivision (a)(1), "penalty" does not include any fees, payments, or other charges that would have otherwise been due upon the maturity of the reverse mortgage;

(A) Shall permit prepayment in whole or in part without penalty at any time during the term of the reverse mortgage loan.

(B) For the purposes of this subdivision (a)(1), "penalty" does not include any fees, payments, or other charges that would have otherwise been due upon the maturity of the reverse mortgage;

(2) May provide for a fixed or adjustable interest rate, or combination thereof, and compound interest;

(3) May provide for a rate of interest that is contingent upon the value of the property at the time of execution of the loan or at maturity, or upon changes in value between closing and maturity; and

(4) May include costs and fees that are customarily charged by the lender or the lender's designee, originator, or servicer, including costs and fees charged: (1) Upon execution of the loan; (2) On a periodic basis; or (3) Upon maturity.

(1) Upon execution of the loan;

(2) On a periodic basis; or

(3) Upon maturity.

(b) If a reverse mortgage loan provides for periodic advances to a borrower, the advances shall not be reduced in amount or number based upon any adjustment in the interest rate.

(c) The lender shall prominently disclose in the loan agreement any interest rate or other fees to be charged during the period that commences on the date that the reverse mortgage loan becomes due and payable and that ends when repayment in full is made.

(d) The first page of any mortgage or deed of trust securing a reverse mortgage loan shall contain the following statement in 10-point boldface type: "This deed of trust secures a reverse mortgage loan."

Acts 2005, No. 2166, § 1.
Ark. Code Ann. § 23-2-302 — AR Code / Title 23 / Chapter 2 / Subchapter 3 / Section 23-2-302
Jurisdiction of commission - "Company" defined
Status: in_force

(a) The jurisdiction of the commission shall extend to and include: (1) (A) All matters pertaining to the regulation and operation of all: (i) Common carriers; (ii) Railroads; (iii) Express companies; (iv) Car companies; (v) Freight lines; (vi) Toll bridges; (vii) Ferries; (viii) Steamboats; (ix) Street railroads; (x) Telegraph companies; (xi) Telephone companies; (xii) Pipeline companies for transportation of oil, gas, and water; (xiii) Gas companies; (xiv) Electric lighting companies and other companies furnishing gas or electricity for light, heat, or power purposes; (xv) Hydroelectric companies for the generation and for transmission of light, heat, or power; and (xvi) Water companies furnishing water within municipalities for municipal, domestic, or industrial use. (B) Nothing in this act shall vest the commission with jurisdiction as to any rate, charge, rule, regulation, order, hearing, investigation, or other matter pertaining to the operation within the limits of any municipality of any street railroad, telephone company, gas company, pipeline company for transportation of oil, gas, or water, electric company, water company, hydroelectric company, or other company operating a public utility or furnishing public service as to which jurisdiction may be elsewhere conferred in this act upon any municipal council or city commission. Notwithstanding the jurisdiction of the municipality as to the above matters within the limits of the municipality, the commission shall have, and is delegated, the authority and duty to require all utility companies now furnishing public service within the limits of any municipality to furnish and continue furnishing that service to the municipality although the right of regulation of the utility as to rates and all other matters within the municipality is elsewhere in this act conferred upon the municipal councils or city commissions, subject to right of appeal to the courts. (C) Further, nothing in this act shall vest the commission with jurisdiction as to any improvement district or municipality furnishing gas or electricity for any purpose; and (2) All other jurisdictions, if any, possessed by the Arkansas Railroad Commission [abolished] under the laws of Arkansas in force on March 31, 1919. (b) For the purpose of this act, and in the construction of this act, every person, firm, association, company, partnership, corporation, or other organizations engaged in the operation of any public utility above indicated shall be deemed to be a company within the meaning of this act. Acts 1919, No. 571, § 5; C. & M. Dig., § 1618; Acts 1921, No. 124, § 3; Pope's Dig., § 2002; A.S.A. 1947, § 73-115.

(a) The jurisdiction of the commission shall extend to and include: (1) (A) All matters pertaining to the regulation and operation of all: (i) Common carriers; (ii) Railroads; (iii) Express companies; (iv) Car companies; (v) Freight lines; (vi) Toll bridges; (vii) Ferries; (viii) Steamboats; (ix) Street railroads; (x) Telegraph companies; (xi) Telephone companies; (xii) Pipeline companies for transportation of oil, gas, and water; (xiii) Gas companies; (xiv) Electric lighting companies and other companies furnishing gas or electricity for light, heat, or power purposes; (xv) Hydroelectric companies for the generation and for transmission of light, heat, or power; and (xvi) Water companies furnishing water within municipalities for municipal, domestic, or industrial use. (B) Nothing in this act shall vest the commission with jurisdiction as to any rate, charge, rule, regulation, order, hearing, investigation, or other matter pertaining to the operation within the limits of any municipality of any street railroad, telephone company, gas company, pipeline company for transportation of oil, gas, or water, electric company, water company, hydroelectric company, or other company operating a public utility or furnishing public service as to which jurisdiction may be elsewhere conferred in this act upon any municipal council or city commission. Notwithstanding the jurisdiction of the municipality as to the above matters within the limits of the municipality, the commission shall have, and is delegated, the authority and duty to require all utility companies now furnishing public service within the limits of any municipality to furnish and continue furnishing that service to the municipality although the right of regulation of the utility as to rates and all other matters within the municipality is elsewhere in this act conferred upon the municipal councils or city commissions, subject to right of appeal to the courts. (C) Further, nothing in this act shall vest the commission with jurisdiction as to any improvement district or municipality furnishing gas or electricity for any purpose; and (2) All other jurisdictions, if any, possessed by the Arkansas Railroad Commission [abolished] under the laws of Arkansas in force on March 31, 1919.

(1) (A) All matters pertaining to the regulation and operation of all: (i) Common carriers; (ii) Railroads; (iii) Express companies; (iv) Car companies; (v) Freight lines; (vi) Toll bridges; (vii) Ferries; (viii) Steamboats; (ix) Street railroads; (x) Telegraph companies; (xi) Telephone companies; (xii) Pipeline companies for transportation of oil, gas, and water; (xiii) Gas companies; (xiv) Electric lighting companies and other companies furnishing gas or electricity for light, heat, or power purposes; (xv) Hydroelectric companies for the generation and for transmission of light, heat, or power; and (xvi) Water companies furnishing water within municipalities for municipal, domestic, or industrial use. (B) Nothing in this act shall vest the commission with jurisdiction as to any rate, charge, rule, regulation, order, hearing, investigation, or other matter pertaining to the operation within the limits of any municipality of any street railroad, telephone company, gas company, pipeline company for transportation of oil, gas, or water, electric company, water company, hydroelectric company, or other company operating a public utility or furnishing public service as to which jurisdiction may be elsewhere conferred in this act upon any municipal council or city commission. Notwithstanding the jurisdiction of the municipality as to the above matters within the limits of the municipality, the commission shall have, and is delegated, the authority and duty to require all utility companies now furnishing public service within the limits of any municipality to furnish and continue furnishing that service to the municipality although the right of regulation of the utility as to rates and all other matters within the municipality is elsewhere in this act conferred upon the municipal councils or city commissions, subject to right of appeal to the courts. (C) Further, nothing in this act shall vest the commission with jurisdiction as to any improvement district or municipality furnishing gas or electricity for any purpose; and

(A) All matters pertaining to the regulation and operation of all: (i) Common carriers; (ii) Railroads; (iii) Express companies; (iv) Car companies; (v) Freight lines; (vi) Toll bridges; (vii) Ferries; (viii) Steamboats; (ix) Street railroads; (x) Telegraph companies; (xi) Telephone companies; (xii) Pipeline companies for transportation of oil, gas, and water; (xiii) Gas companies; (xiv) Electric lighting companies and other companies furnishing gas or electricity for light, heat, or power purposes; (xv) Hydroelectric companies for the generation and for transmission of light, heat, or power; and (xvi) Water companies furnishing water within municipalities for municipal, domestic, or industrial use.

(i) Common carriers;

(ii) Railroads;

(iii) Express companies;

(iv) Car companies;

(v) Freight lines;

(vi) Toll bridges;

(vii) Ferries;

(viii) Steamboats;

(ix) Street railroads;

(x) Telegraph companies;

(xi) Telephone companies;

(xii) Pipeline companies for transportation of oil, gas, and water;

(xiii) Gas companies;

(xiv) Electric lighting companies and other companies furnishing gas or electricity for light, heat, or power purposes;

(xv) Hydroelectric companies for the generation and for transmission of light, heat, or power; and

(xvi) Water companies furnishing water within municipalities for municipal, domestic, or industrial use.

(B) Nothing in this act shall vest the commission with jurisdiction as to any rate, charge, rule, regulation, order, hearing, investigation, or other matter pertaining to the operation within the limits of any municipality of any street railroad, telephone company, gas company, pipeline company for transportation of oil, gas, or water, electric company, water company, hydroelectric company, or other company operating a public utility or furnishing public service as to which jurisdiction may be elsewhere conferred in this act upon any municipal council or city commission. Notwithstanding the jurisdiction of the municipality as to the above matters within the limits of the municipality, the commission shall have, and is delegated, the authority and duty to require all utility companies now furnishing public service within the limits of any municipality to furnish and continue furnishing that service to the municipality although the right of regulation of the utility as to rates and all other matters within the municipality is elsewhere in this act conferred upon the municipal councils or city commissions, subject to right of appeal to the courts.

(C) Further, nothing in this act shall vest the commission with jurisdiction as to any improvement district or municipality furnishing gas or electricity for any purpose; and

(2) All other jurisdictions, if any, possessed by the Arkansas Railroad Commission [abolished] under the laws of Arkansas in force on March 31, 1919.

(b) For the purpose of this act, and in the construction of this act, every person, firm, association, company, partnership, corporation, or other organizations engaged in the operation of any public utility above indicated shall be deemed to be a company within the meaning of this act.

Acts 1919, No. 571, § 5; C. & M. Dig., § 1618; Acts 1921, No. 124, § 3; Pope's Dig., § 2002; A.S.A. 1947, § 73-115.
Ark. Code Ann. § 23-51-110 — AR Code / Title 23 / Chapter 51 / Section 23-51-110
Required capital
Status: in_force

(a) The Bank Commissioner may not issue a charter to a state trust company having required capital of less than one million dollars ($1,000,000), except as provided in subsection (b) of this section. (b) The commissioner may require additional capital for a proposed or existing state trust company or, on application in the exercise of discretion consistent with protecting safety and soundness, reduce the amount of minimum capital required for a proposed or existing state trust company, if the commissioner finds the condition and operations of an existing state trust company or the proposed scope or type of operations of a proposed state trust company requires additional, or permits reduced, capital consistent with the safety and soundness of the state trust company. The safety and soundness factors to be considered by the commissioner in the exercise of such discretion include but are not limited to, (1) The nature and type of business conducted; (2) The nature and degree of liquidity in assets held in a corporate capacity; (3) The amount of fiduciary assets under management; (4) The type of fiduciary assets held and the depository of the assets; (5) The complexity of fiduciary duties and degree of discretion undertaken; (6) The competence and experience of management; (7) The extent and adequacy of internal controls; (8) The presence or absence of annual unqualified audits by an independent certified public accountant; (9) The reasonableness of business plans for retaining or acquiring additional capital; and (10) The existence and adequacy of insurance obtained or held by the trust company for the purpose of protecting its clients, beneficiaries and grantors. (c) The proposed effective date of an order requiring an existing state trust company to increase its capital must be stated in the order as no sooner than twenty (20) days after the date the proposed order is mailed or delivered. Unless the state trust company requests a hearing before the commissioner in writing before the effective date of the proposed order, the order becomes effective and is final and nonappealable. This subsection does not prohibit an application to reduce capital requirements of a proposed or an existing state trust company under subsection (b) of this section. (d) Subject to subsection (b) of this section and § 23-51-118 , a state trust company to which the commissioner issues a charter shall at all times maintain capital in at least the amount required under subsection (a) of this section, plus any additional amount or less any reduction the commissioner directs under subsection (b) of this section. Acts 1997, No. 940, § 10.

(a) The Bank Commissioner may not issue a charter to a state trust company having required capital of less than one million dollars ($1,000,000), except as provided in subsection (b) of this section.

(b) The commissioner may require additional capital for a proposed or existing state trust company or, on application in the exercise of discretion consistent with protecting safety and soundness, reduce the amount of minimum capital required for a proposed or existing state trust company, if the commissioner finds the condition and operations of an existing state trust company or the proposed scope or type of operations of a proposed state trust company requires additional, or permits reduced, capital consistent with the safety and soundness of the state trust company. The safety and soundness factors to be considered by the commissioner in the exercise of such discretion include but are not limited to, (1) The nature and type of business conducted; (2) The nature and degree of liquidity in assets held in a corporate capacity; (3) The amount of fiduciary assets under management; (4) The type of fiduciary assets held and the depository of the assets; (5) The complexity of fiduciary duties and degree of discretion undertaken; (6) The competence and experience of management; (7) The extent and adequacy of internal controls; (8) The presence or absence of annual unqualified audits by an independent certified public accountant; (9) The reasonableness of business plans for retaining or acquiring additional capital; and (10) The existence and adequacy of insurance obtained or held by the trust company for the purpose of protecting its clients, beneficiaries and grantors.

(1) The nature and type of business conducted;

(2) The nature and degree of liquidity in assets held in a corporate capacity;

(3) The amount of fiduciary assets under management;

(4) The type of fiduciary assets held and the depository of the assets;

(5) The complexity of fiduciary duties and degree of discretion undertaken;

(6) The competence and experience of management;

(7) The extent and adequacy of internal controls;

(8) The presence or absence of annual unqualified audits by an independent certified public accountant;

(9) The reasonableness of business plans for retaining or acquiring additional capital; and

(10) The existence and adequacy of insurance obtained or held by the trust company for the purpose of protecting its clients, beneficiaries and grantors.

(c) The proposed effective date of an order requiring an existing state trust company to increase its capital must be stated in the order as no sooner than twenty (20) days after the date the proposed order is mailed or delivered. Unless the state trust company requests a hearing before the commissioner in writing before the effective date of the proposed order, the order becomes effective and is final and nonappealable. This subsection does not prohibit an application to reduce capital requirements of a proposed or an existing state trust company under subsection (b) of this section.

(d) Subject to subsection (b) of this section and § 23-51-118 , a state trust company to which the commissioner issues a charter shall at all times maintain capital in at least the amount required under subsection (a) of this section, plus any additional amount or less any reduction the commissioner directs under subsection (b) of this section.

Acts 1997, No. 940, § 10.
Ark. Code Ann. § 23-69-505 — AR Code / Title 23 / Chapter 69 / Subchapter 5 / Section 23-69-505
Notice required
Status: in_force

(a) Except as otherwise ordered by the Pulaski County Circuit Court or the Insurance Commissioner, if notice is required to be given by the applicant under this subchapter, the applicant, within fifteen (15) days of the event triggering the requirement, shall cause transmittal of the notice: (1) By first class mail, postage prepaid, to the chief insurance regulator in each jurisdiction in which the applicant holds or has ever held a certificate of authority, and in which policies that are part of the subject business were issued or where policyholders currently reside; (2) By certified first class mail, postage prepaid, to the National Conference of Insurance Guaranty Funds, the National Organization of Life and Health Insurance Guaranty Associations, and all state insurance guaranty associations for the states in which the applicant holds or has ever held a certificate of authority, and in which policies that are part of the subject business were issued or where policyholders currently reside; (3) To reinsurers of the applicant under the notice requirements of the reinsurance agreements applicable to the policies that are part of the subject business, or if an agreement does not require notice, by an internationally recognized delivery service; (4) (A) By United States mail, first class postage prepaid, to all policyholders holding policies that are part of the subject business, at their last known address as indicated by the records of the applicant or to the address to which premium notices or other policy documents are sent. (B) A notice of transfer shall be sent to the transferring insurer's agents or brokers of record on the subject business; and (5) By publication in a newspaper of general circulation in the state in which the applicant has its principal place of business and in such other publications that the commissioner requires. (b) If notice is given under subsection (a) of this section, an order under this subchapter shall be conclusive with respect to all intended recipients of the notice, whether or not they receive actual notice. (c) If the commissioner has been named receiver of the applicant, the commissioner shall provide the required notice under this subchapter. Added by Act 2021, No. 1018,§ 1, eff. 7/28/2021.

(a) Except as otherwise ordered by the Pulaski County Circuit Court or the Insurance Commissioner, if notice is required to be given by the applicant under this subchapter, the applicant, within fifteen (15) days of the event triggering the requirement, shall cause transmittal of the notice: (1) By first class mail, postage prepaid, to the chief insurance regulator in each jurisdiction in which the applicant holds or has ever held a certificate of authority, and in which policies that are part of the subject business were issued or where policyholders currently reside; (2) By certified first class mail, postage prepaid, to the National Conference of Insurance Guaranty Funds, the National Organization of Life and Health Insurance Guaranty Associations, and all state insurance guaranty associations for the states in which the applicant holds or has ever held a certificate of authority, and in which policies that are part of the subject business were issued or where policyholders currently reside; (3) To reinsurers of the applicant under the notice requirements of the reinsurance agreements applicable to the policies that are part of the subject business, or if an agreement does not require notice, by an internationally recognized delivery service; (4) (A) By United States mail, first class postage prepaid, to all policyholders holding policies that are part of the subject business, at their last known address as indicated by the records of the applicant or to the address to which premium notices or other policy documents are sent. (B) A notice of transfer shall be sent to the transferring insurer's agents or brokers of record on the subject business; and (5) By publication in a newspaper of general circulation in the state in which the applicant has its principal place of business and in such other publications that the commissioner requires.

(1) By first class mail, postage prepaid, to the chief insurance regulator in each jurisdiction in which the applicant holds or has ever held a certificate of authority, and in which policies that are part of the subject business were issued or where policyholders currently reside;

(2) By certified first class mail, postage prepaid, to the National Conference of Insurance Guaranty Funds, the National Organization of Life and Health Insurance Guaranty Associations, and all state insurance guaranty associations for the states in which the applicant holds or has ever held a certificate of authority, and in which policies that are part of the subject business were issued or where policyholders currently reside;

(3) To reinsurers of the applicant under the notice requirements of the reinsurance agreements applicable to the policies that are part of the subject business, or if an agreement does not require notice, by an internationally recognized delivery service;

(4) (A) By United States mail, first class postage prepaid, to all policyholders holding policies that are part of the subject business, at their last known address as indicated by the records of the applicant or to the address to which premium notices or other policy documents are sent. (B) A notice of transfer shall be sent to the transferring insurer's agents or brokers of record on the subject business; and

(A) By United States mail, first class postage prepaid, to all policyholders holding policies that are part of the subject business, at their last known address as indicated by the records of the applicant or to the address to which premium notices or other policy documents are sent.

(B) A notice of transfer shall be sent to the transferring insurer's agents or brokers of record on the subject business; and

(5) By publication in a newspaper of general circulation in the state in which the applicant has its principal place of business and in such other publications that the commissioner requires.

(b) If notice is given under subsection (a) of this section, an order under this subchapter shall be conclusive with respect to all intended recipients of the notice, whether or not they receive actual notice.

(c) If the commissioner has been named receiver of the applicant, the commissioner shall provide the required notice under this subchapter.

Added by Act 2021, No. 1018,§ 1, eff. 7/28/2021.