Ark. Code Ann. § 23-63-840 — AR Code / Title 23 / Chapter 63 / Subchapter 8 / Section 23-63-840
Mortgage-backed securities
Status: in_force

(a) An insurer may invest in mortgage-backed securities, including without limitation collateralized mortgage obligations and other obligations for the payment of money secured by participation certificates or loans secured, directly or indirectly, by real estate mortgages or deeds of trust if, at the time the investment is made: (1) The entity issuing the obligation is not in default in the payment of interest on the obligation; (2) The specific investment within that collateralized mortgage obligation is not a zero coupon class, residual interest, or a class designated as principal or interest only; (3) (A) The obligation, participation certificate, or loan is fully guaranteed or insured, as to principal and interest, by the United States, an agency or instrumentality of the United States, or any state or territory of the United States or any agency thereof. (B) The aggregate value of any one (1) issue of an obligation under subdivision (a)(3)(A) of this section shall not exceed five percent (5%) of the insurer's admitted assets; or (4) (A) The obligation, participation certificate, or loan is held by the issuer directly or through a trustee for the benefit of the obligee. (B) The aggregate value of any one (1) issue of an obligation under subdivision (a)(4)(A) of this section shall not exceed three percent (3%) of the insurer's admitted assets. (b) (1) The aggregate value of an insurer's investments under subdivision (a)(3)(A) of this section shall not exceed fifty percent (50%) of the insurer's admitted assets. (2) The aggregate value of an insurer's investments under subdivision (a)(4)(A) of this section shall not exceed fifteen percent (15%) of the insurer's admitted assets unless the insurer received prior approval from the Insurance Commissioner for a specified amount not to exceed thirty percent (30%) of the insurer's admitted assets. (c) An insurer may invest up to ten percent (10%) of its assets in zero coupon, residual interest, or principal-and-interest-only classes of mortgage-backed securities if the underlying mortgages pledged to the repayment of principal and interest of the mortgage-backed securities are unconditionally guaranteed as to timely repayment of principal and interest by the United States or any agency or instrumentality of the United States. (d) For purposes of the "one person" diversification restriction under § 23-63-805(1) , mortgage-backed securities issued by the United States or any agency or instrumentality of the United States shall not be considered investments in or loans upon the security of the obligations, property, or securities of the United States or any agency or instrumentality of the United States. Amended by Act 2015, No. 1223,§ 18, eff. 7/22/2015. Acts 1989, No. 772, § 4; 2001, No. 1604, § 38.

(a) An insurer may invest in mortgage-backed securities, including without limitation collateralized mortgage obligations and other obligations for the payment of money secured by participation certificates or loans secured, directly or indirectly, by real estate mortgages or deeds of trust if, at the time the investment is made: (1) The entity issuing the obligation is not in default in the payment of interest on the obligation; (2) The specific investment within that collateralized mortgage obligation is not a zero coupon class, residual interest, or a class designated as principal or interest only; (3) (A) The obligation, participation certificate, or loan is fully guaranteed or insured, as to principal and interest, by the United States, an agency or instrumentality of the United States, or any state or territory of the United States or any agency thereof. (B) The aggregate value of any one (1) issue of an obligation under subdivision (a)(3)(A) of this section shall not exceed five percent (5%) of the insurer's admitted assets; or (4) (A) The obligation, participation certificate, or loan is held by the issuer directly or through a trustee for the benefit of the obligee. (B) The aggregate value of any one (1) issue of an obligation under subdivision (a)(4)(A) of this section shall not exceed three percent (3%) of the insurer's admitted assets.

(1) The entity issuing the obligation is not in default in the payment of interest on the obligation;

(2) The specific investment within that collateralized mortgage obligation is not a zero coupon class, residual interest, or a class designated as principal or interest only;

(3) (A) The obligation, participation certificate, or loan is fully guaranteed or insured, as to principal and interest, by the United States, an agency or instrumentality of the United States, or any state or territory of the United States or any agency thereof. (B) The aggregate value of any one (1) issue of an obligation under subdivision (a)(3)(A) of this section shall not exceed five percent (5%) of the insurer's admitted assets; or

(A) The obligation, participation certificate, or loan is fully guaranteed or insured, as to principal and interest, by the United States, an agency or instrumentality of the United States, or any state or territory of the United States or any agency thereof.

(B) The aggregate value of any one (1) issue of an obligation under subdivision (a)(3)(A) of this section shall not exceed five percent (5%) of the insurer's admitted assets; or

(4) (A) The obligation, participation certificate, or loan is held by the issuer directly or through a trustee for the benefit of the obligee. (B) The aggregate value of any one (1) issue of an obligation under subdivision (a)(4)(A) of this section shall not exceed three percent (3%) of the insurer's admitted assets.

(A) The obligation, participation certificate, or loan is held by the issuer directly or through a trustee for the benefit of the obligee.

(B) The aggregate value of any one (1) issue of an obligation under subdivision (a)(4)(A) of this section shall not exceed three percent (3%) of the insurer's admitted assets.

(b) (1) The aggregate value of an insurer's investments under subdivision (a)(3)(A) of this section shall not exceed fifty percent (50%) of the insurer's admitted assets. (2) The aggregate value of an insurer's investments under subdivision (a)(4)(A) of this section shall not exceed fifteen percent (15%) of the insurer's admitted assets unless the insurer received prior approval from the Insurance Commissioner for a specified amount not to exceed thirty percent (30%) of the insurer's admitted assets.

(1) The aggregate value of an insurer's investments under subdivision (a)(3)(A) of this section shall not exceed fifty percent (50%) of the insurer's admitted assets.

(2) The aggregate value of an insurer's investments under subdivision (a)(4)(A) of this section shall not exceed fifteen percent (15%) of the insurer's admitted assets unless the insurer received prior approval from the Insurance Commissioner for a specified amount not to exceed thirty percent (30%) of the insurer's admitted assets.

(c) An insurer may invest up to ten percent (10%) of its assets in zero coupon, residual interest, or principal-and-interest-only classes of mortgage-backed securities if the underlying mortgages pledged to the repayment of principal and interest of the mortgage-backed securities are unconditionally guaranteed as to timely repayment of principal and interest by the United States or any agency or instrumentality of the United States.

(d) For purposes of the "one person" diversification restriction under § 23-63-805(1) , mortgage-backed securities issued by the United States or any agency or instrumentality of the United States shall not be considered investments in or loans upon the security of the obligations, property, or securities of the United States or any agency or instrumentality of the United States.

Amended by Act 2015, No. 1223,§ 18, eff. 7/22/2015.

Acts 1989, No. 772, § 4; 2001, No. 1604, § 38.
Ark. Code Ann. § 23-64-102 — AR Code / Title 23 / Chapter 64 / Subchapter 1 / Section 23-64-102
Definitions
Status: in_force

As used in this chapter, unless the context otherwise requires: (1) (A) An "agent" is an individual, firm, limited liability company, or corporation who is required by the Producer Licensing Model Act, § 23-64-501 et seq., to be licensed as an insurance producer by the Insurance Commissioner. (B) An agent shall be deemed to be the agent of the appointing insurer; (2) (A) (i) A "resident agent" is an agent whose residence is in or who may vote in this state or who is licensed as a resident insurance producer by the commissioner in accordance with the Producer Licensing Model Act, § 23-64-501 et seq. (ii) Every reference herein to "an agent, a resident of this state" and to "a licensed agent, a resident of this state" shall include any duly licensed resident agent as defined in this section. (B) By reciprocal arrangements with another state under which residents of Arkansas may be licensed and operate as resident agents of the other state, the commissioner may license, as resident agents of Arkansas, residents of the other state who: (i) In cities or towns through which passes the Arkansas boundary, or border communities or border trade areas, maintain their principal place of business in that city, town, community, or trade area; and (ii) Are otherwise qualified for the license. (C) The terms "border communities" or "border trade areas" shall mean communities and trade areas situated within five (5) miles of the Arkansas boundary. (D) Firms and corporations of which all the members and persons exercising the license power qualify individually as to residence under the definition in this subdivision (2) may be licensed as resident agents; (3) A "broker" is an individual, firm, limited liability company, or corporation who is required to be licensed as an insurance producer under the Producer Licensing Model Act, § 23-64-501 et seq., who represents insureds or prospective insureds other than himself or herself or itself and not on behalf of an insurer or agent. A broker shall be deemed to be the agent of the insured; (4) (A) An "adjuster" is an individual, firm, limited liability company, or corporation who for compensation as an independent contractor or as the employee of an independent contractor or for fee or commission investigates and negotiates, on behalf of the insurer, settlement of claims arising under insurance contracts. (B) A licensed attorney at law who is qualified to practice law in this state is not deemed to be an "adjuster" for the purposes of this chapter. (C) A salaried employee of an insurer or of a managing general agent or of any adjustment bureau or association owned and maintained by insurers to adjust losses of member insurers is not deemed to be an "adjuster" for the purposes of this chapter. (D) A resident agent or marine average adjuster or an agent or broker who adjusts or assists in adjustment of losses arising under policies procured through the broker or issued by the insurer represented by the agent that is appointed by the insurer shall not be deemed to be an "adjuster" for the purposes of this chapter. (E) (i) The commissioner may issue "limited adjusters' licenses" to persons who are sponsored and are employees of self-insured, self-funded, entities for purposes of the adjustment of claims for or on the behalf of that self-insured sponsoring entity. (ii) The limited license shall be valid only while the employee is employed by the sponsoring self-insured entity. (iii) Qualifications, fees, and other aspects of licensure for "limited adjusters' licenses" shall be as established by regulation. (F) (i) An individual who is an employee of or supervised by a licensed adjuster or agent who is exempt from licensure under subdivision (4)(D) of this section is not an adjuster if the individual, for purposes of portable electronic insurance claims: (a) Collects claim information from an insured and claimants; (b) Furnishes claim information to an insured or claimants; and (c) Conducts data entry through an automated claims adjudication system. (ii) A single licensed adjuster or licensed agent shall not supervise more than twenty-five (25) persons under this subdivision (4)(F). (iii) As used in this subdivision (4)(F), "automated claims adjudication system" means a preprogrammed computer system that is: (a) Designed for the collection, data entry, calculation, and resolution of portable electronics insurance claims; (b) Used only by: (1) A licensed independent adjuster; (2) A licensed agent; or (3) A supervised individual operating under this chapter; (c) Compliant with all claim payment requirements of the insurance laws of this state; and (d) Certified as compliant by a licensed independent adjuster; (5) (A) An "insurance consultant" is an individual, firm, limited liability company, or corporation which, for a fee, in any manner advises or counsels anyone as to his or her insurance needs and coverages under any insurance policy or contract. (B) The term "insurance consultant" shall not be deemed to include licensed attorneys, actuaries, certified public accountants, medical bill analysts, or any other person who gives or offers incidental advice to the public in the normal course of a business or professional activity other than insurance consulting; and (6) For purposes of the commissioner's reciprocal arrangements or agreements with the insurance supervisory officials of other states for licensure of nonresident insurance applicants as permitted in § 23-64-203 or other applicable laws, the term "insurance producer" means "agent" or "broker", or both, as applicable, as defined in this section. Amended by Act 2013, No. 754,§ 1, eff. 8/16/2013. Acts 1959, No. 148, §§ 145-149, 151; A.S.A. 1947, §§ 66-2802 -- 66-2806, 66-2808; Acts 1987, No. 622, § 1; 1987, No. 927, § 1; 1987, No. 955, § 1; 1997, No. 1004, § 1; 1999, No. 657, § 1; 2001, No. 580, § 3.

As used in this chapter, unless the context otherwise requires:

(1) (A) An "agent" is an individual, firm, limited liability company, or corporation who is required by the Producer Licensing Model Act, § 23-64-501 et seq., to be licensed as an insurance producer by the Insurance Commissioner. (B) An agent shall be deemed to be the agent of the appointing insurer;

(A) An "agent" is an individual, firm, limited liability company, or corporation who is required by the Producer Licensing Model Act, § 23-64-501 et seq., to be licensed as an insurance producer by the Insurance Commissioner.

(B) An agent shall be deemed to be the agent of the appointing insurer;

(2) (A) (i) A "resident agent" is an agent whose residence is in or who may vote in this state or who is licensed as a resident insurance producer by the commissioner in accordance with the Producer Licensing Model Act, § 23-64-501 et seq. (ii) Every reference herein to "an agent, a resident of this state" and to "a licensed agent, a resident of this state" shall include any duly licensed resident agent as defined in this section. (B) By reciprocal arrangements with another state under which residents of Arkansas may be licensed and operate as resident agents of the other state, the commissioner may license, as resident agents of Arkansas, residents of the other state who: (i) In cities or towns through which passes the Arkansas boundary, or border communities or border trade areas, maintain their principal place of business in that city, town, community, or trade area; and (ii) Are otherwise qualified for the license. (C) The terms "border communities" or "border trade areas" shall mean communities and trade areas situated within five (5) miles of the Arkansas boundary. (D) Firms and corporations of which all the members and persons exercising the license power qualify individually as to residence under the definition in this subdivision (2) may be licensed as resident agents;

(A) (i) A "resident agent" is an agent whose residence is in or who may vote in this state or who is licensed as a resident insurance producer by the commissioner in accordance with the Producer Licensing Model Act, § 23-64-501 et seq. (ii) Every reference herein to "an agent, a resident of this state" and to "a licensed agent, a resident of this state" shall include any duly licensed resident agent as defined in this section.

(i) A "resident agent" is an agent whose residence is in or who may vote in this state or who is licensed as a resident insurance producer by the commissioner in accordance with the Producer Licensing Model Act, § 23-64-501 et seq.

(ii) Every reference herein to "an agent, a resident of this state" and to "a licensed agent, a resident of this state" shall include any duly licensed resident agent as defined in this section.

(B) By reciprocal arrangements with another state under which residents of Arkansas may be licensed and operate as resident agents of the other state, the commissioner may license, as resident agents of Arkansas, residents of the other state who: (i) In cities or towns through which passes the Arkansas boundary, or border communities or border trade areas, maintain their principal place of business in that city, town, community, or trade area; and (ii) Are otherwise qualified for the license.

(i) In cities or towns through which passes the Arkansas boundary, or border communities or border trade areas, maintain their principal place of business in that city, town, community, or trade area; and

(ii) Are otherwise qualified for the license.

(C) The terms "border communities" or "border trade areas" shall mean communities and trade areas situated within five (5) miles of the Arkansas boundary.

(D) Firms and corporations of which all the members and persons exercising the license power qualify individually as to residence under the definition in this subdivision (2) may be licensed as resident agents;

(3) A "broker" is an individual, firm, limited liability company, or corporation who is required to be licensed as an insurance producer under the Producer Licensing Model Act, § 23-64-501 et seq., who represents insureds or prospective insureds other than himself or herself or itself and not on behalf of an insurer or agent. A broker shall be deemed to be the agent of the insured;

(4) (A) An "adjuster" is an individual, firm, limited liability company, or corporation who for compensation as an independent contractor or as the employee of an independent contractor or for fee or commission investigates and negotiates, on behalf of the insurer, settlement of claims arising under insurance contracts. (B) A licensed attorney at law who is qualified to practice law in this state is not deemed to be an "adjuster" for the purposes of this chapter. (C) A salaried employee of an insurer or of a managing general agent or of any adjustment bureau or association owned and maintained by insurers to adjust losses of member insurers is not deemed to be an "adjuster" for the purposes of this chapter. (D) A resident agent or marine average adjuster or an agent or broker who adjusts or assists in adjustment of losses arising under policies procured through the broker or issued by the insurer represented by the agent that is appointed by the insurer shall not be deemed to be an "adjuster" for the purposes of this chapter. (E) (i) The commissioner may issue "limited adjusters' licenses" to persons who are sponsored and are employees of self-insured, self-funded, entities for purposes of the adjustment of claims for or on the behalf of that self-insured sponsoring entity. (ii) The limited license shall be valid only while the employee is employed by the sponsoring self-insured entity. (iii) Qualifications, fees, and other aspects of licensure for "limited adjusters' licenses" shall be as established by regulation. (F) (i) An individual who is an employee of or supervised by a licensed adjuster or agent who is exempt from licensure under subdivision (4)(D) of this section is not an adjuster if the individual, for purposes of portable electronic insurance claims: (a) Collects claim information from an insured and claimants; (b) Furnishes claim information to an insured or claimants; and (c) Conducts data entry through an automated claims adjudication system. (ii) A single licensed adjuster or licensed agent shall not supervise more than twenty-five (25) persons under this subdivision (4)(F). (iii) As used in this subdivision (4)(F), "automated claims adjudication system" means a preprogrammed computer system that is: (a) Designed for the collection, data entry, calculation, and resolution of portable electronics insurance claims; (b) Used only by: (1) A licensed independent adjuster; (2) A licensed agent; or (3) A supervised individual operating under this chapter; (c) Compliant with all claim payment requirements of the insurance laws of this state; and (d) Certified as compliant by a licensed independent adjuster;

(A) An "adjuster" is an individual, firm, limited liability company, or corporation who for compensation as an independent contractor or as the employee of an independent contractor or for fee or commission investigates and negotiates, on behalf of the insurer, settlement of claims arising under insurance contracts.

(B) A licensed attorney at law who is qualified to practice law in this state is not deemed to be an "adjuster" for the purposes of this chapter.

(C) A salaried employee of an insurer or of a managing general agent or of any adjustment bureau or association owned and maintained by insurers to adjust losses of member insurers is not deemed to be an "adjuster" for the purposes of this chapter.

(D) A resident agent or marine average adjuster or an agent or broker who adjusts or assists in adjustment of losses arising under policies procured through the broker or issued by the insurer represented by the agent that is appointed by the insurer shall not be deemed to be an "adjuster" for the purposes of this chapter.

(E) (i) The commissioner may issue "limited adjusters' licenses" to persons who are sponsored and are employees of self-insured, self-funded, entities for purposes of the adjustment of claims for or on the behalf of that self-insured sponsoring entity. (ii) The limited license shall be valid only while the employee is employed by the sponsoring self-insured entity. (iii) Qualifications, fees, and other aspects of licensure for "limited adjusters' licenses" shall be as established by regulation.

(i) The commissioner may issue "limited adjusters' licenses" to persons who are sponsored and are employees of self-insured, self-funded, entities for purposes of the adjustment of claims for or on the behalf of that self-insured sponsoring entity.

(ii) The limited license shall be valid only while the employee is employed by the sponsoring self-insured entity.

(iii) Qualifications, fees, and other aspects of licensure for "limited adjusters' licenses" shall be as established by regulation.

(F) (i) An individual who is an employee of or supervised by a licensed adjuster or agent who is exempt from licensure under subdivision (4)(D) of this section is not an adjuster if the individual, for purposes of portable electronic insurance claims: (a) Collects claim information from an insured and claimants; (b) Furnishes claim information to an insured or claimants; and (c) Conducts data entry through an automated claims adjudication system. (ii) A single licensed adjuster or licensed agent shall not supervise more than twenty-five (25) persons under this subdivision (4)(F). (iii) As used in this subdivision (4)(F), "automated claims adjudication system" means a preprogrammed computer system that is: (a) Designed for the collection, data entry, calculation, and resolution of portable electronics insurance claims; (b) Used only by: (1) A licensed independent adjuster; (2) A licensed agent; or (3) A supervised individual operating under this chapter; (c) Compliant with all claim payment requirements of the insurance laws of this state; and (d) Certified as compliant by a licensed independent adjuster;

(i) An individual who is an employee of or supervised by a licensed adjuster or agent who is exempt from licensure under subdivision (4)(D) of this section is not an adjuster if the individual, for purposes of portable electronic insurance claims: (a) Collects claim information from an insured and claimants; (b) Furnishes claim information to an insured or claimants; and (c) Conducts data entry through an automated claims adjudication system.

(a) Collects claim information from an insured and claimants;

(b) Furnishes claim information to an insured or claimants; and

(c) Conducts data entry through an automated claims adjudication system.

(ii) A single licensed adjuster or licensed agent shall not supervise more than twenty-five (25) persons under this subdivision (4)(F).

(iii) As used in this subdivision (4)(F), "automated claims adjudication system" means a preprogrammed computer system that is: (a) Designed for the collection, data entry, calculation, and resolution of portable electronics insurance claims; (b) Used only by: (1) A licensed independent adjuster; (2) A licensed agent; or (3) A supervised individual operating under this chapter; (c) Compliant with all claim payment requirements of the insurance laws of this state; and (d) Certified as compliant by a licensed independent adjuster;

(a) Designed for the collection, data entry, calculation, and resolution of portable electronics insurance claims;

(b) Used only by: (1) A licensed independent adjuster; (2) A licensed agent; or (3) A supervised individual operating under this chapter;

(1) A licensed independent adjuster;

(2) A licensed agent; or

(3) A supervised individual operating under this chapter;

(c) Compliant with all claim payment requirements of the insurance laws of this state; and

(d) Certified as compliant by a licensed independent adjuster;

(5) (A) An "insurance consultant" is an individual, firm, limited liability company, or corporation which, for a fee, in any manner advises or counsels anyone as to his or her insurance needs and coverages under any insurance policy or contract. (B) The term "insurance consultant" shall not be deemed to include licensed attorneys, actuaries, certified public accountants, medical bill analysts, or any other person who gives or offers incidental advice to the public in the normal course of a business or professional activity other than insurance consulting; and

(A) An "insurance consultant" is an individual, firm, limited liability company, or corporation which, for a fee, in any manner advises or counsels anyone as to his or her insurance needs and coverages under any insurance policy or contract.

(B) The term "insurance consultant" shall not be deemed to include licensed attorneys, actuaries, certified public accountants, medical bill analysts, or any other person who gives or offers incidental advice to the public in the normal course of a business or professional activity other than insurance consulting; and

(6) For purposes of the commissioner's reciprocal arrangements or agreements with the insurance supervisory officials of other states for licensure of nonresident insurance applicants as permitted in § 23-64-203 or other applicable laws, the term "insurance producer" means "agent" or "broker", or both, as applicable, as defined in this section.

Amended by Act 2013, No. 754,§ 1, eff. 8/16/2013.

Acts 1959, No. 148, §§ 145-149, 151; A.S.A. 1947, §§ 66-2802 -- 66-2806, 66-2808; Acts 1987, No. 622, § 1; 1987, No. 927, § 1; 1987, No. 955, § 1; 1997, No. 1004, § 1; 1999, No. 657, § 1; 2001, No. 580, § 3.
Ark. Code Ann. § 23-76-125 — AR Code / Title 23 / Chapter 76 / Section 23-76-125
Rules
Status: in_force

(a) After notice and hearing, the Insurance Commissioner may promulgate reasonable rules, not inconsistent with existing statutes of this state, as are necessary or proper to carry out the provisions of this chapter. (b) The rules shall be subject to review in accordance with § 23-61-307 . Amended by Act 2019, No. 315,§ 2703, eff. 7/24/2019. Acts 1975, No. 454, § 21; A.S.A. 1947, § 66-5221.

(a) After notice and hearing, the Insurance Commissioner may promulgate reasonable rules, not inconsistent with existing statutes of this state, as are necessary or proper to carry out the provisions of this chapter.

(b) The rules shall be subject to review in accordance with § 23-61-307 .

Amended by Act 2019, No. 315,§ 2703, eff. 7/24/2019.

Acts 1975, No. 454, § 21; A.S.A. 1947, § 66-5221.
Ark. Code Ann. § 23-37-310 — AR Code / Title 23 / Chapter 37 / Subchapter 3 / Section 23-37-310
Approval or denial of application for charter
Status: in_force

(a) The Savings and Loan Association Board [abolished] shall not approve any charter application unless the incorporators establish and the board shall have affirmatively found from the data furnished with the application, the evidence adduced at the hearing, and the official records of the Supervisor of Savings and Loan Associations that: (1) All the prerequisites for the approval of a charter set forth in this chapter have been complied with; (2) The character, responsibility, and general fitness of the persons who are named in the articles of incorporation and who will serve as directors and officers of the association are such as to command confidence and warrant belief that the business of the proposed association will be honestly and efficiently conducted in accordance with the intent and purpose of this chapter and the proposed association will have qualified full-time management; (3) There is a public need for the proposed association, and the volume of business in the area in which the proposed association will conduct its business is such as to indicate a successful operation; (4) The operation of the proposed association will not unduly harm any other existing association, federal savings and loan association, or other financial institution; and (5) (A) The proposed association will be independent of the other financial institutions. (B) Those persons named in the articles of incorporation as directors and officers do not have affiliations with any financial institutions or other businesses closely related to the savings and loan association business which would affect the independence of the proposed association. (C) The directors are representative of the community. (b) (1) If the board so finds, its findings shall be stated in writing, and the supervisor shall endorse the approval of the board on the proposed articles of incorporation and bylaws, whereupon the proposed association shall be a corporate body and may exercise the powers of a savings and loan association as set forth in this chapter. (2) A copy of the articles of incorporation of the association bearing the approval of the supervisor shall be filed in the office of the supervisor, with the Secretary of State, and with the county clerk of the county in which the home office of the association is located. (c) If the board does not make the findings as required by subsection (a) of this section, it shall issue a written statement of its grounds for refusal. This statement shall be promptly mailed to the chair of the incorporators by certified mail. Acts 1963, No. 227, §§ 24, 25; 1973, No. 292, § 3; A.S.A. 1947, §§ 67-1824, 67-1825.

(a) The Savings and Loan Association Board [abolished] shall not approve any charter application unless the incorporators establish and the board shall have affirmatively found from the data furnished with the application, the evidence adduced at the hearing, and the official records of the Supervisor of Savings and Loan Associations that: (1) All the prerequisites for the approval of a charter set forth in this chapter have been complied with; (2) The character, responsibility, and general fitness of the persons who are named in the articles of incorporation and who will serve as directors and officers of the association are such as to command confidence and warrant belief that the business of the proposed association will be honestly and efficiently conducted in accordance with the intent and purpose of this chapter and the proposed association will have qualified full-time management; (3) There is a public need for the proposed association, and the volume of business in the area in which the proposed association will conduct its business is such as to indicate a successful operation; (4) The operation of the proposed association will not unduly harm any other existing association, federal savings and loan association, or other financial institution; and (5) (A) The proposed association will be independent of the other financial institutions. (B) Those persons named in the articles of incorporation as directors and officers do not have affiliations with any financial institutions or other businesses closely related to the savings and loan association business which would affect the independence of the proposed association. (C) The directors are representative of the community.

(1) All the prerequisites for the approval of a charter set forth in this chapter have been complied with;

(2) The character, responsibility, and general fitness of the persons who are named in the articles of incorporation and who will serve as directors and officers of the association are such as to command confidence and warrant belief that the business of the proposed association will be honestly and efficiently conducted in accordance with the intent and purpose of this chapter and the proposed association will have qualified full-time management;

(3) There is a public need for the proposed association, and the volume of business in the area in which the proposed association will conduct its business is such as to indicate a successful operation;

(4) The operation of the proposed association will not unduly harm any other existing association, federal savings and loan association, or other financial institution; and

(5) (A) The proposed association will be independent of the other financial institutions. (B) Those persons named in the articles of incorporation as directors and officers do not have affiliations with any financial institutions or other businesses closely related to the savings and loan association business which would affect the independence of the proposed association. (C) The directors are representative of the community.

(A) The proposed association will be independent of the other financial institutions.

(B) Those persons named in the articles of incorporation as directors and officers do not have affiliations with any financial institutions or other businesses closely related to the savings and loan association business which would affect the independence of the proposed association.

(C) The directors are representative of the community.

(b) (1) If the board so finds, its findings shall be stated in writing, and the supervisor shall endorse the approval of the board on the proposed articles of incorporation and bylaws, whereupon the proposed association shall be a corporate body and may exercise the powers of a savings and loan association as set forth in this chapter. (2) A copy of the articles of incorporation of the association bearing the approval of the supervisor shall be filed in the office of the supervisor, with the Secretary of State, and with the county clerk of the county in which the home office of the association is located.

(1) If the board so finds, its findings shall be stated in writing, and the supervisor shall endorse the approval of the board on the proposed articles of incorporation and bylaws, whereupon the proposed association shall be a corporate body and may exercise the powers of a savings and loan association as set forth in this chapter.

(2) A copy of the articles of incorporation of the association bearing the approval of the supervisor shall be filed in the office of the supervisor, with the Secretary of State, and with the county clerk of the county in which the home office of the association is located.

(c) If the board does not make the findings as required by subsection (a) of this section, it shall issue a written statement of its grounds for refusal. This statement shall be promptly mailed to the chair of the incorporators by certified mail.

Acts 1963, No. 227, §§ 24, 25; 1973, No. 292, § 3; A.S.A. 1947, §§ 67-1824, 67-1825.
Ark. Code Ann. § 23-112-702 — AR Code / Title 23 / Chapter 112 / Subchapter 7 / Section 23-112-702
Damage prior to delivery to dealer - Notice
Status: in_force

(a) Whenever a motor vehicle is damaged while in transit when the carrier or the means of transportation is designated by the manufacturer or distributor, or whenever a motor vehicle is otherwise damaged prior to delivery to the dealer, the dealer must: (1) Notify the manufacturer or distributor of such damage within three (3) working days of the occurrence of the delivery of the motor vehicle; and (2) Request from the manufacturer or distributor authorization to repair the damages sustained or to replace the parts or accessories damaged. (b) The notification of damage by the dealer must be by certified mail, with a notice of delivery requested to be returned to the dealer, and shall be presumed to have occurred upon deposit of the notice with the United States Postal Service. Acts 1991, No. 952, § 2.

(a) Whenever a motor vehicle is damaged while in transit when the carrier or the means of transportation is designated by the manufacturer or distributor, or whenever a motor vehicle is otherwise damaged prior to delivery to the dealer, the dealer must: (1) Notify the manufacturer or distributor of such damage within three (3) working days of the occurrence of the delivery of the motor vehicle; and (2) Request from the manufacturer or distributor authorization to repair the damages sustained or to replace the parts or accessories damaged.

(1) Notify the manufacturer or distributor of such damage within three (3) working days of the occurrence of the delivery of the motor vehicle; and

(2) Request from the manufacturer or distributor authorization to repair the damages sustained or to replace the parts or accessories damaged.

(b) The notification of damage by the dealer must be by certified mail, with a notice of delivery requested to be returned to the dealer, and shall be presumed to have occurred upon deposit of the notice with the United States Postal Service.

Acts 1991, No. 952, § 2.
Ark. Code Ann. § 23-60-104 — AR Code / Title 23 / Chapter 60 / Section 23-60-104
Exceptions - Burial associations - Healthcare sharing ministries - Direct healthcare agreements - Definitions
Status: in_force

(a) The Arkansas Insurance Code and rules promulgated by the Insurance Commissioner under the Arkansas Insurance Code do not apply to a: (1) Burial association governed by §§ 23-78-101 - 23-78-119 and 23-78-121 - 23-78-125 ; (2) Direct healthcare agreement; (3) Healthcare sharing ministry; or (4) (A) Nonprofit agricultural membership organization. (B) Any risk arising out of a contract for coverage for healthcare services between a member of a nonprofit agricultural membership organization and a nonprofit agricultural membership organization, or its affiliate, may be reinsured by an insurer that is authorized to transact insurance in this state. (C) A nonprofit agricultural membership organization shall pay a levy of the insurance premium tax to the same extent as a domestic insurer under § 26-57-604 . (b) As used in this section: (1) (A) "Direct healthcare agreement" means a written agreement that: (i) Is between a licensed healthcare provider and a patient or the patient's legal representative; (ii) (a) Allows either party to terminate the agreement in writing, without penalty or payment of a termination fee, at any time or after notice as specified in the agreement. (b) The notice of termination described in subdivision (b)(1)(A)(ii) (a) of this section shall not exceed sixty (60) days; (iii) Describes the healthcare services to be provided in exchange for payment of a periodic fee; (iv) Specifies the periodic fee required and any additional fees that may be charged; (v) May allow the periodic fee and any additional fees to be paid by a third party; (vi) Prohibits the healthcare provider from charging or receiving additional compensation for healthcare services included in the periodic fee; and (vii) Conspicuously and prominently states that the agreement is not health insurance and does not meet any individual health insurance mandate that may be required by federal law. (B) A direct healthcare agreement shall provide a written disclaimer on or accompanying an application distributed by or on behalf of an entity offering a direct healthcare agreement that reads, in substance: "Notice: A direct healthcare agreement is not an insurance policy, and the select medical services as specified under a direct healthcare agreement may not constitute the minimum essential health benefits under federal healthcare laws established by Pub. L. No. 111-148, as amended by Pub. L. No. 111-152, and any amendments to, or regulations or guidance issued under, those statutes existing on January 1, 2017. You may be responsible for any payment for medical services not covered by health insurance under your insurer's statement of benefits policy." (C) "Direct healthcare agreement" does not mean a health benefit plan or a health maintenance organization as defined in § 23-76-102 ; (2) "Healthcare sharing ministry" means a faith-based, nonprofit organization that: (A) Is tax-exempt under the Internal Revenue Code of 1986; (B) Limits participation to those who are of a similar faith; (C) Facilitates an arrangement to match participants who have financial or medical needs to participants with the present ability to assist those with financial or medical needs according to criteria established by the healthcare sharing ministry; (D) Provides for the financial or medical needs of a participant through contributions from one (1) participant to another; (E) Establishes contribution amounts for participants with no guarantee of return, assumption of risk, or promise to pay qualified medical needs of the participant or of the medical provider performing the service or services for the participant; (F) Provides a written monthly statement to its participants that lists: (i) The total dollar amount of qualified needs submitted to the healthcare sharing ministry; and (ii) The amount of contribution established for its participants; (G) Provides a written disclaimer on or accompanying an application and guideline material distributed by or on behalf of the healthcare sharing ministry that reads, in substance: "Notice: The organization facilitating the sharing of medical expenses is not an insurance company and neither its guidelines nor plan of operation is an insurance policy. If anyone chooses to assist you with your medical bills, it will be totally voluntary because participants are not compelled by law to contribute toward your medical bills. Participation in the organization or a subscription to any of its documents should never be considered to be insurance. Regardless of whether you receive a payment for medical expenses or if this organization continues to operate, you are always personally responsible for the payment of your own medical bills."; (H) Transfers or distributes contribution amounts from one (1) participant to match the qualified medical needs of another participant to whom neither the organization nor the sending participant has an obligation or commitment to pay for any qualified medical needs with its own funds; and (I) Provides an identification card to each participant that includes an indication that the participant is a member of a healthcare sharing ministry; and (3) "Nonprofit agricultural membership organization" means an organization that: (A) Is incorporated under the laws of this state; (B) Has a physical presence in every county of this state; (C) Has a purpose of promoting the interests of farmers or their affiliates in this state; (D) Provides coverage for healthcare services for members and their families pursuant to contracts between members and the organization or its affiliates; and (E) (i) Has a designated individual who, in consultation with the State Insurance Department, operates as an ombudsman to address concerns from insured members regarding the insurance policy. (ii) If a complaint is received by the department from insured members of the nonprofit agricultural membership organization, then the department shall forward the complaints to the designated individual operating as the nonprofit agricultural membership organization's ombudsman under subdivision (b)(3)(E)(i) of this section. Amended by Act 2023, No. 626,§ 2, eff. 8/1/2023. Amended by Act 2023, No. 626,§ 1, eff. 8/1/2023. Amended by Act 2023, No. 500,§ 1, eff. 8/1/2023. Amended by Act 2021, No. 381,§ 1, eff. 7/28/2021. Amended by Act 2017, No. 1020,§ 1, eff. 8/1/2017. Amended by Act 2015, No. 101,§ 1, eff. 7/22/2015. Amended by Act 2013, No. 1163,§ 1, eff. 8/16/2013. Acts 1959, No. 148, § 12; A.S.A. 1947, § 66-2012.

(a) The Arkansas Insurance Code and rules promulgated by the Insurance Commissioner under the Arkansas Insurance Code do not apply to a: (1) Burial association governed by §§ 23-78-101 - 23-78-119 and 23-78-121 - 23-78-125 ; (2) Direct healthcare agreement; (3) Healthcare sharing ministry; or (4) (A) Nonprofit agricultural membership organization. (B) Any risk arising out of a contract for coverage for healthcare services between a member of a nonprofit agricultural membership organization and a nonprofit agricultural membership organization, or its affiliate, may be reinsured by an insurer that is authorized to transact insurance in this state. (C) A nonprofit agricultural membership organization shall pay a levy of the insurance premium tax to the same extent as a domestic insurer under § 26-57-604 .

(1) Burial association governed by §§ 23-78-101 - 23-78-119 and 23-78-121 - 23-78-125 ;

(2) Direct healthcare agreement;

(3) Healthcare sharing ministry; or

(4) (A) Nonprofit agricultural membership organization. (B) Any risk arising out of a contract for coverage for healthcare services between a member of a nonprofit agricultural membership organization and a nonprofit agricultural membership organization, or its affiliate, may be reinsured by an insurer that is authorized to transact insurance in this state. (C) A nonprofit agricultural membership organization shall pay a levy of the insurance premium tax to the same extent as a domestic insurer under § 26-57-604 .

(A) Nonprofit agricultural membership organization.

(B) Any risk arising out of a contract for coverage for healthcare services between a member of a nonprofit agricultural membership organization and a nonprofit agricultural membership organization, or its affiliate, may be reinsured by an insurer that is authorized to transact insurance in this state.

(C) A nonprofit agricultural membership organization shall pay a levy of the insurance premium tax to the same extent as a domestic insurer under § 26-57-604 .

(b) As used in this section: (1) (A) "Direct healthcare agreement" means a written agreement that: (i) Is between a licensed healthcare provider and a patient or the patient's legal representative; (ii) (a) Allows either party to terminate the agreement in writing, without penalty or payment of a termination fee, at any time or after notice as specified in the agreement. (b) The notice of termination described in subdivision (b)(1)(A)(ii) (a) of this section shall not exceed sixty (60) days; (iii) Describes the healthcare services to be provided in exchange for payment of a periodic fee; (iv) Specifies the periodic fee required and any additional fees that may be charged; (v) May allow the periodic fee and any additional fees to be paid by a third party; (vi) Prohibits the healthcare provider from charging or receiving additional compensation for healthcare services included in the periodic fee; and (vii) Conspicuously and prominently states that the agreement is not health insurance and does not meet any individual health insurance mandate that may be required by federal law. (B) A direct healthcare agreement shall provide a written disclaimer on or accompanying an application distributed by or on behalf of an entity offering a direct healthcare agreement that reads, in substance: "Notice: A direct healthcare agreement is not an insurance policy, and the select medical services as specified under a direct healthcare agreement may not constitute the minimum essential health benefits under federal healthcare laws established by Pub. L. No. 111-148, as amended by Pub. L. No. 111-152, and any amendments to, or regulations or guidance issued under, those statutes existing on January 1, 2017. You may be responsible for any payment for medical services not covered by health insurance under your insurer's statement of benefits policy." (C) "Direct healthcare agreement" does not mean a health benefit plan or a health maintenance organization as defined in § 23-76-102 ; (2) "Healthcare sharing ministry" means a faith-based, nonprofit organization that: (A) Is tax-exempt under the Internal Revenue Code of 1986; (B) Limits participation to those who are of a similar faith; (C) Facilitates an arrangement to match participants who have financial or medical needs to participants with the present ability to assist those with financial or medical needs according to criteria established by the healthcare sharing ministry; (D) Provides for the financial or medical needs of a participant through contributions from one (1) participant to another; (E) Establishes contribution amounts for participants with no guarantee of return, assumption of risk, or promise to pay qualified medical needs of the participant or of the medical provider performing the service or services for the participant; (F) Provides a written monthly statement to its participants that lists: (i) The total dollar amount of qualified needs submitted to the healthcare sharing ministry; and (ii) The amount of contribution established for its participants; (G) Provides a written disclaimer on or accompanying an application and guideline material distributed by or on behalf of the healthcare sharing ministry that reads, in substance: "Notice: The organization facilitating the sharing of medical expenses is not an insurance company and neither its guidelines nor plan of operation is an insurance policy. If anyone chooses to assist you with your medical bills, it will be totally voluntary because participants are not compelled by law to contribute toward your medical bills. Participation in the organization or a subscription to any of its documents should never be considered to be insurance. Regardless of whether you receive a payment for medical expenses or if this organization continues to operate, you are always personally responsible for the payment of your own medical bills."; (H) Transfers or distributes contribution amounts from one (1) participant to match the qualified medical needs of another participant to whom neither the organization nor the sending participant has an obligation or commitment to pay for any qualified medical needs with its own funds; and (I) Provides an identification card to each participant that includes an indication that the participant is a member of a healthcare sharing ministry; and (3) "Nonprofit agricultural membership organization" means an organization that: (A) Is incorporated under the laws of this state; (B) Has a physical presence in every county of this state; (C) Has a purpose of promoting the interests of farmers or their affiliates in this state; (D) Provides coverage for healthcare services for members and their families pursuant to contracts between members and the organization or its affiliates; and (E) (i) Has a designated individual who, in consultation with the State Insurance Department, operates as an ombudsman to address concerns from insured members regarding the insurance policy. (ii) If a complaint is received by the department from insured members of the nonprofit agricultural membership organization, then the department shall forward the complaints to the designated individual operating as the nonprofit agricultural membership organization's ombudsman under subdivision (b)(3)(E)(i) of this section.

(1) (A) "Direct healthcare agreement" means a written agreement that: (i) Is between a licensed healthcare provider and a patient or the patient's legal representative; (ii) (a) Allows either party to terminate the agreement in writing, without penalty or payment of a termination fee, at any time or after notice as specified in the agreement. (b) The notice of termination described in subdivision (b)(1)(A)(ii) (a) of this section shall not exceed sixty (60) days; (iii) Describes the healthcare services to be provided in exchange for payment of a periodic fee; (iv) Specifies the periodic fee required and any additional fees that may be charged; (v) May allow the periodic fee and any additional fees to be paid by a third party; (vi) Prohibits the healthcare provider from charging or receiving additional compensation for healthcare services included in the periodic fee; and (vii) Conspicuously and prominently states that the agreement is not health insurance and does not meet any individual health insurance mandate that may be required by federal law. (B) A direct healthcare agreement shall provide a written disclaimer on or accompanying an application distributed by or on behalf of an entity offering a direct healthcare agreement that reads, in substance: "Notice: A direct healthcare agreement is not an insurance policy, and the select medical services as specified under a direct healthcare agreement may not constitute the minimum essential health benefits under federal healthcare laws established by Pub. L. No. 111-148, as amended by Pub. L. No. 111-152, and any amendments to, or regulations or guidance issued under, those statutes existing on January 1, 2017. You may be responsible for any payment for medical services not covered by health insurance under your insurer's statement of benefits policy." (C) "Direct healthcare agreement" does not mean a health benefit plan or a health maintenance organization as defined in § 23-76-102 ;

(A) "Direct healthcare agreement" means a written agreement that: (i) Is between a licensed healthcare provider and a patient or the patient's legal representative; (ii) (a) Allows either party to terminate the agreement in writing, without penalty or payment of a termination fee, at any time or after notice as specified in the agreement. (b) The notice of termination described in subdivision (b)(1)(A)(ii) (a) of this section shall not exceed sixty (60) days; (iii) Describes the healthcare services to be provided in exchange for payment of a periodic fee; (iv) Specifies the periodic fee required and any additional fees that may be charged; (v) May allow the periodic fee and any additional fees to be paid by a third party; (vi) Prohibits the healthcare provider from charging or receiving additional compensation for healthcare services included in the periodic fee; and (vii) Conspicuously and prominently states that the agreement is not health insurance and does not meet any individual health insurance mandate that may be required by federal law.

(i) Is between a licensed healthcare provider and a patient or the patient's legal representative;

(ii) (a) Allows either party to terminate the agreement in writing, without penalty or payment of a termination fee, at any time or after notice as specified in the agreement. (b) The notice of termination described in subdivision (b)(1)(A)(ii) (a) of this section shall not exceed sixty (60) days;

(a) Allows either party to terminate the agreement in writing, without penalty or payment of a termination fee, at any time or after notice as specified in the agreement.

(b) The notice of termination described in subdivision (b)(1)(A)(ii) (a) of this section shall not exceed sixty (60) days;

(iii) Describes the healthcare services to be provided in exchange for payment of a periodic fee;

(iv) Specifies the periodic fee required and any additional fees that may be charged;

(v) May allow the periodic fee and any additional fees to be paid by a third party;

(vi) Prohibits the healthcare provider from charging or receiving additional compensation for healthcare services included in the periodic fee; and

(vii) Conspicuously and prominently states that the agreement is not health insurance and does not meet any individual health insurance mandate that may be required by federal law.

(B) A direct healthcare agreement shall provide a written disclaimer on or accompanying an application distributed by or on behalf of an entity offering a direct healthcare agreement that reads, in substance: "Notice: A direct healthcare agreement is not an insurance policy, and the select medical services as specified under a direct healthcare agreement may not constitute the minimum essential health benefits under federal healthcare laws established by Pub. L. No. 111-148, as amended by Pub. L. No. 111-152, and any amendments to, or regulations or guidance issued under, those statutes existing on January 1, 2017. You may be responsible for any payment for medical services not covered by health insurance under your insurer's statement of benefits policy."

"Notice: A direct healthcare agreement is not an insurance policy, and the select medical services as specified under a direct healthcare agreement may not constitute the minimum essential health benefits under federal healthcare laws established by Pub. L. No. 111-148, as amended by Pub. L. No. 111-152, and any amendments to, or regulations or guidance issued under, those statutes existing on January 1, 2017. You may be responsible for any payment for medical services not covered by health insurance under your insurer's statement of benefits policy."

(C) "Direct healthcare agreement" does not mean a health benefit plan or a health maintenance organization as defined in § 23-76-102 ;

(2) "Healthcare sharing ministry" means a faith-based, nonprofit organization that: (A) Is tax-exempt under the Internal Revenue Code of 1986; (B) Limits participation to those who are of a similar faith; (C) Facilitates an arrangement to match participants who have financial or medical needs to participants with the present ability to assist those with financial or medical needs according to criteria established by the healthcare sharing ministry; (D) Provides for the financial or medical needs of a participant through contributions from one (1) participant to another; (E) Establishes contribution amounts for participants with no guarantee of return, assumption of risk, or promise to pay qualified medical needs of the participant or of the medical provider performing the service or services for the participant; (F) Provides a written monthly statement to its participants that lists: (i) The total dollar amount of qualified needs submitted to the healthcare sharing ministry; and (ii) The amount of contribution established for its participants; (G) Provides a written disclaimer on or accompanying an application and guideline material distributed by or on behalf of the healthcare sharing ministry that reads, in substance: "Notice: The organization facilitating the sharing of medical expenses is not an insurance company and neither its guidelines nor plan of operation is an insurance policy. If anyone chooses to assist you with your medical bills, it will be totally voluntary because participants are not compelled by law to contribute toward your medical bills. Participation in the organization or a subscription to any of its documents should never be considered to be insurance. Regardless of whether you receive a payment for medical expenses or if this organization continues to operate, you are always personally responsible for the payment of your own medical bills."; (H) Transfers or distributes contribution amounts from one (1) participant to match the qualified medical needs of another participant to whom neither the organization nor the sending participant has an obligation or commitment to pay for any qualified medical needs with its own funds; and (I) Provides an identification card to each participant that includes an indication that the participant is a member of a healthcare sharing ministry; and

(A) Is tax-exempt under the Internal Revenue Code of 1986;

(B) Limits participation to those who are of a similar faith;

(C) Facilitates an arrangement to match participants who have financial or medical needs to participants with the present ability to assist those with financial or medical needs according to criteria established by the healthcare sharing ministry;

(D) Provides for the financial or medical needs of a participant through contributions from one (1) participant to another;

(E) Establishes contribution amounts for participants with no guarantee of return, assumption of risk, or promise to pay qualified medical needs of the participant or of the medical provider performing the service or services for the participant;

(F) Provides a written monthly statement to its participants that lists: (i) The total dollar amount of qualified needs submitted to the healthcare sharing ministry; and (ii) The amount of contribution established for its participants;

(i) The total dollar amount of qualified needs submitted to the healthcare sharing ministry; and

(ii) The amount of contribution established for its participants;

(G) Provides a written disclaimer on or accompanying an application and guideline material distributed by or on behalf of the healthcare sharing ministry that reads, in substance: "Notice: The organization facilitating the sharing of medical expenses is not an insurance company and neither its guidelines nor plan of operation is an insurance policy. If anyone chooses to assist you with your medical bills, it will be totally voluntary because participants are not compelled by law to contribute toward your medical bills. Participation in the organization or a subscription to any of its documents should never be considered to be insurance. Regardless of whether you receive a payment for medical expenses or if this organization continues to operate, you are always personally responsible for the payment of your own medical bills.";

"Notice: The organization facilitating the sharing of medical expenses is not an insurance company and neither its guidelines nor plan of operation is an insurance policy. If anyone chooses to assist you with your medical bills, it will be totally voluntary because participants are not compelled by law to contribute toward your medical bills. Participation in the organization or a subscription to any of its documents should never be considered to be insurance. Regardless of whether you receive a payment for medical expenses or if this organization continues to operate, you are always personally responsible for the payment of your own medical bills.";

(H) Transfers or distributes contribution amounts from one (1) participant to match the qualified medical needs of another participant to whom neither the organization nor the sending participant has an obligation or commitment to pay for any qualified medical needs with its own funds; and

(I) Provides an identification card to each participant that includes an indication that the participant is a member of a healthcare sharing ministry; and

(3) "Nonprofit agricultural membership organization" means an organization that: (A) Is incorporated under the laws of this state; (B) Has a physical presence in every county of this state; (C) Has a purpose of promoting the interests of farmers or their affiliates in this state; (D) Provides coverage for healthcare services for members and their families pursuant to contracts between members and the organization or its affiliates; and (E) (i) Has a designated individual who, in consultation with the State Insurance Department, operates as an ombudsman to address concerns from insured members regarding the insurance policy. (ii) If a complaint is received by the department from insured members of the nonprofit agricultural membership organization, then the department shall forward the complaints to the designated individual operating as the nonprofit agricultural membership organization's ombudsman under subdivision (b)(3)(E)(i) of this section.

(A) Is incorporated under the laws of this state;

(B) Has a physical presence in every county of this state;

(C) Has a purpose of promoting the interests of farmers or their affiliates in this state;

(D) Provides coverage for healthcare services for members and their families pursuant to contracts between members and the organization or its affiliates; and

(E) (i) Has a designated individual who, in consultation with the State Insurance Department, operates as an ombudsman to address concerns from insured members regarding the insurance policy. (ii) If a complaint is received by the department from insured members of the nonprofit agricultural membership organization, then the department shall forward the complaints to the designated individual operating as the nonprofit agricultural membership organization's ombudsman under subdivision (b)(3)(E)(i) of this section.

(i) Has a designated individual who, in consultation with the State Insurance Department, operates as an ombudsman to address concerns from insured members regarding the insurance policy.

(ii) If a complaint is received by the department from insured members of the nonprofit agricultural membership organization, then the department shall forward the complaints to the designated individual operating as the nonprofit agricultural membership organization's ombudsman under subdivision (b)(3)(E)(i) of this section.

Amended by Act 2023, No. 626,§ 2, eff. 8/1/2023.

Amended by Act 2023, No. 626,§ 1, eff. 8/1/2023.

Amended by Act 2023, No. 500,§ 1, eff. 8/1/2023.

Amended by Act 2021, No. 381,§ 1, eff. 7/28/2021.

Amended by Act 2017, No. 1020,§ 1, eff. 8/1/2017.

Amended by Act 2015, No. 101,§ 1, eff. 7/22/2015.

Amended by Act 2013, No. 1163,§ 1, eff. 8/16/2013.

Acts 1959, No. 148, § 12; A.S.A. 1947, § 66-2012.
Ark. Code Ann. § 23-101-110 — AR Code / Title 23 / Chapter 101 / Section 23-101-110
Claims
Status: in_force

(a) In the event of a loss under the creditor-placed insurance policy, the insurer shall pay, at a minimum, the least of the following, the value of which shall be determined as of the date of loss: (1) The cost to repair the collateral less any applicable deductible; (2) The actual cash value of the collateral, less any applicable deductible; (3) The net debt, less any applicable deductible. The method of calculation of net debt payable pursuant to this subdivision (a)(3) shall be identical to the method of calculation of net debt for payment of premiums pursuant to § 23-101-106(a) ; or (4) If single interest insurance is provided, the amount by which the creditor's interest is impaired. (b) The net debt or actual cash value amounts in subsection (a) of this section may be reduced by the value of salvage if the insurer does not take possession of the insured property. (c) In the event of a loss, no subrogation shall run against the debtor from the insurer. (d) Whenever a claim is made on a creditor-placed insurance policy, the insurer shall furnish to the claimant a written statement of the loss explaining the settlement amount and the method of settlement. (e) (1) A creditor or insurer may not abandon salvage to a towing or storage facility in lieu of payment of storage fees without the consent of the facility and the claimant. (2) (A) After the filing of a claim as provided in the policy or certificate of insurance, the insurer shall be responsible for the payment of towing and storage charges for a covered loss occurrence from the time storage is reported to the insurer or lender to the time the claim is paid. (B) The insurer shall give written notice to the claimant when the claim is paid that the claimant may incur storage charges after the date the claim is paid. Acts 1997, No. 930, § 10.

(a) In the event of a loss under the creditor-placed insurance policy, the insurer shall pay, at a minimum, the least of the following, the value of which shall be determined as of the date of loss: (1) The cost to repair the collateral less any applicable deductible; (2) The actual cash value of the collateral, less any applicable deductible; (3) The net debt, less any applicable deductible. The method of calculation of net debt payable pursuant to this subdivision (a)(3) shall be identical to the method of calculation of net debt for payment of premiums pursuant to § 23-101-106(a) ; or (4) If single interest insurance is provided, the amount by which the creditor's interest is impaired.

(1) The cost to repair the collateral less any applicable deductible;

(2) The actual cash value of the collateral, less any applicable deductible;

(3) The net debt, less any applicable deductible. The method of calculation of net debt payable pursuant to this subdivision (a)(3) shall be identical to the method of calculation of net debt for payment of premiums pursuant to § 23-101-106(a) ; or

(4) If single interest insurance is provided, the amount by which the creditor's interest is impaired.

(b) The net debt or actual cash value amounts in subsection (a) of this section may be reduced by the value of salvage if the insurer does not take possession of the insured property.

(c) In the event of a loss, no subrogation shall run against the debtor from the insurer.

(d) Whenever a claim is made on a creditor-placed insurance policy, the insurer shall furnish to the claimant a written statement of the loss explaining the settlement amount and the method of settlement.

(e) (1) A creditor or insurer may not abandon salvage to a towing or storage facility in lieu of payment of storage fees without the consent of the facility and the claimant. (2) (A) After the filing of a claim as provided in the policy or certificate of insurance, the insurer shall be responsible for the payment of towing and storage charges for a covered loss occurrence from the time storage is reported to the insurer or lender to the time the claim is paid. (B) The insurer shall give written notice to the claimant when the claim is paid that the claimant may incur storage charges after the date the claim is paid.

(1) A creditor or insurer may not abandon salvage to a towing or storage facility in lieu of payment of storage fees without the consent of the facility and the claimant.

(2) (A) After the filing of a claim as provided in the policy or certificate of insurance, the insurer shall be responsible for the payment of towing and storage charges for a covered loss occurrence from the time storage is reported to the insurer or lender to the time the claim is paid. (B) The insurer shall give written notice to the claimant when the claim is paid that the claimant may incur storage charges after the date the claim is paid.

(A) After the filing of a claim as provided in the policy or certificate of insurance, the insurer shall be responsible for the payment of towing and storage charges for a covered loss occurrence from the time storage is reported to the insurer or lender to the time the claim is paid.

(B) The insurer shall give written notice to the claimant when the claim is paid that the claimant may incur storage charges after the date the claim is paid.

Acts 1997, No. 930, § 10.
Ark. Code Ann. § 23-99-418 — AR Code / Title 23 / Chapter 99 / Subchapter 4 / Section 23-99-418
Coverage for autism spectrum disorders required - Definitions
Status: in_force

(a) As used in this section: (1) "Applied behavior analysis" means the design, implementation, and evaluation of environmental modifications by a board-certified behavior analyst using behavioral stimuli and consequences to produce socially significant improvement in human behavior, including the use of direct observation, measurement, and functional analysis of the relationship between environment and behavior; (2) "Autism services provider" means a person, entity, or group that provides diagnostic evaluations and treatment of autism spectrum disorders, including licensed physicians, licensed psychiatrists, licensed speech-language pathologists, licensed occupational therapists, licensed physical therapists, licensed psychologists, and board-certified behavior analysts; (3) "Autism spectrum disorder" means a condition diagnosed according to the diagnostic criteria under the most recent edition of the American Psychiatric Association's Diagnostic and Statistical Manual of Mental Disorders; (4) "Board-certified behavior analyst" means an individual certified by the Behavior Analyst Certification Board, Inc., a national nongovernmental agency that certifies individuals who have completed academic, examination, training, and supervision requirements in applied behavior analysis; (5) (A) "Diagnosis" means medically necessary assessment, evaluations, or tests to diagnose whether or not an individual has an autism spectrum disorder. (B) Diagnostic evaluations do not need to be completed concurrently to diagnose autism spectrum disorder; (6) "Evidence-based treatment" means treatment subject to research that applies rigorous, systematic, and objective procedures to obtain valid knowledge of effectiveness relevant to autism spectrum disorders as published in the National Standards Report of the National Autism Center; (7) (A) "Health benefit plan" means any group or blanket plan, policy, or contract for healthcare services issued or delivered in this state by healthcare insurers, including indemnity and managed care plans and the plans providing health benefits to state and public school employees under § 21-5-401 et seq., but excluding individual major medical plans and plans providing healthcare services under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., and the Public Employee Workers' Compensation Act, § 21-5-601 et seq. (B) "Health benefit plan" does not include an accident-only, specified disease, hospital indemnity, Medicare supplement, long-term care, disability income, or other limited benefit health insurance policy; (8) "Healthcare insurer" means any insurance company, hospital and medical service corporation, or health maintenance organization issuing or delivering health benefit plans in this state and subject to any of the following laws: (A) The insurance laws of this state; (B) Section 23-75-101 et seq., pertaining to hospital and medical service corporations; and (C) Section 23-76-101 et seq., pertaining to health maintenance organizations; (9) "Medically necessary" means reasonably expected to do the following: (A) Prevent the onset of an illness, condition, injury, or disability; (B) Reduce or ameliorate the physical, mental, or developmental effects of an illness, condition, injury, or disability; or (C) Assist to achieve or maintain maximum functional capacity in performing daily activities, taking into account both the functional capacity of the individual and the functional capacities that are appropriate for individuals of the same age; (10) "Pharmacy care" means medications prescribed by a licensed physician and any health-related services deemed medically necessary to determine the need or effectiveness of the medications; (11) "Psychiatric care" means direct or consultative services provided by a psychiatrist licensed in the state in which the psychiatrist practices; (12) "Psychological care" means direct or consultative services provided by a psychologist licensed in the state in which the psychologist practices; (13) "Therapeutic care" means services provided by licensed speech-language pathologists, occupational therapists, or physical therapists; and (14) "Treatment" includes: (A) The following care prescribed, provided, or ordered for a specific individual diagnosed with an autism spectrum disorder, including without limitation: (i) Applied behavior analysis when provided by or supervised by a board-certified behavior analyst; (ii) Pharmacy care; (iii) Psychiatric care; (iv) Psychological care; (v) Therapeutic care; and (vi) Equipment determined necessary to provide evidence-based treatment; and (B) Any care for an individual with autism spectrum disorder that is determined by a licensed physician to be: (i) Medically necessary; and (ii) Evidence-based. (b) To the extent that the diagnosis and treatment of autism spectrum disorders are not already covered by a health benefit plan, coverage under this section shall be included in a health benefit plan that is delivered, executed, issued, amended, adjusted, or renewed in this state on or after October 1, 2011. (c) Applied behavior analysis services shall: (1) Have an annual limitation of fifty thousand dollars ($50,000); and (2) Be limited to children under eighteen (18) years of age. (d) (1) The coverage required by this section is not subject to: (A) Any limits on the number of visits an individual may make to an autism services provider; or (B) Dollar limits, deductibles, or coinsurance provisions that are less favorable to an insured than the dollar limits, deductibles, or coinsurance provisions that apply to a physical illness generally under a health benefit plan. (2) The coverage may be subject to other general exclusions and limitations of the health insurance plan, including without limitation coordination of benefits, participating provider requirements, restrictions on services provided by family or household members, and utilization review of healthcare services, including review of medical necessity, case management, and other managed care provisions. (e) This section does not limit benefits that are otherwise available to an individual under a health benefit plan. (f) Coverage for treatment under this section shall not be denied on the basis that the treatment is habilitative in nature. (g) (1) If an individual is receiving treatment for an autism spectrum disorder, an insurer shall not request a review of the medical necessity of the treatment for autism spectrum disorder to a greater extent than it does for other illnesses covered in the policy. (2) The cost of obtaining the review shall be borne by the insurer. (h) (1) This section shall not be construed as affecting any obligation to provide services to an individual under an individualized family service plan, an individualized education program under the Individuals with Disabilities Education Act, Pub. L. No. 101-476, or an individualized service plan. (2) In accordance with the Individuals with Disabilities Education Act, Pub. L. No. 101-476, nothing in this section relieves an insurer from an otherwise valid obligation to provide or to pay for services provided to an individual with a disability. (i) On and after January 1, 2014: (1) To the extent that this section requires benefits that exceed the essential health benefits specified under section 1302(b) of the Patient Protection and Affordable Care Act, Pub. L. No. 111-148, as amended, the specific benefits that exceed the specified essential health benefits shall not be required of a health benefit plan when the health benefit plan is offered by a healthcare insurer in this state through the state medical exchange; and (2) This section continues to apply to plans offered outside the state medical exchange. Amended by Act 2021, No. 656,§ 2, eff. 7/28/2021. Acts 2011, No. 196, § 1.

(a) As used in this section: (1) "Applied behavior analysis" means the design, implementation, and evaluation of environmental modifications by a board-certified behavior analyst using behavioral stimuli and consequences to produce socially significant improvement in human behavior, including the use of direct observation, measurement, and functional analysis of the relationship between environment and behavior; (2) "Autism services provider" means a person, entity, or group that provides diagnostic evaluations and treatment of autism spectrum disorders, including licensed physicians, licensed psychiatrists, licensed speech-language pathologists, licensed occupational therapists, licensed physical therapists, licensed psychologists, and board-certified behavior analysts; (3) "Autism spectrum disorder" means a condition diagnosed according to the diagnostic criteria under the most recent edition of the American Psychiatric Association's Diagnostic and Statistical Manual of Mental Disorders; (4) "Board-certified behavior analyst" means an individual certified by the Behavior Analyst Certification Board, Inc., a national nongovernmental agency that certifies individuals who have completed academic, examination, training, and supervision requirements in applied behavior analysis; (5) (A) "Diagnosis" means medically necessary assessment, evaluations, or tests to diagnose whether or not an individual has an autism spectrum disorder. (B) Diagnostic evaluations do not need to be completed concurrently to diagnose autism spectrum disorder; (6) "Evidence-based treatment" means treatment subject to research that applies rigorous, systematic, and objective procedures to obtain valid knowledge of effectiveness relevant to autism spectrum disorders as published in the National Standards Report of the National Autism Center; (7) (A) "Health benefit plan" means any group or blanket plan, policy, or contract for healthcare services issued or delivered in this state by healthcare insurers, including indemnity and managed care plans and the plans providing health benefits to state and public school employees under § 21-5-401 et seq., but excluding individual major medical plans and plans providing healthcare services under Arkansas Constitution, Article 5, § 32, the Workers' Compensation Law, § 11-9-101 et seq., and the Public Employee Workers' Compensation Act, § 21-5-601 et seq. (B) "Health benefit plan" does not include an accident-only, specified disease, hospital indemnity, Medicare supplement, long-term care, disability income, or other limited benefit health insurance policy; (8) "Healthcare insurer" means any insurance company, hospital and medical service corporation, or health maintenance organization issuing or delivering health benefit plans in this state and subject to any of the following laws: (A) The insurance laws of this state; (B) Section 23-75-101 et seq., pertaining to hospital and medical service corporations; and (C) Section 23-76-101 et seq., pertaining to health maintenance organizations; (9) "Medically necessary" means reasonably expected to do the following: (A) Prevent the onset of an illness, condition, injury, or disability; (B) Reduce or ameliorate the physical, mental, or developmental effects of an illness, condition, injury, or disability; or (C) Assist to achieve or maintain maximum functional capacity in performing daily activities, taking into account both the functional capacity of the individual and the functional capacities that are appropriate for individuals of the same age; (10) "Pharmacy care" means medications prescribed by a licensed physician and any health-related services deemed medically necessary to determine the need or effectiveness of the medications; (11) "Psychiatric care" means direct or consultative services provided by a psychiatrist licensed in the state in which the psychiatrist practices; (12) "Psychological care" means direct or consultative services provided by a psychologist licensed in the state in which the psychologist practices; (13) "Therapeutic care" means services provided by licensed speech-language pathologists, occupational therapists, or physical therapists; and (14) "Treatment" includes: (A) The following care prescribed, provided, or ordered for a specific individual diagnosed with an autism spectrum disorder, including without limitation: (i) Applied behavior analysis when provided by or supervised by a board-certified behavior analyst; (ii) Pharmacy care; (iii) Psychiatric care; (iv) Psychological care; (v) Therapeutic care; and (vi) Equipment determined necessary to provide evidence-based treatment; and (B) Any care for an individual with autism spectrum disorder that is determined by a licensed physician to be: (i) Medically necessary; and (ii) Evidence-based.

(1) "Applied behavior analysis" means the design, implementation, and evaluation of environmental modifications by a board-certified behavior analyst using behavioral stimuli and consequences to produce socially significant improvement in human behavior, including the use of direct observation, measurement, and functional analysis of the relationship between environment and behavior;

(2) "Autism services provider" means a person, entity, or group that provides diagnostic evaluations and treatment of autism spectrum disorders, including licensed physicians, licensed psychiatrists, licensed speech-language pathologists, licensed occupational therapists, licensed physical therapists, licensed psychologists, and board-certified behavior analysts;

(3) "Autism spectrum disorder" means a condition diagnosed according to the diagnostic criteria under the most recent edition of the American Psychiatric Association's Diagnostic and Statistical Manual of Mental Disorders;

(4) "Board-certified behavior analyst" means an individual certified by the Behavior Analyst Certification Board, Inc., a national nongovernmental agency that certifies individuals who have completed academic, examination, training, and supervision requirements in applied behavior analysis;

(5) (A) "Diagnosis" means medically necessary assessment, evaluations, or tests to diagnose whether or not an individual has an autism spectrum disorder. (B) Diagnostic evaluations do not need to be completed concurrently to diagnose autism spectrum disorder;

(A) "Diagnosis" means medically necessary assessment, evaluations, or tests to diagnose whether or not an individual has an autism spectrum disorder.

(B) Diagnostic evaluations do not need to be completed concurrently to diagnose autism spectrum disorder;

(6) "Evidence-based treatment" means treatment subject to research that applies rigorous, systematic, and objective procedures to obtain valid knowledge of effectiveness relevant to autism spectrum disorders as published in the National Standards Report of the National Autism Center;

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

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

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

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

(A) The insurance laws of this state;

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

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

(9) "Medically necessary" means reasonably expected to do the following: (A) Prevent the onset of an illness, condition, injury, or disability; (B) Reduce or ameliorate the physical, mental, or developmental effects of an illness, condition, injury, or disability; or (C) Assist to achieve or maintain maximum functional capacity in performing daily activities, taking into account both the functional capacity of the individual and the functional capacities that are appropriate for individuals of the same age;

(A) Prevent the onset of an illness, condition, injury, or disability;

(B) Reduce or ameliorate the physical, mental, or developmental effects of an illness, condition, injury, or disability; or

(C) Assist to achieve or maintain maximum functional capacity in performing daily activities, taking into account both the functional capacity of the individual and the functional capacities that are appropriate for individuals of the same age;

(10) "Pharmacy care" means medications prescribed by a licensed physician and any health-related services deemed medically necessary to determine the need or effectiveness of the medications;

(11) "Psychiatric care" means direct or consultative services provided by a psychiatrist licensed in the state in which the psychiatrist practices;

(12) "Psychological care" means direct or consultative services provided by a psychologist licensed in the state in which the psychologist practices;

(13) "Therapeutic care" means services provided by licensed speech-language pathologists, occupational therapists, or physical therapists; and

(14) "Treatment" includes: (A) The following care prescribed, provided, or ordered for a specific individual diagnosed with an autism spectrum disorder, including without limitation: (i) Applied behavior analysis when provided by or supervised by a board-certified behavior analyst; (ii) Pharmacy care; (iii) Psychiatric care; (iv) Psychological care; (v) Therapeutic care; and (vi) Equipment determined necessary to provide evidence-based treatment; and (B) Any care for an individual with autism spectrum disorder that is determined by a licensed physician to be: (i) Medically necessary; and (ii) Evidence-based.

(A) The following care prescribed, provided, or ordered for a specific individual diagnosed with an autism spectrum disorder, including without limitation: (i) Applied behavior analysis when provided by or supervised by a board-certified behavior analyst; (ii) Pharmacy care; (iii) Psychiatric care; (iv) Psychological care; (v) Therapeutic care; and (vi) Equipment determined necessary to provide evidence-based treatment; and

(i) Applied behavior analysis when provided by or supervised by a board-certified behavior analyst;

(ii) Pharmacy care;

(iii) Psychiatric care;

(iv) Psychological care;

(v) Therapeutic care; and

(vi) Equipment determined necessary to provide evidence-based treatment; and

(B) Any care for an individual with autism spectrum disorder that is determined by a licensed physician to be: (i) Medically necessary; and (ii) Evidence-based.

(i) Medically necessary; and

(ii) Evidence-based.

(b) To the extent that the diagnosis and treatment of autism spectrum disorders are not already covered by a health benefit plan, coverage under this section shall be included in a health benefit plan that is delivered, executed, issued, amended, adjusted, or renewed in this state on or after October 1, 2011.

(c) Applied behavior analysis services shall: (1) Have an annual limitation of fifty thousand dollars ($50,000); and (2) Be limited to children under eighteen (18) years of age.

(1) Have an annual limitation of fifty thousand dollars ($50,000); and

(2) Be limited to children under eighteen (18) years of age.

(d) (1) The coverage required by this section is not subject to: (A) Any limits on the number of visits an individual may make to an autism services provider; or (B) Dollar limits, deductibles, or coinsurance provisions that are less favorable to an insured than the dollar limits, deductibles, or coinsurance provisions that apply to a physical illness generally under a health benefit plan. (2) The coverage may be subject to other general exclusions and limitations of the health insurance plan, including without limitation coordination of benefits, participating provider requirements, restrictions on services provided by family or household members, and utilization review of healthcare services, including review of medical necessity, case management, and other managed care provisions.

(1) The coverage required by this section is not subject to: (A) Any limits on the number of visits an individual may make to an autism services provider; or (B) Dollar limits, deductibles, or coinsurance provisions that are less favorable to an insured than the dollar limits, deductibles, or coinsurance provisions that apply to a physical illness generally under a health benefit plan.

(A) Any limits on the number of visits an individual may make to an autism services provider; or

(B) Dollar limits, deductibles, or coinsurance provisions that are less favorable to an insured than the dollar limits, deductibles, or coinsurance provisions that apply to a physical illness generally under a health benefit plan.

(2) The coverage may be subject to other general exclusions and limitations of the health insurance plan, including without limitation coordination of benefits, participating provider requirements, restrictions on services provided by family or household members, and utilization review of healthcare services, including review of medical necessity, case management, and other managed care provisions.

(e) This section does not limit benefits that are otherwise available to an individual under a health benefit plan.

(f) Coverage for treatment under this section shall not be denied on the basis that the treatment is habilitative in nature.

(g) (1) If an individual is receiving treatment for an autism spectrum disorder, an insurer shall not request a review of the medical necessity of the treatment for autism spectrum disorder to a greater extent than it does for other illnesses covered in the policy. (2) The cost of obtaining the review shall be borne by the insurer.

(1) If an individual is receiving treatment for an autism spectrum disorder, an insurer shall not request a review of the medical necessity of the treatment for autism spectrum disorder to a greater extent than it does for other illnesses covered in the policy.

(2) The cost of obtaining the review shall be borne by the insurer.

(h) (1) This section shall not be construed as affecting any obligation to provide services to an individual under an individualized family service plan, an individualized education program under the Individuals with Disabilities Education Act, Pub. L. No. 101-476, or an individualized service plan. (2) In accordance with the Individuals with Disabilities Education Act, Pub. L. No. 101-476, nothing in this section relieves an insurer from an otherwise valid obligation to provide or to pay for services provided to an individual with a disability.

(1) This section shall not be construed as affecting any obligation to provide services to an individual under an individualized family service plan, an individualized education program under the Individuals with Disabilities Education Act, Pub. L. No. 101-476, or an individualized service plan.

(2) In accordance with the Individuals with Disabilities Education Act, Pub. L. No. 101-476, nothing in this section relieves an insurer from an otherwise valid obligation to provide or to pay for services provided to an individual with a disability.

(i) On and after January 1, 2014: (1) To the extent that this section requires benefits that exceed the essential health benefits specified under section 1302(b) of the Patient Protection and Affordable Care Act, Pub. L. No. 111-148, as amended, the specific benefits that exceed the specified essential health benefits shall not be required of a health benefit plan when the health benefit plan is offered by a healthcare insurer in this state through the state medical exchange; and (2) This section continues to apply to plans offered outside the state medical exchange.

(1) To the extent that this section requires benefits that exceed the essential health benefits specified under section 1302(b) of the Patient Protection and Affordable Care Act, Pub. L. No. 111-148, as amended, the specific benefits that exceed the specified essential health benefits shall not be required of a health benefit plan when the health benefit plan is offered by a healthcare insurer in this state through the state medical exchange; and

(2) This section continues to apply to plans offered outside the state medical exchange.

Amended by Act 2021, No. 656,§ 2, eff. 7/28/2021.

Acts 2011, No. 196, § 1.
Ark. Code Ann. § 23-112-207 — AR Code / Title 23 / Chapter 112 / Subchapter 2 / Section 23-112-207
Automotive Technologist Education Grant Program
Status: in_force

(a) The Automotive Technologist Education Grant Program is established within the Arkansas Motor Vehicle Commission. (b) (1) The commission shall use the Automotive Technologist Education Grant Program to provide discretionary grants to career education programs with a focus on training in the automotive technology field. (2) A discretionary grant provided under subdivision (b)(1) of this section shall be known as an "Automotive Technologist Education Grant". (c) An educational program is eligible for an Automotive Technologist Education Grant if: (1) The educational program is an approved technical program that provides training in the field of automotive repair and technology and operates at a public school, a secondary technical center, or an institution of higher education; (2) The educational program submits an application for an Automotive Technologist Education Grant; (3) The use and purpose of the Automotive Technologist Education Grant is detailed in the application; and (4) The amount of funding needed is provided in the application. (d) Grants provided under this section are contingent on the availability of funding. (e) The Office of Skills Development, the Division of Career and Technical Education, and the Division of Higher Education shall jointly create an application form for an Automotive Technologist Education Grant. (f) The Office of Skills Development, the Division of Career and Technical Education, and the Division of Higher Education shall jointly review and make recommendations on applications for an Automotive Technologist Education Grant to the commission for approval. (g) The amount of an Automotive Technologist Education Grant may vary among applicants based on available funding and grant priorities. (h) The commission shall disburse an Automotive Technologist Education Grant directly to the approved applicant within thirty (30) days of approval. (i) The commission shall award Automotive Technologist Education Grants under this subchapter. (j) An educational program that receives an Automotive Technologist Education Grant shall provide the commission an accounting report of how an Automotive Technologist Education Grant is spent within one (1) year of receipt of the Automotive Technologist Education Grant. (k) (1) Annually, the commission shall file a written report with the Legislative Council based on information provided to the commission from the Office of Skills Development, the Division of Career and Technical Education, and the Division of Higher Education. (2) The report under subdivision (k)(1) of this section shall include: (A) The number of applications received; (B) The amount of funding that was received; (C) The amount of funding that was awarded; and (D) Any other information requested by the Legislative Council. Added by Act 2021, No. 504,§ 4, eff. 7/28/2021.

(a) The Automotive Technologist Education Grant Program is established within the Arkansas Motor Vehicle Commission.

(b) (1) The commission shall use the Automotive Technologist Education Grant Program to provide discretionary grants to career education programs with a focus on training in the automotive technology field. (2) A discretionary grant provided under subdivision (b)(1) of this section shall be known as an "Automotive Technologist Education Grant".

(1) The commission shall use the Automotive Technologist Education Grant Program to provide discretionary grants to career education programs with a focus on training in the automotive technology field.

(2) A discretionary grant provided under subdivision (b)(1) of this section shall be known as an "Automotive Technologist Education Grant".

(c) An educational program is eligible for an Automotive Technologist Education Grant if: (1) The educational program is an approved technical program that provides training in the field of automotive repair and technology and operates at a public school, a secondary technical center, or an institution of higher education; (2) The educational program submits an application for an Automotive Technologist Education Grant; (3) The use and purpose of the Automotive Technologist Education Grant is detailed in the application; and (4) The amount of funding needed is provided in the application.

(1) The educational program is an approved technical program that provides training in the field of automotive repair and technology and operates at a public school, a secondary technical center, or an institution of higher education;

(2) The educational program submits an application for an Automotive Technologist Education Grant;

(3) The use and purpose of the Automotive Technologist Education Grant is detailed in the application; and

(4) The amount of funding needed is provided in the application.

(d) Grants provided under this section are contingent on the availability of funding.

(e) The Office of Skills Development, the Division of Career and Technical Education, and the Division of Higher Education shall jointly create an application form for an Automotive Technologist Education Grant.

(f) The Office of Skills Development, the Division of Career and Technical Education, and the Division of Higher Education shall jointly review and make recommendations on applications for an Automotive Technologist Education Grant to the commission for approval.

(g) The amount of an Automotive Technologist Education Grant may vary among applicants based on available funding and grant priorities.

(h) The commission shall disburse an Automotive Technologist Education Grant directly to the approved applicant within thirty (30) days of approval.

(i) The commission shall award Automotive Technologist Education Grants under this subchapter.

(j) An educational program that receives an Automotive Technologist Education Grant shall provide the commission an accounting report of how an Automotive Technologist Education Grant is spent within one (1) year of receipt of the Automotive Technologist Education Grant.

(k) (1) Annually, the commission shall file a written report with the Legislative Council based on information provided to the commission from the Office of Skills Development, the Division of Career and Technical Education, and the Division of Higher Education. (2) The report under subdivision (k)(1) of this section shall include: (A) The number of applications received; (B) The amount of funding that was received; (C) The amount of funding that was awarded; and (D) Any other information requested by the Legislative Council.

(1) Annually, the commission shall file a written report with the Legislative Council based on information provided to the commission from the Office of Skills Development, the Division of Career and Technical Education, and the Division of Higher Education.

(2) The report under subdivision (k)(1) of this section shall include: (A) The number of applications received; (B) The amount of funding that was received; (C) The amount of funding that was awarded; and (D) Any other information requested by the Legislative Council.

(A) The number of applications received;

(B) The amount of funding that was received;

(C) The amount of funding that was awarded; and

(D) Any other information requested by the Legislative Council.

Added by Act 2021, No. 504,§ 4, eff. 7/28/2021.
Ark. Code Ann. § 23-112-310 — AR Code / Title 23 / Chapter 112 / Subchapter 3 / Section 23-112-310
Delivery, preparation, and warranty obligations
Status: in_force

(a) (1) Every licensed motor vehicle manufacturer, distributor, second-stage manufacturer, importer, or converter shall file with the Arkansas Motor Vehicle Commission with its initial application for a license: (A) A copy of the documents stating the delivery, preparation, and warranty obligations of its motor vehicle dealers; and (B) A schedule of the compensation to be paid to its motor vehicle dealers for the work and services they shall be required to perform in connection with the delivery, preparation, and warranty obligations. (2) The documents shall constitute the dealer's only responsibility for product liability as between the dealer and the manufacturer or distributor. (3) Any revisions to the delivery, preparation, and warranty obligations or to the schedule of compensation shall be filed no later than September 15 of each calendar year. (b) Any mechanical, body, or parts defects arising from any express or implied warranties of any manufacturer shall constitute the manufacturer's product or warranty liability. (c) Notwithstanding the terms of a franchise agreement or provision of law in conflict with this subsection, the dealer's delivery, preparation, and warranty obligations as filed with the commission shall constitute the dealer's sole responsibility for product liability as between the dealer and the manufacturer or distributor, and, except for a loss caused by the dealer's negligence or intentional misconduct or a loss caused by the dealer's modification of a product without manufacturer authorization, the manufacturer or distributor shall reimburse the dealer for all losses incurred by the dealer, including legal fees, court costs, and damages, as a result of the dealer's having been named a party in a product liability action. (d) (1) (A) A manufacturer, distributor, distributor branch or division, or factory or division branch shall not pay to any of its motor vehicle dealers a labor rate per hour or parts rate for warranty work that is less than that charged by the dealer to its retail customers, provided the rate is reasonable compared to other same line-make dealers in the dealer's relevant market area or the dealer's competitive market area. (B) Conversely, a dealer shall not charge to its manufacturer, distributor, distributor branch or division, or factory branch or division a labor rate per hour or parts rate in excess of the rate charged to its retail customers. (C) A manufacturer, distributor, distributor branch or division, or factory branch or division of new motorcycles, motorized cycles, and all-terrain vehicles shall not pay to any new motor vehicle dealers of motorcycles, motorized cycles, and all-terrain vehicles a labor rate per hour or parts rate for warranty work that is less than that charged by the new motor vehicle dealer to its retail customers, provided that the rate is reasonable compared to other same line make motor vehicle dealers in the new motor vehicle dealer's relevant market area or the new motor vehicle dealer's competitive market area. (D) (i) A motor vehicle dealer may request a change in the labor rate per hour for warranty work or parts markup for warranty work, and the manufacturer, distributor, distributor branch or division, or factory or division branch shall approve or disapprove the request within forty-five (45) days from the date the request is received. (ii) A request submitted under subdivision (d)(1)(D)(i) of this section is approved if a manufacturer, distributor, distributor branch or division, or factory or division branch fails to approve or disapprove the request within forty-five (45) days from the date the request for a change in the labor rate per hour for warranty work or parts markup for warranty work is received. (iii) If the manufacturer or distributor determines, from any set of repair orders submitted under subdivision (d)(1)(D)(i) of this section, that the labor rate per hour for warranty work or the parts markup for warranty work is substantially higher or lower than the rate currently on record with the manufacturer or distributor, then the manufacturer or distributor may request additional documentation for a period of either forty-five (45) days prior or forty-five (45) days subsequent to the time period for which the repair orders were submitted. (2) (A) All claims made by motor vehicle dealers for the labor, parts, or incidental expenses shall be paid within thirty (30) days following their approval. (B) All claims shall be either approved or disapproved within thirty (30) days after their receipt, and when any claim is disapproved, the motor vehicle dealer who submits it shall be notified in writing of its disapproval within the period, and each notice shall state the specific grounds upon which the disapproval is based. (3) A manufacturer, distributor, distributor branch or division, or factory or division branch shall pay a motor vehicle dealer for warranty work, as long as the work in question was properly performed in accordance with requirements of the manufacturer, distributor, distributor branch or division, or factory or division branch. Amended by Act 2021, No. 1077,§ 4, eff. 7/28/2021. Amended by Act 2019, No. 924,§ 2, eff. 7/24/2019. Amended by Act 2015, No. 1055,§ 3, eff. 7/22/2015. Amended by Act 2013, No. 1043,§ 4, eff. 1/1/2014. Acts 1975, No. 388, §§ 5, 6; 1985, No. 1032, §§ 3, 5; 1985, No. 1058, §§ 3, 5; A.S.A. 1947, §§ 75-2305, 75-2306; Acts 1991, No. 411, § 2; 1997, No. 1154, § 11; 1999, No. 1042, § 5; 2001, No. 1053, § 11; 2009, No. 756, § 10; 2011, No. 1005, § 7.

(a) (1) Every licensed motor vehicle manufacturer, distributor, second-stage manufacturer, importer, or converter shall file with the Arkansas Motor Vehicle Commission with its initial application for a license: (A) A copy of the documents stating the delivery, preparation, and warranty obligations of its motor vehicle dealers; and (B) A schedule of the compensation to be paid to its motor vehicle dealers for the work and services they shall be required to perform in connection with the delivery, preparation, and warranty obligations. (2) The documents shall constitute the dealer's only responsibility for product liability as between the dealer and the manufacturer or distributor. (3) Any revisions to the delivery, preparation, and warranty obligations or to the schedule of compensation shall be filed no later than September 15 of each calendar year.

(1) Every licensed motor vehicle manufacturer, distributor, second-stage manufacturer, importer, or converter shall file with the Arkansas Motor Vehicle Commission with its initial application for a license: (A) A copy of the documents stating the delivery, preparation, and warranty obligations of its motor vehicle dealers; and (B) A schedule of the compensation to be paid to its motor vehicle dealers for the work and services they shall be required to perform in connection with the delivery, preparation, and warranty obligations.

(A) A copy of the documents stating the delivery, preparation, and warranty obligations of its motor vehicle dealers; and

(B) A schedule of the compensation to be paid to its motor vehicle dealers for the work and services they shall be required to perform in connection with the delivery, preparation, and warranty obligations.

(2) The documents shall constitute the dealer's only responsibility for product liability as between the dealer and the manufacturer or distributor.

(3) Any revisions to the delivery, preparation, and warranty obligations or to the schedule of compensation shall be filed no later than September 15 of each calendar year.

(b) Any mechanical, body, or parts defects arising from any express or implied warranties of any manufacturer shall constitute the manufacturer's product or warranty liability.

(c) Notwithstanding the terms of a franchise agreement or provision of law in conflict with this subsection, the dealer's delivery, preparation, and warranty obligations as filed with the commission shall constitute the dealer's sole responsibility for product liability as between the dealer and the manufacturer or distributor, and, except for a loss caused by the dealer's negligence or intentional misconduct or a loss caused by the dealer's modification of a product without manufacturer authorization, the manufacturer or distributor shall reimburse the dealer for all losses incurred by the dealer, including legal fees, court costs, and damages, as a result of the dealer's having been named a party in a product liability action.

(d) (1) (A) A manufacturer, distributor, distributor branch or division, or factory or division branch shall not pay to any of its motor vehicle dealers a labor rate per hour or parts rate for warranty work that is less than that charged by the dealer to its retail customers, provided the rate is reasonable compared to other same line-make dealers in the dealer's relevant market area or the dealer's competitive market area. (B) Conversely, a dealer shall not charge to its manufacturer, distributor, distributor branch or division, or factory branch or division a labor rate per hour or parts rate in excess of the rate charged to its retail customers. (C) A manufacturer, distributor, distributor branch or division, or factory branch or division of new motorcycles, motorized cycles, and all-terrain vehicles shall not pay to any new motor vehicle dealers of motorcycles, motorized cycles, and all-terrain vehicles a labor rate per hour or parts rate for warranty work that is less than that charged by the new motor vehicle dealer to its retail customers, provided that the rate is reasonable compared to other same line make motor vehicle dealers in the new motor vehicle dealer's relevant market area or the new motor vehicle dealer's competitive market area. (D) (i) A motor vehicle dealer may request a change in the labor rate per hour for warranty work or parts markup for warranty work, and the manufacturer, distributor, distributor branch or division, or factory or division branch shall approve or disapprove the request within forty-five (45) days from the date the request is received. (ii) A request submitted under subdivision (d)(1)(D)(i) of this section is approved if a manufacturer, distributor, distributor branch or division, or factory or division branch fails to approve or disapprove the request within forty-five (45) days from the date the request for a change in the labor rate per hour for warranty work or parts markup for warranty work is received. (iii) If the manufacturer or distributor determines, from any set of repair orders submitted under subdivision (d)(1)(D)(i) of this section, that the labor rate per hour for warranty work or the parts markup for warranty work is substantially higher or lower than the rate currently on record with the manufacturer or distributor, then the manufacturer or distributor may request additional documentation for a period of either forty-five (45) days prior or forty-five (45) days subsequent to the time period for which the repair orders were submitted. (2) (A) All claims made by motor vehicle dealers for the labor, parts, or incidental expenses shall be paid within thirty (30) days following their approval. (B) All claims shall be either approved or disapproved within thirty (30) days after their receipt, and when any claim is disapproved, the motor vehicle dealer who submits it shall be notified in writing of its disapproval within the period, and each notice shall state the specific grounds upon which the disapproval is based. (3) A manufacturer, distributor, distributor branch or division, or factory or division branch shall pay a motor vehicle dealer for warranty work, as long as the work in question was properly performed in accordance with requirements of the manufacturer, distributor, distributor branch or division, or factory or division branch.

(1) (A) A manufacturer, distributor, distributor branch or division, or factory or division branch shall not pay to any of its motor vehicle dealers a labor rate per hour or parts rate for warranty work that is less than that charged by the dealer to its retail customers, provided the rate is reasonable compared to other same line-make dealers in the dealer's relevant market area or the dealer's competitive market area. (B) Conversely, a dealer shall not charge to its manufacturer, distributor, distributor branch or division, or factory branch or division a labor rate per hour or parts rate in excess of the rate charged to its retail customers. (C) A manufacturer, distributor, distributor branch or division, or factory branch or division of new motorcycles, motorized cycles, and all-terrain vehicles shall not pay to any new motor vehicle dealers of motorcycles, motorized cycles, and all-terrain vehicles a labor rate per hour or parts rate for warranty work that is less than that charged by the new motor vehicle dealer to its retail customers, provided that the rate is reasonable compared to other same line make motor vehicle dealers in the new motor vehicle dealer's relevant market area or the new motor vehicle dealer's competitive market area. (D) (i) A motor vehicle dealer may request a change in the labor rate per hour for warranty work or parts markup for warranty work, and the manufacturer, distributor, distributor branch or division, or factory or division branch shall approve or disapprove the request within forty-five (45) days from the date the request is received. (ii) A request submitted under subdivision (d)(1)(D)(i) of this section is approved if a manufacturer, distributor, distributor branch or division, or factory or division branch fails to approve or disapprove the request within forty-five (45) days from the date the request for a change in the labor rate per hour for warranty work or parts markup for warranty work is received. (iii) If the manufacturer or distributor determines, from any set of repair orders submitted under subdivision (d)(1)(D)(i) of this section, that the labor rate per hour for warranty work or the parts markup for warranty work is substantially higher or lower than the rate currently on record with the manufacturer or distributor, then the manufacturer or distributor may request additional documentation for a period of either forty-five (45) days prior or forty-five (45) days subsequent to the time period for which the repair orders were submitted.

(A) A manufacturer, distributor, distributor branch or division, or factory or division branch shall not pay to any of its motor vehicle dealers a labor rate per hour or parts rate for warranty work that is less than that charged by the dealer to its retail customers, provided the rate is reasonable compared to other same line-make dealers in the dealer's relevant market area or the dealer's competitive market area.

(B) Conversely, a dealer shall not charge to its manufacturer, distributor, distributor branch or division, or factory branch or division a labor rate per hour or parts rate in excess of the rate charged to its retail customers.

(C) A manufacturer, distributor, distributor branch or division, or factory branch or division of new motorcycles, motorized cycles, and all-terrain vehicles shall not pay to any new motor vehicle dealers of motorcycles, motorized cycles, and all-terrain vehicles a labor rate per hour or parts rate for warranty work that is less than that charged by the new motor vehicle dealer to its retail customers, provided that the rate is reasonable compared to other same line make motor vehicle dealers in the new motor vehicle dealer's relevant market area or the new motor vehicle dealer's competitive market area.

(D) (i) A motor vehicle dealer may request a change in the labor rate per hour for warranty work or parts markup for warranty work, and the manufacturer, distributor, distributor branch or division, or factory or division branch shall approve or disapprove the request within forty-five (45) days from the date the request is received. (ii) A request submitted under subdivision (d)(1)(D)(i) of this section is approved if a manufacturer, distributor, distributor branch or division, or factory or division branch fails to approve or disapprove the request within forty-five (45) days from the date the request for a change in the labor rate per hour for warranty work or parts markup for warranty work is received. (iii) If the manufacturer or distributor determines, from any set of repair orders submitted under subdivision (d)(1)(D)(i) of this section, that the labor rate per hour for warranty work or the parts markup for warranty work is substantially higher or lower than the rate currently on record with the manufacturer or distributor, then the manufacturer or distributor may request additional documentation for a period of either forty-five (45) days prior or forty-five (45) days subsequent to the time period for which the repair orders were submitted.

(i) A motor vehicle dealer may request a change in the labor rate per hour for warranty work or parts markup for warranty work, and the manufacturer, distributor, distributor branch or division, or factory or division branch shall approve or disapprove the request within forty-five (45) days from the date the request is received.

(ii) A request submitted under subdivision (d)(1)(D)(i) of this section is approved if a manufacturer, distributor, distributor branch or division, or factory or division branch fails to approve or disapprove the request within forty-five (45) days from the date the request for a change in the labor rate per hour for warranty work or parts markup for warranty work is received.

(iii) If the manufacturer or distributor determines, from any set of repair orders submitted under subdivision (d)(1)(D)(i) of this section, that the labor rate per hour for warranty work or the parts markup for warranty work is substantially higher or lower than the rate currently on record with the manufacturer or distributor, then the manufacturer or distributor may request additional documentation for a period of either forty-five (45) days prior or forty-five (45) days subsequent to the time period for which the repair orders were submitted.

(2) (A) All claims made by motor vehicle dealers for the labor, parts, or incidental expenses shall be paid within thirty (30) days following their approval. (B) All claims shall be either approved or disapproved within thirty (30) days after their receipt, and when any claim is disapproved, the motor vehicle dealer who submits it shall be notified in writing of its disapproval within the period, and each notice shall state the specific grounds upon which the disapproval is based.

(A) All claims made by motor vehicle dealers for the labor, parts, or incidental expenses shall be paid within thirty (30) days following their approval.

(B) All claims shall be either approved or disapproved within thirty (30) days after their receipt, and when any claim is disapproved, the motor vehicle dealer who submits it shall be notified in writing of its disapproval within the period, and each notice shall state the specific grounds upon which the disapproval is based.

(3) A manufacturer, distributor, distributor branch or division, or factory or division branch shall pay a motor vehicle dealer for warranty work, as long as the work in question was properly performed in accordance with requirements of the manufacturer, distributor, distributor branch or division, or factory or division branch.

Amended by Act 2021, No. 1077,§ 4, eff. 7/28/2021.

Amended by Act 2019, No. 924,§ 2, eff. 7/24/2019.

Amended by Act 2015, No. 1055,§ 3, eff. 7/22/2015.

Amended by Act 2013, No. 1043,§ 4, eff. 1/1/2014.

Acts 1975, No. 388, §§ 5, 6; 1985, No. 1032, §§ 3, 5; 1985, No. 1058, §§ 3, 5; A.S.A. 1947, §§ 75-2305, 75-2306; Acts 1991, No. 411, § 2; 1997, No. 1154, § 11; 1999, No. 1042, § 5; 2001, No. 1053, § 11; 2009, No. 756, § 10; 2011, No. 1005, § 7.
Ark. Code Ann. § 23-81-128 — AR Code / Title 23 / Chapter 81 / Subchapter 1 / Section 23-81-128
Reversionary annuities - Standard provisions required
Status: in_force

(a) Except as stated in this section, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions: (1) Any reversionary annuity contract shall contain the provisions specified in §§ 23-81-122 - 23-81-126 , except that under § 23-81-122 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue or deferred payment in lieu of providing for deduction of the payments from an amount payable upon settlement under the contract; and (2) In reversionary annuity contracts, there shall be a provision that the contract may be reinstated at any time within three (3) years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the issuer on account of the contract be paid, or, within the limits permitted by the then-cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding six percent (6%) per annum compounded annually. (b) This section shall not apply to group annuities or to annuities included in life insurance policies, and any of the provisions not applicable to single premium annuities shall not to that extent be incorporated therein. Acts 1959, No. 148, § 331; A.S.A. 1947, § 66-3322.

(a) Except as stated in this section, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions: (1) Any reversionary annuity contract shall contain the provisions specified in §§ 23-81-122 - 23-81-126 , except that under § 23-81-122 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue or deferred payment in lieu of providing for deduction of the payments from an amount payable upon settlement under the contract; and (2) In reversionary annuity contracts, there shall be a provision that the contract may be reinstated at any time within three (3) years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the issuer on account of the contract be paid, or, within the limits permitted by the then-cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding six percent (6%) per annum compounded annually.

(1) Any reversionary annuity contract shall contain the provisions specified in §§ 23-81-122 - 23-81-126 , except that under § 23-81-122 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue or deferred payment in lieu of providing for deduction of the payments from an amount payable upon settlement under the contract; and

(2) In reversionary annuity contracts, there shall be a provision that the contract may be reinstated at any time within three (3) years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the issuer on account of the contract be paid, or, within the limits permitted by the then-cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding six percent (6%) per annum compounded annually.

(b) This section shall not apply to group annuities or to annuities included in life insurance policies, and any of the provisions not applicable to single premium annuities shall not to that extent be incorporated therein.

Acts 1959, No. 148, § 331; A.S.A. 1947, § 66-3322.
Ark. Code Ann. § 23-2-419 — AR Code / Title 23 / Chapter 2 / Subchapter 4 / Section 23-2-419
Quorum
Status: in_force

(a) (1) A majority of the commissioners shall constitute a quorum for the transaction of any business, for the performance of any duty, or for the exercise of any power of the Arkansas Public Service Commission. (2) No one (1) vacancy for the time being in the commission shall impair the rights of the remaining commissioners to exercise all of the powers of the commission. (b) The act of a majority of the commissioners shall be the act of the commission. Acts 1935, No. 324, § 7; Pope's Dig., § 2070; A.S.A. 1947, § 73-128.

(a) (1) A majority of the commissioners shall constitute a quorum for the transaction of any business, for the performance of any duty, or for the exercise of any power of the Arkansas Public Service Commission. (2) No one (1) vacancy for the time being in the commission shall impair the rights of the remaining commissioners to exercise all of the powers of the commission.

(1) A majority of the commissioners shall constitute a quorum for the transaction of any business, for the performance of any duty, or for the exercise of any power of the Arkansas Public Service Commission.

(2) No one (1) vacancy for the time being in the commission shall impair the rights of the remaining commissioners to exercise all of the powers of the commission.

(b) The act of a majority of the commissioners shall be the act of the commission.

Acts 1935, No. 324, § 7; Pope's Dig., § 2070; A.S.A. 1947, § 73-128.
Ark. Code Ann. § 23-88-504 — AR Code / Title 23 / Chapter 88 / Subchapter 5 / Section 23-88-504
Authority of vendors to sell or offer portable electronics insurance
Status: in_force

(a) (1) Employees and authorized representatives of vendors may sell or offer portable electronics insurance to customers without a license as an insurance producer if: (A) The vendor obtains a limited lines license; and (B) (i) The insurer issuing the portable electronics insurance supervises or appoints a supervising entity to supervise the insurance coverage policies, including development of a training program for vendors. (ii) The training program for vendors shall: (a) Be delivered to employees and authorized representatives of a vendor who are directly engaged in the activity of selling or offering portable electronics insurance; and (b) Provide basic instruction about the portable electronics insurance offered to customers and the written disclosures required under § 23-88-503 . (iii) (a) The training program for vendors may be provided in an electronic format. (b) If the training program for vendors is provided in an electronic format, the supervising entity shall implement a supplemental education program regarding the portable electronics insurance coverage that is supervised by licensed employees of the supervising entity. (2) An employee or authorized representative of a vendor shall not: (A) Advertise, represent, or otherwise hold himself or herself out as a licensed nonlimited lines insurance producer; or (B) (i) Be compensated based primarily on the number of customers enrolled for portable electronics insurance coverage. (ii) An employee or authorized representative of a vendor may receive compensation for activities under a limited lines license that is incidental to his or her overall compensation. (b) (1) (A) Charges for portable electronics insurance may be billed and collected by the vendor. (B) A charge that is not included in the cost associated with the purchase or lease of portable electronics or related services shall be itemized separately on the enrolled customer's bill. (C) If portable electronics insurance is included with the purchase or lease of portable electronics or related services, the vendor shall clearly and conspicuously disclose to the enrolled customer that the portable electronics insurance is included. (2) (A) Vendors billing and collecting charges for portable electronics insurance shall not be required to maintain the funds in a segregated account if the vendor: (i) Is authorized by the insurer to hold the funds in an alternative manner; and (ii) Remits the amount to the supervising entity within sixty (60) days of receipt by the vendor. (B) The funds received by a vendor from an enrolled customer for the sale of portable electronics insurance shall be considered funds held in trust by the vendor acting in a fiduciary capacity for the benefit of the insurer. (C) Vendors may receive compensation from the insurer for billing and collection services authorized under this section. Acts 2011, No. 1018, § 1.

(a) (1) Employees and authorized representatives of vendors may sell or offer portable electronics insurance to customers without a license as an insurance producer if: (A) The vendor obtains a limited lines license; and (B) (i) The insurer issuing the portable electronics insurance supervises or appoints a supervising entity to supervise the insurance coverage policies, including development of a training program for vendors. (ii) The training program for vendors shall: (a) Be delivered to employees and authorized representatives of a vendor who are directly engaged in the activity of selling or offering portable electronics insurance; and (b) Provide basic instruction about the portable electronics insurance offered to customers and the written disclosures required under § 23-88-503 . (iii) (a) The training program for vendors may be provided in an electronic format. (b) If the training program for vendors is provided in an electronic format, the supervising entity shall implement a supplemental education program regarding the portable electronics insurance coverage that is supervised by licensed employees of the supervising entity. (2) An employee or authorized representative of a vendor shall not: (A) Advertise, represent, or otherwise hold himself or herself out as a licensed nonlimited lines insurance producer; or (B) (i) Be compensated based primarily on the number of customers enrolled for portable electronics insurance coverage. (ii) An employee or authorized representative of a vendor may receive compensation for activities under a limited lines license that is incidental to his or her overall compensation.

(1) Employees and authorized representatives of vendors may sell or offer portable electronics insurance to customers without a license as an insurance producer if: (A) The vendor obtains a limited lines license; and (B) (i) The insurer issuing the portable electronics insurance supervises or appoints a supervising entity to supervise the insurance coverage policies, including development of a training program for vendors. (ii) The training program for vendors shall: (a) Be delivered to employees and authorized representatives of a vendor who are directly engaged in the activity of selling or offering portable electronics insurance; and (b) Provide basic instruction about the portable electronics insurance offered to customers and the written disclosures required under § 23-88-503 . (iii) (a) The training program for vendors may be provided in an electronic format. (b) If the training program for vendors is provided in an electronic format, the supervising entity shall implement a supplemental education program regarding the portable electronics insurance coverage that is supervised by licensed employees of the supervising entity.

(A) The vendor obtains a limited lines license; and

(B) (i) The insurer issuing the portable electronics insurance supervises or appoints a supervising entity to supervise the insurance coverage policies, including development of a training program for vendors. (ii) The training program for vendors shall: (a) Be delivered to employees and authorized representatives of a vendor who are directly engaged in the activity of selling or offering portable electronics insurance; and (b) Provide basic instruction about the portable electronics insurance offered to customers and the written disclosures required under § 23-88-503 . (iii) (a) The training program for vendors may be provided in an electronic format. (b) If the training program for vendors is provided in an electronic format, the supervising entity shall implement a supplemental education program regarding the portable electronics insurance coverage that is supervised by licensed employees of the supervising entity.

(i) The insurer issuing the portable electronics insurance supervises or appoints a supervising entity to supervise the insurance coverage policies, including development of a training program for vendors.

(ii) The training program for vendors shall: (a) Be delivered to employees and authorized representatives of a vendor who are directly engaged in the activity of selling or offering portable electronics insurance; and (b) Provide basic instruction about the portable electronics insurance offered to customers and the written disclosures required under § 23-88-503 .

(a) Be delivered to employees and authorized representatives of a vendor who are directly engaged in the activity of selling or offering portable electronics insurance; and

(b) Provide basic instruction about the portable electronics insurance offered to customers and the written disclosures required under § 23-88-503 .

(iii) (a) The training program for vendors may be provided in an electronic format. (b) If the training program for vendors is provided in an electronic format, the supervising entity shall implement a supplemental education program regarding the portable electronics insurance coverage that is supervised by licensed employees of the supervising entity.

(a) The training program for vendors may be provided in an electronic format.

(b) If the training program for vendors is provided in an electronic format, the supervising entity shall implement a supplemental education program regarding the portable electronics insurance coverage that is supervised by licensed employees of the supervising entity.

(2) An employee or authorized representative of a vendor shall not: (A) Advertise, represent, or otherwise hold himself or herself out as a licensed nonlimited lines insurance producer; or (B) (i) Be compensated based primarily on the number of customers enrolled for portable electronics insurance coverage. (ii) An employee or authorized representative of a vendor may receive compensation for activities under a limited lines license that is incidental to his or her overall compensation.

(A) Advertise, represent, or otherwise hold himself or herself out as a licensed nonlimited lines insurance producer; or

(B) (i) Be compensated based primarily on the number of customers enrolled for portable electronics insurance coverage. (ii) An employee or authorized representative of a vendor may receive compensation for activities under a limited lines license that is incidental to his or her overall compensation.

(i) Be compensated based primarily on the number of customers enrolled for portable electronics insurance coverage.

(ii) An employee or authorized representative of a vendor may receive compensation for activities under a limited lines license that is incidental to his or her overall compensation.

(b) (1) (A) Charges for portable electronics insurance may be billed and collected by the vendor. (B) A charge that is not included in the cost associated with the purchase or lease of portable electronics or related services shall be itemized separately on the enrolled customer's bill. (C) If portable electronics insurance is included with the purchase or lease of portable electronics or related services, the vendor shall clearly and conspicuously disclose to the enrolled customer that the portable electronics insurance is included. (2) (A) Vendors billing and collecting charges for portable electronics insurance shall not be required to maintain the funds in a segregated account if the vendor: (i) Is authorized by the insurer to hold the funds in an alternative manner; and (ii) Remits the amount to the supervising entity within sixty (60) days of receipt by the vendor. (B) The funds received by a vendor from an enrolled customer for the sale of portable electronics insurance shall be considered funds held in trust by the vendor acting in a fiduciary capacity for the benefit of the insurer. (C) Vendors may receive compensation from the insurer for billing and collection services authorized under this section.

(1) (A) Charges for portable electronics insurance may be billed and collected by the vendor. (B) A charge that is not included in the cost associated with the purchase or lease of portable electronics or related services shall be itemized separately on the enrolled customer's bill. (C) If portable electronics insurance is included with the purchase or lease of portable electronics or related services, the vendor shall clearly and conspicuously disclose to the enrolled customer that the portable electronics insurance is included.

(A) Charges for portable electronics insurance may be billed and collected by the vendor.

(B) A charge that is not included in the cost associated with the purchase or lease of portable electronics or related services shall be itemized separately on the enrolled customer's bill.

(C) If portable electronics insurance is included with the purchase or lease of portable electronics or related services, the vendor shall clearly and conspicuously disclose to the enrolled customer that the portable electronics insurance is included.

(2) (A) Vendors billing and collecting charges for portable electronics insurance shall not be required to maintain the funds in a segregated account if the vendor: (i) Is authorized by the insurer to hold the funds in an alternative manner; and (ii) Remits the amount to the supervising entity within sixty (60) days of receipt by the vendor. (B) The funds received by a vendor from an enrolled customer for the sale of portable electronics insurance shall be considered funds held in trust by the vendor acting in a fiduciary capacity for the benefit of the insurer. (C) Vendors may receive compensation from the insurer for billing and collection services authorized under this section.

(A) Vendors billing and collecting charges for portable electronics insurance shall not be required to maintain the funds in a segregated account if the vendor: (i) Is authorized by the insurer to hold the funds in an alternative manner; and (ii) Remits the amount to the supervising entity within sixty (60) days of receipt by the vendor.

(i) Is authorized by the insurer to hold the funds in an alternative manner; and

(ii) Remits the amount to the supervising entity within sixty (60) days of receipt by the vendor.

(B) The funds received by a vendor from an enrolled customer for the sale of portable electronics insurance shall be considered funds held in trust by the vendor acting in a fiduciary capacity for the benefit of the insurer.

(C) Vendors may receive compensation from the insurer for billing and collection services authorized under this section.

Acts 2011, No. 1018, § 1.
Ark. Code Ann. § 23-82-112 — AR Code / Title 23 / Chapter 82 / Section 23-82-112
Settlement provision
Status: in_force

There shall be a provision that when the policy becomes a claim by the death of the insured, settlement shall be made upon surrender of the policy and receipt of due proof of death. Acts 1959, No. 148, § 356; A.S.A. 1947, § 66-3411.

There shall be a provision that when the policy becomes a claim by the death of the insured, settlement shall be made upon surrender of the policy and receipt of due proof of death.

Acts 1959, No. 148, § 356; A.S.A. 1947, § 66-3411.
Ark. Code Ann. § 23-10-442 — AR Code / Title 23 / Chapter 10 / Subchapter 4 / Section 23-10-442
Shipments of sheep and hogs
Status: in_force

(a) All railroad companies, private companies, or individuals owning or operating a railroad in the State of Arkansas are required to furnish a sufficient number of double-decked cars for the shipment of sheep or hogs to supply the demand for such cars on their respective lines. They shall allow shippers to load both decks in the cars with sheep or hogs to the aggregate extent of twenty thousand pounds (20,000 lbs.). The cars, when so loaded, shall be received and transported by the railroad companies, private companies, or individuals as one (1) carload of stock. (b) It shall not be lawful for the railroad companies, private companies, or individuals to charge or receive for the transportation of a double-decked car of sheep more than is charged by such companies or individuals for a carload of stock other than sheep. (c) Should any railroad company, private company, or individuals owning or operating a railroad in the State of Arkansas refuse or neglect to furnish double-decked cars as provided in this section, it shall not be lawful for them to charge or receive for the transportation of a car of sheep or hogs more than one-half (1/2) the rate charged for the shipment of a carload of stock other than sheep or hogs. Acts 1889, No. 67, §§ 1, 2, p. 83; 1895, No. 112, § 1, p. 166; C. & M. Dig., §§ 941-943; Pope's Dig., §§ 1145-1147; A.S.A. 1947, §§ 73-1339 -- 73-1341.

(a) All railroad companies, private companies, or individuals owning or operating a railroad in the State of Arkansas are required to furnish a sufficient number of double-decked cars for the shipment of sheep or hogs to supply the demand for such cars on their respective lines. They shall allow shippers to load both decks in the cars with sheep or hogs to the aggregate extent of twenty thousand pounds (20,000 lbs.). The cars, when so loaded, shall be received and transported by the railroad companies, private companies, or individuals as one (1) carload of stock.

(b) It shall not be lawful for the railroad companies, private companies, or individuals to charge or receive for the transportation of a double-decked car of sheep more than is charged by such companies or individuals for a carload of stock other than sheep.

(c) Should any railroad company, private company, or individuals owning or operating a railroad in the State of Arkansas refuse or neglect to furnish double-decked cars as provided in this section, it shall not be lawful for them to charge or receive for the transportation of a car of sheep or hogs more than one-half (1/2) the rate charged for the shipment of a carload of stock other than sheep or hogs.

Acts 1889, No. 67, §§ 1, 2, p. 83; 1895, No. 112, § 1, p. 166; C. & M. Dig., §§ 941-943; Pope's Dig., §§ 1145-1147; A.S.A. 1947, §§ 73-1339 -- 73-1341.
Ark. Code Ann. § 23-84-112 — AR Code / Title 23 / Chapter 84 / Section 23-84-112
Actuarial opinion of reserves - Definition
Status: in_force

(a) Actuarial Opinion Prior to Operative Date of the Valuation Manual. (1) General. (A) Every life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the Insurance Commissioner by rule are computed appropriately, are based on assumptions which satisfy contractual provisions, are consistent with prior reported amounts, and comply with applicable laws of this state. (B) By rule, the commissioner shall define the specifics of this opinion and add any other items deemed to be necessary to its scope. (2) Actuarial Analysis of Reserves and Assets Supporting Such Reserves. (A) Except as exempted by or pursuant to rule, every life insurance company shall also annually include in the opinion required by subdivision (a)(1) of this section an opinion of the same qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the commissioner by rule, when considered in light of the assets held by the company with respect to the reserves and related actuarial items, including, but not limited to, the investment earnings on the assets and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the company's obligations under the policies and contracts, including, but not limited to, the benefits under and expenses associated with the policies and contracts. (B) The commissioner may provide by rule for a transition period for establishing any higher reserves which the qualified actuary may deem necessary in order to render the opinion required by this section. (3) REQUIREMENTS FOR OPINION UNDER SUBDIVISION (a)(2) OF THIS SECTION. An opinion required by subdivision (a)(2) of this section shall be governed by the following provisions: (A) A memorandum, in form and substance acceptable to the commissioner as specified by rule, shall be prepared to support each actuarial opinion; and (B) If the insurance company fails to provide a supporting memorandum at the request of the commissioner within a period specified by rule or the commissioner determines that the supporting memorandum provided by the insurance company fails to meet the standards prescribed by the rules or is otherwise unacceptable to the commissioner, the commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare such supporting memorandum as is required by the commissioner. (4) Requirement for All Opinions Subject to this Subsection. An opinion required by this subsection shall be governed by the following provisions: (A) The opinion shall be submitted with the annual statement reflecting the valuation of such reserve liabilities for each year ending on or after December 31, 1995; (B) The opinion shall apply to all business in force, including individual and group health insurance plans, in form and substance acceptable to the commissioner as specified by rule; (C) The opinion shall be based on standards adopted from time to time by the Actuarial Standards Board and on such additional standards as the commissioner may by rule prescribe; (D) In the case of an opinion required to be submitted by a foreign or alien company, the commissioner may accept the opinion filed by that company with the insurance supervisory official of another state if the commissioner determines that the opinion reasonably meets the requirements applicable to a company domiciled in this state; (E) For the purposes of this section, "qualified actuary" means a member in good standing of the American Academy of Actuaries who meets the requirements set forth in such rules; (F) Except in cases of fraud or willful misconduct, the qualified actuary shall not be liable for damages to any person, other than the insurance company and the commissioner, for any act, error, omission, decision, or conduct with respect to the actuary's opinion; (G) Disciplinary action by the commissioner against the company or the qualified actuary shall be defined in rules by the commissioner; and (H) (i) Any memorandum in support of the opinion and any other material provided by the company to the commissioner in connection therewith shall be kept confidential by the commissioner and shall not be made public and shall not be subject to subpoena, other than for the purpose of defending an action seeking damages from any person by reason of any action required by this section or by rules promulgated under this chapter. (ii) However, the memorandum or other material may otherwise be released by the commissioner: (a) With the written consent of the company; or (b) To the American Academy of Actuaries upon request stating that the memorandum or other material is required for the purpose of professional disciplinary proceedings and setting forth procedures satisfactory to the commissioner for preserving the confidentiality of the memorandum or other material. (iii) Once any portion of the confidential memorandum is cited by the company in its marketing or is cited before any governmental agency other than a state insurance department or is released by the company to the news media, all portions of the confidential memorandum shall be no longer confidential. (b) Actuarial Opinion of Reserves after Operative Date of the Valuation Manual. (1) General. (A) A company with an outstanding policy or contract in this state that is subject to regulation by the commissioner annually shall submit the opinion of an appointed actuary as to whether the reserves and related actuarial items held in support of the policy or contract: (i) Are computed appropriately; (ii) Are based on assumptions that satisfy contractual provisions; (iii) Are consistent with prior reported amounts; and (iv) Comply with applicable laws of this state. (B) The valuation manual shall prescribe the content and scope of the opinion. (2) Actuarial Analysis of Reserves and Assets Supporting Such Reserves. A company with an outstanding policy or contract in this state that is subject to rules promulgated by the commissioner, except as exempted in the valuation manual, annually shall include in the opinion required by subdivision (b)(1) of this section an opinion of the appointed actuary under subdivision (b)(1)(A) of this section as to whether the reserves and related actuarial items held in support of the policies and contracts specified in the valuation manual, when considered in light of the assets held by the company with respect to the reserves and related actuarial items, including without limitation the investment earnings on the assets and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the company's obligations under the policies and contracts, including without limitation the benefits under and expenses associated with the policies and contracts. (3) REQUIREMENTS FOR OPINION UNDER SUBDIVISION (b)(2) OF THIS SECTION. The opinion required by subdivision (b)(2) of this section shall be governed by the following provisions: (A) A memorandum in the form and substance specified in the valuation manual and acceptable to the commissioner shall be prepared to support each actuarial opinion; and (B) If the insurance company fails to provide a supporting memorandum at the request of the commissioner within a period specified in the valuation manual or the commissioner determines that the supporting memorandum provided by the insurance company fails to meet the standards prescribed by the valuation manual or is otherwise unacceptable to the commissioner, the commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting memorandum required by the commissioner. (4) Requirement for All Opinions Subject to this Subsection. (A) An opinion governed by this subsection shall: (i) Be in form and substance as specified in the valuation manual and acceptable to the commissioner; (ii) Be submitted with the annual statement reflecting the valuation of such reserve liabilities for each year ending on or after the operative date of the valuation manual; (iii) Apply to all policies and contracts subject to subdivision (b)(2) of this section, plus other actuarial liabilities as may be specified in the valuation manual; and (iv) Be based on standards adopted from time to time by the Actuarial Standards Board or its successor and on such additional standards as may be prescribed in the valuation manual. (B) In the case of an opinion required to be submitted by a foreign or alien company, the commissioner may accept the opinion filed by the company with the public official or regulatory authority responsible for regulating insurance companies of another state if the commissioner determines that the opinion reasonably meets the requirements applicable to a company domiciled in this state. (C) Except in cases of fraud or willful misconduct, the appointed actuary shall not be liable for damages to any person other than the company and the commissioner for any act, error, omission, decision, or conduct with respect to the appointed actuary's opinion under this subsection. (D) Disciplinary action by the commissioner against the company or the appointed actuary shall be prescribed by rule of the commissioner. Amended by Act 2019, No. 315,§ 2740, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2739, eff. 7/24/2019. Amended by Act 2019, No. 315,§ 2738, eff. 7/24/2019. Amended by Act 2015, No. 1223,§ 44, eff. 7/22/2015. Acts 1995, No. 621, § 1. See Act 2015, No. 1223, § 26.

(a) Actuarial Opinion Prior to Operative Date of the Valuation Manual. (1) General. (A) Every life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the Insurance Commissioner by rule are computed appropriately, are based on assumptions which satisfy contractual provisions, are consistent with prior reported amounts, and comply with applicable laws of this state. (B) By rule, the commissioner shall define the specifics of this opinion and add any other items deemed to be necessary to its scope. (2) Actuarial Analysis of Reserves and Assets Supporting Such Reserves. (A) Except as exempted by or pursuant to rule, every life insurance company shall also annually include in the opinion required by subdivision (a)(1) of this section an opinion of the same qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the commissioner by rule, when considered in light of the assets held by the company with respect to the reserves and related actuarial items, including, but not limited to, the investment earnings on the assets and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the company's obligations under the policies and contracts, including, but not limited to, the benefits under and expenses associated with the policies and contracts. (B) The commissioner may provide by rule for a transition period for establishing any higher reserves which the qualified actuary may deem necessary in order to render the opinion required by this section. (3) REQUIREMENTS FOR OPINION UNDER SUBDIVISION (a)(2) OF THIS SECTION. An opinion required by subdivision (a)(2) of this section shall be governed by the following provisions: (A) A memorandum, in form and substance acceptable to the commissioner as specified by rule, shall be prepared to support each actuarial opinion; and (B) If the insurance company fails to provide a supporting memorandum at the request of the commissioner within a period specified by rule or the commissioner determines that the supporting memorandum provided by the insurance company fails to meet the standards prescribed by the rules or is otherwise unacceptable to the commissioner, the commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare such supporting memorandum as is required by the commissioner. (4) Requirement for All Opinions Subject to this Subsection. An opinion required by this subsection shall be governed by the following provisions: (A) The opinion shall be submitted with the annual statement reflecting the valuation of such reserve liabilities for each year ending on or after December 31, 1995; (B) The opinion shall apply to all business in force, including individual and group health insurance plans, in form and substance acceptable to the commissioner as specified by rule; (C) The opinion shall be based on standards adopted from time to time by the Actuarial Standards Board and on such additional standards as the commissioner may by rule prescribe; (D) In the case of an opinion required to be submitted by a foreign or alien company, the commissioner may accept the opinion filed by that company with the insurance supervisory official of another state if the commissioner determines that the opinion reasonably meets the requirements applicable to a company domiciled in this state; (E) For the purposes of this section, "qualified actuary" means a member in good standing of the American Academy of Actuaries who meets the requirements set forth in such rules; (F) Except in cases of fraud or willful misconduct, the qualified actuary shall not be liable for damages to any person, other than the insurance company and the commissioner, for any act, error, omission, decision, or conduct with respect to the actuary's opinion; (G) Disciplinary action by the commissioner against the company or the qualified actuary shall be defined in rules by the commissioner; and (H) (i) Any memorandum in support of the opinion and any other material provided by the company to the commissioner in connection therewith shall be kept confidential by the commissioner and shall not be made public and shall not be subject to subpoena, other than for the purpose of defending an action seeking damages from any person by reason of any action required by this section or by rules promulgated under this chapter. (ii) However, the memorandum or other material may otherwise be released by the commissioner: (a) With the written consent of the company; or (b) To the American Academy of Actuaries upon request stating that the memorandum or other material is required for the purpose of professional disciplinary proceedings and setting forth procedures satisfactory to the commissioner for preserving the confidentiality of the memorandum or other material. (iii) Once any portion of the confidential memorandum is cited by the company in its marketing or is cited before any governmental agency other than a state insurance department or is released by the company to the news media, all portions of the confidential memorandum shall be no longer confidential.

(1) General. (A) Every life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the Insurance Commissioner by rule are computed appropriately, are based on assumptions which satisfy contractual provisions, are consistent with prior reported amounts, and comply with applicable laws of this state. (B) By rule, the commissioner shall define the specifics of this opinion and add any other items deemed to be necessary to its scope.

(A) Every life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the Insurance Commissioner by rule are computed appropriately, are based on assumptions which satisfy contractual provisions, are consistent with prior reported amounts, and comply with applicable laws of this state.

(B) By rule, the commissioner shall define the specifics of this opinion and add any other items deemed to be necessary to its scope.

(2) Actuarial Analysis of Reserves and Assets Supporting Such Reserves. (A) Except as exempted by or pursuant to rule, every life insurance company shall also annually include in the opinion required by subdivision (a)(1) of this section an opinion of the same qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the commissioner by rule, when considered in light of the assets held by the company with respect to the reserves and related actuarial items, including, but not limited to, the investment earnings on the assets and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the company's obligations under the policies and contracts, including, but not limited to, the benefits under and expenses associated with the policies and contracts. (B) The commissioner may provide by rule for a transition period for establishing any higher reserves which the qualified actuary may deem necessary in order to render the opinion required by this section.

(A) Except as exempted by or pursuant to rule, every life insurance company shall also annually include in the opinion required by subdivision (a)(1) of this section an opinion of the same qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the commissioner by rule, when considered in light of the assets held by the company with respect to the reserves and related actuarial items, including, but not limited to, the investment earnings on the assets and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the company's obligations under the policies and contracts, including, but not limited to, the benefits under and expenses associated with the policies and contracts.

(B) The commissioner may provide by rule for a transition period for establishing any higher reserves which the qualified actuary may deem necessary in order to render the opinion required by this section.

(3) REQUIREMENTS FOR OPINION UNDER SUBDIVISION (a)(2) OF THIS SECTION. An opinion required by subdivision (a)(2) of this section shall be governed by the following provisions: (A) A memorandum, in form and substance acceptable to the commissioner as specified by rule, shall be prepared to support each actuarial opinion; and (B) If the insurance company fails to provide a supporting memorandum at the request of the commissioner within a period specified by rule or the commissioner determines that the supporting memorandum provided by the insurance company fails to meet the standards prescribed by the rules or is otherwise unacceptable to the commissioner, the commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare such supporting memorandum as is required by the commissioner.

(A) A memorandum, in form and substance acceptable to the commissioner as specified by rule, shall be prepared to support each actuarial opinion; and

(B) If the insurance company fails to provide a supporting memorandum at the request of the commissioner within a period specified by rule or the commissioner determines that the supporting memorandum provided by the insurance company fails to meet the standards prescribed by the rules or is otherwise unacceptable to the commissioner, the commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare such supporting memorandum as is required by the commissioner.

(4) Requirement for All Opinions Subject to this Subsection. An opinion required by this subsection shall be governed by the following provisions: (A) The opinion shall be submitted with the annual statement reflecting the valuation of such reserve liabilities for each year ending on or after December 31, 1995; (B) The opinion shall apply to all business in force, including individual and group health insurance plans, in form and substance acceptable to the commissioner as specified by rule; (C) The opinion shall be based on standards adopted from time to time by the Actuarial Standards Board and on such additional standards as the commissioner may by rule prescribe; (D) In the case of an opinion required to be submitted by a foreign or alien company, the commissioner may accept the opinion filed by that company with the insurance supervisory official of another state if the commissioner determines that the opinion reasonably meets the requirements applicable to a company domiciled in this state; (E) For the purposes of this section, "qualified actuary" means a member in good standing of the American Academy of Actuaries who meets the requirements set forth in such rules; (F) Except in cases of fraud or willful misconduct, the qualified actuary shall not be liable for damages to any person, other than the insurance company and the commissioner, for any act, error, omission, decision, or conduct with respect to the actuary's opinion; (G) Disciplinary action by the commissioner against the company or the qualified actuary shall be defined in rules by the commissioner; and (H) (i) Any memorandum in support of the opinion and any other material provided by the company to the commissioner in connection therewith shall be kept confidential by the commissioner and shall not be made public and shall not be subject to subpoena, other than for the purpose of defending an action seeking damages from any person by reason of any action required by this section or by rules promulgated under this chapter. (ii) However, the memorandum or other material may otherwise be released by the commissioner: (a) With the written consent of the company; or (b) To the American Academy of Actuaries upon request stating that the memorandum or other material is required for the purpose of professional disciplinary proceedings and setting forth procedures satisfactory to the commissioner for preserving the confidentiality of the memorandum or other material. (iii) Once any portion of the confidential memorandum is cited by the company in its marketing or is cited before any governmental agency other than a state insurance department or is released by the company to the news media, all portions of the confidential memorandum shall be no longer confidential.

(A) The opinion shall be submitted with the annual statement reflecting the valuation of such reserve liabilities for each year ending on or after December 31, 1995;

(B) The opinion shall apply to all business in force, including individual and group health insurance plans, in form and substance acceptable to the commissioner as specified by rule;

(C) The opinion shall be based on standards adopted from time to time by the Actuarial Standards Board and on such additional standards as the commissioner may by rule prescribe;

(D) In the case of an opinion required to be submitted by a foreign or alien company, the commissioner may accept the opinion filed by that company with the insurance supervisory official of another state if the commissioner determines that the opinion reasonably meets the requirements applicable to a company domiciled in this state;

(E) For the purposes of this section, "qualified actuary" means a member in good standing of the American Academy of Actuaries who meets the requirements set forth in such rules;

(F) Except in cases of fraud or willful misconduct, the qualified actuary shall not be liable for damages to any person, other than the insurance company and the commissioner, for any act, error, omission, decision, or conduct with respect to the actuary's opinion;

(G) Disciplinary action by the commissioner against the company or the qualified actuary shall be defined in rules by the commissioner; and

(H) (i) Any memorandum in support of the opinion and any other material provided by the company to the commissioner in connection therewith shall be kept confidential by the commissioner and shall not be made public and shall not be subject to subpoena, other than for the purpose of defending an action seeking damages from any person by reason of any action required by this section or by rules promulgated under this chapter. (ii) However, the memorandum or other material may otherwise be released by the commissioner: (a) With the written consent of the company; or (b) To the American Academy of Actuaries upon request stating that the memorandum or other material is required for the purpose of professional disciplinary proceedings and setting forth procedures satisfactory to the commissioner for preserving the confidentiality of the memorandum or other material. (iii) Once any portion of the confidential memorandum is cited by the company in its marketing or is cited before any governmental agency other than a state insurance department or is released by the company to the news media, all portions of the confidential memorandum shall be no longer confidential.

(i) Any memorandum in support of the opinion and any other material provided by the company to the commissioner in connection therewith shall be kept confidential by the commissioner and shall not be made public and shall not be subject to subpoena, other than for the purpose of defending an action seeking damages from any person by reason of any action required by this section or by rules promulgated under this chapter.

(ii) However, the memorandum or other material may otherwise be released by the commissioner: (a) With the written consent of the company; or (b) To the American Academy of Actuaries upon request stating that the memorandum or other material is required for the purpose of professional disciplinary proceedings and setting forth procedures satisfactory to the commissioner for preserving the confidentiality of the memorandum or other material.

(a) With the written consent of the company; or

(b) To the American Academy of Actuaries upon request stating that the memorandum or other material is required for the purpose of professional disciplinary proceedings and setting forth procedures satisfactory to the commissioner for preserving the confidentiality of the memorandum or other material.

(iii) Once any portion of the confidential memorandum is cited by the company in its marketing or is cited before any governmental agency other than a state insurance department or is released by the company to the news media, all portions of the confidential memorandum shall be no longer confidential.

(b) Actuarial Opinion of Reserves after Operative Date of the Valuation Manual. (1) General. (A) A company with an outstanding policy or contract in this state that is subject to regulation by the commissioner annually shall submit the opinion of an appointed actuary as to whether the reserves and related actuarial items held in support of the policy or contract: (i) Are computed appropriately; (ii) Are based on assumptions that satisfy contractual provisions; (iii) Are consistent with prior reported amounts; and (iv) Comply with applicable laws of this state. (B) The valuation manual shall prescribe the content and scope of the opinion. (2) Actuarial Analysis of Reserves and Assets Supporting Such Reserves. A company with an outstanding policy or contract in this state that is subject to rules promulgated by the commissioner, except as exempted in the valuation manual, annually shall include in the opinion required by subdivision (b)(1) of this section an opinion of the appointed actuary under subdivision (b)(1)(A) of this section as to whether the reserves and related actuarial items held in support of the policies and contracts specified in the valuation manual, when considered in light of the assets held by the company with respect to the reserves and related actuarial items, including without limitation the investment earnings on the assets and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the company's obligations under the policies and contracts, including without limitation the benefits under and expenses associated with the policies and contracts. (3) REQUIREMENTS FOR OPINION UNDER SUBDIVISION (b)(2) OF THIS SECTION. The opinion required by subdivision (b)(2) of this section shall be governed by the following provisions: (A) A memorandum in the form and substance specified in the valuation manual and acceptable to the commissioner shall be prepared to support each actuarial opinion; and (B) If the insurance company fails to provide a supporting memorandum at the request of the commissioner within a period specified in the valuation manual or the commissioner determines that the supporting memorandum provided by the insurance company fails to meet the standards prescribed by the valuation manual or is otherwise unacceptable to the commissioner, the commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting memorandum required by the commissioner. (4) Requirement for All Opinions Subject to this Subsection. (A) An opinion governed by this subsection shall: (i) Be in form and substance as specified in the valuation manual and acceptable to the commissioner; (ii) Be submitted with the annual statement reflecting the valuation of such reserve liabilities for each year ending on or after the operative date of the valuation manual; (iii) Apply to all policies and contracts subject to subdivision (b)(2) of this section, plus other actuarial liabilities as may be specified in the valuation manual; and (iv) Be based on standards adopted from time to time by the Actuarial Standards Board or its successor and on such additional standards as may be prescribed in the valuation manual. (B) In the case of an opinion required to be submitted by a foreign or alien company, the commissioner may accept the opinion filed by the company with the public official or regulatory authority responsible for regulating insurance companies of another state if the commissioner determines that the opinion reasonably meets the requirements applicable to a company domiciled in this state. (C) Except in cases of fraud or willful misconduct, the appointed actuary shall not be liable for damages to any person other than the company and the commissioner for any act, error, omission, decision, or conduct with respect to the appointed actuary's opinion under this subsection. (D) Disciplinary action by the commissioner against the company or the appointed actuary shall be prescribed by rule of the commissioner.

(1) General. (A) A company with an outstanding policy or contract in this state that is subject to regulation by the commissioner annually shall submit the opinion of an appointed actuary as to whether the reserves and related actuarial items held in support of the policy or contract: (i) Are computed appropriately; (ii) Are based on assumptions that satisfy contractual provisions; (iii) Are consistent with prior reported amounts; and (iv) Comply with applicable laws of this state. (B) The valuation manual shall prescribe the content and scope of the opinion.

(A) A company with an outstanding policy or contract in this state that is subject to regulation by the commissioner annually shall submit the opinion of an appointed actuary as to whether the reserves and related actuarial items held in support of the policy or contract: (i) Are computed appropriately; (ii) Are based on assumptions that satisfy contractual provisions; (iii) Are consistent with prior reported amounts; and (iv) Comply with applicable laws of this state.

(i) Are computed appropriately;

(ii) Are based on assumptions that satisfy contractual provisions;

(iii) Are consistent with prior reported amounts; and

(iv) Comply with applicable laws of this state.

(B) The valuation manual shall prescribe the content and scope of the opinion.

(2) Actuarial Analysis of Reserves and Assets Supporting Such Reserves. A company with an outstanding policy or contract in this state that is subject to rules promulgated by the commissioner, except as exempted in the valuation manual, annually shall include in the opinion required by subdivision (b)(1) of this section an opinion of the appointed actuary under subdivision (b)(1)(A) of this section as to whether the reserves and related actuarial items held in support of the policies and contracts specified in the valuation manual, when considered in light of the assets held by the company with respect to the reserves and related actuarial items, including without limitation the investment earnings on the assets and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the company's obligations under the policies and contracts, including without limitation the benefits under and expenses associated with the policies and contracts.

(3) REQUIREMENTS FOR OPINION UNDER SUBDIVISION (b)(2) OF THIS SECTION. The opinion required by subdivision (b)(2) of this section shall be governed by the following provisions: (A) A memorandum in the form and substance specified in the valuation manual and acceptable to the commissioner shall be prepared to support each actuarial opinion; and (B) If the insurance company fails to provide a supporting memorandum at the request of the commissioner within a period specified in the valuation manual or the commissioner determines that the supporting memorandum provided by the insurance company fails to meet the standards prescribed by the valuation manual or is otherwise unacceptable to the commissioner, the commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting memorandum required by the commissioner.

(A) A memorandum in the form and substance specified in the valuation manual and acceptable to the commissioner shall be prepared to support each actuarial opinion; and

(B) If the insurance company fails to provide a supporting memorandum at the request of the commissioner within a period specified in the valuation manual or the commissioner determines that the supporting memorandum provided by the insurance company fails to meet the standards prescribed by the valuation manual or is otherwise unacceptable to the commissioner, the commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting memorandum required by the commissioner.

(4) Requirement for All Opinions Subject to this Subsection. (A) An opinion governed by this subsection shall: (i) Be in form and substance as specified in the valuation manual and acceptable to the commissioner; (ii) Be submitted with the annual statement reflecting the valuation of such reserve liabilities for each year ending on or after the operative date of the valuation manual; (iii) Apply to all policies and contracts subject to subdivision (b)(2) of this section, plus other actuarial liabilities as may be specified in the valuation manual; and (iv) Be based on standards adopted from time to time by the Actuarial Standards Board or its successor and on such additional standards as may be prescribed in the valuation manual. (B) In the case of an opinion required to be submitted by a foreign or alien company, the commissioner may accept the opinion filed by the company with the public official or regulatory authority responsible for regulating insurance companies of another state if the commissioner determines that the opinion reasonably meets the requirements applicable to a company domiciled in this state. (C) Except in cases of fraud or willful misconduct, the appointed actuary shall not be liable for damages to any person other than the company and the commissioner for any act, error, omission, decision, or conduct with respect to the appointed actuary's opinion under this subsection. (D) Disciplinary action by the commissioner against the company or the appointed actuary shall be prescribed by rule of the commissioner.

(A) An opinion governed by this subsection shall: (i) Be in form and substance as specified in the valuation manual and acceptable to the commissioner; (ii) Be submitted with the annual statement reflecting the valuation of such reserve liabilities for each year ending on or after the operative date of the valuation manual; (iii) Apply to all policies and contracts subject to subdivision (b)(2) of this section, plus other actuarial liabilities as may be specified in the valuation manual; and (iv) Be based on standards adopted from time to time by the Actuarial Standards Board or its successor and on such additional standards as may be prescribed in the valuation manual.

(i) Be in form and substance as specified in the valuation manual and acceptable to the commissioner;

(ii) Be submitted with the annual statement reflecting the valuation of such reserve liabilities for each year ending on or after the operative date of the valuation manual;

(iii) Apply to all policies and contracts subject to subdivision (b)(2) of this section, plus other actuarial liabilities as may be specified in the valuation manual; and

(iv) Be based on standards adopted from time to time by the Actuarial Standards Board or its successor and on such additional standards as may be prescribed in the valuation manual.

(B) In the case of an opinion required to be submitted by a foreign or alien company, the commissioner may accept the opinion filed by the company with the public official or regulatory authority responsible for regulating insurance companies of another state if the commissioner determines that the opinion reasonably meets the requirements applicable to a company domiciled in this state.

(C) Except in cases of fraud or willful misconduct, the appointed actuary shall not be liable for damages to any person other than the company and the commissioner for any act, error, omission, decision, or conduct with respect to the appointed actuary's opinion under this subsection.

(D) Disciplinary action by the commissioner against the company or the appointed actuary shall be prescribed by rule of the commissioner.

Amended by Act 2019, No. 315,§ 2740, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2739, eff. 7/24/2019.

Amended by Act 2019, No. 315,§ 2738, eff. 7/24/2019.

Amended by Act 2015, No. 1223,§ 44, eff. 7/22/2015.

Acts 1995, No. 621, § 1.

See Act 2015, No. 1223, § 26.
Ark. Code Ann. § 23-63-1905 — AR Code / Title 23 / Chapter 63 / Subchapter 19 / Section 23-63-1905
Confidentiality
Status: in_force

(a) The statement of actuarial opinion shall be filed with the annual statement required by § 23-63-216 and treated as a public record under the Freedom of Information Act of 1967, § 25-19-101 et seq. (b) (1) Documents, materials, or other information in the possession or control of the State Insurance Department that are considered an actuarial report, work papers, or an actuarial opinion summary provided in support of the statement of actuarial opinion, and any other material provided by the property and casualty insurance company to the Insurance Commissioner in connection with the actuarial report, work papers, or actuarial opinion summary are: (A) Confidential by law; (B) Privileged; (C) Conclusively presumed to be records that would give advantage to competitors under § 25-19-105(b)(9)(A) ; (D) Not subject to subpoena; and (E) Not discoverable or admissible as evidence in a private civil action. (2) This subsection does not limit the commissioner's authority to: (A) Release the documents, materials, or other information to the Actuarial Board for Counseling and Discipline if: (i) The documents, materials, or other information is required for professional disciplinary proceedings; and (ii) The board establishes procedures satisfactory to the commissioner for preserving the confidentiality of the documents, materials, or other information; or (B) Use the documents, materials, or other information in furtherance of any regulatory or legal action brought as part of the commissioner's official duties. (c) The commissioner or any person who received documents, materials, or other information while acting under the authority of the commissioner shall not testify in a private civil action concerning any confidential documents, materials, or information described in subsection (b) of this section. (d) To assist the performance of the commissioner's duties, the commissioner may: (1) Share with the following entities the documents, materials, or other information described in subsection (b) of this section if the respective entity agrees to maintain the confidentiality and privileged status of documents, materials, or other information and has the legal authority to maintain confidentiality: (A) Other state, federal, and international regulatory agencies; (B) The National Association of Insurance Commissioners and its affiliates and subsidiaries; and (C) State, federal, and international law enforcement authorities; (2) (A) Receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from: (i) The National Association of Insurance Commissioners and its affiliates and subsidiaries; and (ii) Regulatory and law enforcement officials of other foreign or domestic jurisdictions. (B) The commissioner shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information; and (3) Enter into agreements governing the sharing and use of information consistent with this subsection and subsections (b) and (c) of this section. (e) A waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information described in subsection (b) of this section shall not occur as a result of disclosure to the commissioner under this section or as a result of sharing a document, material, or other information under subsection (d) of this section. Acts 2009, No. 726, § 24.

(a) The statement of actuarial opinion shall be filed with the annual statement required by § 23-63-216 and treated as a public record under the Freedom of Information Act of 1967, § 25-19-101 et seq.

(b) (1) Documents, materials, or other information in the possession or control of the State Insurance Department that are considered an actuarial report, work papers, or an actuarial opinion summary provided in support of the statement of actuarial opinion, and any other material provided by the property and casualty insurance company to the Insurance Commissioner in connection with the actuarial report, work papers, or actuarial opinion summary are: (A) Confidential by law; (B) Privileged; (C) Conclusively presumed to be records that would give advantage to competitors under § 25-19-105(b)(9)(A) ; (D) Not subject to subpoena; and (E) Not discoverable or admissible as evidence in a private civil action. (2) This subsection does not limit the commissioner's authority to: (A) Release the documents, materials, or other information to the Actuarial Board for Counseling and Discipline if: (i) The documents, materials, or other information is required for professional disciplinary proceedings; and (ii) The board establishes procedures satisfactory to the commissioner for preserving the confidentiality of the documents, materials, or other information; or (B) Use the documents, materials, or other information in furtherance of any regulatory or legal action brought as part of the commissioner's official duties.

(1) Documents, materials, or other information in the possession or control of the State Insurance Department that are considered an actuarial report, work papers, or an actuarial opinion summary provided in support of the statement of actuarial opinion, and any other material provided by the property and casualty insurance company to the Insurance Commissioner in connection with the actuarial report, work papers, or actuarial opinion summary are: (A) Confidential by law; (B) Privileged; (C) Conclusively presumed to be records that would give advantage to competitors under § 25-19-105(b)(9)(A) ; (D) Not subject to subpoena; and (E) Not discoverable or admissible as evidence in a private civil action.

(A) Confidential by law;

(B) Privileged;

(C) Conclusively presumed to be records that would give advantage to competitors under § 25-19-105(b)(9)(A) ;

(D) Not subject to subpoena; and

(E) Not discoverable or admissible as evidence in a private civil action.

(2) This subsection does not limit the commissioner's authority to: (A) Release the documents, materials, or other information to the Actuarial Board for Counseling and Discipline if: (i) The documents, materials, or other information is required for professional disciplinary proceedings; and (ii) The board establishes procedures satisfactory to the commissioner for preserving the confidentiality of the documents, materials, or other information; or (B) Use the documents, materials, or other information in furtherance of any regulatory or legal action brought as part of the commissioner's official duties.

(A) Release the documents, materials, or other information to the Actuarial Board for Counseling and Discipline if: (i) The documents, materials, or other information is required for professional disciplinary proceedings; and (ii) The board establishes procedures satisfactory to the commissioner for preserving the confidentiality of the documents, materials, or other information; or

(i) The documents, materials, or other information is required for professional disciplinary proceedings; and

(ii) The board establishes procedures satisfactory to the commissioner for preserving the confidentiality of the documents, materials, or other information; or

(B) Use the documents, materials, or other information in furtherance of any regulatory or legal action brought as part of the commissioner's official duties.

(c) The commissioner or any person who received documents, materials, or other information while acting under the authority of the commissioner shall not testify in a private civil action concerning any confidential documents, materials, or information described in subsection (b) of this section.

(d) To assist the performance of the commissioner's duties, the commissioner may: (1) Share with the following entities the documents, materials, or other information described in subsection (b) of this section if the respective entity agrees to maintain the confidentiality and privileged status of documents, materials, or other information and has the legal authority to maintain confidentiality: (A) Other state, federal, and international regulatory agencies; (B) The National Association of Insurance Commissioners and its affiliates and subsidiaries; and (C) State, federal, and international law enforcement authorities; (2) (A) Receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from: (i) The National Association of Insurance Commissioners and its affiliates and subsidiaries; and (ii) Regulatory and law enforcement officials of other foreign or domestic jurisdictions. (B) The commissioner shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information; and (3) Enter into agreements governing the sharing and use of information consistent with this subsection and subsections (b) and (c) of this section.

(1) Share with the following entities the documents, materials, or other information described in subsection (b) of this section if the respective entity agrees to maintain the confidentiality and privileged status of documents, materials, or other information and has the legal authority to maintain confidentiality: (A) Other state, federal, and international regulatory agencies; (B) The National Association of Insurance Commissioners and its affiliates and subsidiaries; and (C) State, federal, and international law enforcement authorities;

(A) Other state, federal, and international regulatory agencies;

(B) The National Association of Insurance Commissioners and its affiliates and subsidiaries; and

(C) State, federal, and international law enforcement authorities;

(2) (A) Receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from: (i) The National Association of Insurance Commissioners and its affiliates and subsidiaries; and (ii) Regulatory and law enforcement officials of other foreign or domestic jurisdictions. (B) The commissioner shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information; and

(A) Receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from: (i) The National Association of Insurance Commissioners and its affiliates and subsidiaries; and (ii) Regulatory and law enforcement officials of other foreign or domestic jurisdictions.

(i) The National Association of Insurance Commissioners and its affiliates and subsidiaries; and

(ii) Regulatory and law enforcement officials of other foreign or domestic jurisdictions.

(B) The commissioner shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information; and

(3) Enter into agreements governing the sharing and use of information consistent with this subsection and subsections (b) and (c) of this section.

(e) A waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information described in subsection (b) of this section shall not occur as a result of disclosure to the commissioner under this section or as a result of sharing a document, material, or other information under subsection (d) of this section.

Acts 2009, No. 726, § 24.