Ark. Code Ann. § 23-79-1502 — AR Code / Title 23 / Chapter 79 / Subchapter 15 / Section 23-79-1502
Craniofacial anomaly - Coverage for reconstructive surgery required
Status: in_force

(a) (1) A health benefit plan that is offered, issued, provided, or renewed in this state shall include coverage and benefits for reconstructive surgery and related medical care for a person of any age who is diagnosed as having a craniofacial anomaly if the surgery and treatment are medically necessary to improve a functional impairment that results from the craniofacial anomaly as determined by a nationally approved cleft-craniofacial team, approved by the American Cleft Palate-Craniofacial Association in Chapel Hill, North Carolina. (2) A nationally approved cleft-craniofacial team for cleft-craniofacial conditions shall: (A) Evaluate a person with a craniofacial anomaly; and (B) Coordinate a treatment plan for each person. (3) After one (1) denial or any limitation of coverage that is based on the lack of medical necessity to improve a functional impairment, the case shall be referred for an external review under State Insurance Department Rule 76, the Arkansas External Review Regulation, if applicable, or under a similar procedure for external review established by a third-party administrator of a health benefit plan. (b) Medical care coverage required under this section includes coverage for reconstructive surgery, dental care, and vision care. (c) (1) The services included in the coverage described in subsection (b) of this section shall be authorized by a surgical member of a nationally approved cleft-craniofacial team of the American Cleft Palate-Craniofacial Association. (2) For healthcare services to be performed by a nationally approved cleft-craniofacial team, a request for written authorization or approval shall be reviewed by the administrator of the health benefit plan: (A) Within two (2) working days from the request by a nationally approved cleft-craniofacial surgical team member, for a nonurgent case; or (B) Within twenty-four (24) hours from the request by a nationally approved cleft-craniofacial surgical team member, for an urgent case. (3) (A) For healthcare services that are recommended by a surgical member of a nationally approved cleft-craniofacial team that are to be performed by a medical provider that is not on a nationally approved cleft-craniofacial team, a request for written authorization or approval shall be reviewed: (i) Within two (2) working days from the request by a nationally approved cleft-craniofacial surgical team member, for a nonurgent case; or (ii) Within twenty-four (24) hours from the request by a nationally approved cleft-craniofacial surgical team member, for an urgent case. (B) A medical provider that is not a craniofacial specialist shall communicate in a timely manner its proposed healthcare services to the nationally approved cleft-craniofacial surgical team member who initiated the recommendation described in subdivision (c)(3)(A) of this section. (d) A health benefit plan shall include coverage for the following, if medically necessary: (1) On an annual basis: (A) Scleral contact lenses, including coatings; (B) Office visits; (C) An ocular impression of each eye; and (D) Any additional tests or procedures that are medically necessary for a craniofacial patient; (2) (A) Every two (2) years, two (2) hearing aids and two (2) hearing aid molds for each ear. (B) As used in subdivision (d)(2)(A) of this section, "hearing aids" includes behind the ear, in the ear, wearable bone conductions, surgically implanted bone conduction services, and cochlear implants; and (3) Every four (4) years, a dehumidifier. (e) (1) A nationally approved cleft-craniofacial team that is located in other states may provide the healthcare services, treatment, evaluation, authorizations, and review as described in this section. (2) For healthcare services performed outside of this state under this section, the insured or enrollee shall not be penalized for out-of-network charges subject to the terms and conditions of the health benefit plan. Amended by Act 2021, No. 955,§ 6, eff. 4/27/2021. Amended by Act 2021, No. 955,§ 5, eff. 4/27/2021. Amended by Act 2015, No. 373,§ 1, eff. 7/22/2015. Added by Act 2013, No. 1226,§ 1, eff. 8/16/2013.

(a) (1) A health benefit plan that is offered, issued, provided, or renewed in this state shall include coverage and benefits for reconstructive surgery and related medical care for a person of any age who is diagnosed as having a craniofacial anomaly if the surgery and treatment are medically necessary to improve a functional impairment that results from the craniofacial anomaly as determined by a nationally approved cleft-craniofacial team, approved by the American Cleft Palate-Craniofacial Association in Chapel Hill, North Carolina. (2) A nationally approved cleft-craniofacial team for cleft-craniofacial conditions shall: (A) Evaluate a person with a craniofacial anomaly; and (B) Coordinate a treatment plan for each person. (3) After one (1) denial or any limitation of coverage that is based on the lack of medical necessity to improve a functional impairment, the case shall be referred for an external review under State Insurance Department Rule 76, the Arkansas External Review Regulation, if applicable, or under a similar procedure for external review established by a third-party administrator of a health benefit plan.

(1) A health benefit plan that is offered, issued, provided, or renewed in this state shall include coverage and benefits for reconstructive surgery and related medical care for a person of any age who is diagnosed as having a craniofacial anomaly if the surgery and treatment are medically necessary to improve a functional impairment that results from the craniofacial anomaly as determined by a nationally approved cleft-craniofacial team, approved by the American Cleft Palate-Craniofacial Association in Chapel Hill, North Carolina.

(2) A nationally approved cleft-craniofacial team for cleft-craniofacial conditions shall: (A) Evaluate a person with a craniofacial anomaly; and (B) Coordinate a treatment plan for each person.

(A) Evaluate a person with a craniofacial anomaly; and

(B) Coordinate a treatment plan for each person.

(3) After one (1) denial or any limitation of coverage that is based on the lack of medical necessity to improve a functional impairment, the case shall be referred for an external review under State Insurance Department Rule 76, the Arkansas External Review Regulation, if applicable, or under a similar procedure for external review established by a third-party administrator of a health benefit plan.

(b) Medical care coverage required under this section includes coverage for reconstructive surgery, dental care, and vision care.

(c) (1) The services included in the coverage described in subsection (b) of this section shall be authorized by a surgical member of a nationally approved cleft-craniofacial team of the American Cleft Palate-Craniofacial Association. (2) For healthcare services to be performed by a nationally approved cleft-craniofacial team, a request for written authorization or approval shall be reviewed by the administrator of the health benefit plan: (A) Within two (2) working days from the request by a nationally approved cleft-craniofacial surgical team member, for a nonurgent case; or (B) Within twenty-four (24) hours from the request by a nationally approved cleft-craniofacial surgical team member, for an urgent case. (3) (A) For healthcare services that are recommended by a surgical member of a nationally approved cleft-craniofacial team that are to be performed by a medical provider that is not on a nationally approved cleft-craniofacial team, a request for written authorization or approval shall be reviewed: (i) Within two (2) working days from the request by a nationally approved cleft-craniofacial surgical team member, for a nonurgent case; or (ii) Within twenty-four (24) hours from the request by a nationally approved cleft-craniofacial surgical team member, for an urgent case. (B) A medical provider that is not a craniofacial specialist shall communicate in a timely manner its proposed healthcare services to the nationally approved cleft-craniofacial surgical team member who initiated the recommendation described in subdivision (c)(3)(A) of this section.

(1) The services included in the coverage described in subsection (b) of this section shall be authorized by a surgical member of a nationally approved cleft-craniofacial team of the American Cleft Palate-Craniofacial Association.

(2) For healthcare services to be performed by a nationally approved cleft-craniofacial team, a request for written authorization or approval shall be reviewed by the administrator of the health benefit plan: (A) Within two (2) working days from the request by a nationally approved cleft-craniofacial surgical team member, for a nonurgent case; or (B) Within twenty-four (24) hours from the request by a nationally approved cleft-craniofacial surgical team member, for an urgent case.

(A) Within two (2) working days from the request by a nationally approved cleft-craniofacial surgical team member, for a nonurgent case; or

(B) Within twenty-four (24) hours from the request by a nationally approved cleft-craniofacial surgical team member, for an urgent case.

(3) (A) For healthcare services that are recommended by a surgical member of a nationally approved cleft-craniofacial team that are to be performed by a medical provider that is not on a nationally approved cleft-craniofacial team, a request for written authorization or approval shall be reviewed: (i) Within two (2) working days from the request by a nationally approved cleft-craniofacial surgical team member, for a nonurgent case; or (ii) Within twenty-four (24) hours from the request by a nationally approved cleft-craniofacial surgical team member, for an urgent case. (B) A medical provider that is not a craniofacial specialist shall communicate in a timely manner its proposed healthcare services to the nationally approved cleft-craniofacial surgical team member who initiated the recommendation described in subdivision (c)(3)(A) of this section.

(A) For healthcare services that are recommended by a surgical member of a nationally approved cleft-craniofacial team that are to be performed by a medical provider that is not on a nationally approved cleft-craniofacial team, a request for written authorization or approval shall be reviewed: (i) Within two (2) working days from the request by a nationally approved cleft-craniofacial surgical team member, for a nonurgent case; or (ii) Within twenty-four (24) hours from the request by a nationally approved cleft-craniofacial surgical team member, for an urgent case.

(i) Within two (2) working days from the request by a nationally approved cleft-craniofacial surgical team member, for a nonurgent case; or

(ii) Within twenty-four (24) hours from the request by a nationally approved cleft-craniofacial surgical team member, for an urgent case.

(B) A medical provider that is not a craniofacial specialist shall communicate in a timely manner its proposed healthcare services to the nationally approved cleft-craniofacial surgical team member who initiated the recommendation described in subdivision (c)(3)(A) of this section.

(d) A health benefit plan shall include coverage for the following, if medically necessary: (1) On an annual basis: (A) Scleral contact lenses, including coatings; (B) Office visits; (C) An ocular impression of each eye; and (D) Any additional tests or procedures that are medically necessary for a craniofacial patient; (2) (A) Every two (2) years, two (2) hearing aids and two (2) hearing aid molds for each ear. (B) As used in subdivision (d)(2)(A) of this section, "hearing aids" includes behind the ear, in the ear, wearable bone conductions, surgically implanted bone conduction services, and cochlear implants; and (3) Every four (4) years, a dehumidifier.

(1) On an annual basis: (A) Scleral contact lenses, including coatings; (B) Office visits; (C) An ocular impression of each eye; and (D) Any additional tests or procedures that are medically necessary for a craniofacial patient;

(A) Scleral contact lenses, including coatings;

(B) Office visits;

(C) An ocular impression of each eye; and

(D) Any additional tests or procedures that are medically necessary for a craniofacial patient;

(2) (A) Every two (2) years, two (2) hearing aids and two (2) hearing aid molds for each ear. (B) As used in subdivision (d)(2)(A) of this section, "hearing aids" includes behind the ear, in the ear, wearable bone conductions, surgically implanted bone conduction services, and cochlear implants; and

(A) Every two (2) years, two (2) hearing aids and two (2) hearing aid molds for each ear.

(B) As used in subdivision (d)(2)(A) of this section, "hearing aids" includes behind the ear, in the ear, wearable bone conductions, surgically implanted bone conduction services, and cochlear implants; and

(3) Every four (4) years, a dehumidifier.

(e) (1) A nationally approved cleft-craniofacial team that is located in other states may provide the healthcare services, treatment, evaluation, authorizations, and review as described in this section. (2) For healthcare services performed outside of this state under this section, the insured or enrollee shall not be penalized for out-of-network charges subject to the terms and conditions of the health benefit plan.

(1) A nationally approved cleft-craniofacial team that is located in other states may provide the healthcare services, treatment, evaluation, authorizations, and review as described in this section.

(2) For healthcare services performed outside of this state under this section, the insured or enrollee shall not be penalized for out-of-network charges subject to the terms and conditions of the health benefit plan.

Amended by Act 2021, No. 955,§ 6, eff. 4/27/2021.

Amended by Act 2021, No. 955,§ 5, eff. 4/27/2021.

Amended by Act 2015, No. 373,§ 1, eff. 7/22/2015.

Added by Act 2013, No. 1226,§ 1, eff. 8/16/2013.
Ark. Code Ann. § 23-92-413 — AR Code / Title 23 / Chapter 92 / Subchapter 4 / Section 23-92-413
Nondisclosure of proprietary information
Status: in_force

(a) (1) Professional employer organizations and professional employer organization groups are required under this subchapter to file with the Insurance Commissioner certain proprietary material, including financial records and financial information and client lists, the disclosure of which would give advantage to competitors. (2) (A) The commissioner shall not consider proprietary material under this subchapter to be subject to mandatory disclosure under § 25-19-105(b)(9)(A) . (B) If litigation or any other proceedings are instituted to compel disclosure, the total expense of the proceedings shall be paid by the professional employer organization or professional employer organization group whose proprietary material is being sought. (C) The commissioner shall give notice in writing to any professional employer organization or professional employer organization group whose client lists or other material that the commissioner deems to be proprietary are being sought under the Freedom of Information Act of 1967, § 25-19-101 et seq. (b) Notwithstanding subsection (a) of this section or any other law governing disclosure of confidential information, the commissioner, the Director of the Division of Workforce Services, and the Workers' Compensation Commission may exchange information among themselves for the purposes of regulating professional employer organizations. Amended by Act 2019, No. 910,§ 611, eff. 7/1/2019. Acts 2003, No. 1750, § 1.

(a) (1) Professional employer organizations and professional employer organization groups are required under this subchapter to file with the Insurance Commissioner certain proprietary material, including financial records and financial information and client lists, the disclosure of which would give advantage to competitors. (2) (A) The commissioner shall not consider proprietary material under this subchapter to be subject to mandatory disclosure under § 25-19-105(b)(9)(A) . (B) If litigation or any other proceedings are instituted to compel disclosure, the total expense of the proceedings shall be paid by the professional employer organization or professional employer organization group whose proprietary material is being sought. (C) The commissioner shall give notice in writing to any professional employer organization or professional employer organization group whose client lists or other material that the commissioner deems to be proprietary are being sought under the Freedom of Information Act of 1967, § 25-19-101 et seq.

(1) Professional employer organizations and professional employer organization groups are required under this subchapter to file with the Insurance Commissioner certain proprietary material, including financial records and financial information and client lists, the disclosure of which would give advantage to competitors.

(2) (A) The commissioner shall not consider proprietary material under this subchapter to be subject to mandatory disclosure under § 25-19-105(b)(9)(A) . (B) If litigation or any other proceedings are instituted to compel disclosure, the total expense of the proceedings shall be paid by the professional employer organization or professional employer organization group whose proprietary material is being sought. (C) The commissioner shall give notice in writing to any professional employer organization or professional employer organization group whose client lists or other material that the commissioner deems to be proprietary are being sought under the Freedom of Information Act of 1967, § 25-19-101 et seq.

(A) The commissioner shall not consider proprietary material under this subchapter to be subject to mandatory disclosure under § 25-19-105(b)(9)(A) .

(B) If litigation or any other proceedings are instituted to compel disclosure, the total expense of the proceedings shall be paid by the professional employer organization or professional employer organization group whose proprietary material is being sought.

(C) The commissioner shall give notice in writing to any professional employer organization or professional employer organization group whose client lists or other material that the commissioner deems to be proprietary are being sought under the Freedom of Information Act of 1967, § 25-19-101 et seq.

(b) Notwithstanding subsection (a) of this section or any other law governing disclosure of confidential information, the commissioner, the Director of the Division of Workforce Services, and the Workers' Compensation Commission may exchange information among themselves for the purposes of regulating professional employer organizations.

Amended by Act 2019, No. 910,§ 611, eff. 7/1/2019.

Acts 2003, No. 1750, § 1.
Ark. Code Ann. § 23-12-505 — AR Code / Title 23 / Chapter 12 / Subchapter 5 / Section 23-12-505
Death or injury of employee - Contributory negligence
Status: in_force

(a) In all rights of action arising within, or by virtue of, this section and §§ 23-12-501 - 23-12-504 , 23-12-506 and 23-12-507 for personal injury to an employee, or where an injury has resulted in his or her death, the fact that an employee may have been guilty of contributory negligence shall not bar a recovery if the negligence of the employee was of a lesser degree than the negligence of the common carrier, its officers, agents, or employees. (b) No employee who may be injured or killed shall be held to have been guilty of contributory negligence in any case where the violation by the common carrier or its officials, agents, or employees of any law enacted for the safety of employees or persons contributed to the injury or death of the employee. Acts 1911, No. 88, § 3; C. & M. Dig., § 7140; Pope's Dig., § 9126; A.S.A. 1947, § 73-916.

(a) In all rights of action arising within, or by virtue of, this section and §§ 23-12-501 - 23-12-504 , 23-12-506 and 23-12-507 for personal injury to an employee, or where an injury has resulted in his or her death, the fact that an employee may have been guilty of contributory negligence shall not bar a recovery if the negligence of the employee was of a lesser degree than the negligence of the common carrier, its officers, agents, or employees.

(b) No employee who may be injured or killed shall be held to have been guilty of contributory negligence in any case where the violation by the common carrier or its officials, agents, or employees of any law enacted for the safety of employees or persons contributed to the injury or death of the employee.

Acts 1911, No. 88, § 3; C. & M. Dig., § 7140; Pope's Dig., § 9126; A.S.A. 1947, § 73-916.
Ark. Code Ann. § 23-42-505 — AR Code / Title 23 / Chapter 42 / Subchapter 5 / Section 23-42-505
Denial or revocation of exemption
Status: in_force

(a) The Securities Commissioner may, by order, deny or revoke any exemption specified in § 23-42-503(a)(7) or (8), (b), or (c) or § 23-42-504(a) with respect to a specific security or transaction. (b) (1) No such order may be entered without appropriate prior notice to all interested parties, opportunity for hearing, and written findings of fact and conclusions of law, except that the commissioner may by order summarily deny or revoke any of the specified exemptions pending final determination of any proceeding under this section. (2) Upon the entry of a summary order, the commissioner shall promptly notify all interested parties that it has been entered and of the reasons therefor and that within fifteen (15) days of the receipt of a written request the matter will be set down for hearing. (c) (1) If no hearing is requested and none is ordered by the commissioner, the order will remain in effect until it is modified or vacated by the commissioner. (2) If a hearing is requested or ordered, the commissioner, after notice of and opportunity for hearing to all interested persons, may modify or vacate the order or extend it until final determination. (d) No order under this section may operate retroactively. (e) No person may be considered to have violated § 23-42-501 or § 23-42-502 by reason of any offer or sale effected after the entry of an order under this section if he or she sustains the burden of proof that he or she did not know and, in the exercise of reasonable care, could not have known of the order. Acts 1959, No. 254, § 14; 1961, No. 248, § 7; 1977, No. 493, § 9; A.S.A. 1947, § 67-1248; Acts 1997, No. 173, § 22.

(a) The Securities Commissioner may, by order, deny or revoke any exemption specified in § 23-42-503(a)(7) or (8), (b), or (c) or § 23-42-504(a) with respect to a specific security or transaction.

(b) (1) No such order may be entered without appropriate prior notice to all interested parties, opportunity for hearing, and written findings of fact and conclusions of law, except that the commissioner may by order summarily deny or revoke any of the specified exemptions pending final determination of any proceeding under this section. (2) Upon the entry of a summary order, the commissioner shall promptly notify all interested parties that it has been entered and of the reasons therefor and that within fifteen (15) days of the receipt of a written request the matter will be set down for hearing.

(1) No such order may be entered without appropriate prior notice to all interested parties, opportunity for hearing, and written findings of fact and conclusions of law, except that the commissioner may by order summarily deny or revoke any of the specified exemptions pending final determination of any proceeding under this section.

(2) Upon the entry of a summary order, the commissioner shall promptly notify all interested parties that it has been entered and of the reasons therefor and that within fifteen (15) days of the receipt of a written request the matter will be set down for hearing.

(c) (1) If no hearing is requested and none is ordered by the commissioner, the order will remain in effect until it is modified or vacated by the commissioner. (2) If a hearing is requested or ordered, the commissioner, after notice of and opportunity for hearing to all interested persons, may modify or vacate the order or extend it until final determination.

(1) If no hearing is requested and none is ordered by the commissioner, the order will remain in effect until it is modified or vacated by the commissioner.

(2) If a hearing is requested or ordered, the commissioner, after notice of and opportunity for hearing to all interested persons, may modify or vacate the order or extend it until final determination.

(d) No order under this section may operate retroactively.

(e) No person may be considered to have violated § 23-42-501 or § 23-42-502 by reason of any offer or sale effected after the entry of an order under this section if he or she sustains the burden of proof that he or she did not know and, in the exercise of reasonable care, could not have known of the order.

Acts 1959, No. 254, § 14; 1961, No. 248, § 7; 1977, No. 493, § 9; A.S.A. 1947, § 67-1248; Acts 1997, No. 173, § 22.
Ark. Code Ann. § 23-96-106 — AR Code / Title 23 / Chapter 96 / Section 23-96-106
Scope of chapter
Status: in_force

(a) This chapter shall not provide coverage for: (1) A portion of a policy or contract not guaranteed by the member insurer, or under which the risk is borne by the policy owner or contract owner; (2) A portion of a policy or contract of reinsurance, unless assumption certificates have been issued under the reinsurance policy or contract; (3) A policy or contract to the extent that the rate of interest on which it is based, or the interest rate, crediting rate, or similar factor determined by use of an index or other external reference stated in the policy or contract employed in calculating returns or changes in value: (A) Averaged over the period of four (4) years before the date on which the member insurer becomes an impaired or insolvent insurer under this chapter, whichever is earlier, exceeds a rate of interest determined by subtracting two (2) percentage points from Moody's Corporate Bond Yield Average averaged for that same four-year period or for such lesser period if the policy or contract was issued less than four (4) years before the member insurer becomes an impaired insurer or insolvent insurer under this chapter, whichever is earlier; and (B) On and after the date on which the Arkansas Life and Health Insurance Guaranty Association becomes obligated with respect to such policy or contract, exceeds the rate of interest determined by subtracting three (3) percentage points from Moody's Corporate Bond Yield Average as most recently available; (4) A portion of a policy or contract issued to a plan or program of an employer, association, or other person to provide life, health, or annuity benefits to its employees, members, or others to the extent that the plan or program is self-funded or uninsured, including without limitation benefits payable by an employer, association, or other person under: (A) A multiple employer welfare arrangement as defined in section 514 of the Employee Retirement Income Security Act of 1974, as amended; (B) A minimum premium group insurance plan; (C) A stop-loss group insurance plan; or (D) An administrative services only contract; (5) A portion of a policy or contract to the extent that it provides for dividends or experience rating credits, voting rights, or payment of any fees or allowances to any person, including the policy owner or contract owner, in connection with the service to or administration of such policy or contract; (6) A policy or contract issued in this state by a member insurer at a time when it was not licensed or did not have a certificate of authority to issue such policy or contract in this state; (7) An unallocated annuity contract issued to or in connection with a benefit plan protected under the Pension Benefit Guaranty Corporation regardless of whether the Pension Benefit Guaranty Corporation has yet become liable to make any payments with respect to the benefit plan; (8) A portion of an unallocated annuity contract that is not owned by a benefit plan, directly or in trust, or a government lottery or issued to a collective investment trust or similar pooled fund offered by a bank or other financial institution; (9) Any policy or contract written on the mutual assessment plan or stipulated premium plan prior to January 1, 1968, for which no statutory legal reserves are required; (10) A portion of a policy or contract to the extent that the assessments required by § 23-96-115 with respect to the policy or contract are preempted by federal or state law; (11) An obligation that does not arise under the express written terms of the policy or contract issued by the member insurer to the contract owner, policy owner, certificate holder, or enrollee, including without limitation: (A) Claims based on marketing materials; (B) Claims based on side letters, riders, or other documents that were issued by the member insurer without meeting applicable policy or contract form filing or approval requirements; (C) Misrepresentations of or regarding policy or contract benefits; (D) Extra-contractual claims; or (E) A claim for penalties or consequential or incidental damages; (12) A contractual agreement that establishes the member insurer's obligations to provide a book value accounting guaranty for defined contribution benefit plan participants by reference to a portfolio of assets that is owned by the benefit plan or its trustees, which in each case is not an affiliate of the member insurer; (13) (A) A portion of a policy or contract to the extent it provides for interest or other changes in value to be determined by the use of an index or other external reference stated in the policy or contract, but which has not been credited to the policy or contract, or as to which the policy owner's or contract owner's rights are subject to forfeiture, as of the date the member insurer becomes an impaired or insolvent insurer under this chapter, whichever is earlier. (B) If a policy's or contract's interest or changes in value are credited less frequently than annually, then for purposes of determining the values that have been credited and are not subject to forfeiture under this subdivision (a)(13), the interest or change in value determined by using the procedures defined in the policy or contract will be credited as if the contractual date of crediting interest or changing values was the date of impairment or insolvency, whichever is earlier, and will not be subject to forfeiture; (14) A policy or contract providing any hospital, medical, prescription drug, or other healthcare benefits pursuant to Part C or Part D of Subchapter XVIII, Chapter 7, Title 42 of the United States Code, 42 U.S.C. §§ 1395 - 1395kkk-1 , commonly known as "Medicare Parts C and D", or Title XIX of the Social Security Act, 42 U.S.C. §§ 1396 - 1396w 5 , commonly referred to as Medicaid, or any regulations issued pursuant thereto; and (15) Structured settlement annuity benefits to which a payee, or beneficiary, has transferred his or her rights under a structured settlement factoring transaction as defined in 26 U.S.C. § 5891(c)(3)(A) , regardless of whether or not the structured settlement factoring transaction occurred before or after the section became effective. (b) The protection provided by this chapter shall not apply where any guaranty protection is provided to residents of this state by the laws of the domiciliary state or jurisdiction of the impaired insurer or insolvent insurer other than this state. (c) The exclusion from coverage described in subdivision (a)(3) of this section does not apply to any portion of a policy or contract, including a rider, that provides long-term care or any other health insurance benefits. Amended by Act 2019, No. 520,§ 2, eff. 7/24/2019. Amended by Act 2013, No. 456,§ 2, eff. 8/16/2013. Acts 1989, No. 444, §§ 3, 8; 1997, No. 950, § 1; 2001, No. 1603, § 52; 2001, No. 1604, § 120.

(a) This chapter shall not provide coverage for: (1) A portion of a policy or contract not guaranteed by the member insurer, or under which the risk is borne by the policy owner or contract owner; (2) A portion of a policy or contract of reinsurance, unless assumption certificates have been issued under the reinsurance policy or contract; (3) A policy or contract to the extent that the rate of interest on which it is based, or the interest rate, crediting rate, or similar factor determined by use of an index or other external reference stated in the policy or contract employed in calculating returns or changes in value: (A) Averaged over the period of four (4) years before the date on which the member insurer becomes an impaired or insolvent insurer under this chapter, whichever is earlier, exceeds a rate of interest determined by subtracting two (2) percentage points from Moody's Corporate Bond Yield Average averaged for that same four-year period or for such lesser period if the policy or contract was issued less than four (4) years before the member insurer becomes an impaired insurer or insolvent insurer under this chapter, whichever is earlier; and (B) On and after the date on which the Arkansas Life and Health Insurance Guaranty Association becomes obligated with respect to such policy or contract, exceeds the rate of interest determined by subtracting three (3) percentage points from Moody's Corporate Bond Yield Average as most recently available; (4) A portion of a policy or contract issued to a plan or program of an employer, association, or other person to provide life, health, or annuity benefits to its employees, members, or others to the extent that the plan or program is self-funded or uninsured, including without limitation benefits payable by an employer, association, or other person under: (A) A multiple employer welfare arrangement as defined in section 514 of the Employee Retirement Income Security Act of 1974, as amended; (B) A minimum premium group insurance plan; (C) A stop-loss group insurance plan; or (D) An administrative services only contract; (5) A portion of a policy or contract to the extent that it provides for dividends or experience rating credits, voting rights, or payment of any fees or allowances to any person, including the policy owner or contract owner, in connection with the service to or administration of such policy or contract; (6) A policy or contract issued in this state by a member insurer at a time when it was not licensed or did not have a certificate of authority to issue such policy or contract in this state; (7) An unallocated annuity contract issued to or in connection with a benefit plan protected under the Pension Benefit Guaranty Corporation regardless of whether the Pension Benefit Guaranty Corporation has yet become liable to make any payments with respect to the benefit plan; (8) A portion of an unallocated annuity contract that is not owned by a benefit plan, directly or in trust, or a government lottery or issued to a collective investment trust or similar pooled fund offered by a bank or other financial institution; (9) Any policy or contract written on the mutual assessment plan or stipulated premium plan prior to January 1, 1968, for which no statutory legal reserves are required; (10) A portion of a policy or contract to the extent that the assessments required by § 23-96-115 with respect to the policy or contract are preempted by federal or state law; (11) An obligation that does not arise under the express written terms of the policy or contract issued by the member insurer to the contract owner, policy owner, certificate holder, or enrollee, including without limitation: (A) Claims based on marketing materials; (B) Claims based on side letters, riders, or other documents that were issued by the member insurer without meeting applicable policy or contract form filing or approval requirements; (C) Misrepresentations of or regarding policy or contract benefits; (D) Extra-contractual claims; or (E) A claim for penalties or consequential or incidental damages; (12) A contractual agreement that establishes the member insurer's obligations to provide a book value accounting guaranty for defined contribution benefit plan participants by reference to a portfolio of assets that is owned by the benefit plan or its trustees, which in each case is not an affiliate of the member insurer; (13) (A) A portion of a policy or contract to the extent it provides for interest or other changes in value to be determined by the use of an index or other external reference stated in the policy or contract, but which has not been credited to the policy or contract, or as to which the policy owner's or contract owner's rights are subject to forfeiture, as of the date the member insurer becomes an impaired or insolvent insurer under this chapter, whichever is earlier. (B) If a policy's or contract's interest or changes in value are credited less frequently than annually, then for purposes of determining the values that have been credited and are not subject to forfeiture under this subdivision (a)(13), the interest or change in value determined by using the procedures defined in the policy or contract will be credited as if the contractual date of crediting interest or changing values was the date of impairment or insolvency, whichever is earlier, and will not be subject to forfeiture; (14) A policy or contract providing any hospital, medical, prescription drug, or other healthcare benefits pursuant to Part C or Part D of Subchapter XVIII, Chapter 7, Title 42 of the United States Code, 42 U.S.C. §§ 1395 - 1395kkk-1 , commonly known as "Medicare Parts C and D", or Title XIX of the Social Security Act, 42 U.S.C. §§ 1396 - 1396w 5 , commonly referred to as Medicaid, or any regulations issued pursuant thereto; and (15) Structured settlement annuity benefits to which a payee, or beneficiary, has transferred his or her rights under a structured settlement factoring transaction as defined in 26 U.S.C. § 5891(c)(3)(A) , regardless of whether or not the structured settlement factoring transaction occurred before or after the section became effective.

(1) A portion of a policy or contract not guaranteed by the member insurer, or under which the risk is borne by the policy owner or contract owner;

(2) A portion of a policy or contract of reinsurance, unless assumption certificates have been issued under the reinsurance policy or contract;

(3) A policy or contract to the extent that the rate of interest on which it is based, or the interest rate, crediting rate, or similar factor determined by use of an index or other external reference stated in the policy or contract employed in calculating returns or changes in value: (A) Averaged over the period of four (4) years before the date on which the member insurer becomes an impaired or insolvent insurer under this chapter, whichever is earlier, exceeds a rate of interest determined by subtracting two (2) percentage points from Moody's Corporate Bond Yield Average averaged for that same four-year period or for such lesser period if the policy or contract was issued less than four (4) years before the member insurer becomes an impaired insurer or insolvent insurer under this chapter, whichever is earlier; and (B) On and after the date on which the Arkansas Life and Health Insurance Guaranty Association becomes obligated with respect to such policy or contract, exceeds the rate of interest determined by subtracting three (3) percentage points from Moody's Corporate Bond Yield Average as most recently available;

(A) Averaged over the period of four (4) years before the date on which the member insurer becomes an impaired or insolvent insurer under this chapter, whichever is earlier, exceeds a rate of interest determined by subtracting two (2) percentage points from Moody's Corporate Bond Yield Average averaged for that same four-year period or for such lesser period if the policy or contract was issued less than four (4) years before the member insurer becomes an impaired insurer or insolvent insurer under this chapter, whichever is earlier; and

(B) On and after the date on which the Arkansas Life and Health Insurance Guaranty Association becomes obligated with respect to such policy or contract, exceeds the rate of interest determined by subtracting three (3) percentage points from Moody's Corporate Bond Yield Average as most recently available;

(4) A portion of a policy or contract issued to a plan or program of an employer, association, or other person to provide life, health, or annuity benefits to its employees, members, or others to the extent that the plan or program is self-funded or uninsured, including without limitation benefits payable by an employer, association, or other person under: (A) A multiple employer welfare arrangement as defined in section 514 of the Employee Retirement Income Security Act of 1974, as amended; (B) A minimum premium group insurance plan; (C) A stop-loss group insurance plan; or (D) An administrative services only contract;

(A) A multiple employer welfare arrangement as defined in section 514 of the Employee Retirement Income Security Act of 1974, as amended;

(B) A minimum premium group insurance plan;

(C) A stop-loss group insurance plan; or

(D) An administrative services only contract;

(5) A portion of a policy or contract to the extent that it provides for dividends or experience rating credits, voting rights, or payment of any fees or allowances to any person, including the policy owner or contract owner, in connection with the service to or administration of such policy or contract;

(6) A policy or contract issued in this state by a member insurer at a time when it was not licensed or did not have a certificate of authority to issue such policy or contract in this state;

(7) An unallocated annuity contract issued to or in connection with a benefit plan protected under the Pension Benefit Guaranty Corporation regardless of whether the Pension Benefit Guaranty Corporation has yet become liable to make any payments with respect to the benefit plan;

(8) A portion of an unallocated annuity contract that is not owned by a benefit plan, directly or in trust, or a government lottery or issued to a collective investment trust or similar pooled fund offered by a bank or other financial institution;

(9) Any policy or contract written on the mutual assessment plan or stipulated premium plan prior to January 1, 1968, for which no statutory legal reserves are required;

(10) A portion of a policy or contract to the extent that the assessments required by § 23-96-115 with respect to the policy or contract are preempted by federal or state law;

(11) An obligation that does not arise under the express written terms of the policy or contract issued by the member insurer to the contract owner, policy owner, certificate holder, or enrollee, including without limitation: (A) Claims based on marketing materials; (B) Claims based on side letters, riders, or other documents that were issued by the member insurer without meeting applicable policy or contract form filing or approval requirements; (C) Misrepresentations of or regarding policy or contract benefits; (D) Extra-contractual claims; or (E) A claim for penalties or consequential or incidental damages;

(A) Claims based on marketing materials;

(B) Claims based on side letters, riders, or other documents that were issued by the member insurer without meeting applicable policy or contract form filing or approval requirements;

(C) Misrepresentations of or regarding policy or contract benefits;

(D) Extra-contractual claims; or

(E) A claim for penalties or consequential or incidental damages;

(12) A contractual agreement that establishes the member insurer's obligations to provide a book value accounting guaranty for defined contribution benefit plan participants by reference to a portfolio of assets that is owned by the benefit plan or its trustees, which in each case is not an affiliate of the member insurer;

(13) (A) A portion of a policy or contract to the extent it provides for interest or other changes in value to be determined by the use of an index or other external reference stated in the policy or contract, but which has not been credited to the policy or contract, or as to which the policy owner's or contract owner's rights are subject to forfeiture, as of the date the member insurer becomes an impaired or insolvent insurer under this chapter, whichever is earlier. (B) If a policy's or contract's interest or changes in value are credited less frequently than annually, then for purposes of determining the values that have been credited and are not subject to forfeiture under this subdivision (a)(13), the interest or change in value determined by using the procedures defined in the policy or contract will be credited as if the contractual date of crediting interest or changing values was the date of impairment or insolvency, whichever is earlier, and will not be subject to forfeiture;

(A) A portion of a policy or contract to the extent it provides for interest or other changes in value to be determined by the use of an index or other external reference stated in the policy or contract, but which has not been credited to the policy or contract, or as to which the policy owner's or contract owner's rights are subject to forfeiture, as of the date the member insurer becomes an impaired or insolvent insurer under this chapter, whichever is earlier.

(B) If a policy's or contract's interest or changes in value are credited less frequently than annually, then for purposes of determining the values that have been credited and are not subject to forfeiture under this subdivision (a)(13), the interest or change in value determined by using the procedures defined in the policy or contract will be credited as if the contractual date of crediting interest or changing values was the date of impairment or insolvency, whichever is earlier, and will not be subject to forfeiture;

(14) A policy or contract providing any hospital, medical, prescription drug, or other healthcare benefits pursuant to Part C or Part D of Subchapter XVIII, Chapter 7, Title 42 of the United States Code, 42 U.S.C. §§ 1395 - 1395kkk-1 , commonly known as "Medicare Parts C and D", or Title XIX of the Social Security Act, 42 U.S.C. §§ 1396 - 1396w 5 , commonly referred to as Medicaid, or any regulations issued pursuant thereto; and

(15) Structured settlement annuity benefits to which a payee, or beneficiary, has transferred his or her rights under a structured settlement factoring transaction as defined in 26 U.S.C. § 5891(c)(3)(A) , regardless of whether or not the structured settlement factoring transaction occurred before or after the section became effective.

(b) The protection provided by this chapter shall not apply where any guaranty protection is provided to residents of this state by the laws of the domiciliary state or jurisdiction of the impaired insurer or insolvent insurer other than this state.

(c) The exclusion from coverage described in subdivision (a)(3) of this section does not apply to any portion of a policy or contract, including a rider, that provides long-term care or any other health insurance benefits.

Amended by Act 2019, No. 520,§ 2, eff. 7/24/2019.

Amended by Act 2013, No. 456,§ 2, eff. 8/16/2013.

Acts 1989, No. 444, §§ 3, 8; 1997, No. 950, § 1; 2001, No. 1603, § 52; 2001, No. 1604, § 120.
Ark. Code Ann. § 23-47-502 — AR Code / Title 23 / Chapter 47 / Subchapter 5 / Section 23-47-502
Loan limits - Inclusions and exceptions
Status: in_force

(a) The following loans and other forms of indebtedness shall not be included in the limitation of twenty percent (20%) imposed by § 23-47-501 and may be made or acquired without being subject to any loan limit: (1) Obligations in the form of drafts or bills of exchange drawn in good faith against actually existing values; (2) Nonconforming assets acquired as a result of acquisition of a failed bank or savings and loan association, so long as a plan for divestiture within a reasonable amount of time is approved by the Bank Commissioner; (3) Obligations drawn in good faith against actually existing values and fully secured by goods or commodities in process of shipment may be acquired without limit; (4) Obligations in the form of bankers' acceptances of other banks; and (5) Obligations secured by investments which the state bank, pursuant to § 23-47-401 could invest in without limit, having a market value at all times at least equal to the principal balance of the obligation. (b) (1) The loan limit of twenty percent (20%) provided by § 23-47-501 shall be modified so that a loan limit not to exceed sixty percent (60%) shall apply to obligations secured by transferable documents of title covering: (A) Livestock; or (B) Readily marketable and nonperishable commodities or staples fully insured, if of a type that is customarily insured. (2) The property in each instance must have a value of at least one hundred fifteen percent (115%) of the amount of the secured obligation. (3) An obligation secured in this manner shall not be deemed non- conforming on the grounds that, for the purpose of loading, unloading, storing, shipping, or transshipping, the title documents or the property covered thereby may be released under trust receipt to the possession of the obligor or borrower if, within twenty-one (21) days after the release, the property or valid title documents covering the property is redelivered to the state bank, and provided that, during the interim, the bank holds a perfected security interest in all such property under the Uniform Commercial Code, § 4-1-101 et seq. (4) The standard twenty percent (20%) loan limit will apply even to the obligations secured by transferable documents of title if the warehouser who issued the documents of title under applicable law can transfer marketable title to the commodities described in the documents to a purchaser in the ordinary course of business. Acts 1997, No. 89, § 1.

(a) The following loans and other forms of indebtedness shall not be included in the limitation of twenty percent (20%) imposed by § 23-47-501 and may be made or acquired without being subject to any loan limit: (1) Obligations in the form of drafts or bills of exchange drawn in good faith against actually existing values; (2) Nonconforming assets acquired as a result of acquisition of a failed bank or savings and loan association, so long as a plan for divestiture within a reasonable amount of time is approved by the Bank Commissioner; (3) Obligations drawn in good faith against actually existing values and fully secured by goods or commodities in process of shipment may be acquired without limit; (4) Obligations in the form of bankers' acceptances of other banks; and (5) Obligations secured by investments which the state bank, pursuant to § 23-47-401 could invest in without limit, having a market value at all times at least equal to the principal balance of the obligation.

(1) Obligations in the form of drafts or bills of exchange drawn in good faith against actually existing values;

(2) Nonconforming assets acquired as a result of acquisition of a failed bank or savings and loan association, so long as a plan for divestiture within a reasonable amount of time is approved by the Bank Commissioner;

(3) Obligations drawn in good faith against actually existing values and fully secured by goods or commodities in process of shipment may be acquired without limit;

(4) Obligations in the form of bankers' acceptances of other banks; and

(5) Obligations secured by investments which the state bank, pursuant to § 23-47-401 could invest in without limit, having a market value at all times at least equal to the principal balance of the obligation.

(b) (1) The loan limit of twenty percent (20%) provided by § 23-47-501 shall be modified so that a loan limit not to exceed sixty percent (60%) shall apply to obligations secured by transferable documents of title covering: (A) Livestock; or (B) Readily marketable and nonperishable commodities or staples fully insured, if of a type that is customarily insured. (2) The property in each instance must have a value of at least one hundred fifteen percent (115%) of the amount of the secured obligation. (3) An obligation secured in this manner shall not be deemed non- conforming on the grounds that, for the purpose of loading, unloading, storing, shipping, or transshipping, the title documents or the property covered thereby may be released under trust receipt to the possession of the obligor or borrower if, within twenty-one (21) days after the release, the property or valid title documents covering the property is redelivered to the state bank, and provided that, during the interim, the bank holds a perfected security interest in all such property under the Uniform Commercial Code, § 4-1-101 et seq. (4) The standard twenty percent (20%) loan limit will apply even to the obligations secured by transferable documents of title if the warehouser who issued the documents of title under applicable law can transfer marketable title to the commodities described in the documents to a purchaser in the ordinary course of business.

(1) The loan limit of twenty percent (20%) provided by § 23-47-501 shall be modified so that a loan limit not to exceed sixty percent (60%) shall apply to obligations secured by transferable documents of title covering: (A) Livestock; or (B) Readily marketable and nonperishable commodities or staples fully insured, if of a type that is customarily insured.

(A) Livestock; or

(B) Readily marketable and nonperishable commodities or staples fully insured, if of a type that is customarily insured.

(2) The property in each instance must have a value of at least one hundred fifteen percent (115%) of the amount of the secured obligation.

(3) An obligation secured in this manner shall not be deemed non- conforming on the grounds that, for the purpose of loading, unloading, storing, shipping, or transshipping, the title documents or the property covered thereby may be released under trust receipt to the possession of the obligor or borrower if, within twenty-one (21) days after the release, the property or valid title documents covering the property is redelivered to the state bank, and provided that, during the interim, the bank holds a perfected security interest in all such property under the Uniform Commercial Code, § 4-1-101 et seq.

(4) The standard twenty percent (20%) loan limit will apply even to the obligations secured by transferable documents of title if the warehouser who issued the documents of title under applicable law can transfer marketable title to the commodities described in the documents to a purchaser in the ordinary course of business.

Acts 1997, No. 89, § 1.
Ark. Code Ann. § 23-99-1120 — AR Code / Title 23 / Chapter 99 / Subchapter 11 / Section 23-99-1120
Initial exemption from prior authorization requirements for healthcare providers providing certain healthcare services
Status: in_force

(a) (1) Except as provided under subdivision (a)(2) of this section, beginning on and after January 1, 2024, a healthcare provider that received approval for ninety percent (90%) or more of the healthcare provider's prior authorization requests based on a review of the healthcare provider's utilization of the particular healthcare services from January 1, 2022, through June 30, 2022, shall not be required to obtain prior authorization for a particular healthcare service and shall be considered exempt from prior authorization requirements through September 30, 2024. (2) If a healthcare provider's use for a particular healthcare service increases by twenty-five percent (25%) or more during the period between January 1, 2024, and June 30, 2024, based on a review of the healthcare provider's utilization of the particular healthcare service from January 1, 2022, through June 30, 2022, then the healthcare insurer may disallow the exemption from prior authorization requirements for the healthcare provider for the particular healthcare service. (b) (1) A healthcare insurer shall conduct an evaluation of the initial six-month exemption period based on claims submitted between January 1, 2024, through June 30, 2024, to determine whether to grant or deny an exemption for each particular healthcare service that requires a prior authorization by the healthcare insurer. (2) The evaluation by the healthcare insurer shall be conducted by using the retrospective review process under § 23-99-1122(c) and applying the criteria under subsection (d) of this section. (3) A healthcare insurer shall submit to a healthcare provider a written statement of: (A) The total number of payable claims submitted by or in connection with the healthcare provider; and (B) The total number of denied and approved prior authorizations between January 1, 2022, through June 30, 2022. (c) (1) No later than October 1, 2024, a healthcare insurer shall issue a notice to each healthcare provider that either grants or denies a prior authorization exemption to the healthcare provider for each particular healthcare service. (2) An exemption granted under this subdivision (c)(1) shall be valid for at least twelve (12) months. (d) Except as provided under subsection (f) of this section or § 23-99-1125 , a healthcare insurer that uses a prior authorization process for healthcare services shall not require a healthcare provider to obtain prior authorization for a particular healthcare service that a healthcare provider has previously been subject to a prior authorization requirement if, in the most recent six-month evaluation period as described under subsection (e) of this section, the healthcare insurer has approved or would have approved no less than ninety percent (90%) of the prior authorization requests submitted by the healthcare provider for that particular healthcare service. (e) (1) Except as provided under subsection (f) of this section, a healthcare insurer shall evaluate whether or not a healthcare provider qualifies for an exemption from prior authorization requirements under subsection (d) of this section one (1) time every twelve (12) months. (2) The six-month period for the evaluation period described under subsection (d) of this section shall be any consecutive six-month period during the twelve (12) months following the effective date of the exemption. (3) The healthcare insurer shall choose a six-month evaluation period that allows time for: (A) The evaluation under subsection (d) of this section; (B) Notice to the healthcare provider of the decision; and (C) Appeal of the decision for an independent review to be completed by the end of the twelve-month period of the exemption. (f) A healthcare insurer may continue an exemption under subsection (d) of this section without evaluating whether or not the healthcare provider qualifies for the exemption under subsection (d) of this section for a particular evaluation period. (g) A healthcare provider is not required to request an exemption under subsection (d) of this section to quality for the exemption. (h) A healthcare insurer may extend an exemption under subsection (d) of this section to a group of healthcare providers under the same tax identification number if: (1) A healthcare provider with an ownership interest in the entity to which the tax identification number is assigned does not object; or (2) The tax identification number is associated with a hospital licensed in this state and the chief executive officer of the hospital agrees to the exemption. Added by Act 2023, No. 575,§ 5, eff. 8/1/2023.

(a) (1) Except as provided under subdivision (a)(2) of this section, beginning on and after January 1, 2024, a healthcare provider that received approval for ninety percent (90%) or more of the healthcare provider's prior authorization requests based on a review of the healthcare provider's utilization of the particular healthcare services from January 1, 2022, through June 30, 2022, shall not be required to obtain prior authorization for a particular healthcare service and shall be considered exempt from prior authorization requirements through September 30, 2024. (2) If a healthcare provider's use for a particular healthcare service increases by twenty-five percent (25%) or more during the period between January 1, 2024, and June 30, 2024, based on a review of the healthcare provider's utilization of the particular healthcare service from January 1, 2022, through June 30, 2022, then the healthcare insurer may disallow the exemption from prior authorization requirements for the healthcare provider for the particular healthcare service.

(1) Except as provided under subdivision (a)(2) of this section, beginning on and after January 1, 2024, a healthcare provider that received approval for ninety percent (90%) or more of the healthcare provider's prior authorization requests based on a review of the healthcare provider's utilization of the particular healthcare services from January 1, 2022, through June 30, 2022, shall not be required to obtain prior authorization for a particular healthcare service and shall be considered exempt from prior authorization requirements through September 30, 2024.

(2) If a healthcare provider's use for a particular healthcare service increases by twenty-five percent (25%) or more during the period between January 1, 2024, and June 30, 2024, based on a review of the healthcare provider's utilization of the particular healthcare service from January 1, 2022, through June 30, 2022, then the healthcare insurer may disallow the exemption from prior authorization requirements for the healthcare provider for the particular healthcare service.

(b) (1) A healthcare insurer shall conduct an evaluation of the initial six-month exemption period based on claims submitted between January 1, 2024, through June 30, 2024, to determine whether to grant or deny an exemption for each particular healthcare service that requires a prior authorization by the healthcare insurer. (2) The evaluation by the healthcare insurer shall be conducted by using the retrospective review process under § 23-99-1122(c) and applying the criteria under subsection (d) of this section. (3) A healthcare insurer shall submit to a healthcare provider a written statement of: (A) The total number of payable claims submitted by or in connection with the healthcare provider; and (B) The total number of denied and approved prior authorizations between January 1, 2022, through June 30, 2022.

(1) A healthcare insurer shall conduct an evaluation of the initial six-month exemption period based on claims submitted between January 1, 2024, through June 30, 2024, to determine whether to grant or deny an exemption for each particular healthcare service that requires a prior authorization by the healthcare insurer.

(2) The evaluation by the healthcare insurer shall be conducted by using the retrospective review process under § 23-99-1122(c) and applying the criteria under subsection (d) of this section.

(3) A healthcare insurer shall submit to a healthcare provider a written statement of: (A) The total number of payable claims submitted by or in connection with the healthcare provider; and (B) The total number of denied and approved prior authorizations between January 1, 2022, through June 30, 2022.

(A) The total number of payable claims submitted by or in connection with the healthcare provider; and

(B) The total number of denied and approved prior authorizations between January 1, 2022, through June 30, 2022.

(c) (1) No later than October 1, 2024, a healthcare insurer shall issue a notice to each healthcare provider that either grants or denies a prior authorization exemption to the healthcare provider for each particular healthcare service. (2) An exemption granted under this subdivision (c)(1) shall be valid for at least twelve (12) months.

(1) No later than October 1, 2024, a healthcare insurer shall issue a notice to each healthcare provider that either grants or denies a prior authorization exemption to the healthcare provider for each particular healthcare service.

(2) An exemption granted under this subdivision (c)(1) shall be valid for at least twelve (12) months.

(d) Except as provided under subsection (f) of this section or § 23-99-1125 , a healthcare insurer that uses a prior authorization process for healthcare services shall not require a healthcare provider to obtain prior authorization for a particular healthcare service that a healthcare provider has previously been subject to a prior authorization requirement if, in the most recent six-month evaluation period as described under subsection (e) of this section, the healthcare insurer has approved or would have approved no less than ninety percent (90%) of the prior authorization requests submitted by the healthcare provider for that particular healthcare service.

(e) (1) Except as provided under subsection (f) of this section, a healthcare insurer shall evaluate whether or not a healthcare provider qualifies for an exemption from prior authorization requirements under subsection (d) of this section one (1) time every twelve (12) months. (2) The six-month period for the evaluation period described under subsection (d) of this section shall be any consecutive six-month period during the twelve (12) months following the effective date of the exemption. (3) The healthcare insurer shall choose a six-month evaluation period that allows time for: (A) The evaluation under subsection (d) of this section; (B) Notice to the healthcare provider of the decision; and (C) Appeal of the decision for an independent review to be completed by the end of the twelve-month period of the exemption.

(1) Except as provided under subsection (f) of this section, a healthcare insurer shall evaluate whether or not a healthcare provider qualifies for an exemption from prior authorization requirements under subsection (d) of this section one (1) time every twelve (12) months.

(2) The six-month period for the evaluation period described under subsection (d) of this section shall be any consecutive six-month period during the twelve (12) months following the effective date of the exemption.

(3) The healthcare insurer shall choose a six-month evaluation period that allows time for: (A) The evaluation under subsection (d) of this section; (B) Notice to the healthcare provider of the decision; and (C) Appeal of the decision for an independent review to be completed by the end of the twelve-month period of the exemption.

(A) The evaluation under subsection (d) of this section;

(B) Notice to the healthcare provider of the decision; and

(C) Appeal of the decision for an independent review to be completed by the end of the twelve-month period of the exemption.

(f) A healthcare insurer may continue an exemption under subsection (d) of this section without evaluating whether or not the healthcare provider qualifies for the exemption under subsection (d) of this section for a particular evaluation period.

(g) A healthcare provider is not required to request an exemption under subsection (d) of this section to quality for the exemption.

(h) A healthcare insurer may extend an exemption under subsection (d) of this section to a group of healthcare providers under the same tax identification number if: (1) A healthcare provider with an ownership interest in the entity to which the tax identification number is assigned does not object; or (2) The tax identification number is associated with a hospital licensed in this state and the chief executive officer of the hospital agrees to the exemption.

(1) A healthcare provider with an ownership interest in the entity to which the tax identification number is assigned does not object; or

(2) The tax identification number is associated with a hospital licensed in this state and the chief executive officer of the hospital agrees to the exemption.

Added by Act 2023, No. 575,§ 5, eff. 8/1/2023.
Ark. Code Ann. § 23-81-702 — AR Code / Title 23 / Chapter 81 / Subchapter 7 / Section 23-81-702
Definitions
Status: in_force

As used in this subchapter: (1) "Annuity issuer" means an insurer that has issued a contract to fund periodic payments under a structured settlement; (2) "Dependents" includes a payee's spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including alimony; (3) "Discounted present value" means the present value of future payments determined by discounting such payments to the present using the most recently published applicable federal rate for determining the present value of an annuity, as issued by the Internal Revenue Service; (4) "Gross advance amount" means the sum payable to the payee or for the payee's account as consideration for a transfer of structured settlement payment rights before any reductions for transfer expenses or other deductions are made from the consideration; (5) "Independent professional advice" means advice of an attorney, certified public accountant, actuary, or other licensed professional adviser; (6) "Interested parties" means, with respect to any structured settlement: (A) The payee; (B) Any beneficiary irrevocably designated under the annuity contract to receive payments following the payee's death; (C) The annuity issuer; (D) The structured settlement obligor; and (E) Any other party that has continuing rights or obligations under the structured settlement; (7) "Net advance amount" means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under § 23-81-703(5) ; (8) "Payee" means an individual who is receiving tax-free payments under a structured settlement and proposes to make a transfer of payment rights under the structured settlement; (9) "Periodic payments" includes both recurring payments and scheduled future lump-sum payments; (10) "Qualified assignment agreement" means an agreement providing for a qualified assignment within the meaning of section 130 of the Internal Revenue Code of 1986, as in existence on January 1, 2005; (11) "Responsible administrative authority" means, with respect to a structured settlement, any government authority vested by law with exclusive jurisdiction over the settled claim resolved by the structured settlement; (12) "Settled claim" means the original tort claim or workers' compensation claim resolved by a structured settlement; (13) "Structured settlement" means an arrangement for periodic payment of damages for personal injuries or sickness established by settlement or judgment in resolution of a tort claim or for periodic payments in settlement of a workers' compensation claim; (14) "Structured settlement agreement" means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement; (15) "Structured settlement obligor" means, with respect to any structured settlement, the party that has the continuing obligation to make periodic payments to the payee under a structured settlement agreement or a qualified assignment agreement; (16) "Structured settlement payment rights" means rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, when: (A) The payee is domiciled in or the domicile or principal place of business of the structured settlement obligor or the annuity issuer is located in this state; (B) The structured settlement agreement was approved by a court or responsible administrative authority in this state; or (C) The structured settlement agreement is expressly governed by the laws of this state; (17) "Terms of the structured settlement" includes, with respect to any structured settlement: (A) The terms of the structured settlement agreement; (B) The annuity contract; (C) Any qualified assignment agreement; and (D) Any order or other approval of any court or responsible administrative authority or other government authority that authorized or approved the structured settlement; (18) (A) "Transfer" means any sale, assignment, pledge, hypothecation, or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration. (B) However, "transfer" does not include the creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution, in the absence of any action to redirect the structured settlement payments to the insured depository institution or an agent or successor in interest, or otherwise to enforce the blanket security interest against the structured settlement payment rights; (19) "Transfer agreement" means the agreement providing for a transfer of structured settlement payment rights; (20) (A) "Transfer expenses" means all expenses of a transfer that are required under the transfer agreement to be paid by the payee or deducted from the gross advance amount, including, without limitation: (i) Court filing fees; (ii) Attorney's fees; (iii) Escrow fees; (iv) Lien recordation fees; (v) Judgment and lien search fees; (vi) Finders' fees; (vii) Commissions; and (viii) Other payments to a broker or other intermediary. (B) "Transfer expenses" does not include preexisting obligations of the payee payable for the payee's account from the proceeds of a transfer; and (21) "Transferee" means a party acquiring or proposing to acquire structured settlement payment rights through a transfer. Acts 2005, No. 2215, § 1.

As used in this subchapter:

(1) "Annuity issuer" means an insurer that has issued a contract to fund periodic payments under a structured settlement;

(2) "Dependents" includes a payee's spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including alimony;

(3) "Discounted present value" means the present value of future payments determined by discounting such payments to the present using the most recently published applicable federal rate for determining the present value of an annuity, as issued by the Internal Revenue Service;

(4) "Gross advance amount" means the sum payable to the payee or for the payee's account as consideration for a transfer of structured settlement payment rights before any reductions for transfer expenses or other deductions are made from the consideration;

(5) "Independent professional advice" means advice of an attorney, certified public accountant, actuary, or other licensed professional adviser;

(6) "Interested parties" means, with respect to any structured settlement: (A) The payee; (B) Any beneficiary irrevocably designated under the annuity contract to receive payments following the payee's death; (C) The annuity issuer; (D) The structured settlement obligor; and (E) Any other party that has continuing rights or obligations under the structured settlement;

(A) The payee;

(B) Any beneficiary irrevocably designated under the annuity contract to receive payments following the payee's death;

(C) The annuity issuer;

(D) The structured settlement obligor; and

(E) Any other party that has continuing rights or obligations under the structured settlement;

(7) "Net advance amount" means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under § 23-81-703(5) ;

(8) "Payee" means an individual who is receiving tax-free payments under a structured settlement and proposes to make a transfer of payment rights under the structured settlement;

(9) "Periodic payments" includes both recurring payments and scheduled future lump-sum payments;

(10) "Qualified assignment agreement" means an agreement providing for a qualified assignment within the meaning of section 130 of the Internal Revenue Code of 1986, as in existence on January 1, 2005;

(11) "Responsible administrative authority" means, with respect to a structured settlement, any government authority vested by law with exclusive jurisdiction over the settled claim resolved by the structured settlement;

(12) "Settled claim" means the original tort claim or workers' compensation claim resolved by a structured settlement;

(13) "Structured settlement" means an arrangement for periodic payment of damages for personal injuries or sickness established by settlement or judgment in resolution of a tort claim or for periodic payments in settlement of a workers' compensation claim;

(14) "Structured settlement agreement" means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement;

(15) "Structured settlement obligor" means, with respect to any structured settlement, the party that has the continuing obligation to make periodic payments to the payee under a structured settlement agreement or a qualified assignment agreement;

(16) "Structured settlement payment rights" means rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, when: (A) The payee is domiciled in or the domicile or principal place of business of the structured settlement obligor or the annuity issuer is located in this state; (B) The structured settlement agreement was approved by a court or responsible administrative authority in this state; or (C) The structured settlement agreement is expressly governed by the laws of this state;

(A) The payee is domiciled in or the domicile or principal place of business of the structured settlement obligor or the annuity issuer is located in this state;

(B) The structured settlement agreement was approved by a court or responsible administrative authority in this state; or

(C) The structured settlement agreement is expressly governed by the laws of this state;

(17) "Terms of the structured settlement" includes, with respect to any structured settlement: (A) The terms of the structured settlement agreement; (B) The annuity contract; (C) Any qualified assignment agreement; and (D) Any order or other approval of any court or responsible administrative authority or other government authority that authorized or approved the structured settlement;

(A) The terms of the structured settlement agreement;

(B) The annuity contract;

(C) Any qualified assignment agreement; and

(D) Any order or other approval of any court or responsible administrative authority or other government authority that authorized or approved the structured settlement;

(18) (A) "Transfer" means any sale, assignment, pledge, hypothecation, or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration. (B) However, "transfer" does not include the creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution, in the absence of any action to redirect the structured settlement payments to the insured depository institution or an agent or successor in interest, or otherwise to enforce the blanket security interest against the structured settlement payment rights;

(A) "Transfer" means any sale, assignment, pledge, hypothecation, or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration.

(B) However, "transfer" does not include the creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution, in the absence of any action to redirect the structured settlement payments to the insured depository institution or an agent or successor in interest, or otherwise to enforce the blanket security interest against the structured settlement payment rights;

(19) "Transfer agreement" means the agreement providing for a transfer of structured settlement payment rights;

(20) (A) "Transfer expenses" means all expenses of a transfer that are required under the transfer agreement to be paid by the payee or deducted from the gross advance amount, including, without limitation: (i) Court filing fees; (ii) Attorney's fees; (iii) Escrow fees; (iv) Lien recordation fees; (v) Judgment and lien search fees; (vi) Finders' fees; (vii) Commissions; and (viii) Other payments to a broker or other intermediary. (B) "Transfer expenses" does not include preexisting obligations of the payee payable for the payee's account from the proceeds of a transfer; and

(A) "Transfer expenses" means all expenses of a transfer that are required under the transfer agreement to be paid by the payee or deducted from the gross advance amount, including, without limitation: (i) Court filing fees; (ii) Attorney's fees; (iii) Escrow fees; (iv) Lien recordation fees; (v) Judgment and lien search fees; (vi) Finders' fees; (vii) Commissions; and (viii) Other payments to a broker or other intermediary.

(i) Court filing fees;

(ii) Attorney's fees;

(iii) Escrow fees;

(iv) Lien recordation fees;

(v) Judgment and lien search fees;

(vi) Finders' fees;

(vii) Commissions; and

(viii) Other payments to a broker or other intermediary.

(B) "Transfer expenses" does not include preexisting obligations of the payee payable for the payee's account from the proceeds of a transfer; and

(21) "Transferee" means a party acquiring or proposing to acquire structured settlement payment rights through a transfer.

Acts 2005, No. 2215, § 1.
Ark. Code Ann. § 23-63-523 — AR Code / Title 23 / Chapter 63 / Subchapter 5 / Section 23-63-523
Receivership
Status: in_force

(a) Whenever it appears to the Insurance Commissioner that any person has committed a violation of this subchapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the commissioner may proceed as provided in § 23-68-101 et seq. to take possession of the property of the domestic insurer and to conduct the business thereof. (b) If an order for liquidation or rehabilitation of the domestic insurer is entered, the receiver appointed under such an order shall have the right to recover on behalf of the insurer the distributions and payments made during the one (1) year preceding the petition for liquidation, conservation, or rehabilitation: (1) The amount of distributions, other than distributions of shares of the same class of stock, paid by the insurer on its capital stock to any parent corporation or holding company or person or affiliate who otherwise controlled the insurer; or (2) Any payment in the form of a bonus, termination settlement, or extraordinary lump-sum salary adjustment made by the insurer or its subsidiaries to a director, officer, or employee. (c) No such distribution shall be recoverable if the parent or affiliate shows that, when paid, such a distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that such a distribution might adversely affect the ability of the insurer to fulfill its contractual obligations. (d) Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time such distributions were paid shall be liable up to the amount of the distributions or payments under subsection (b) of this section the person received. Any person who otherwise controlled the insurer at the time the distributions were declared shall be liable up to the amount of distributions he or she would have received if they had been paid immediately. If two (2) or more persons are liable with respect to the same distributions, they shall be jointly and severally liable. (e) The maximum amount recoverable under this section shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds. (f) To the extent that any person liable under subsection (d) of this section is insolvent or otherwise fails to pay claims due from it pursuant to that subsection, its parent corporation or holding company, or person who otherwise controlled it at the time the distribution was paid, shall be jointly and severally liable for any resulting deficiency in the amount recovered from such a parent corporation or holding company or person who otherwise controlled it. Acts 1971, No. 288, § 14; A.S.A. 1947, § 66-5014; Acts 1991, No. 723, § 28.

(a) Whenever it appears to the Insurance Commissioner that any person has committed a violation of this subchapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the commissioner may proceed as provided in § 23-68-101 et seq. to take possession of the property of the domestic insurer and to conduct the business thereof.

(b) If an order for liquidation or rehabilitation of the domestic insurer is entered, the receiver appointed under such an order shall have the right to recover on behalf of the insurer the distributions and payments made during the one (1) year preceding the petition for liquidation, conservation, or rehabilitation: (1) The amount of distributions, other than distributions of shares of the same class of stock, paid by the insurer on its capital stock to any parent corporation or holding company or person or affiliate who otherwise controlled the insurer; or (2) Any payment in the form of a bonus, termination settlement, or extraordinary lump-sum salary adjustment made by the insurer or its subsidiaries to a director, officer, or employee.

(1) The amount of distributions, other than distributions of shares of the same class of stock, paid by the insurer on its capital stock to any parent corporation or holding company or person or affiliate who otherwise controlled the insurer; or

(2) Any payment in the form of a bonus, termination settlement, or extraordinary lump-sum salary adjustment made by the insurer or its subsidiaries to a director, officer, or employee.

(c) No such distribution shall be recoverable if the parent or affiliate shows that, when paid, such a distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that such a distribution might adversely affect the ability of the insurer to fulfill its contractual obligations.

(d) Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time such distributions were paid shall be liable up to the amount of the distributions or payments under subsection (b) of this section the person received. Any person who otherwise controlled the insurer at the time the distributions were declared shall be liable up to the amount of distributions he or she would have received if they had been paid immediately. If two (2) or more persons are liable with respect to the same distributions, they shall be jointly and severally liable.

(e) The maximum amount recoverable under this section shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.

(f) To the extent that any person liable under subsection (d) of this section is insolvent or otherwise fails to pay claims due from it pursuant to that subsection, its parent corporation or holding company, or person who otherwise controlled it at the time the distribution was paid, shall be jointly and severally liable for any resulting deficiency in the amount recovered from such a parent corporation or holding company or person who otherwise controlled it.

Acts 1971, No. 288, § 14; A.S.A. 1947, § 66-5014; Acts 1991, No. 723, § 28.
Ark. Code Ann. § 23-61-112 — AR Code / Title 23 / Chapter 61 / Subchapter 1 / Section 23-61-112
Annual report
Status: in_force

(a) As early in the calendar year as reasonably possible, the Insurance Commissioner annually shall prepare and deliver a report to the Secretary of the Department of Commerce showing, with respect to the preceding calendar year: (1) Names of the authorized insurers transacting insurance in this state, with a summary of their financial statements that the commissioner considers proper; (2) Names of admitted insurers that closed during the year or entered liquidation, a concise statement concerning the cause for each proceeding, and the amount of assets and liabilities as ascertainable; (3) The total receipts and expenses of the State Insurance Department for the year; and (4) Other pertinent information and matters the commissioner considers proper. (b) If the information required under subsection (a) of this section is contained on the state or the department's website under § 25-19-108 or the Arkansas Financial Transparency Act, § 25-1-401 et seq., the report may refer to the web address where the information is located. Amended by Act 2019, No. 910,§ 598, eff. 7/1/2019. Amended by Act 2015, No. 1164,§ 1, eff. 7/22/2015. Amended by Act 2013, No. 355,§ 1, eff. 8/16/2013. Acts 1959, No. 148, § 29; A.S.A. 1947, § 66-2114.

(a) As early in the calendar year as reasonably possible, the Insurance Commissioner annually shall prepare and deliver a report to the Secretary of the Department of Commerce showing, with respect to the preceding calendar year: (1) Names of the authorized insurers transacting insurance in this state, with a summary of their financial statements that the commissioner considers proper; (2) Names of admitted insurers that closed during the year or entered liquidation, a concise statement concerning the cause for each proceeding, and the amount of assets and liabilities as ascertainable; (3) The total receipts and expenses of the State Insurance Department for the year; and (4) Other pertinent information and matters the commissioner considers proper.

(1) Names of the authorized insurers transacting insurance in this state, with a summary of their financial statements that the commissioner considers proper;

(2) Names of admitted insurers that closed during the year or entered liquidation, a concise statement concerning the cause for each proceeding, and the amount of assets and liabilities as ascertainable;

(3) The total receipts and expenses of the State Insurance Department for the year; and

(4) Other pertinent information and matters the commissioner considers proper.

(b) If the information required under subsection (a) of this section is contained on the state or the department's website under § 25-19-108 or the Arkansas Financial Transparency Act, § 25-1-401 et seq., the report may refer to the web address where the information is located.

Amended by Act 2019, No. 910,§ 598, eff. 7/1/2019.

Amended by Act 2015, No. 1164,§ 1, eff. 7/22/2015.

Amended by Act 2013, No. 355,§ 1, eff. 8/16/2013.

Acts 1959, No. 148, § 29; A.S.A. 1947, § 66-2114.
Ark. Code Ann. § 23-66-502 — AR Code / Title 23 / Chapter 66 / Subchapter 5 / Section 23-66-502
Fraudulent insurance acts, interferences, and participation of convicted felons prohibited
Status: in_force

(a) A person shall not commit a fraudulent insurance act. (b) A person shall not knowingly interfere with the enforcement of the provisions of this subchapter or investigations of suspected or actual violations of this subchapter. (c) (1) A person convicted of a felony involving dishonesty or breach of trust shall not participate in the business of insurance unless the person was pardoned, the conviction was expunged, or the person has obtained the written consent of the Insurance Commissioner pursuant to subsection (d) of this section. (2) A person in the business of insurance shall not knowingly permit a person convicted of a felony involving dishonesty or breach of trust to participate in the business of insurance unless the person was pardoned, the conviction was expunged, or the person has obtained the written consent of the commissioner pursuant to subsection (d) of this section. (d) (1) A person described in subdivision (c)(1) of this section may participate in the business of insurance if written consent is obtained from the commissioner who, in the commissioner's sole discretion, may grant the written consent upon a finding that to do so would not endanger the public health, safety, and welfare. (2) Notwithstanding any other provision in this subchapter, a person convicted in this state of a felony involving a fraudulent insurance act, dishonesty, or breach of trust after having obtained the written consent of the commissioner under this subsection shall have the fine and term of imprisonment for such a class of felony under the Arkansas Criminal Code enhanced to that of the next highest classification and shall be permanently disqualified from participating in the business of insurance in this state. If after obtaining the written consent of the commissioner under this subsection a person is convicted in a foreign jurisdiction of a felony involving a fraudulent insurance act, dishonesty, or breach of trust, the person shall be permanently disqualified from participating in the business of insurance in this state. Acts 1997, No. 217, § 1; 1999, No. 313, § 1; 2005, No. 1994, § 460.

(a) A person shall not commit a fraudulent insurance act.

(b) A person shall not knowingly interfere with the enforcement of the provisions of this subchapter or investigations of suspected or actual violations of this subchapter.

(c) (1) A person convicted of a felony involving dishonesty or breach of trust shall not participate in the business of insurance unless the person was pardoned, the conviction was expunged, or the person has obtained the written consent of the Insurance Commissioner pursuant to subsection (d) of this section. (2) A person in the business of insurance shall not knowingly permit a person convicted of a felony involving dishonesty or breach of trust to participate in the business of insurance unless the person was pardoned, the conviction was expunged, or the person has obtained the written consent of the commissioner pursuant to subsection (d) of this section.

(1) A person convicted of a felony involving dishonesty or breach of trust shall not participate in the business of insurance unless the person was pardoned, the conviction was expunged, or the person has obtained the written consent of the Insurance Commissioner pursuant to subsection (d) of this section.

(2) A person in the business of insurance shall not knowingly permit a person convicted of a felony involving dishonesty or breach of trust to participate in the business of insurance unless the person was pardoned, the conviction was expunged, or the person has obtained the written consent of the commissioner pursuant to subsection (d) of this section.

(d) (1) A person described in subdivision (c)(1) of this section may participate in the business of insurance if written consent is obtained from the commissioner who, in the commissioner's sole discretion, may grant the written consent upon a finding that to do so would not endanger the public health, safety, and welfare. (2) Notwithstanding any other provision in this subchapter, a person convicted in this state of a felony involving a fraudulent insurance act, dishonesty, or breach of trust after having obtained the written consent of the commissioner under this subsection shall have the fine and term of imprisonment for such a class of felony under the Arkansas Criminal Code enhanced to that of the next highest classification and shall be permanently disqualified from participating in the business of insurance in this state. If after obtaining the written consent of the commissioner under this subsection a person is convicted in a foreign jurisdiction of a felony involving a fraudulent insurance act, dishonesty, or breach of trust, the person shall be permanently disqualified from participating in the business of insurance in this state.

(1) A person described in subdivision (c)(1) of this section may participate in the business of insurance if written consent is obtained from the commissioner who, in the commissioner's sole discretion, may grant the written consent upon a finding that to do so would not endanger the public health, safety, and welfare.

(2) Notwithstanding any other provision in this subchapter, a person convicted in this state of a felony involving a fraudulent insurance act, dishonesty, or breach of trust after having obtained the written consent of the commissioner under this subsection shall have the fine and term of imprisonment for such a class of felony under the Arkansas Criminal Code enhanced to that of the next highest classification and shall be permanently disqualified from participating in the business of insurance in this state. If after obtaining the written consent of the commissioner under this subsection a person is convicted in a foreign jurisdiction of a felony involving a fraudulent insurance act, dishonesty, or breach of trust, the person shall be permanently disqualified from participating in the business of insurance in this state.

Acts 1997, No. 217, § 1; 1999, No. 313, § 1; 2005, No. 1994, § 460.
Ark. Code Ann. § 23-36-117 — AR Code / Title 23 / Chapter 36 / Section 23-36-117
Classification of creditors - Payment of claims
Status: in_force

(a) All creditors of an industrial loan institution of which the commissioner has taken charge are classifiable either as secured creditors, prior creditors, or general creditors. (b) (1) A secured creditor shall be a creditor who has security for his or her debt upon the property of the industrial loan institution of a nature to be assignable under this chapter or who owns a debt for which some endorser, surety, or other person secondarily liable for the industrial loan institution has security upon the industrial loan institution's property to the extent, in both instances, of the value of the security. (2) The value of the security of a secured creditor shall be determined by converting the security into money according to the terms of the agreement pursuant to which the security was delivered to the creditor or, in the absence of applicable terms of the agreement by the creditor and the Bank Commissioner, by agreement, arbitration, compromise, or litigation as the circuit court may direct. The expense of the conversions by the creditor and the commissioner shall be borne as the court may direct. (c) (1) A prior creditor shall be: (A) An employee, laborer, or clerk of the industrial loan institution, as and to the extent provided by this section; (B) The commissioner, as to deposits made by him or her in the industrial loan institution as depository for the moneys of another industrial loan institution or bank of which he or she has taken charge, to the extent of the deposits; (C) A prior creditor who is such by virtue of an act of Congress applicable to the industrial loan institution, as and to the extent provided by that act or to the extent provided in this section; (D) The owner of a special deposit expressly made as a special deposit in the industrial loan institution, evidenced by a writing signed by the industrial loan institution at the time and which it was not permitted to use in the course of its regular business; (E) The beneficiary of an express trust, distinguished from a constructive trust, a resulting trust, or a trust ex maleficio, of which the industrial loan institution was the trustee and which was evidenced by a writing signed by the industrial loan institution at the time; (F) The owner of the proceeds of a collection made by the industrial loan institution and not remitted by it, or of which its remittance has not been paid, when the collection was made otherwise than by honoring a check or other order upon the industrial loan institution or by a charge against the account of the depositor of the industrial loan institution, and the collection has had a distinctive identity in the hands of the industrial loan institution, has actually increased its cash assets, and has not resulted in merely shifting the liability upon its books from one of its creditors to another or new creditor; and (G) The owner of a remittance of the industrial loan institution, the proceeds of a collection made by the industrial loan institution by honoring a check or other upon itself, or by a charge against the account of its depositor, although the collection has not had a distinctive identity in the hands of the industrial loan institution, has not actually increased its cash assets, and has resulted in merely shifting the liability upon its books from one (1) of its creditors to another or new creditor in instances in which the remittance has been presented with due diligence for payment to the industrial loan institution or its drawee and is not paid, and when the instrument collected cannot be returned by the commissioner to the person who had transmitted it to the industrial loan institution for collection, the instrument having been surrendered by the industrial loan institution for collection in such manner prior to the commissioner's taking charge. (2) (A) It is made the duty of the commissioner to reverse the entries upon the books of the industrial loan institution as to all collections made in all instances where the unpaid remittance has been so presented with due diligence and where the instrument remains in the industrial loan institution unsurrendered. (B) By this reversal of entries, the instrument shall be deemed to be from its inception unpaid; thereupon, the commissioner shall return the instrument to the person who transmitted it to the industrial loan institution, which return shall be in extinguishment to the extent thereof of the remittance. (C) It is made unlawful for any officer or agent of any industrial loan institution organized under the laws of this state to surrender any instrument for the purpose of enabling a preference to be secured thereby under any of the provisions of this section, irrespective of any knowledge of or participation in such purpose by the person claiming or receiving the preference. (3) (A) All prior creditors, as defined in this section, except only employees, laborers, and clerks of the industrial loan institution and the commissioner and prior creditors under an act of Congress, who shall be paid in full out of any assets of the industrial loan institution available after the payment of the expenses of administration, shall have priority to the extent that they respectively may specifically identify their property in its original or traceable form into the hands of the commissioner and, if unable to so identify the property, to the extent that the assets in the hands of the commissioner, in the form of the lowest amount of cash on hand, exclusive of deposits in other industrial loan institutions and all other assets remaining in the industrial loan institution continuously after their respective priorities arose, when necessarily increased by the property, the cash on hand being deemed to have been so increased to the extent of any priorities which may be acquired under subdivision (c)(1)(G) of this section. (B) If the cash on hand is not sufficient to pay all prior creditors in full, the amount shall be prorated among them. (4) Beyond the extent of the priority of any prior creditor respectively and insofar as his or her priority to that extent cannot be paid in full, but not otherwise, the creditors shall be general creditors of the industrial loan institution. (d) All creditors not classified in this section as secured or prior creditors of the industrial loan institution, including the State of Arkansas and any of its subdivisions, shall be general creditors. (e) Creditors whose claims are unliquidated may liquidate the claims in such manner as the court may direct. Acts 1941, No. 111, § 11; 1987, No. 71, § 1.

(a) All creditors of an industrial loan institution of which the commissioner has taken charge are classifiable either as secured creditors, prior creditors, or general creditors.

(b) (1) A secured creditor shall be a creditor who has security for his or her debt upon the property of the industrial loan institution of a nature to be assignable under this chapter or who owns a debt for which some endorser, surety, or other person secondarily liable for the industrial loan institution has security upon the industrial loan institution's property to the extent, in both instances, of the value of the security. (2) The value of the security of a secured creditor shall be determined by converting the security into money according to the terms of the agreement pursuant to which the security was delivered to the creditor or, in the absence of applicable terms of the agreement by the creditor and the Bank Commissioner, by agreement, arbitration, compromise, or litigation as the circuit court may direct. The expense of the conversions by the creditor and the commissioner shall be borne as the court may direct.

(1) A secured creditor shall be a creditor who has security for his or her debt upon the property of the industrial loan institution of a nature to be assignable under this chapter or who owns a debt for which some endorser, surety, or other person secondarily liable for the industrial loan institution has security upon the industrial loan institution's property to the extent, in both instances, of the value of the security.

(2) The value of the security of a secured creditor shall be determined by converting the security into money according to the terms of the agreement pursuant to which the security was delivered to the creditor or, in the absence of applicable terms of the agreement by the creditor and the Bank Commissioner, by agreement, arbitration, compromise, or litigation as the circuit court may direct. The expense of the conversions by the creditor and the commissioner shall be borne as the court may direct.

(c) (1) A prior creditor shall be: (A) An employee, laborer, or clerk of the industrial loan institution, as and to the extent provided by this section; (B) The commissioner, as to deposits made by him or her in the industrial loan institution as depository for the moneys of another industrial loan institution or bank of which he or she has taken charge, to the extent of the deposits; (C) A prior creditor who is such by virtue of an act of Congress applicable to the industrial loan institution, as and to the extent provided by that act or to the extent provided in this section; (D) The owner of a special deposit expressly made as a special deposit in the industrial loan institution, evidenced by a writing signed by the industrial loan institution at the time and which it was not permitted to use in the course of its regular business; (E) The beneficiary of an express trust, distinguished from a constructive trust, a resulting trust, or a trust ex maleficio, of which the industrial loan institution was the trustee and which was evidenced by a writing signed by the industrial loan institution at the time; (F) The owner of the proceeds of a collection made by the industrial loan institution and not remitted by it, or of which its remittance has not been paid, when the collection was made otherwise than by honoring a check or other order upon the industrial loan institution or by a charge against the account of the depositor of the industrial loan institution, and the collection has had a distinctive identity in the hands of the industrial loan institution, has actually increased its cash assets, and has not resulted in merely shifting the liability upon its books from one of its creditors to another or new creditor; and (G) The owner of a remittance of the industrial loan institution, the proceeds of a collection made by the industrial loan institution by honoring a check or other upon itself, or by a charge against the account of its depositor, although the collection has not had a distinctive identity in the hands of the industrial loan institution, has not actually increased its cash assets, and has resulted in merely shifting the liability upon its books from one (1) of its creditors to another or new creditor in instances in which the remittance has been presented with due diligence for payment to the industrial loan institution or its drawee and is not paid, and when the instrument collected cannot be returned by the commissioner to the person who had transmitted it to the industrial loan institution for collection, the instrument having been surrendered by the industrial loan institution for collection in such manner prior to the commissioner's taking charge. (2) (A) It is made the duty of the commissioner to reverse the entries upon the books of the industrial loan institution as to all collections made in all instances where the unpaid remittance has been so presented with due diligence and where the instrument remains in the industrial loan institution unsurrendered. (B) By this reversal of entries, the instrument shall be deemed to be from its inception unpaid; thereupon, the commissioner shall return the instrument to the person who transmitted it to the industrial loan institution, which return shall be in extinguishment to the extent thereof of the remittance. (C) It is made unlawful for any officer or agent of any industrial loan institution organized under the laws of this state to surrender any instrument for the purpose of enabling a preference to be secured thereby under any of the provisions of this section, irrespective of any knowledge of or participation in such purpose by the person claiming or receiving the preference. (3) (A) All prior creditors, as defined in this section, except only employees, laborers, and clerks of the industrial loan institution and the commissioner and prior creditors under an act of Congress, who shall be paid in full out of any assets of the industrial loan institution available after the payment of the expenses of administration, shall have priority to the extent that they respectively may specifically identify their property in its original or traceable form into the hands of the commissioner and, if unable to so identify the property, to the extent that the assets in the hands of the commissioner, in the form of the lowest amount of cash on hand, exclusive of deposits in other industrial loan institutions and all other assets remaining in the industrial loan institution continuously after their respective priorities arose, when necessarily increased by the property, the cash on hand being deemed to have been so increased to the extent of any priorities which may be acquired under subdivision (c)(1)(G) of this section. (B) If the cash on hand is not sufficient to pay all prior creditors in full, the amount shall be prorated among them. (4) Beyond the extent of the priority of any prior creditor respectively and insofar as his or her priority to that extent cannot be paid in full, but not otherwise, the creditors shall be general creditors of the industrial loan institution.

(1) A prior creditor shall be: (A) An employee, laborer, or clerk of the industrial loan institution, as and to the extent provided by this section; (B) The commissioner, as to deposits made by him or her in the industrial loan institution as depository for the moneys of another industrial loan institution or bank of which he or she has taken charge, to the extent of the deposits; (C) A prior creditor who is such by virtue of an act of Congress applicable to the industrial loan institution, as and to the extent provided by that act or to the extent provided in this section; (D) The owner of a special deposit expressly made as a special deposit in the industrial loan institution, evidenced by a writing signed by the industrial loan institution at the time and which it was not permitted to use in the course of its regular business; (E) The beneficiary of an express trust, distinguished from a constructive trust, a resulting trust, or a trust ex maleficio, of which the industrial loan institution was the trustee and which was evidenced by a writing signed by the industrial loan institution at the time; (F) The owner of the proceeds of a collection made by the industrial loan institution and not remitted by it, or of which its remittance has not been paid, when the collection was made otherwise than by honoring a check or other order upon the industrial loan institution or by a charge against the account of the depositor of the industrial loan institution, and the collection has had a distinctive identity in the hands of the industrial loan institution, has actually increased its cash assets, and has not resulted in merely shifting the liability upon its books from one of its creditors to another or new creditor; and (G) The owner of a remittance of the industrial loan institution, the proceeds of a collection made by the industrial loan institution by honoring a check or other upon itself, or by a charge against the account of its depositor, although the collection has not had a distinctive identity in the hands of the industrial loan institution, has not actually increased its cash assets, and has resulted in merely shifting the liability upon its books from one (1) of its creditors to another or new creditor in instances in which the remittance has been presented with due diligence for payment to the industrial loan institution or its drawee and is not paid, and when the instrument collected cannot be returned by the commissioner to the person who had transmitted it to the industrial loan institution for collection, the instrument having been surrendered by the industrial loan institution for collection in such manner prior to the commissioner's taking charge.

(A) An employee, laborer, or clerk of the industrial loan institution, as and to the extent provided by this section;

(B) The commissioner, as to deposits made by him or her in the industrial loan institution as depository for the moneys of another industrial loan institution or bank of which he or she has taken charge, to the extent of the deposits;

(C) A prior creditor who is such by virtue of an act of Congress applicable to the industrial loan institution, as and to the extent provided by that act or to the extent provided in this section;

(D) The owner of a special deposit expressly made as a special deposit in the industrial loan institution, evidenced by a writing signed by the industrial loan institution at the time and which it was not permitted to use in the course of its regular business;

(E) The beneficiary of an express trust, distinguished from a constructive trust, a resulting trust, or a trust ex maleficio, of which the industrial loan institution was the trustee and which was evidenced by a writing signed by the industrial loan institution at the time;

(F) The owner of the proceeds of a collection made by the industrial loan institution and not remitted by it, or of which its remittance has not been paid, when the collection was made otherwise than by honoring a check or other order upon the industrial loan institution or by a charge against the account of the depositor of the industrial loan institution, and the collection has had a distinctive identity in the hands of the industrial loan institution, has actually increased its cash assets, and has not resulted in merely shifting the liability upon its books from one of its creditors to another or new creditor; and

(G) The owner of a remittance of the industrial loan institution, the proceeds of a collection made by the industrial loan institution by honoring a check or other upon itself, or by a charge against the account of its depositor, although the collection has not had a distinctive identity in the hands of the industrial loan institution, has not actually increased its cash assets, and has resulted in merely shifting the liability upon its books from one (1) of its creditors to another or new creditor in instances in which the remittance has been presented with due diligence for payment to the industrial loan institution or its drawee and is not paid, and when the instrument collected cannot be returned by the commissioner to the person who had transmitted it to the industrial loan institution for collection, the instrument having been surrendered by the industrial loan institution for collection in such manner prior to the commissioner's taking charge.

(2) (A) It is made the duty of the commissioner to reverse the entries upon the books of the industrial loan institution as to all collections made in all instances where the unpaid remittance has been so presented with due diligence and where the instrument remains in the industrial loan institution unsurrendered. (B) By this reversal of entries, the instrument shall be deemed to be from its inception unpaid; thereupon, the commissioner shall return the instrument to the person who transmitted it to the industrial loan institution, which return shall be in extinguishment to the extent thereof of the remittance. (C) It is made unlawful for any officer or agent of any industrial loan institution organized under the laws of this state to surrender any instrument for the purpose of enabling a preference to be secured thereby under any of the provisions of this section, irrespective of any knowledge of or participation in such purpose by the person claiming or receiving the preference.

(A) It is made the duty of the commissioner to reverse the entries upon the books of the industrial loan institution as to all collections made in all instances where the unpaid remittance has been so presented with due diligence and where the instrument remains in the industrial loan institution unsurrendered.

(B) By this reversal of entries, the instrument shall be deemed to be from its inception unpaid; thereupon, the commissioner shall return the instrument to the person who transmitted it to the industrial loan institution, which return shall be in extinguishment to the extent thereof of the remittance.

(C) It is made unlawful for any officer or agent of any industrial loan institution organized under the laws of this state to surrender any instrument for the purpose of enabling a preference to be secured thereby under any of the provisions of this section, irrespective of any knowledge of or participation in such purpose by the person claiming or receiving the preference.

(3) (A) All prior creditors, as defined in this section, except only employees, laborers, and clerks of the industrial loan institution and the commissioner and prior creditors under an act of Congress, who shall be paid in full out of any assets of the industrial loan institution available after the payment of the expenses of administration, shall have priority to the extent that they respectively may specifically identify their property in its original or traceable form into the hands of the commissioner and, if unable to so identify the property, to the extent that the assets in the hands of the commissioner, in the form of the lowest amount of cash on hand, exclusive of deposits in other industrial loan institutions and all other assets remaining in the industrial loan institution continuously after their respective priorities arose, when necessarily increased by the property, the cash on hand being deemed to have been so increased to the extent of any priorities which may be acquired under subdivision (c)(1)(G) of this section. (B) If the cash on hand is not sufficient to pay all prior creditors in full, the amount shall be prorated among them.

(A) All prior creditors, as defined in this section, except only employees, laborers, and clerks of the industrial loan institution and the commissioner and prior creditors under an act of Congress, who shall be paid in full out of any assets of the industrial loan institution available after the payment of the expenses of administration, shall have priority to the extent that they respectively may specifically identify their property in its original or traceable form into the hands of the commissioner and, if unable to so identify the property, to the extent that the assets in the hands of the commissioner, in the form of the lowest amount of cash on hand, exclusive of deposits in other industrial loan institutions and all other assets remaining in the industrial loan institution continuously after their respective priorities arose, when necessarily increased by the property, the cash on hand being deemed to have been so increased to the extent of any priorities which may be acquired under subdivision (c)(1)(G) of this section.

(B) If the cash on hand is not sufficient to pay all prior creditors in full, the amount shall be prorated among them.

(4) Beyond the extent of the priority of any prior creditor respectively and insofar as his or her priority to that extent cannot be paid in full, but not otherwise, the creditors shall be general creditors of the industrial loan institution.

(d) All creditors not classified in this section as secured or prior creditors of the industrial loan institution, including the State of Arkansas and any of its subdivisions, shall be general creditors.

(e) Creditors whose claims are unliquidated may liquidate the claims in such manner as the court may direct.

Acts 1941, No. 111, § 11; 1987, No. 71, § 1.
Ark. Code Ann. § 23-35-705 — AR Code / Title 23 / Chapter 35 / Subchapter 7 / Section 23-35-705
Procedure for liquidation or dissolution
Status: in_force

(a) The credit union shall continue in existence for the purposes of discharging its debts, collecting and distributing its assets, and doing all acts required in order to wind up its business, and it may sue and be sued for the purpose of enforcing its debts and obligations until its affairs are fully adjusted. (b) The board of directors of the credit union, or in the case of involuntary dissolution the liquidating agent, shall, after applying each member's share or deposit account against any loan or debt owed the credit union by that member, use the assets of the credit union to pay: (1) Expenses incidental to liquidation, including any surety bond that may be required; (2) Any liability due nonmembers; and (3) Savings club accounts as provided in this chapter. (c) Assets then remaining shall be distributed to the members proportionately to the shares held by each member as of the date dissolution was voted or ordered. (d) As soon as the board or liquidating agent determines that all assets from which there is a reasonable expectancy of realization have been liquidated and distributed as set forth in this section, they shall execute a certificate of dissolution on a form prescribed by the State Credit Union Supervisor and file the certificate with him or her. (e) The credit union shall be subject to examination by the supervisor in accordance with its schedules. Acts 1971, No. 132, § 38; 1985, No. 936 § 19; A.S.A. 1947, § 67-938.

(a) The credit union shall continue in existence for the purposes of discharging its debts, collecting and distributing its assets, and doing all acts required in order to wind up its business, and it may sue and be sued for the purpose of enforcing its debts and obligations until its affairs are fully adjusted.

(b) The board of directors of the credit union, or in the case of involuntary dissolution the liquidating agent, shall, after applying each member's share or deposit account against any loan or debt owed the credit union by that member, use the assets of the credit union to pay: (1) Expenses incidental to liquidation, including any surety bond that may be required; (2) Any liability due nonmembers; and (3) Savings club accounts as provided in this chapter.

(1) Expenses incidental to liquidation, including any surety bond that may be required;

(2) Any liability due nonmembers; and

(3) Savings club accounts as provided in this chapter.

(c) Assets then remaining shall be distributed to the members proportionately to the shares held by each member as of the date dissolution was voted or ordered.

(d) As soon as the board or liquidating agent determines that all assets from which there is a reasonable expectancy of realization have been liquidated and distributed as set forth in this section, they shall execute a certificate of dissolution on a form prescribed by the State Credit Union Supervisor and file the certificate with him or her.

(e) The credit union shall be subject to examination by the supervisor in accordance with its schedules.

Acts 1971, No. 132, § 38; 1985, No. 936 § 19; A.S.A. 1947, § 67-938.
Ark. Code Ann. § 23-17-413 — AR Code / Title 23 / Chapter 17 / Subchapter 4 / Section 23-17-413
Optional provision of database to vendors
Status: in_force

In order to assign the place of primary use for mobile telecommunications services pursuant to the Mobile Telecommunications Sourcing Act, Pub. L. No. 106-252, the Secretary of the Department of Finance and Administration may choose whether to furnish vendors with a database that matches addresses with taxing jurisdictions or to allow vendors to employ an enhanced zip code of at least nine (9) digits in lieu of providing a database. Amended by Act 2019, No. 910,§ 3512, eff. 7/1/2019. Acts 2001, No. 907, § 1.

In order to assign the place of primary use for mobile telecommunications services pursuant to the Mobile Telecommunications Sourcing Act, Pub. L. No. 106-252, the Secretary of the Department of Finance and Administration may choose whether to furnish vendors with a database that matches addresses with taxing jurisdictions or to allow vendors to employ an enhanced zip code of at least nine (9) digits in lieu of providing a database.

Amended by Act 2019, No. 910,§ 3512, eff. 7/1/2019.

Acts 2001, No. 907, § 1.
Ark. Code Ann. § 23-4-301 — AR Code / Title 23 / Chapter 4 / Subchapter 3 / Section 23-4-301
Title
Status: in_force

This subchapter shall be referred to and may be cited as the "Consumer Utilities Rate Advocacy Division Act". Acts 1981 (Ex. Sess.), No. 39, § 1; A.S.A. 1947, § 73-217n.

This subchapter shall be referred to and may be cited as the "Consumer Utilities Rate Advocacy Division Act".

Acts 1981 (Ex. Sess.), No. 39, § 1; A.S.A. 1947, § 73-217n.
Ark. Code Ann. § 23-63-1803 — AR Code / Title 23 / Chapter 63 / Subchapter 18 / Section 23-63-1803
Persons not covered
Status: in_force

(a) If a healthcare insurer determines that payment was made for services not covered under the covered person's health insurance coverage, the healthcare insurer shall give written notice to the healthcare provider of its intent to exercise recoupment and may: (1) Request a refund from the healthcare provider; or (2) Make a recoupment of the payment from the healthcare provider in accordance with § 23-63-1804 . (b) (1) Except in the case of fraud committed by the healthcare provider or as provided in subdivision (b)(2) of this section, subsection (a) of this section shall not apply if a healthcare provider or other party on its behalf verified from the healthcare insurer or its agent that an individual was a covered person and if the healthcare provider in good faith provided services to the individual in reliance on the verification. (2) A healthcare insurer has one hundred twenty (120) days from the date of payment to notify the provider of a verification error and the fact that services rendered will not be covered if the error was made in good faith at the time of the verification. Acts 2005, No. 422, § 1.

(a) If a healthcare insurer determines that payment was made for services not covered under the covered person's health insurance coverage, the healthcare insurer shall give written notice to the healthcare provider of its intent to exercise recoupment and may: (1) Request a refund from the healthcare provider; or (2) Make a recoupment of the payment from the healthcare provider in accordance with § 23-63-1804 .

(1) Request a refund from the healthcare provider; or

(2) Make a recoupment of the payment from the healthcare provider in accordance with § 23-63-1804 .

(b) (1) Except in the case of fraud committed by the healthcare provider or as provided in subdivision (b)(2) of this section, subsection (a) of this section shall not apply if a healthcare provider or other party on its behalf verified from the healthcare insurer or its agent that an individual was a covered person and if the healthcare provider in good faith provided services to the individual in reliance on the verification. (2) A healthcare insurer has one hundred twenty (120) days from the date of payment to notify the provider of a verification error and the fact that services rendered will not be covered if the error was made in good faith at the time of the verification.

(1) Except in the case of fraud committed by the healthcare provider or as provided in subdivision (b)(2) of this section, subsection (a) of this section shall not apply if a healthcare provider or other party on its behalf verified from the healthcare insurer or its agent that an individual was a covered person and if the healthcare provider in good faith provided services to the individual in reliance on the verification.

(2) A healthcare insurer has one hundred twenty (120) days from the date of payment to notify the provider of a verification error and the fact that services rendered will not be covered if the error was made in good faith at the time of the verification.

Acts 2005, No. 422, § 1.
Ark. Code Ann. § 23-63-1502 — AR Code / Title 23 / Chapter 63 / Subchapter 15 / Section 23-63-1502
RBC reports
Status: in_force

(a) (1) On or before each March 1, the "filing date", a domestic health organization shall prepare and submit to the Insurance Commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing the information required by the RBC instructions. (2) A domestic health organization shall file its RBC report: (A) With the NAIC according to the RBC instructions; and (B) With the insurance commissioner in a state in which the health organization is authorized to do business if the insurance commissioner has notified the health organization of its request in writing, in which case the health organization shall file its RBC report by the later of: (i) Fifteen (15) days from the receipt of notice to file its RBC report with that state; or (ii) The filing date. (b) A health organization's RBC is determined according to the formula stated in the RBC instructions. The formula shall take the following into account and may adjust for the covariance between, determined in each case by applying the factors in the way stated in the RBC instructions: (1) Asset risk; (2) Credit risk; (3) Underwriting risk; and (4) Other business risks and other relevant risks as are stated in the RBC instructions. (c) An excess of capital, including net worth, over the amount produced by the risk-based capital requirements contained in this subchapter and the formulas, schedules, and instructions referenced in this subchapter is desirable in the business of health insurance. Accordingly, health organizations should seek to maintain capital above the RBC levels required by this subchapter. Additional capital is useful in the insurance business and helps to secure a health organization against various risks inherent in or affecting the business of insurance and not accounted for or only partially measured by the risk-based capital requirements contained in this subchapter. (d) If a domestic health organization files an RBC report that in the judgment of the commissioner is inaccurate, then the commissioner shall adjust the RBC report to correct the inaccuracy and shall notify the health organization of the adjustment. The notice shall contain a statement of the reason for the adjustment. An RBC report as adjusted is referred to as an "adjusted RBC report". Acts 1999, No. 580, § 2; 2011, No. 760, § 5.

(a) (1) On or before each March 1, the "filing date", a domestic health organization shall prepare and submit to the Insurance Commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing the information required by the RBC instructions. (2) A domestic health organization shall file its RBC report: (A) With the NAIC according to the RBC instructions; and (B) With the insurance commissioner in a state in which the health organization is authorized to do business if the insurance commissioner has notified the health organization of its request in writing, in which case the health organization shall file its RBC report by the later of: (i) Fifteen (15) days from the receipt of notice to file its RBC report with that state; or (ii) The filing date.

(1) On or before each March 1, the "filing date", a domestic health organization shall prepare and submit to the Insurance Commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing the information required by the RBC instructions.

(2) A domestic health organization shall file its RBC report: (A) With the NAIC according to the RBC instructions; and (B) With the insurance commissioner in a state in which the health organization is authorized to do business if the insurance commissioner has notified the health organization of its request in writing, in which case the health organization shall file its RBC report by the later of: (i) Fifteen (15) days from the receipt of notice to file its RBC report with that state; or (ii) The filing date.

(A) With the NAIC according to the RBC instructions; and

(B) With the insurance commissioner in a state in which the health organization is authorized to do business if the insurance commissioner has notified the health organization of its request in writing, in which case the health organization shall file its RBC report by the later of: (i) Fifteen (15) days from the receipt of notice to file its RBC report with that state; or (ii) The filing date.

(i) Fifteen (15) days from the receipt of notice to file its RBC report with that state; or

(ii) The filing date.

(b) A health organization's RBC is determined according to the formula stated in the RBC instructions. The formula shall take the following into account and may adjust for the covariance between, determined in each case by applying the factors in the way stated in the RBC instructions: (1) Asset risk; (2) Credit risk; (3) Underwriting risk; and (4) Other business risks and other relevant risks as are stated in the RBC instructions.

(1) Asset risk;

(2) Credit risk;

(3) Underwriting risk; and

(4) Other business risks and other relevant risks as are stated in the RBC instructions.

(c) An excess of capital, including net worth, over the amount produced by the risk-based capital requirements contained in this subchapter and the formulas, schedules, and instructions referenced in this subchapter is desirable in the business of health insurance. Accordingly, health organizations should seek to maintain capital above the RBC levels required by this subchapter. Additional capital is useful in the insurance business and helps to secure a health organization against various risks inherent in or affecting the business of insurance and not accounted for or only partially measured by the risk-based capital requirements contained in this subchapter.

(d) If a domestic health organization files an RBC report that in the judgment of the commissioner is inaccurate, then the commissioner shall adjust the RBC report to correct the inaccuracy and shall notify the health organization of the adjustment. The notice shall contain a statement of the reason for the adjustment. An RBC report as adjusted is referred to as an "adjusted RBC report".

Acts 1999, No. 580, § 2; 2011, No. 760, § 5.
Ark. Code Ann. § 23-74-303 — AR Code / Title 23 / Chapter 74 / Subchapter 3 / Section 23-74-303
Institutions
Status: in_force

A society may create, maintain, and operate, or may establish organizations to operate, not-for-profit institutions to further the purposes permitted by § 23-74-105(a)(2) . Such institutions may furnish services free or at a reasonable charge. Any real or personal property owned, held, or leased by the society for this purpose shall be reported in every annual statement, but shall not be allowed as an admitted society asset. No society shall own or operate funeral homes or undertaking establishments. Acts 1989, No. 881, § 1.

A society may create, maintain, and operate, or may establish organizations to operate, not-for-profit institutions to further the purposes permitted by § 23-74-105(a)(2) . Such institutions may furnish services free or at a reasonable charge. Any real or personal property owned, held, or leased by the society for this purpose shall be reported in every annual statement, but shall not be allowed as an admitted society asset. No society shall own or operate funeral homes or undertaking establishments.

Acts 1989, No. 881, § 1.
Ark. Code Ann. § 23-99-411 — AR Code / Title 23 / Chapter 99 / Subchapter 4 / Section 23-99-411
Processing applications of providers
Status: in_force

(a) (1) (A) Healthcare insurers shall establish mechanisms to ensure timely processing of requests for participation or renewal by providers and in making decisions that affect participation status. (B) These mechanisms shall include, at a minimum, provisions for the provider to receive a written statement of reasons for the healthcare insurer's denial of a request for initial participation or renewal. (2) (A) Healthcare insurers shall make a decision within: (i) Sixty (60) calendar days from the date of submission of a completed application as defined by rule of the Insurance Commissioner for participation or a request for renewal by a physician licensed under the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq.; and (ii) One hundred eighty (180) calendar days from the date of submission of a completed application as defined by rule of the commissioner for participation or a request for renewal by any other provider. (B) However, when a physician's credentials are verified through the Arkansas State Medical Board's Centralized Credentials Verification Service under § 17-95-107 , the sixty (60) days specified under subdivision (a)(2)(A)(i) of this section is tolled from the date an order is received by the Centralized Credentials Verification Service from the healthcare insurer until the date the healthcare insurer receives notification by the Centralized Credentials Verification Service that the file is complete and available for retrieval. (C) (i) A healthcare insurer shall provide written acknowledgement to a provider within ten (10) days of the insurer's receipt of an application. (ii) (a) Upon receipt of an application, a healthcare insurer shall review the application to determine if the application is complete. (b) If the application is incomplete, a healthcare insurer shall notify the applicant provider in writing within fifteen (15) calendar days that the application is incomplete. (c) The notice shall include a list of the items required for the application to be complete. (d) If the healthcare insurer does not send the notice within the required timeframe, the application shall be deemed complete. (iii) If the information provided by a complete application, the healthcare insurer's investigation, or the Centralized Credentials Verification Service requires the healthcare insurer to collect more detailed information from the provider to fairly and responsibly process the application, the time specified under subdivision (a)(2)(A)(i) of this section is tolled, and the application is suspended from the date a written request for the information is sent to the provider until the request is fully and completely answered and sent to the healthcare insurer by the provider. (iv) If application information specified under subdivision (a)(2)(C)(ii) of this section is missing and not received within ninety (90) days of notification by the healthcare insurer or if the request is not fully answered within ninety (90) days of the date it was sent, the healthcare insurer, in its discretion, may treat the application as abandoned and deny it. (v) The request and response under this section shall be sent by regular mail or other means of delivery as may be allowed by rules adopted by the commissioner. (3) (A) If a physician is already credentialed by the healthcare insurer but changes employment or location, joins a new group or clinic, or opens an additional location, the healthcare insurer shall only require the submission of such additional information, if any, as is necessary to continue the physician's credentials based upon the changed employment, location, new group or clinic, or additional location. (B) The healthcare insurer shall not require a new application or recredentialing application due solely to the changes listed in subdivision (a)(3)(A) of this section. (C) Any change listed in subdivision (a)(3)(A) of this section shall be reflected within the healthcare insurer's system within thirty (30) calendar days of written notification by the physician of the change. (4) Healthcare insurers shall promptly notify providers: (A) Of any delay in processing applications; and (B) Of the reasons for a delay in processing applications. (5) (A) A healthcare insurer shall notify a physician in writing at least ninety (90) days before the deadline to submit a recredentialing application. (B) (i) The healthcare insurer shall give the physician written notice at least forty-five (45) calendar days prior to terminating the physician for failure to submit a recredentialing application. (ii) If the physician submits the recredentialing application during the forty-five-day period, the termination shall not take effect. (C) During the forty-five-day period, the healthcare insurer shall not represent to the policyholder, plan members, or the general public that the physician has been or will be terminated from the network unless the termination is for some reason other than failure to obtain recredentialing. (D) If a termination occurs for any reason, the healthcare insurer shall formally notify the physician in writing of the effective date of the termination and the basis for the termination. (6) For payment purposes, a healthcare insurer shall treat an applicant physician as a participating physician from the date of submission of a completed application once an applicant physician has been approved through an insurer's credentialing process. (7) Written notice under this section may be provided by electronic means for a provider who supplies an electronic mailing address to the healthcare insurer. (8) The commissioner may adopt rules to ensure that covered healthcare claims submitted by patients or their providers are not negatively affected by delays in processing participation applications. (9) In addition to any legal remedies or actions that may be brought against a healthcare insurer by the commissioner, a fine of one thousand dollars ($1,000) per day shall be imposed for each day exceeding the sixty (60) days under subdivision (a)(2)(A)(i) of this section. (10) The commissioner shall adopt rules to implement this subsection. (b) This section does not prevent a provider or a healthcare insurer from terminating a participating provider contract in accordance with its terms. Amended by Act 2015, No. 1232,§ 1, eff. 7/22/2015. Acts 1997, No. 1196, § 11; 2009, No. 350, § 1.

(a) (1) (A) Healthcare insurers shall establish mechanisms to ensure timely processing of requests for participation or renewal by providers and in making decisions that affect participation status. (B) These mechanisms shall include, at a minimum, provisions for the provider to receive a written statement of reasons for the healthcare insurer's denial of a request for initial participation or renewal. (2) (A) Healthcare insurers shall make a decision within: (i) Sixty (60) calendar days from the date of submission of a completed application as defined by rule of the Insurance Commissioner for participation or a request for renewal by a physician licensed under the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq.; and (ii) One hundred eighty (180) calendar days from the date of submission of a completed application as defined by rule of the commissioner for participation or a request for renewal by any other provider. (B) However, when a physician's credentials are verified through the Arkansas State Medical Board's Centralized Credentials Verification Service under § 17-95-107 , the sixty (60) days specified under subdivision (a)(2)(A)(i) of this section is tolled from the date an order is received by the Centralized Credentials Verification Service from the healthcare insurer until the date the healthcare insurer receives notification by the Centralized Credentials Verification Service that the file is complete and available for retrieval. (C) (i) A healthcare insurer shall provide written acknowledgement to a provider within ten (10) days of the insurer's receipt of an application. (ii) (a) Upon receipt of an application, a healthcare insurer shall review the application to determine if the application is complete. (b) If the application is incomplete, a healthcare insurer shall notify the applicant provider in writing within fifteen (15) calendar days that the application is incomplete. (c) The notice shall include a list of the items required for the application to be complete. (d) If the healthcare insurer does not send the notice within the required timeframe, the application shall be deemed complete. (iii) If the information provided by a complete application, the healthcare insurer's investigation, or the Centralized Credentials Verification Service requires the healthcare insurer to collect more detailed information from the provider to fairly and responsibly process the application, the time specified under subdivision (a)(2)(A)(i) of this section is tolled, and the application is suspended from the date a written request for the information is sent to the provider until the request is fully and completely answered and sent to the healthcare insurer by the provider. (iv) If application information specified under subdivision (a)(2)(C)(ii) of this section is missing and not received within ninety (90) days of notification by the healthcare insurer or if the request is not fully answered within ninety (90) days of the date it was sent, the healthcare insurer, in its discretion, may treat the application as abandoned and deny it. (v) The request and response under this section shall be sent by regular mail or other means of delivery as may be allowed by rules adopted by the commissioner. (3) (A) If a physician is already credentialed by the healthcare insurer but changes employment or location, joins a new group or clinic, or opens an additional location, the healthcare insurer shall only require the submission of such additional information, if any, as is necessary to continue the physician's credentials based upon the changed employment, location, new group or clinic, or additional location. (B) The healthcare insurer shall not require a new application or recredentialing application due solely to the changes listed in subdivision (a)(3)(A) of this section. (C) Any change listed in subdivision (a)(3)(A) of this section shall be reflected within the healthcare insurer's system within thirty (30) calendar days of written notification by the physician of the change. (4) Healthcare insurers shall promptly notify providers: (A) Of any delay in processing applications; and (B) Of the reasons for a delay in processing applications. (5) (A) A healthcare insurer shall notify a physician in writing at least ninety (90) days before the deadline to submit a recredentialing application. (B) (i) The healthcare insurer shall give the physician written notice at least forty-five (45) calendar days prior to terminating the physician for failure to submit a recredentialing application. (ii) If the physician submits the recredentialing application during the forty-five-day period, the termination shall not take effect. (C) During the forty-five-day period, the healthcare insurer shall not represent to the policyholder, plan members, or the general public that the physician has been or will be terminated from the network unless the termination is for some reason other than failure to obtain recredentialing. (D) If a termination occurs for any reason, the healthcare insurer shall formally notify the physician in writing of the effective date of the termination and the basis for the termination. (6) For payment purposes, a healthcare insurer shall treat an applicant physician as a participating physician from the date of submission of a completed application once an applicant physician has been approved through an insurer's credentialing process. (7) Written notice under this section may be provided by electronic means for a provider who supplies an electronic mailing address to the healthcare insurer. (8) The commissioner may adopt rules to ensure that covered healthcare claims submitted by patients or their providers are not negatively affected by delays in processing participation applications. (9) In addition to any legal remedies or actions that may be brought against a healthcare insurer by the commissioner, a fine of one thousand dollars ($1,000) per day shall be imposed for each day exceeding the sixty (60) days under subdivision (a)(2)(A)(i) of this section. (10) The commissioner shall adopt rules to implement this subsection.

(1) (A) Healthcare insurers shall establish mechanisms to ensure timely processing of requests for participation or renewal by providers and in making decisions that affect participation status. (B) These mechanisms shall include, at a minimum, provisions for the provider to receive a written statement of reasons for the healthcare insurer's denial of a request for initial participation or renewal.

(A) Healthcare insurers shall establish mechanisms to ensure timely processing of requests for participation or renewal by providers and in making decisions that affect participation status.

(B) These mechanisms shall include, at a minimum, provisions for the provider to receive a written statement of reasons for the healthcare insurer's denial of a request for initial participation or renewal.

(2) (A) Healthcare insurers shall make a decision within: (i) Sixty (60) calendar days from the date of submission of a completed application as defined by rule of the Insurance Commissioner for participation or a request for renewal by a physician licensed under the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq.; and (ii) One hundred eighty (180) calendar days from the date of submission of a completed application as defined by rule of the commissioner for participation or a request for renewal by any other provider. (B) However, when a physician's credentials are verified through the Arkansas State Medical Board's Centralized Credentials Verification Service under § 17-95-107 , the sixty (60) days specified under subdivision (a)(2)(A)(i) of this section is tolled from the date an order is received by the Centralized Credentials Verification Service from the healthcare insurer until the date the healthcare insurer receives notification by the Centralized Credentials Verification Service that the file is complete and available for retrieval. (C) (i) A healthcare insurer shall provide written acknowledgement to a provider within ten (10) days of the insurer's receipt of an application. (ii) (a) Upon receipt of an application, a healthcare insurer shall review the application to determine if the application is complete. (b) If the application is incomplete, a healthcare insurer shall notify the applicant provider in writing within fifteen (15) calendar days that the application is incomplete. (c) The notice shall include a list of the items required for the application to be complete. (d) If the healthcare insurer does not send the notice within the required timeframe, the application shall be deemed complete. (iii) If the information provided by a complete application, the healthcare insurer's investigation, or the Centralized Credentials Verification Service requires the healthcare insurer to collect more detailed information from the provider to fairly and responsibly process the application, the time specified under subdivision (a)(2)(A)(i) of this section is tolled, and the application is suspended from the date a written request for the information is sent to the provider until the request is fully and completely answered and sent to the healthcare insurer by the provider. (iv) If application information specified under subdivision (a)(2)(C)(ii) of this section is missing and not received within ninety (90) days of notification by the healthcare insurer or if the request is not fully answered within ninety (90) days of the date it was sent, the healthcare insurer, in its discretion, may treat the application as abandoned and deny it. (v) The request and response under this section shall be sent by regular mail or other means of delivery as may be allowed by rules adopted by the commissioner.

(A) Healthcare insurers shall make a decision within: (i) Sixty (60) calendar days from the date of submission of a completed application as defined by rule of the Insurance Commissioner for participation or a request for renewal by a physician licensed under the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq.; and (ii) One hundred eighty (180) calendar days from the date of submission of a completed application as defined by rule of the commissioner for participation or a request for renewal by any other provider.

(i) Sixty (60) calendar days from the date of submission of a completed application as defined by rule of the Insurance Commissioner for participation or a request for renewal by a physician licensed under the Arkansas Medical Practices Act, § 17-95-201 et seq., § 17-95-301 et seq., and § 17-95-401 et seq.; and

(ii) One hundred eighty (180) calendar days from the date of submission of a completed application as defined by rule of the commissioner for participation or a request for renewal by any other provider.

(B) However, when a physician's credentials are verified through the Arkansas State Medical Board's Centralized Credentials Verification Service under § 17-95-107 , the sixty (60) days specified under subdivision (a)(2)(A)(i) of this section is tolled from the date an order is received by the Centralized Credentials Verification Service from the healthcare insurer until the date the healthcare insurer receives notification by the Centralized Credentials Verification Service that the file is complete and available for retrieval.

(C) (i) A healthcare insurer shall provide written acknowledgement to a provider within ten (10) days of the insurer's receipt of an application. (ii) (a) Upon receipt of an application, a healthcare insurer shall review the application to determine if the application is complete. (b) If the application is incomplete, a healthcare insurer shall notify the applicant provider in writing within fifteen (15) calendar days that the application is incomplete. (c) The notice shall include a list of the items required for the application to be complete. (d) If the healthcare insurer does not send the notice within the required timeframe, the application shall be deemed complete. (iii) If the information provided by a complete application, the healthcare insurer's investigation, or the Centralized Credentials Verification Service requires the healthcare insurer to collect more detailed information from the provider to fairly and responsibly process the application, the time specified under subdivision (a)(2)(A)(i) of this section is tolled, and the application is suspended from the date a written request for the information is sent to the provider until the request is fully and completely answered and sent to the healthcare insurer by the provider. (iv) If application information specified under subdivision (a)(2)(C)(ii) of this section is missing and not received within ninety (90) days of notification by the healthcare insurer or if the request is not fully answered within ninety (90) days of the date it was sent, the healthcare insurer, in its discretion, may treat the application as abandoned and deny it. (v) The request and response under this section shall be sent by regular mail or other means of delivery as may be allowed by rules adopted by the commissioner.

(i) A healthcare insurer shall provide written acknowledgement to a provider within ten (10) days of the insurer's receipt of an application.

(ii) (a) Upon receipt of an application, a healthcare insurer shall review the application to determine if the application is complete. (b) If the application is incomplete, a healthcare insurer shall notify the applicant provider in writing within fifteen (15) calendar days that the application is incomplete. (c) The notice shall include a list of the items required for the application to be complete. (d) If the healthcare insurer does not send the notice within the required timeframe, the application shall be deemed complete.

(a) Upon receipt of an application, a healthcare insurer shall review the application to determine if the application is complete.

(b) If the application is incomplete, a healthcare insurer shall notify the applicant provider in writing within fifteen (15) calendar days that the application is incomplete.

(c) The notice shall include a list of the items required for the application to be complete.

(d) If the healthcare insurer does not send the notice within the required timeframe, the application shall be deemed complete.

(iii) If the information provided by a complete application, the healthcare insurer's investigation, or the Centralized Credentials Verification Service requires the healthcare insurer to collect more detailed information from the provider to fairly and responsibly process the application, the time specified under subdivision (a)(2)(A)(i) of this section is tolled, and the application is suspended from the date a written request for the information is sent to the provider until the request is fully and completely answered and sent to the healthcare insurer by the provider.

(iv) If application information specified under subdivision (a)(2)(C)(ii) of this section is missing and not received within ninety (90) days of notification by the healthcare insurer or if the request is not fully answered within ninety (90) days of the date it was sent, the healthcare insurer, in its discretion, may treat the application as abandoned and deny it.

(v) The request and response under this section shall be sent by regular mail or other means of delivery as may be allowed by rules adopted by the commissioner.

(3) (A) If a physician is already credentialed by the healthcare insurer but changes employment or location, joins a new group or clinic, or opens an additional location, the healthcare insurer shall only require the submission of such additional information, if any, as is necessary to continue the physician's credentials based upon the changed employment, location, new group or clinic, or additional location. (B) The healthcare insurer shall not require a new application or recredentialing application due solely to the changes listed in subdivision (a)(3)(A) of this section. (C) Any change listed in subdivision (a)(3)(A) of this section shall be reflected within the healthcare insurer's system within thirty (30) calendar days of written notification by the physician of the change.

(A) If a physician is already credentialed by the healthcare insurer but changes employment or location, joins a new group or clinic, or opens an additional location, the healthcare insurer shall only require the submission of such additional information, if any, as is necessary to continue the physician's credentials based upon the changed employment, location, new group or clinic, or additional location.

(B) The healthcare insurer shall not require a new application or recredentialing application due solely to the changes listed in subdivision (a)(3)(A) of this section.

(C) Any change listed in subdivision (a)(3)(A) of this section shall be reflected within the healthcare insurer's system within thirty (30) calendar days of written notification by the physician of the change.

(4) Healthcare insurers shall promptly notify providers: (A) Of any delay in processing applications; and (B) Of the reasons for a delay in processing applications.

(A) Of any delay in processing applications; and

(B) Of the reasons for a delay in processing applications.

(5) (A) A healthcare insurer shall notify a physician in writing at least ninety (90) days before the deadline to submit a recredentialing application. (B) (i) The healthcare insurer shall give the physician written notice at least forty-five (45) calendar days prior to terminating the physician for failure to submit a recredentialing application. (ii) If the physician submits the recredentialing application during the forty-five-day period, the termination shall not take effect. (C) During the forty-five-day period, the healthcare insurer shall not represent to the policyholder, plan members, or the general public that the physician has been or will be terminated from the network unless the termination is for some reason other than failure to obtain recredentialing. (D) If a termination occurs for any reason, the healthcare insurer shall formally notify the physician in writing of the effective date of the termination and the basis for the termination.

(A) A healthcare insurer shall notify a physician in writing at least ninety (90) days before the deadline to submit a recredentialing application.

(B) (i) The healthcare insurer shall give the physician written notice at least forty-five (45) calendar days prior to terminating the physician for failure to submit a recredentialing application. (ii) If the physician submits the recredentialing application during the forty-five-day period, the termination shall not take effect.

(i) The healthcare insurer shall give the physician written notice at least forty-five (45) calendar days prior to terminating the physician for failure to submit a recredentialing application.

(ii) If the physician submits the recredentialing application during the forty-five-day period, the termination shall not take effect.

(C) During the forty-five-day period, the healthcare insurer shall not represent to the policyholder, plan members, or the general public that the physician has been or will be terminated from the network unless the termination is for some reason other than failure to obtain recredentialing.

(D) If a termination occurs for any reason, the healthcare insurer shall formally notify the physician in writing of the effective date of the termination and the basis for the termination.

(6) For payment purposes, a healthcare insurer shall treat an applicant physician as a participating physician from the date of submission of a completed application once an applicant physician has been approved through an insurer's credentialing process.

(7) Written notice under this section may be provided by electronic means for a provider who supplies an electronic mailing address to the healthcare insurer.

(8) The commissioner may adopt rules to ensure that covered healthcare claims submitted by patients or their providers are not negatively affected by delays in processing participation applications.

(9) In addition to any legal remedies or actions that may be brought against a healthcare insurer by the commissioner, a fine of one thousand dollars ($1,000) per day shall be imposed for each day exceeding the sixty (60) days under subdivision (a)(2)(A)(i) of this section.

(10) The commissioner shall adopt rules to implement this subsection.

(b) This section does not prevent a provider or a healthcare insurer from terminating a participating provider contract in accordance with its terms.

Amended by Act 2015, No. 1232,§ 1, eff. 7/22/2015.

Acts 1997, No. 1196, § 11; 2009, No. 350, § 1.
Ark. Code Ann. § 23-13-706 — AR Code / Title 23 / Chapter 13 / Subchapter 7 / Section 23-13-706
Fare charged for transportation network company services
Status: in_force

(a) A transportation network company may charge a fare for transportation network company services. (b) If a fare is charged, the transportation network company shall disclose to passengers on the transportation network company's website, digital network, or within its software application: (1) The fare calculation method for transportation network company services; (2) Applicable rates charged for transportation network company services; and (3) The option to receive an estimated fare before the passenger enters the transportation network company driver's motor vehicle. Added by Act 2015, No. 1050,§ 1, eff. 7/22/2015.

(a) A transportation network company may charge a fare for transportation network company services.

(b) If a fare is charged, the transportation network company shall disclose to passengers on the transportation network company's website, digital network, or within its software application: (1) The fare calculation method for transportation network company services; (2) Applicable rates charged for transportation network company services; and (3) The option to receive an estimated fare before the passenger enters the transportation network company driver's motor vehicle.

(1) The fare calculation method for transportation network company services;

(2) Applicable rates charged for transportation network company services; and

(3) The option to receive an estimated fare before the passenger enters the transportation network company driver's motor vehicle.

Added by Act 2015, No. 1050,§ 1, eff. 7/22/2015.
Ark. Code Ann. § 23-40-110 — AR Code / Title 23 / Chapter 40 / Section 23-40-110
Application for initial or renewed permit
Status: in_force

(a) Each organization desiring to sell prepaid funeral benefits or any organization desiring to purchase an interest in or assume the liability of any contract for prepaid funeral benefits shall file an application for a permit with the Insurance Commissioner. Each initial and renewal application for a permit shall contain such information which the commissioner by rule shall reasonably prescribe. (b) Each applicant shall, at the time of the application, pay a filing fee of three hundred dollars ($300) for the initial application and two hundred dollars ($200) for a renewal application. (c) Permits shall expire on June 1 of each year, unless a renewal application is filed with and approved by the commissioner prior to the permit expiration date. Each organization which has discontinued the sale of prepaid funeral benefits, but which still has outstanding contracts, shall obtain a renewal of its permit until all those contracts have been performed or otherwise fully discharged. No filing fee shall be prorated. (d) (1) Each applicant for a permit pursuant to the provisions of this chapter shall, as of a date not preceding thirty (30) days of the application date, have a net worth in an amount equal to the greater of five thousand dollars ($5,000) or three percent (3%) of the aggregate contract price of all contracts for prepaid funeral benefits outstanding and unfulfilled as of the end of the preceding calendar year, up to a maximum net worth of two hundred fifty thousand dollars ($250,000). (2) Each applicant shall, at the time of application, file a sworn and notarized certification of net worth form stating that the applicant satisfies the net worth requirements of this chapter, in a format as prescribed by the commissioner, as evidence that the applicant has, at a minimum, the required net worth. Amended by Act 2019, No. 315,§ 2504, eff. 7/24/2019. Acts 1985, No. 156, § 5; A.S.A. 1947, § 67-1717; Acts 1995, No. 852, § 4; 1997, No. 372, § 5.

(a) Each organization desiring to sell prepaid funeral benefits or any organization desiring to purchase an interest in or assume the liability of any contract for prepaid funeral benefits shall file an application for a permit with the Insurance Commissioner. Each initial and renewal application for a permit shall contain such information which the commissioner by rule shall reasonably prescribe.

(b) Each applicant shall, at the time of the application, pay a filing fee of three hundred dollars ($300) for the initial application and two hundred dollars ($200) for a renewal application.

(c) Permits shall expire on June 1 of each year, unless a renewal application is filed with and approved by the commissioner prior to the permit expiration date. Each organization which has discontinued the sale of prepaid funeral benefits, but which still has outstanding contracts, shall obtain a renewal of its permit until all those contracts have been performed or otherwise fully discharged. No filing fee shall be prorated.

(d) (1) Each applicant for a permit pursuant to the provisions of this chapter shall, as of a date not preceding thirty (30) days of the application date, have a net worth in an amount equal to the greater of five thousand dollars ($5,000) or three percent (3%) of the aggregate contract price of all contracts for prepaid funeral benefits outstanding and unfulfilled as of the end of the preceding calendar year, up to a maximum net worth of two hundred fifty thousand dollars ($250,000). (2) Each applicant shall, at the time of application, file a sworn and notarized certification of net worth form stating that the applicant satisfies the net worth requirements of this chapter, in a format as prescribed by the commissioner, as evidence that the applicant has, at a minimum, the required net worth.

(1) Each applicant for a permit pursuant to the provisions of this chapter shall, as of a date not preceding thirty (30) days of the application date, have a net worth in an amount equal to the greater of five thousand dollars ($5,000) or three percent (3%) of the aggregate contract price of all contracts for prepaid funeral benefits outstanding and unfulfilled as of the end of the preceding calendar year, up to a maximum net worth of two hundred fifty thousand dollars ($250,000).

(2) Each applicant shall, at the time of application, file a sworn and notarized certification of net worth form stating that the applicant satisfies the net worth requirements of this chapter, in a format as prescribed by the commissioner, as evidence that the applicant has, at a minimum, the required net worth.

Amended by Act 2019, No. 315,§ 2504, eff. 7/24/2019.

Acts 1985, No. 156, § 5; A.S.A. 1947, § 67-1717; Acts 1995, No. 852, § 4; 1997, No. 372, § 5.
Ark. Code Ann. § 23-36-107 — AR Code / Title 23 / Chapter 36 / Section 23-36-107
Examinations and fees
Status: in_force

(a) (1) Every industrial loan institution shall pay to the Bank Commissioner, within ten (10) days after notice from the commissioner, in the months of January and July of each year, a fixed fee of fifteen dollars ($15.00). In addition thereto, the industrial loan institution shall pay the commissioner a sum, ascertained according to the following scale: (A) A sum equal to one-fiftieth percent (1/50%) of the assets of the industrial loan institution, as shown by the last call report of the condition of the industrial loan institution, up to and including the first two million dollars ($2,000,000) of its assets, determined as aforesaid; plus (B) One one-hundredth percent (1/100%) on the next one million dollars ($1,000,000) of assets, determined as aforesaid; plus (C) One two-hundredth percent (1/200%) of the next one million dollars ($1,000,000) of assets, determined as aforesaid; plus (D) One five-hundredth percent (1/500%) upon all assets, determined as aforesaid, in excess of four million dollars ($4,000,000). (2) The minimum amount thus payable shall not be less than thirty dollars ($30.00). (b) The commissioner may, at his or her discretion, examine every industrial loan institution in the state two (2) times annually or more often if, in his or her opinion, it is necessary. For any examination made in excess of two (2), industrial loan institutions so examined shall pay an additional assessment equal to the January assessment of the year in which the excess examination is made. (c) The assessments provided for in this section may be reduced by the commissioner if they, with other fees received by the State Bank Department, produce a greater sum than is required to pay the expenses of the department. They may be increased if not sufficient in connection with other fees received as aforesaid to defray the expenses of the department. Acts 1941, No. 111, § 16; A.S.A. 1947, § 67-1016.

(a) (1) Every industrial loan institution shall pay to the Bank Commissioner, within ten (10) days after notice from the commissioner, in the months of January and July of each year, a fixed fee of fifteen dollars ($15.00). In addition thereto, the industrial loan institution shall pay the commissioner a sum, ascertained according to the following scale: (A) A sum equal to one-fiftieth percent (1/50%) of the assets of the industrial loan institution, as shown by the last call report of the condition of the industrial loan institution, up to and including the first two million dollars ($2,000,000) of its assets, determined as aforesaid; plus (B) One one-hundredth percent (1/100%) on the next one million dollars ($1,000,000) of assets, determined as aforesaid; plus (C) One two-hundredth percent (1/200%) of the next one million dollars ($1,000,000) of assets, determined as aforesaid; plus (D) One five-hundredth percent (1/500%) upon all assets, determined as aforesaid, in excess of four million dollars ($4,000,000). (2) The minimum amount thus payable shall not be less than thirty dollars ($30.00).

(1) Every industrial loan institution shall pay to the Bank Commissioner, within ten (10) days after notice from the commissioner, in the months of January and July of each year, a fixed fee of fifteen dollars ($15.00). In addition thereto, the industrial loan institution shall pay the commissioner a sum, ascertained according to the following scale: (A) A sum equal to one-fiftieth percent (1/50%) of the assets of the industrial loan institution, as shown by the last call report of the condition of the industrial loan institution, up to and including the first two million dollars ($2,000,000) of its assets, determined as aforesaid; plus (B) One one-hundredth percent (1/100%) on the next one million dollars ($1,000,000) of assets, determined as aforesaid; plus (C) One two-hundredth percent (1/200%) of the next one million dollars ($1,000,000) of assets, determined as aforesaid; plus (D) One five-hundredth percent (1/500%) upon all assets, determined as aforesaid, in excess of four million dollars ($4,000,000).

(A) A sum equal to one-fiftieth percent (1/50%) of the assets of the industrial loan institution, as shown by the last call report of the condition of the industrial loan institution, up to and including the first two million dollars ($2,000,000) of its assets, determined as aforesaid; plus

(B) One one-hundredth percent (1/100%) on the next one million dollars ($1,000,000) of assets, determined as aforesaid; plus

(C) One two-hundredth percent (1/200%) of the next one million dollars ($1,000,000) of assets, determined as aforesaid; plus

(D) One five-hundredth percent (1/500%) upon all assets, determined as aforesaid, in excess of four million dollars ($4,000,000).

(2) The minimum amount thus payable shall not be less than thirty dollars ($30.00).

(b) The commissioner may, at his or her discretion, examine every industrial loan institution in the state two (2) times annually or more often if, in his or her opinion, it is necessary. For any examination made in excess of two (2), industrial loan institutions so examined shall pay an additional assessment equal to the January assessment of the year in which the excess examination is made.

(c) The assessments provided for in this section may be reduced by the commissioner if they, with other fees received by the State Bank Department, produce a greater sum than is required to pay the expenses of the department. They may be increased if not sufficient in connection with other fees received as aforesaid to defray the expenses of the department.

Acts 1941, No. 111, § 16; A.S.A. 1947, § 67-1016.
Ark. Code Ann. § 23-81-110 — AR Code / Title 23 / Chapter 81 / Subchapter 1 / Section 23-81-110
Life insurance - Table of installments provision
Status: in_force

In case the policy provides that the proceeds may be payable in installments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed installments per stated unit. Acts 1959, No. 148, § 318; A.S.A. 1947, § 66-3309.

In case the policy provides that the proceeds may be payable in installments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed installments per stated unit.

Acts 1959, No. 148, § 318; A.S.A. 1947, § 66-3309.
Ark. Code Ann. § 23-67-204 — AR Code / Title 23 / Chapter 67 / Subchapter 2 / Section 23-67-204
Payment of dividends
Status: in_force

Nothing in this chapter shall be construed to prohibit the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers. Acts 1987, No. 959, § 7.

Nothing in this chapter shall be construed to prohibit the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers.

Acts 1987, No. 959, § 7.
Ark. Code Ann. § 23-48-506 — AR Code / Title 23 / Chapter 48 / Subchapter 5 / Section 23-48-506
Dissenting stockholders
Status: in_force

(a) For purposes of this section, with respect to a state bank: (1) "Corporate action" means: (A) Consummation of a merger to which the state bank is a party; (B) Consummation of a sale or transfer of over fifty percent (50%) of the state bank's assets to another depository institution; or (C) Consummation of a sale or transfer of over fifty percent (50%) of the state bank's liabilities to another depository institution; and (2) "Selling bank" means a state bank selling or transferring over fifty percent (50%) of its assets or over fifty percent (50%) of its liabilities to another depository institution. (b) (1) The owner of shares of a state bank which were not voted for a corporate action, and who has given notice in writing to the state bank at or prior to the meeting of the stockholders approving the corporate action, that he or she dissents from the corporate action shall be entitled to receive in cash the value of the shares held by him or her, if the dissenting stockholder has delivered a written demand for payment to the resulting bank at any time within ten (10) days after the date on which the stockholders' meeting authorizing the corporate action was concluded. (2) This written demand for payment shall state the number and the class of shares owned by the dissenting stockholder. Any dissenting stockholder failing to make the demand shall be bound by the terms of the purchase or assumption, or merger. (3) (A) The resulting bank shall fix an amount, which it considers to be not more than the fair market value of the shares of the merging, resulting, or selling bank as of the date on which the stockholders' meeting authorizing the corporate action was concluded, which it will offer to pay dissenting stockholders entitled to payment in cash. (B) Upon receipt from a dissenting stockholder of a written demand for payment in cash of the fair value of his or her shares, the resulting bank shall give the dissenting stockholder notice of the amount it will pay for dissenting shares within twenty (20) days after the date on which the stockholders' meeting authorizing the corporate action was concluded. (4) Any dissenting stockholder may agree to accept the amount in lieu of pursuing the appraisal remedy set forth in subdivision (c)(1) of this section by delivering a written acceptance of the offer to the resulting bank within thirty (30) days after the date on which the stockholders' meeting authorizing the corporate action was concluded. (c) (1) The value of shares held by dissenting stockholders entitled to receive in cash the value of the shares held by them, who do not accept the offer of the resulting bank within the thirty-day period set forth in subdivision (b)(4) of this section, shall be determined as of the date on which the stockholders' meeting authorizing the corporate action was concluded by three (3) appraisers. The appraisers are to be chosen as follows: (A) One (1) shall be selected by the dissenting stockholders by the vote of a majority of the aggregate number of dissenting shares held by the dissenting stockholders; (B) One (1) shall be selected by the board of directors of the resulting bank; and (C) The third shall be selected by the two (2) so chosen. (2) The valuation agreed upon by any two (2) of the three (3) appraisers thus chosen shall govern. However, if the value so fixed shall not be satisfactory to any dissenting stockholder who has requested payment as provided herein, the stockholder may, within five (5) days after being notified of the appraised value of his or her shares, appeal to the Bank Commissioner, who shall cause a reappraisal to be made, which shall be final and binding as to the value of the shares of the appellant. (3) If, within ninety (90) days after the date on which the stockholders' meeting authorizing the corporate action was concluded, for any reason, one (1) or more of the appraisers is not selected as provided in this section, or the appraisers fail to determine the value of dissenting shares, the commissioner shall, upon written request of any interested party made within five (5) days after the expiration of the ninety-day period, cause an appraisal to be made which shall be final and binding upon all parties. (d) (1) The expenses of the appraiser selected by the dissenting stockholders shall be paid by the dissenting stockholders. (2) The expenses of the appraiser selected by the board of directors of the resulting bank shall be paid by the resulting bank. (3) The expenses of the third appraiser shall be paid by and prorated among the dissenting stockholders and the resulting bank in such a manner as is determined by the commissioner to be fair and equitable under the circumstances. (e) (1) If the commissioner is required to make the appraisal, his or her expenses in making the appraisal shall be paid by and prorated among the dissenting stockholders and the resulting bank in such a manner as is determined by the commissioner to be fair and equitable under the circumstances. (2) If the commissioner is required to make a reappraisal, his or her expenses in making the reappraisal shall be paid by the appellant. (f) If, within ninety (90) days after the date on which the stockholders' meeting authorizing the corporate action was concluded, for any reason, one (1) or more of the appraisers are not selected as provided in this section or the appraisers fail to determine the value of dissenting shares, and if no written request to value the dissenting shares is filed with the commissioner within five (5) days after the expiration of the ninety-day period, then all dissenting stockholders who have failed to accept the offer of the resulting bank within the thirty-day period prescribed in subdivision (b)(4) of this section shall be bound by the terms of the purchase or assumption, or merger. (g) The amount due a dissenting stockholder under an accepted offer of the resulting bank or under the appraisal shall constitute a debt of the resulting bank which must be paid, if and when the purchase or assumption, or merger, is consummated, simultaneously with the surrender by the dissenting stockholder of his or her shares. (h) Within ten (10) days after the corporate action, the resulting bank shall give written notice of the consummation of the corporate action to each dissenting stockholder who is entitled to receive in cash the fair value of his or her shares. (i) The plan of merger, or the plan of purchase or assumption, shall provide for payment of or the manner of disposing of any shares of the resulting bank not taken by dissenting stockholders. Acts 1997, No. 89, § 1.

(a) For purposes of this section, with respect to a state bank: (1) "Corporate action" means: (A) Consummation of a merger to which the state bank is a party; (B) Consummation of a sale or transfer of over fifty percent (50%) of the state bank's assets to another depository institution; or (C) Consummation of a sale or transfer of over fifty percent (50%) of the state bank's liabilities to another depository institution; and (2) "Selling bank" means a state bank selling or transferring over fifty percent (50%) of its assets or over fifty percent (50%) of its liabilities to another depository institution.

(1) "Corporate action" means: (A) Consummation of a merger to which the state bank is a party; (B) Consummation of a sale or transfer of over fifty percent (50%) of the state bank's assets to another depository institution; or (C) Consummation of a sale or transfer of over fifty percent (50%) of the state bank's liabilities to another depository institution; and

(A) Consummation of a merger to which the state bank is a party;

(B) Consummation of a sale or transfer of over fifty percent (50%) of the state bank's assets to another depository institution; or

(C) Consummation of a sale or transfer of over fifty percent (50%) of the state bank's liabilities to another depository institution; and

(2) "Selling bank" means a state bank selling or transferring over fifty percent (50%) of its assets or over fifty percent (50%) of its liabilities to another depository institution.

(b) (1) The owner of shares of a state bank which were not voted for a corporate action, and who has given notice in writing to the state bank at or prior to the meeting of the stockholders approving the corporate action, that he or she dissents from the corporate action shall be entitled to receive in cash the value of the shares held by him or her, if the dissenting stockholder has delivered a written demand for payment to the resulting bank at any time within ten (10) days after the date on which the stockholders' meeting authorizing the corporate action was concluded. (2) This written demand for payment shall state the number and the class of shares owned by the dissenting stockholder. Any dissenting stockholder failing to make the demand shall be bound by the terms of the purchase or assumption, or merger. (3) (A) The resulting bank shall fix an amount, which it considers to be not more than the fair market value of the shares of the merging, resulting, or selling bank as of the date on which the stockholders' meeting authorizing the corporate action was concluded, which it will offer to pay dissenting stockholders entitled to payment in cash. (B) Upon receipt from a dissenting stockholder of a written demand for payment in cash of the fair value of his or her shares, the resulting bank shall give the dissenting stockholder notice of the amount it will pay for dissenting shares within twenty (20) days after the date on which the stockholders' meeting authorizing the corporate action was concluded. (4) Any dissenting stockholder may agree to accept the amount in lieu of pursuing the appraisal remedy set forth in subdivision (c)(1) of this section by delivering a written acceptance of the offer to the resulting bank within thirty (30) days after the date on which the stockholders' meeting authorizing the corporate action was concluded.

(1) The owner of shares of a state bank which were not voted for a corporate action, and who has given notice in writing to the state bank at or prior to the meeting of the stockholders approving the corporate action, that he or she dissents from the corporate action shall be entitled to receive in cash the value of the shares held by him or her, if the dissenting stockholder has delivered a written demand for payment to the resulting bank at any time within ten (10) days after the date on which the stockholders' meeting authorizing the corporate action was concluded.

(2) This written demand for payment shall state the number and the class of shares owned by the dissenting stockholder. Any dissenting stockholder failing to make the demand shall be bound by the terms of the purchase or assumption, or merger.

(3) (A) The resulting bank shall fix an amount, which it considers to be not more than the fair market value of the shares of the merging, resulting, or selling bank as of the date on which the stockholders' meeting authorizing the corporate action was concluded, which it will offer to pay dissenting stockholders entitled to payment in cash. (B) Upon receipt from a dissenting stockholder of a written demand for payment in cash of the fair value of his or her shares, the resulting bank shall give the dissenting stockholder notice of the amount it will pay for dissenting shares within twenty (20) days after the date on which the stockholders' meeting authorizing the corporate action was concluded.

(A) The resulting bank shall fix an amount, which it considers to be not more than the fair market value of the shares of the merging, resulting, or selling bank as of the date on which the stockholders' meeting authorizing the corporate action was concluded, which it will offer to pay dissenting stockholders entitled to payment in cash.

(B) Upon receipt from a dissenting stockholder of a written demand for payment in cash of the fair value of his or her shares, the resulting bank shall give the dissenting stockholder notice of the amount it will pay for dissenting shares within twenty (20) days after the date on which the stockholders' meeting authorizing the corporate action was concluded.

(4) Any dissenting stockholder may agree to accept the amount in lieu of pursuing the appraisal remedy set forth in subdivision (c)(1) of this section by delivering a written acceptance of the offer to the resulting bank within thirty (30) days after the date on which the stockholders' meeting authorizing the corporate action was concluded.

(c) (1) The value of shares held by dissenting stockholders entitled to receive in cash the value of the shares held by them, who do not accept the offer of the resulting bank within the thirty-day period set forth in subdivision (b)(4) of this section, shall be determined as of the date on which the stockholders' meeting authorizing the corporate action was concluded by three (3) appraisers. The appraisers are to be chosen as follows: (A) One (1) shall be selected by the dissenting stockholders by the vote of a majority of the aggregate number of dissenting shares held by the dissenting stockholders; (B) One (1) shall be selected by the board of directors of the resulting bank; and (C) The third shall be selected by the two (2) so chosen. (2) The valuation agreed upon by any two (2) of the three (3) appraisers thus chosen shall govern. However, if the value so fixed shall not be satisfactory to any dissenting stockholder who has requested payment as provided herein, the stockholder may, within five (5) days after being notified of the appraised value of his or her shares, appeal to the Bank Commissioner, who shall cause a reappraisal to be made, which shall be final and binding as to the value of the shares of the appellant. (3) If, within ninety (90) days after the date on which the stockholders' meeting authorizing the corporate action was concluded, for any reason, one (1) or more of the appraisers is not selected as provided in this section, or the appraisers fail to determine the value of dissenting shares, the commissioner shall, upon written request of any interested party made within five (5) days after the expiration of the ninety-day period, cause an appraisal to be made which shall be final and binding upon all parties.

(1) The value of shares held by dissenting stockholders entitled to receive in cash the value of the shares held by them, who do not accept the offer of the resulting bank within the thirty-day period set forth in subdivision (b)(4) of this section, shall be determined as of the date on which the stockholders' meeting authorizing the corporate action was concluded by three (3) appraisers. The appraisers are to be chosen as follows: (A) One (1) shall be selected by the dissenting stockholders by the vote of a majority of the aggregate number of dissenting shares held by the dissenting stockholders; (B) One (1) shall be selected by the board of directors of the resulting bank; and (C) The third shall be selected by the two (2) so chosen.

(A) One (1) shall be selected by the dissenting stockholders by the vote of a majority of the aggregate number of dissenting shares held by the dissenting stockholders;

(B) One (1) shall be selected by the board of directors of the resulting bank; and

(C) The third shall be selected by the two (2) so chosen.

(2) The valuation agreed upon by any two (2) of the three (3) appraisers thus chosen shall govern. However, if the value so fixed shall not be satisfactory to any dissenting stockholder who has requested payment as provided herein, the stockholder may, within five (5) days after being notified of the appraised value of his or her shares, appeal to the Bank Commissioner, who shall cause a reappraisal to be made, which shall be final and binding as to the value of the shares of the appellant.

(3) If, within ninety (90) days after the date on which the stockholders' meeting authorizing the corporate action was concluded, for any reason, one (1) or more of the appraisers is not selected as provided in this section, or the appraisers fail to determine the value of dissenting shares, the commissioner shall, upon written request of any interested party made within five (5) days after the expiration of the ninety-day period, cause an appraisal to be made which shall be final and binding upon all parties.

(d) (1) The expenses of the appraiser selected by the dissenting stockholders shall be paid by the dissenting stockholders. (2) The expenses of the appraiser selected by the board of directors of the resulting bank shall be paid by the resulting bank. (3) The expenses of the third appraiser shall be paid by and prorated among the dissenting stockholders and the resulting bank in such a manner as is determined by the commissioner to be fair and equitable under the circumstances.

(1) The expenses of the appraiser selected by the dissenting stockholders shall be paid by the dissenting stockholders.

(2) The expenses of the appraiser selected by the board of directors of the resulting bank shall be paid by the resulting bank.

(3) The expenses of the third appraiser shall be paid by and prorated among the dissenting stockholders and the resulting bank in such a manner as is determined by the commissioner to be fair and equitable under the circumstances.

(e) (1) If the commissioner is required to make the appraisal, his or her expenses in making the appraisal shall be paid by and prorated among the dissenting stockholders and the resulting bank in such a manner as is determined by the commissioner to be fair and equitable under the circumstances. (2) If the commissioner is required to make a reappraisal, his or her expenses in making the reappraisal shall be paid by the appellant.

(1) If the commissioner is required to make the appraisal, his or her expenses in making the appraisal shall be paid by and prorated among the dissenting stockholders and the resulting bank in such a manner as is determined by the commissioner to be fair and equitable under the circumstances.

(2) If the commissioner is required to make a reappraisal, his or her expenses in making the reappraisal shall be paid by the appellant.

(f) If, within ninety (90) days after the date on which the stockholders' meeting authorizing the corporate action was concluded, for any reason, one (1) or more of the appraisers are not selected as provided in this section or the appraisers fail to determine the value of dissenting shares, and if no written request to value the dissenting shares is filed with the commissioner within five (5) days after the expiration of the ninety-day period, then all dissenting stockholders who have failed to accept the offer of the resulting bank within the thirty-day period prescribed in subdivision (b)(4) of this section shall be bound by the terms of the purchase or assumption, or merger.

(g) The amount due a dissenting stockholder under an accepted offer of the resulting bank or under the appraisal shall constitute a debt of the resulting bank which must be paid, if and when the purchase or assumption, or merger, is consummated, simultaneously with the surrender by the dissenting stockholder of his or her shares.

(h) Within ten (10) days after the corporate action, the resulting bank shall give written notice of the consummation of the corporate action to each dissenting stockholder who is entitled to receive in cash the fair value of his or her shares.

(i) The plan of merger, or the plan of purchase or assumption, shall provide for payment of or the manner of disposing of any shares of the resulting bank not taken by dissenting stockholders.

Acts 1997, No. 89, § 1.