Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 61 - STATE INSURANCE DEPARTMENT (§§ 23-61-101 — 23-61-1111) › Subchapter 7 - STATE INSURANCE DEPARTMENT TRUST FUND ACT (§§ 23-61-701 — 23-61-711) › Section 23-61-706 - Administrative and regulatory fees - Other licensees

(a)
In addition to and notwithstanding all other current and future statutory fees, assessments, or penalties paid by licensees or registrants in connection with the issuance and renewal of their Arkansas licenses or registrations as required under the Arkansas Insurance Code or other Arkansas laws, new and additional or increased nonrefundable administrative and regulatory fees are hereby imposed against all licensed resident and nonresident agents, agencies, brokers, surplus line and purchasing group brokers, risk retention agents, third party administrators, and similar licensees or registrants for each and every individual, firm, or corporation licensed or registered by the State Insurance Department pursuant to the provisions of the Arkansas Insurance Code and, in particular, the provisions of §
23-64-101
et seq., §
23-64-201
et seq., the Surplus Lines Insurance Law, §
23-65-301
et seq., §
23-73-101
et seq., §
23-74-101
et seq., §
23-76-101
et seq., the Arkansas Legal Insurance Act, §
23-91-201
et seq. [repealed], §
23-92-201
et seq., and the Risk Retention and Purchasing Groups Act, §
23-94-201
et seq., excluding insurers, health maintenance organizations, hospital and medical service corporations, fraternal benefit societies, and farmers' mutual aid associations, risk retention and purchasing groups, stipulated premium insurers, and similar insurer-type entities.
(b)
The fees shall be payable to the State Insurance Department Trust Fund for the support and operation of the department, and in no event shall any one (1) fee required by subsection (a) of this section exceed a maximum of fifty dollars ($50.00) per license or registration. The fees due per license as required by this section commencing on and after July 1, 1994, and annually thereafter, shall be due in an amount and at such times or upon such schedule as the Insurance Commissioner shall prescribe in a companion rule to this chapter after notice and a public hearing, so long as the companion rule does not provide for any one (1) fee set pursuant to this section to exceed the maximum amount of fifty dollars ($50.00) per license.
(c)
Commencing immediately on and after March 24, 1993, all new applicants for original or initial licensure or registration pursuant to the provisions of any of the Arkansas Insurance Code subchapters recited in subsection (a) of this section shall pay the annual administrative and regulatory fee per license or registration to accompany the application for the license or registration upon filing with the department.
(d)
(1)
Upon the failure of the applicant or licensee or registrant timely to report or pay any of the additional administrative and regulatory fees assessed in this section, the fee payable to the fund shall be twice the amount required in this section.
(2)
Additionally, without an abuse of discretion, the commissioner in his or her discretion may deny licensure or renewal licensure or registration or renewal registration to a new applicant, licensee, or registrant, or may suspend or revoke current licensees or registrants required by this section to pay the administrative and regulatory fee.
(3)
The commissioner may also pursue other civil legal remedies for collection of the fees and penalties due and unpaid from applicants and licensees and registrants pursuant to this section.
(e)
Upon collection, the Insurance Commissioner shall deposit all such administrative and regulatory fees and penalties directly into the fund as special revenues.
(f)
For the licensees enumerated in this section whose licenses are subsequently suspended for violations of Arkansas laws or the commissioner's rules or orders, the administrative and regulatory fees are due and owing upon the normal due date prescribed in the commissioner's companion rule to this subchapter, including those licensees under a license suspension ordered by the commissioner for timely failure to pay this regulatory fee, and license reinstatement shall not proceed, automatically or otherwise, pursuant to the Arkansas Insurance Code unless and until the licensee pays all outstanding and owing regulatory fees imposed by this chapter.
Amended by Act 2019, No. 315,§ 2620, eff. 7/24/2019.
Acts 1993, No. 652, § 7.