reglab/statecodes huggingface dataset:
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-105 - Construction

This chapter shall be liberally construed to effect the purpose under §
23-90-102
which shall constitute an aid and guide to interpretation.
Acts 1977, No. 871, § 4; A.S.A. 1947, § 66-5504.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-106 - Arkansas Property and Casualty Advisory Association - Creation - Members

(a)
(1)
There is created by this chapter an advisory association to be known as the "Arkansas Property and Casualty Advisory Association", herein called the "advisory association" to be composed of eight (8) insurers.
(2)
The Insurance Commissioner shall appoint the insurers who will serve as the initial advisory association. Subsequent members of the advisory association shall serve for terms of office of four (4) years and shall be appointed by the commissioner for terms of four (4) years.
(b)
The members of the advisory association shall be chosen to afford fair representation to all insurers subject to this chapter giving due consideration to the various categories of premium income, geographical location, and segments of the industry represented in Arkansas.
(c)
Vacancies on the advisory association shall be filled for the remaining period of the term in the same manner as other appointments.
(d)
Members shall serve until their successors are appointed.
(e)
Members shall serve without pay but may receive expense reimbursement in accordance with §
25-16-901
et seq.
Acts 1977, No. 871, § 14; 1983, No. 522, § 39; A.S.A. 1947, § 66-5514; Acts 1987, No. 738, § 6; 1997, No. 250, § 225.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-107 - Arkansas Property and Casualty Advisory Association - Procedures

(a)
The State Insurance Department shall promulgate reasonable organizational rules for the Arkansas Property and Casualty Advisory Association which shall set forth, among other things, quorum and attendance requirements for meetings, procedural rules to be followed at advisory association meetings, and rules concerning the replacement of members.
(b)
(1)
The advisory association shall conduct its meetings in Little Rock, Arkansas, in the office of the Insurance Commissioner.
(2)
Meetings shall be held upon call by the commissioner or upon written request of a majority of the members.
(3)
Meetings shall not be open to the public. Only members of the advisory association, the commissioner, and persons authorized by the commissioner shall attend the meetings.
Acts 1977, No. 871, § 14; 1983, No. 522, § 39; A.S.A. 1947, § 66-5514.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-108 - Arkansas Property and Casualty Advisory Association - Powers and duties

(a)
(1)
The Arkansas Property and Casualty Advisory Association shall advise and counsel with the Insurance Commissioner upon matters relating to the solvency of insurers.
(2)
The commissioner may call a meeting of the association when a court of competent jurisdiction determines that an insurer is insolvent and may call a meeting of the association when he or she determines that a danger of insolvency of an insurer exists.
(3)
Upon majority vote, the association shall notify the commissioner of any information indicating that an insurer may be unable or potentially unable to fulfill its contractual obligations and request a meeting with the commissioner.
(4)
At the meetings, the commissioner may divulge to the association any information in his or her possession and any records of the State Insurance Department, including examination reports or preliminary reports from examiners relating to the insurer.
(5)
The commissioner may summon officers, directors, and employees of an insolvent insurer, or an insurer the commissioner considers to be in danger of insolvency, to appear before the association for conference or for the taking of testimony.
(6)
Members of the association shall not reveal information received in the meetings to anyone unless authorized by the commissioner or when required as witness in court.
(b)
Upon request by the commissioner, the association shall attend hearings before the commissioner and meet with and advise the commissioner and his or her representatives on matters relating to the affairs of an insolvent insurer and relating to action that may be taken by the commissioner and his or her representatives to best protect the interests of persons holding covered claims against an insolvent insurer and relating to the amount and timing of partial assessments, the marshalling of assets, and the processing and handling of covered claims.
Acts 1977, No. 871, § 14; 1983, No. 522, § 39; A.S.A. 1947, § 66-5514; Acts 1987, No. 738, § 6.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-109 - Arkansas Property and Casualty Advisory Association - Reports and recommendations

Reports or recommendations made by the Arkansas Property and Casualty Advisory Association to the Insurance Commissioner and his or her representatives shall not be considered public documents and there shall be no liability on the part of and no cause of action against a member of the association or the association itself for any report, individual report, recommendation, or individual recommendation by the association or members to the commissioner or his or her representatives.
Acts 1977, No. 871, § 14; 1983, No. 522, § 39; A.S.A. 1947, § 66-5514.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-110 - Arkansas Property and Casualty Advisory Association - Right of officers, directors, and employees to contract - Interested parties

(a)
Any insurer that has an officer, director, or employee serving as a member of the Arkansas Property and Casualty Advisory Association shall not lose the right to negotiate for and enter into contracts of reinsurance or assumption of liability or contracts of substitution to provide for liabilities for covered claims with the receiver of an insolvent insurer. The entering into any contract shall not be deemed a conflict of interest.
(b)
The association or any insurer assessed under this chapter shall be an interested party under §
23-68-118
.
Acts 1977, No. 871, § 14; 1983, No. 522, § 39; A.S.A. 1947, § 66-5514.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-111 - Covered claims - Notification to insureds of insurer's insolvency

(a)
This chapter shall apply to covered claims existing prior to the determination that an insurer is an insolvent insurer and to covered claims arising within thirty (30) days after the determination of insolvency or before the policy expiration date if less than thirty (30) days after the determination of insolvency or before the insured replaces the policy or effects its cancellation, if he or she does so within thirty (30) days of the determination of insolvency.
(b)
Upon the determination by a court of competent jurisdiction that an insurer is an insolvent insurer, the Insurance Commissioner shall notify the insureds of the insolvent insurer of the determination and of their rights under this chapter. The notification shall be by mail at each insured's last known address, when available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation printed in this state shall be sufficient.
(c)
Notwithstanding any other provisions of this chapter, a covered claim shall not include any claim filed with the guaranty fund after the final date set by the court for the filing of claims against the liquidator or receiver of an insolvent insurer.
Acts 1977, No. 871, § 6; A.S.A. 1947, § 66-5506; Acts 1987, No. 738, § 3.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-112 - Estimation of amount needed to pay claims - Assessment of insurers

(a)
(1)
Whenever a court of competent jurisdiction determines that an insurer has become an insolvent insurer, the receiver appointed in accordance with §§
23-68-101
-
23-68-113
and
23-68-115
-
23-68-132
shall promptly estimate the amount of additional funds needed to supplement the assets of the insolvent insurer and any available amounts in the fund described in §
23-90-114
which are immediately available to the receiver for the purpose of making payment of all covered claims.
(2)
Thereafter, the Insurance Commissioner shall be empowered to make such assessments as may be necessary to produce the additional funds needed to make payment of all covered claims.
(3)
The commissioner may make partial assessments as the actual need for additional funds arises for each insolvent insurer.
(b)
(1)
The commissioner shall assess individual insurers in proportion to the ratio that the total net direct written premium collected in the State of Arkansas by the insurer during the preceding calendar year bears to the total net direct written premium collected by all insurers, except insolvent insurers, in the State of Arkansas for the preceding calendar year.
(2)
Assessments during a calendar year may be made up to, but not in excess of, two percent (2%) of each insurer's net direct written premium for the preceding calendar year.
(3)
If the maximum assessment in any calendar year does not provide an amount sufficient for payment of covered claims of insolvent insurers, assessments may be made in the next and successive calendar years.
(c)
Insurers determined to be insolvent insurers by a court of competent jurisdiction shall be exempt from assessment from and after the date of that determination and until the commissioner determines that the insurer is no longer an insolvent insurer.
(d)
(1)
It shall be the duty of each insurer to pay the amount of its assessment to the receiver within thirty (30) days after the commissioner gives notice of the assessment, and assessments may be collected by the receiver through suits brought for that purpose.
(2)
Venue for suits shall lie in Pulaski County.
(3)
The receiver shall not be required to give an appeal bond in any cause arising hereunder.
(e)
Funds derived from assessments under the provisions of this chapter shall not become assets of the insolvent insurer but shall be deemed a special fund loaned to the receiver for payment of covered claims. This loan shall be repayable to the extent available from the funds of the insolvent insurer, as provided in this chapter.
Acts 1977, No. 871, § 7; A.S.A. 1947, § 66-5507.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-113 - Failure to pay assessment

(a)
After notice and hearing, the Insurance Commissioner may suspend or revoke the certificate of authority to transact business in this state of any insurer who fails to pay an assessment when due.
(b)
As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due. The fine shall not exceed one hundred dollars ($100) per day.
(c)
Any insurer whose certificate of authority to do business in this state is cancelled or surrendered shall be liable for any unpaid assessments made prior to the date of the cancellation or surrender.
Acts 1977, No. 871, § 8; A.S.A. 1947, § 66-5508; Acts 1987, No. 738, § 4.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-114 - Accounting for and repayment of assessments

(a)
(1)
Upon receipt from an insurer of payment of an assessment or partial assessment, the receiver shall provide the insurer with a participation receipt which shall create a liability against the assessment fund maintained by the Insurance Commissioner.
(2)
The assessment fund from which an advance is made to an insolvent insurer for the payment of covered claims shall be regarded as a general creditor of the insolvent insurer for the amount of funds so advanced, provided that, with reference to the remaining balance of any advances received by the receiver and not expended in payment of covered claims, the claim of the assessment fund shall have preference over other general creditors.
(3)
The receiver of any insolvent insurer shall adopt accounting procedures reflecting the expenditure and use of all funds received from the assessment fund and shall make a final report of the expenditure and use of these funds to the commissioner. This final report shall set forth the remaining balance, if any, from the moneys advanced from the assessment fund.
(4)
The receiver shall also make any interim reports concerning the accounting and that may be required by the commissioner.
(5)
Upon completion of the final report and as soon after completion as is practicable, the receiver shall refund the remaining balance of the advances to the assessment fund.
(b)
Should the commissioner at any time determine that there exist moneys in the assessment fund in excess of those reasonably necessary for efficient future operation under the terms of this chapter, the commissioner shall cause the excess moneys to be returned pro rata to the holders of any participation receipts on which there is a balance outstanding after deducting any credits taken against premium taxes as authorized in §
23-90-119
. If after a distribution the commissioner finds that an excess amount still exists in the fund or if there are no participation receipts on which there is an outstanding balance, the commissioner shall cause the excess amount to be deposited with the Treasurer of State for credit to the General Revenue Fund Account of the State Apportionment Fund of this state.
Acts 1977, No. 871, § 9; A.S.A. 1947, § 66-5509.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-115 - Payment of covered claims

(a)
(1)
When an insurer has been determined by a court of competent jurisdiction to be an insolvent insurer, the receiver shall marshal all assets of the insolvent insurer, including, but not limited to, those which are designated as, or that constitute, reserve assets offsetting reserve liabilities for all liabilities falling within the term "covered claim" as defined in §
23-90-103
.
(2)
The receiver shall apply all of the assets to the payment of covered claims but may utilize funds received from assessments in the payment of claims, pending orderly liquidation or disposition of the assets.
(3)
When all covered claims have been paid or satisfied by the receiver, any balance remaining from the liquidation or disposition of the assets shall first be applied in repayment of funds expended from assessments.
(4)
These repayments shall be credited as remaining balances and be refunded as provided in §
23-90-114
.
(b)
In addition to authorization to make actual payment of covered claims, the receiver is specifically authorized to utilize the marshalled assets and funds derived from assessments for the purpose of negotiating and consummating contracts of reinsurance or assumption of liabilities or contracts of substitution to provide for outstanding liabilities of covered claims.
(c)
This chapter shall not be construed to impose restrictions or limitations upon the authority granted or authorized the Insurance Commissioner or the receiver elsewhere in the Arkansas Insurance Code and other statutes of this state but shall be construed and authorized for use in conjunction with other portions of the Arkansas Insurance Code dealing with delinquency proceedings.
(d)
In any lawsuit brought by a receiver of an insolvent insurer for the purpose of recovering assets of the insolvent insurer, the fact that claims against the insolvent insurer have been or will be paid under the provisions of this chapter shall not be admissible for any purposes and shall not be placed before any jury either by evidence or argument.
Acts 1977, No. 871, § 10; A.S.A. 1947, § 66-5510.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-117 - Right of recovery

(a)
(1)
Any person having a claim against an insurer under any provision in an insurance policy other than a policy of an insolvent insurer, which is also a covered claim, shall be required to exhaust first his or her right under the policy.
(2)
Any amount payable on a covered claim under this chapter shall be reduced by the amount of any recovery under the insurance policy.
(b)
(1)
Any person having a claim or legal right of recovery under any governmental insurance or guaranty program which is also a covered claim shall be required to exhaust first his or her right under the program. Any amount payable on a covered claim under this chapter shall be reduced by the amount of any recovery under the program.
(2)
Any person having a claim which may be recovered under more than one (1) insurance guaranty association or its equivalent shall seek recovery first from the association of the place of residence of the insured, except that if it is a first-party claim for damage to property with a permanent location, he or she shall seek recovery first from the association of the location of the property. If it is a workers' compensation claim, he or she shall seek recovery first from the association of the residence of the claimant.
(3)
Any recovery under this chapter shall be reduced by the amount of recovery from any other insurance guaranty association or its equivalent.
Acts 1977, No. 871, § 12; A.S.A. 1947, § 66-5512; Acts 1987, No. 738, § 5.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-118 - Issuance of new or renewal policies

(a)
An insolvent insurer placed in receivership for which assessments have been made under the provisions of this chapter shall not be authorized, upon release from receivership, to issue new or renewal insurance policies until such time as the insolvent insurer has repaid in full the entire amount advanced to it from the assessment fund set out in §
23-90-114
. However, upon application of the Arkansas Property and Casualty Advisory Association and after a hearing, the Insurance Commissioner may permit the issuance of new policies in accordance with a plan of operations by the released insurer for repayment of the advances.
(b)
In approving the plan, the commissioner may place such restrictions upon the issuance of new or renewal policies as the commissioner deems necessary to the implementation of the plan.
(c)
The commissioner shall give ten (10) days' notice of the hearing to the insurers to whom the participation receipts were issued for an assessment made for the benefit of the released insurer. The holders of the receipts shall be entitled to appear at and participate in the hearing.
Acts 1977, No. 871, § 13; A.S.A. 1947, § 66-5513.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-119 - Assessment as credit against taxes

(a)
Any assessment paid by an insurer under this chapter shall be allowed to an insurer as a credit against its premium tax payable under §§
26-57-601
-
26-57-605
and
26-57-607
.
(b)
The tax credit referred to in this section shall be allowed at a rate of twenty percent (20%) per year for five (5) successive years following the date of assessment.
(c)
The balance of any assessment paid by the insurer and not claimed as a tax credit may be reflected in the books and records of the insurer as an admitted asset of the insurer for all purposes, including exhibition in the annual statements.
(d)
However, any insurer which neglects to take the twenty percent (20%) credit during the year allowable will not be allowed to carry over the credit for the following year or years.
Acts 1977, No. 871, § 15; 1983, No. 522, § 40; 1985, No. 804, § 26; A.S.A. 1947, § 66-5515; Acts 1987, No. 738, § 7; 1999, No. 881, § 16.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-120 - Liability of insurer, commissioner, etc

There shall be no liability on the part of and no cause of action of any nature shall arise against any insurer subject to this chapter or its agents or employees, the Arkansas Property and Casualty Advisory Association, or the Insurance Commissioner or his or her representatives for any action by them in the performance of their powers and duties under this chapter.
Acts 1977, No. 871, § 16; A.S.A. 1947, § 66-5516.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-121 - Certain advertisements, announcements, and statements prohibited - Exception

(a)
No person, including an insurer, agent, or affiliate of an insurer shall make, publish, disseminate, circulate, or place before the public, or cause, directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in any newspaper, magazine, or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over any radio station or television station, or in other ways, any advertisement, announcement, or statement which uses the existence of the Arkansas Property and Casualty Advisory Association of this state for the purpose of sales, solicitation, or inducement to purchase any form of insurance covered by this chapter.
(b)
However, this section shall not apply to the association or to any other entity which does not sell or solicit insurance.
Acts 1977, No. 871, § 18; A.S.A. 1947, § 66-5518.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-122 - Rules

The State Insurance Department is authorized and directed to issue such reasonable rules as may be necessary to carry out the various purposes and provisions of this chapter, and in augmentation thereof.
Amended by Act 2019, No. 315,§ 2768, eff. 7/24/2019.
Acts 1977, No. 871, § 17; A.S.A. 1947, § 66-5517.
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 90 - ARKANSAS PROPERTY AND CASUALTY INSURANCE GUARANTY ACT (§§ 23-90-101 — 23-90-123) › Section 23-90-123 - Appeal of orders

Any order of the Insurance Commissioner under this chapter may be appealed as provided by §
23-61-307
.
Acts 1977, No. 871, § 19; A.S.A. 1947, § 66-5519; Acts 1987, No. 738, § 8.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-201 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 26; A.S.A. 1947, § 66-5426.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-202 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 1; A.S.A. 1947, § 66-5401.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-203 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 2; A.S.A. 1947, § 66-5402.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-204 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Amended by Act 2019, No. 315,§ 2769, eff. 7/24/2019.
Acts 1977, No. 368, §§ 22, 23; A.S.A. 1947, §§ 66-5422, 66-5423.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-205 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 21; A.S.A. 1947, § 66-5421.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-206 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 3; A.S.A. 1947, § 66-5403; Acts 1987, No. 619, § 1.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-207 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 24; A.S.A. 1947, § 66-5424.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-208 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 3; 1979, No. 942, § 19; A.S.A. 1947, § 66-5403; Acts 2001, No. 1604, § 116.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-209 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Amended by Act 2019, No. 315,§ 2770, eff. 7/24/2019.
Acts 1977, No. 368, § 4; A.S.A. 1947, § 66-5404; Acts 1987, No. 456, § 26; 2001, No. 1604, § 117.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-210 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 5; A.S.A. 1947, § 66-5405.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-211 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 5; A.S.A. 1947, § 66-5405.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-212 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 5; A.S.A. 1947, § 66-5405.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-213 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 6; A.S.A. 1947, § 66-5406.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-214 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 7; A.S.A. 1947, § 66-5407.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-215 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 8; A.S.A. 1947, § 66-5408; Acts 1987, No. 456, § 27.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-216 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 9; A.S.A. 1947, § 66-5409; Acts 2001, No. 1566, § 20.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-217 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 10; A.S.A. 1947, § 66-5410.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-218 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 11; A.S.A. 1947, § 66-5411.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-219 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 12; A.S.A. 1947, § 66-5412; Acts 1987, No. 619, § 2; 2001, No. 580, § 23.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-220 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 13; A.S.A. 1947, § 66-5413.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-221 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 14; A.S.A. 1947, § 66-5414; Acts 2005, No. 1962, § 110.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-222 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 15; A.S.A. 1947, § 66-5415.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-223 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 16; A.S.A. 1947, § 66-5416.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-224 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Amended by Act 2019, No. 315,§ 2771, eff. 7/24/2019.
Acts 1977, No. 368, § 17; A.S.A. 1947, § 66-5417.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-225 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 18; A.S.A. 1947, § 66-5418.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-226 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 19; A.S.A. 1947, § 66-5419; Acts 1987, No. 456, § 28; 1987, No. 1033, § 4.
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 91 - PREPAID LEGAL INSURANCE (§§ 23-91-201 — 23-91-301) › Subchapter 2 - ARKANSAS LEGAL INSURANCE ACT (§§ 23-91-201 — 23-91-227) › Section 23-91-227 - [Repealed]

Repealed by Act 2023, No. 32,§ 1, eff. 8/1/2023.
Acts 1977, No. 368, § 20; A.S.A. 1947, § 66-5420.
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 92 - MULTIPLE EMPLOYER TRUSTS AND SELF-INSURED PLANS (§§ 23-92-101 — 23-92-704) › Subchapter 2 - THIRD PARTY ADMINISTRATORS (§§ 23-92-201 — 23-92-208) › Section 23-92-201 - Definition

As used in this subchapter, "third-party administrator":
(1)
Means a person, firm, or partnership that collects or charges premiums from or adjusts or settles claims on residents of this state in connection with life or accident and health coverage provided by a self-insured plan or a multiple-employer trust or multiple-employer-welfare arrangement;
(2)
Includes an administrative-services-only contract offered by insurers and health maintenance organizations; and
(3)
Does not include:
(A)
An employer, for its employees or for the employees of a subsidiary or affiliated corporation of the employer;
(B)
A union, for its members;
(C)
An insurer or health maintenance organization licensed to do business in this state;
(D)
A creditor, for its debtors, regarding insurance covering a debt between the creditor and its debtors;
(E)
A credit-card-issuing company that advances for, or collects premiums or charges from, its credit card holders, as long as that company does not adjust or settle claims;
(F)
An individual who adjusts or settles claims in the normal course of his or her practice or employment and who does not collect charges or premiums in connection with life or accident and health coverage; or
(G)
An agency licensed by the Insurance Commissioner and performing duties pursuant to an agency contract with an insurer authorized to do business in this state.
Amended by Act 2018EX2, No. 3,§ 4, eff. 9/1/2018.
Amended by Act 2018EX2, No. 1,§ 4, eff. 9/1/2018.
Amended by Act 2017, No. 334,§ 7, eff. 8/1/2017.
Amended by Act 2015, No. 689,§ 1, eff. 7/22/2015.
Acts 1985, No. 796, § 1; A.S.A. 1947, § 66-6003; Acts 2001, No. 1603, § 45; 2005, No. 1697, § 23.
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 92 - MULTIPLE EMPLOYER TRUSTS AND SELF-INSURED PLANS (§§ 23-92-101 — 23-92-704) › Subchapter 2 - THIRD PARTY ADMINISTRATORS (§§ 23-92-201 — 23-92-208) › Section 23-92-202 - Written agreement required

A third-party administrator may act in that capacity only if he or she has a written agreement with a self-insured plan or trust. The agreement shall be maintained by the third-party administrator and subject to review by the Insurance Commissioner.
Acts 1985, No. 796, § 2; A.S.A. 1947, § 66-6004.
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 92 - MULTIPLE EMPLOYER TRUSTS AND SELF-INSURED PLANS (§§ 23-92-101 — 23-92-704) › Subchapter 2 - THIRD PARTY ADMINISTRATORS (§§ 23-92-201 — 23-92-208) › Section 23-92-203 - Certificate of registration

(a)
No person shall act or hold himself or herself out as an administrator unless he or she obtains a certificate of registration from the Insurance Commissioner.
(b)
The certificate may be obtained by submitting an application on a form prescribed by the commissioner, paying a twenty-five dollar ($25.00) filing fee, and placing with the commissioner a surety bond as described in §
23-92-204
.
(c)
Each application shall have attached to it a list of all self-insured plans and trusts that have entered into service contracts with the applicant for administrative services. Every administrator shall update the list whenever changes occur.
(d)
The certificate shall be issued by the commissioner unless, after a hearing, the commissioner determines that the applicant is:
(1)
Not competent;
(2)
Not trustworthy;
(3)
Not financially responsible; or
(4)
A convicted felon.
(e)
Each certificate of registration shall be valid for the year issued and shall be renewed each year thereafter by submitting a twenty-five dollar ($25.00) annual fee.
(f)
After conducting a hearing and finding that an administrator has violated any of the requirements of this subchapter or fails to meet the requirements for the issuance of a certificate, the commissioner may revoke or suspend the certificate of registration.
(g)
The provisions in this chapter establishing standards applicable to a third-party administrator under subsection (d) of this section or fiduciary standards under §
23-92-206
do not authorize the commissioner to regulate the actions of a third-party administrator if the actions are authorized or required under its administration of a self-insured plan or trust, or apply or enforce other insurance code provisions, rules, or other state laws, through such standards, for purposes of revocation or suspension of a third-party administrator's certificate.
Amended by Act 2015, No. 689,§ 2, eff. 7/22/2015.
Acts 1985, No. 796, §§ 7, 9; A.S.A. 1947, §§ 66-6009, 66-6011.
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 92 - MULTIPLE EMPLOYER TRUSTS AND SELF-INSURED PLANS (§§ 23-92-101 — 23-92-704) › Subchapter 2 - THIRD PARTY ADMINISTRATORS (§§ 23-92-201 — 23-92-208) › Section 23-92-204 - Bond required - Exceptions

(a)
Every applicant for a certificate of registration shall file with the application, and shall thereafter maintain in force while operating under the registration, a bond in favor of the people of the State of Arkansas executed by an authorized insurer. The bond shall have a total aggregate liability of twenty-five thousand dollars ($25,000). The bond shall be conditioned upon the full accounting and due payment to the person entitled thereto of any funds coming into the possession of the administrator.
(b)
The bond shall remain in force until released by the Insurance Commissioner, or until cancelled by the surety. Without prejudice to any liability previously incurred thereunder, the surety may cancel the bond on thirty (30) days' advance written notice to both the administrator and the commissioner.
(c)
Any applicant for a certificate of registration or for a renewal of a certificate shall not be required to post a bond pursuant to subsection (a) of this section if the applicant operates only pursuant to an administrative services agreement and does not collect, receive, or remit funds on the behalf of insureds.
Acts 1985, No. 796, § 8; A.S.A. 1947, § 66-6010; Acts 1987, No. 833, § 1.
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 92 - MULTIPLE EMPLOYER TRUSTS AND SELF-INSURED PLANS (§§ 23-92-101 — 23-92-704) › Subchapter 2 - THIRD PARTY ADMINISTRATORS (§§ 23-92-201 — 23-92-208) › Section 23-92-205 - Payments to administrator - Presumptions

(a)
When a self-insured plan or a trust utilizes the services of an administrator, the payment of premiums or charges to the administrator by the covered individual are presumed to have been received by the self-insured plan or trust.
(b)
The payment of claims or the return of premiums to the administrator are not presumed to have been paid to the covered individual or claimant until the payment is received by the covered individual or claimant.
Acts 1985, No. 796, § 3; A.S.A. 1947, § 66-6005.
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 92 - MULTIPLE EMPLOYER TRUSTS AND SELF-INSURED PLANS (§§ 23-92-101 — 23-92-704) › Subchapter 2 - THIRD PARTY ADMINISTRATORS (§§ 23-92-201 — 23-92-208) › Section 23-92-206 - Collection of premiums, etc. - Deposits and withdrawals

(a)
An administrator is a fiduciary in collecting or returning premiums or charges for the party with whom it has a written agreement for administrative services.
(b)
Funds collected by the administrator shall be immediately remitted to the person entitled to the funds or deposited in a separately identifiable bank account which shall be established and maintained by the administrator.
(c)
The administrator shall maintain records clearly showing the deposits and withdrawals from the separately identifiable bank account for each party with whom it has a written agreement for administrative services. The administrator shall furnish to the party, upon his or her request, copies of the required records.
(d)
Subject to the written agreement required by §
23-92-202
, withdrawals from the bank account shall be made only for the following:
(1)
Remittance to a plan or trust entitled to the funds;
(2)
Deposit in an account maintained in the name of the party with whom the administrator has a written agreement;
(3)
Transfer to and deposit in a claims-paying account;
(4)
Payment to the administrator for its commission, fees, or charges;
(5)
Remittance of return premiums to the person entitled to the funds; or
(6)
Payment of funds for premiums of reinsurance or pursuant to the provisions of any other contract entered into by the trust or plan.
(e)
This section does not apply to a third-party administrator as defined in §
23-92-201
.
Amended by Act 2015, No. 689,§ 3, eff. 7/22/2015.
Acts 1985, No. 796, § 5; A.S.A. 1947, § 66-6007.
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 92 - MULTIPLE EMPLOYER TRUSTS AND SELF-INSURED PLANS (§§ 23-92-101 — 23-92-704) › Subchapter 2 - THIRD PARTY ADMINISTRATORS (§§ 23-92-201 — 23-92-208) › Section 23-92-207 - Books and records

(a)
Every administrator shall maintain at its principal administrative office for the duration of the written agreement referred to in §
23-92-202
and five (5) years thereafter adequate books and records of all transactions between it, self-insured plans, trusts, and covered individuals. These books and records shall be maintained in accordance with prudent standards of insurance recordkeeping.
(b)
The Insurance Commissioner shall have access to the books and records for the purpose of examination, audit, and inspection.
(c)
Any trade secrets contained therein, including, but not limited to, the identity and addresses of plans and trusts, shall be confidential, except that the commissioner may use the information in any proceedings instituted against the administrator.
Acts 1985, No. 796, § 4; A.S.A. 1947, § 66-6006.