Arkansas Administrative Code › Agency 054 - Arkansas Insurance Department › Rule 054.00.07-001 - Rule 90 - Charitable Annuities Requirements and Reporting

Current through Register Vol. 49, No. 6, June, 2024
SECTION 1.
PURPOSE
The purpose of Rule 90 is to establish requirements and standards
			 for organizations and Arkansas cities, towns, municipalities, and counties to
			 obtain and maintain required permits and offer charitable annuities to Arkansas
			 residents, non-residents or other legal entities to benefit the bona fide
			 public charitable, educational or philanthropic agencies or programs. This rule
			 will also clarify procedures and standards for duly organized domestic or
			 foreign nonstock corporations or associations conducted without profit to
			 obtain and maintain required permits and offer charitable annuities to Arkansas
			 residents, non-residents or other legal entities to benefit the bona fide
			 charitable, religious, educational, and philanthropic activities' needs.
SECTION 2.
AUTHORITY
This Rule is issued under the authority vested in the
			 Commissioner by Ark. Code Ann. §
								23-61-108, the
			 Arkansas Administrative Procedure Act, codified at Ark. Code Ann. §§
								25-15-201, et
			 seq., and Ark. Code Ann. §
								23-64-304(a),
			 as amended by Act 1203 of 2003 and Act 1697 of 2005, and Ark. Code Ann. §
								23-63-201,
			 as amended by Act 496 of 2007. The information called for by this Rule and
			 Regulation is hereby declared to be necessary and appropriate in the public
			 interest and for the protection of the annuity contract holders in this
			 State.
SECTION 3.
DEFINITIONS
A. "Commissioner"
		  refers to the Arkansas Insurance Commissioner.
B. A "corporation" is any duly organized
		  domestic or foreign nonstock corporation or association conducted without
		  profit.
C. A "municipality" is any
		  city, town, municipality, or county, or two (2) or more such entities acting
		  pursuant to an Interlocal Cooperation Agreement authorized under Arkansas Code
		  §§
								25-20-101 et.
		  seq.
D. "Permit Applicant" is any
		  corporation or Arkansas municipality that is applying for a permit to sell or
		  distribute fixed-dollar life-only charitable annuity agreements.
E. "Municipal Permit Applicant" is any
		  Arkansas municipality that is applying for a permit to sell or distribute
		  fixed-dollar life-only charitable annuity agreements payable from non-tax
		  revenues of the municipality.
F.
		  "Corporate Permit Applicant" is any corporation conducted that is applying for
		  a permit to sell or distribute fixed-dollar life-only charitable annuity
		  agreements.
G. "Permit Holder" is
		  any corporation or Arkansas municipality that holds an Arkansas permit to sell
		  or distribute fixed-dollar life-only charitable annuity agreements.
H. "Municipal Permit Holder" is any Arkansas
		  municipality that holds an Arkansas permit to sell or distribute fixed-dollar
		  life-only charitable annuity agreements payable from non-tax revenues of the
		  municipality.
I. "Corporate Permit
		  Holder" is any corporation that holds an Arkansas permit to sell or distribute
		  fixed-dollar life-only charitable annuity agreements.
J. "Municipal Program" is a public
		  charitable, educational, or philanthropic agency or program operated by a
		  municipality that generates non-tax revenues.