§ 23-61-701. Title
This subchapter shall be known as the “State Insurance Department Trust Fund Act”.
§ 23-61-702. State Insurance Department Trust Fund — Creation
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the State Insurance Department Trust Fund to be used to: (1) Defray the expenses of the State Insurance Department in the discharge of its administrative […]
§ 23-61-703. Insurers’ administrative and financial regulation fees
(a) Notwithstanding § 26-57-602 and other provisions of Arkansas law, all licensed insurers, including without limitation all licensed stock and mutual insurance companies, health maintenance organizations, fraternal benefit societies, hospital and medical service corporations, stipulated premium insurers, reinsurers, and farmers’ mutual aid associations annually in the manner prescribed by the Insurance Commissioner shall pay to […]
§ 23-61-704. Insurers’ payment extensions — Penalties for noncompliance — Commissioner’s waiver for impaired or insolvent insurers
(a) (1) The Insurance Commissioner may grant any licensed insurer an extension for reporting and payment of the annual administrative and financial regulation fee for good cause shown upon the written application of the licensed insurer received at the State Insurance Department on or before each annual due date. (2) Absent the commissioner’s approval of […]
§ 23-61-705. Insurers’ regulation fees — Deposit into the State Insurance Department Trust Fund as special revenues
The Insurance Commissioner shall deposit all administrative and financial regulation fees and any penalties assessed under this subchapter directly into the State Insurance Department Trust Fund as special revenues.
§ 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 […]
§ 23-61-707. Fees payable by agents on inactive license status
(a) Effective on and after July 1, 1999, the Insurance Commissioner shall collect in advance the following fees and miscellaneous charges: (1) Facsimile copies, per page $0.50 (2) Hard copy printout of one microfiche page 1.00 (3) Electronic copies, per page 0.25 (b) The commissioner shall deposit all such fees required by this section directly […]
§ 23-61-708. Fees for various other departmental services and products
(a) (1) Notwithstanding other provisions of this subchapter and notwithstanding other provisions of the Arkansas Insurance Code or other applicable Arkansas laws, the Insurance Commissioner shall by companion rule to this subchapter prescribe the amount and manner of payment of new, additional, or increased but nonrefundable fees due as special revenues to the State Insurance […]
§ 23-61-709. Insurance Commissioner’s authority, powers, and duties
(a) The Insurance Commissioner shall be duly authorized to promulgate rules necessary to effectuate the purposes of this subchapter. (b) Upon his or her determination and finding that State Insurance Department appropriations or funding is insufficient to operate the department efficiently or to allow the commissioner to perform all of his or her statutorily mandated […]
§ 23-61-710. Trust fund — State Insurance Department vouchers and Auditor of State
(a) All fees, license fees, and additional or increased license or registration fees, fines, penalties, and revenues provided for in this subchapter received as special revenues for the State Insurance Department Trust Fund and deposited therein shall be deemed for all purposes revenues of the State Insurance Department Trust Fund and of the State Insurance […]
§ 23-61-711. Fees additional to all others currently payable — Exception
The fees assessed or imposed by this subchapter upon insurers, as defined or referenced in § 23-61-703, and the fees assessed or imposed in § 17-19-301 and §§ 23-61-706 — 23-61-709 upon professional bail bond companies, insurers, insurance agents, brokers, and other licensees or registrants are imposed in addition to all other fees, assessments, premium […]