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11-9-210. Purchase of annuity contracts — Funding of Death and Permanent Total Disability Trust Fund obligations.
Arkansas Code — all titles (historical 2020) · legal_authorities
11-9-210. Purchase of annuity contracts — Funding of Death and Permanent Total Disability Trust Fund obligations.
(a)(1) The Workers' Compensation Commission is hereby authorized to fund financial obligations of the Death and Permanent Total Disability Trust Fund through the purchase of structured annuity contracts. Provided, the commission shall purchase such annuity contracts only when the commission determines that it is financially advantageous to the trust fund involved.
(2) Structured annuity contracts shall be purchased only from insurance companies:
(A) Licensed to do business in Arkansas and authorized to write annuities as regulated by the State Insurance Department;
(B) Experienced in the business of writing and administering structured annuities;
(C) Determined to be financially sound and having an A.M. Best rating of A+ and category size VIII or greater, or equivalent independent industry rating; and
(D) Be rated AA+ or better by Standard and Poor's, Moody's, or an equivalent rating by an equivalent rating service.
(3) Structured annuity contracts purchased by the commission shall:
(A) Include a separate contract for each claimant or beneficiary covered;
(B) Require that the payments to the claimant or beneficiary be sent to the commission so that it can maintain administrative control over the payments, and the commission will distribute the payments in full to the claimants or beneficiaries; and
(C) Provide for return of principal to the appropriate fund in the event that the obligations of the Death and Permanent Total Disability Trust Fund to any claimant or beneficiary cease prior to the end of the period certain guarantee in the contract.
(b) The commission shall adopt such appropriate rules consistent with the provisions of this
Source: Arkansas Code — historical release 78 (November 6, 2020) · 11-9-210
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:11-9-210
Source file: gov.ar.code.title.11.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e3a56b1f715a5c02e60d1d0845e3e6c3ad66525fbfbd67981e6960c9f0344b7e
Source location: content.xml paragraph 5310
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11-9-210. Purchase of annuity contracts — Funding of Death and Permanent Total Disability Trust Fund obligations.
(a)(1) The Workers' Compensation Commission is hereby authorized to fund financial obligations of the Death and Permanent Total Disability Trust Fund through the purchase of structured annuity contracts. Provided, the commission shall purchase such annuity contracts only when the commission determines that it is financially advantageous to the trust fund involved.
(2) Structured annuity contracts shall be purchased only from insurance companies:
(A) Licensed to do business in Arkansas and authorized to write annuities as regulated by the State Insurance Department;
(B) Experienced in the business of writing and administering structured annuities;
(C) Determined to be financially sound and having an A.M. Best rating of A+ and category size VIII or greater, or equivalent independent industry rating; and
(D) Be rated AA+ or better by Standard and Poor's, Moody's, or an equivalent rating by an equivalent rating service.
(3) Structured annuity contracts purchased by the commission shall:
(A) Include a separate contract for each claimant or beneficiary covered;
(B) Require that the payments to the claimant or beneficiary be sent to the commission so that it can maintain administrative control over the payments, and the commission will distribute the payments in full to the claimants or beneficiaries; and
(C) Provide for return of principal to the appropriate fund in the event that the obligations of the Death and Permanent Total Disability Trust Fund to any claimant or beneficiary cease prior to the end of the period certain guarantee in the contract.
(b) The commission shall adopt such appropriate rules consistent with the provisions of this section, § 23-96-104(16) and (25), and § 23-96-114(f) and (g) as it deems necessary to enable it to efficiently and effectively administer the provisions of this section, § 23-96-104(16) and (25), and § 23-96-114(f) and (g) and any structured annuity arrangement it may enter into pursuant to the authority granted herein.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-96-104. Definitions.
As used in this chapter:
(1) “Account” means any of the two (2) accounts created under § 23-96-109;
(2) “Association” means the Arkansas Life and Health Insurance Guaranty Association created under § 23-96-109;
(3) “Authorized assessment” or the term “authorized” when used in the context of assessments means a resolution by the Board of Directors of the Arkansas Life and Health Insurance Guaranty Association has been passed whereby an assessment will be called immediately or in the future from member insurers for a specified amount. An assessment is authorized when the resolution is passed;
(4) “Benefit plan” means a specific employee, union, or association of natural persons benefit plan;
(5)(A) “Called assessment” or the term “called” when used in the context of assessments means that a notice has been issued by the Arkansas Life and Health Insurance Guaranty Association to member insurers requiring that an authorized assessment be paid within the time frame set forth within the notice.
(B) An authorized assessment becomes a called assessment when notice is mailed by the Arkansas Life and Health Insurance Guaranty Association to member insurers;
(6) “Commissioner” means the Insurance Commissioner of this state;
(7) “Contractual obligations” means any obligation under a policy or contract or certificate under a group policy or contract, or portion thereof for which coverage is provided under § 23-96-107;
(8) “Covered policy” or “covered contract” means any policy or contract or portion of a policy or contract for which coverage is provided under § 23-96-107;
(9) “Extra-contractual claims” includes, for example, claims relating to bad faith in the payment of claims, punitive or exemplary damages, or attorney's fees and costs;
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-96-104
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-96-104. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-96-114. Liability for benefits — Assignment or subrogation of rights — Definition.
(a) The benefits that the Arkansas Life and Health Insurance Guaranty Association may become obligated to cover shall in no event exceed the lesser of:
(1) The contractual obligations for which the member insurer is liable or would have been liable if it were not an impaired insurer or insolvent insurer; or
(2) With respect to:
(A) Any one (1) life, regardless of the number of policies or contracts:
(i) Three hundred thousand dollars ($300,000) in life insurance death benefits or net cash surrender and net cash withdrawal values for life insurance;
(ii) Five hundred thousand dollars ($500,000) in health benefit plan benefits and five hundred thousand dollars ($500,000) in health benefits for coverages not defined as health benefit plans, including any net cash surrender and net cash withdrawal values, provided coverage for disability income insurance benefits and long-term care insurance benefits shall not exceed three hundred thousand dollars ($300,000); or
(iii) Three hundred thousand dollars ($300,000) in the present value of annuity benefits, including net cash surrender and net cash withdrawal values;
(B) Each individual participating in a governmental retirement benefit plan established under section 401(k), section 403(b), or section 457 of the Internal Revenue Code covered by an unallocated annuity contract or the beneficiaries of each such individual if deceased, in the aggregate three hundred thousand dollars ($300,000) in present value annuity benefits, including net cash surrender and net cash withdrawal values; or
(C) Each payee of a structured settlement annuity or beneficiary or beneficiaries of the payee if deceased, three hundred thousand dollars ($30
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-96-114
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-96-114. This identifies an authority to review, not proof of applicability.