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19-5-1106. State Insurance Department Prepaid Trust Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-1106. State Insurance Department Prepaid Trust Fund.
(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 Prepaid Trust Fund”.
(b)(1) The State Insurance Department Prepaid Trust Fund shall consist of investment income, grants, refunds, gifts, and all license fees paid into the State Insurance Department Prepaid Trust Fund pursuant to the Arkansas Prepaid Funeral Benefits Law, § 23-40-101 et seq.
(2) The State Insurance Department Prepaid Trust Fund shall be used for the operations and improvements of the Division of Prepaid Funeral Benefits of the State Insurance Department, as administered by the Insurance Commissioner and the Treasurer of State as set out in § 23-40-107.
(3) The State Insurance Department Prepaid Trust Fund shall also consist of the assets of the Prepaid Funeral Contracts Recovery Program Fund, there to be administered by the Insurance Commissioner and the Prepaid Funeral Contracts Recovery Program Board as set out in § 23-40-125.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-1106
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:19-5-1106
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4e4188c3143748dd2f441883c6395fbaafa88babae47c80b60dbabb100b948db
Source location: content.xml paragraph 8618
Stored source content
19-5-1106. State Insurance Department Prepaid Trust Fund.
(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 Prepaid Trust Fund”.
(b)(1) The State Insurance Department Prepaid Trust Fund shall consist of investment income, grants, refunds, gifts, and all license fees paid into the State Insurance Department Prepaid Trust Fund pursuant to the Arkansas Prepaid Funeral Benefits Law, § 23-40-101 et seq.
(2) The State Insurance Department Prepaid Trust Fund shall be used for the operations and improvements of the Division of Prepaid Funeral Benefits of the State Insurance Department, as administered by the Insurance Commissioner and the Treasurer of State as set out in § 23-40-107.
(3) The State Insurance Department Prepaid Trust Fund shall also consist of the assets of the Prepaid Funeral Contracts Recovery Program Fund, there to be administered by the Insurance Commissioner and the Prepaid Funeral Contracts Recovery Program Board as set out in § 23-40-125.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-40-101. Short title.
This chapter shall be known as the “Arkansas Prepaid Funeral Benefits Law”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-40-101
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 23-40-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-40-107. Division of Prepaid Funeral Benefits — State Insurance Department Prepaid Trust Fund.
(a) The Insurance Commissioner shall be responsible for the regulation of the sale of prepaid funeral benefits, and there is hereby established the Division of Prepaid Funeral Benefits within the State Insurance Department. This division shall be funded annually by the fees required to be paid by organizations subject to this chapter, which shall be placed in trust and disbursed pursuant to this chapter.
(b) There is hereby 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 Prepaid Trust Fund” to be used to pay the expenses of the State Insurance Department in the discharge of its regulation of prepaid funeral benefits contracts.
(c) No money shall be appropriated from this fund for any purpose other than to pay for personal services, operating expenses, maintenance and operations, and support of and improvements to the division, except as provided in § 23-40-119(f).
(d) The fund established pursuant to this section shall be administered, disbursed, and invested under the direction of the commissioner and the Treasurer of State.
(e) All income derived through the investment of the fund, including, but not limited to, interest and dividends, shall be credited as investment income to the fund.
(f) All income derived through grants, refunds, and gifts to the fund shall be credited as income to the fund.
(g) All moneys deposited to the fund shall not be subject to any deduction, tax, levy, or any other type of assessment, except as provided in this chapter.
(h) All fees required to be paid by licensees pursuant to this chapter shall be deposited
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-40-107
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 23-40-107. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-40-125. Prepaid Funeral Contracts Recovery Program Fund — Created — Prepaid Funeral Contracts Recovery Program Board — Established.
(a) There is established within the State Insurance Department Prepaid Trust Fund an account to be known as the “Prepaid Funeral Contracts Recovery Program Fund”, hereinafter “fund”.
(b) No money is to be appropriated from this fund for any purpose except for expenses and payment of claims of the Prepaid Funeral Contracts Recovery Program at the direction of the Insurance Commissioner and the Prepaid Funeral Contracts Recovery Program Board.
(c) The fund shall be invested under the direction of the commissioner and the Treasurer of State, with advice from the Chief Fiscal Officer of the State as needed from time to time.
(d)(1) All income derived through investment of the fund, including, but not limited to, fees, interest, and dividends shall be credited as investment income to the fund and deposited therein.
(2) All income derived from fund transfers, subrogation awards, grants, orders or judgments of restitution, refunds, voluntary reimbursements or restitution, and gifts shall be credited as investment income to the fund and deposited therein.
(e) Further, all moneys deposited into the fund shall not be subject to any deduction, tax, levy, or any other type of assessment except as may be provided in this subchapter.
(f)(1) The fund shall be administered by the commissioner, with advice from the Prepaid Funeral Contracts Recovery Program Board, hereinafter “board”.
(2) The purpose of the fund is to reimburse purchasers of preneed funeral contracts who have suffered financial loss as a result of the impairment, insolvency, business interruption, or improper inactivity of a prepaid funeral organization licensed in this s
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-40-125
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 23-40-125. This identifies an authority to review, not proof of applicability.