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19-5-1128. Arkansas Multi-Agency Insurance Trust Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-1128. Arkansas Multi-Agency Insurance 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 trust fund to be known as the “Arkansas Multi-Agency Insurance Trust Fund”.
(b) The fund shall consist of all moneys received by the Administrator of the Risk Management Division of the State Insurance Department, including, but not limited to, the premiums collected and any insured loss or loss expenses paid by insurance or reinsurance companies and interest income as set out in § 25-35-103.
(c) The fund shall be used for the purposes set out in § 25-35-103.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-1128
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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Record provenance
Stable record: arkansas_code:legal_authorities:19-5-1128
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d459497319e2852ed46793493379d35182bc41b0544c461f06f4e2d185b08afd
Source location: content.xml paragraph 8866
Stored source content
19-5-1128. Arkansas Multi-Agency Insurance 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 trust fund to be known as the “Arkansas Multi-Agency Insurance Trust Fund”.
(b) The fund shall consist of all moneys received by the Administrator of the Risk Management Division of the State Insurance Department, including, but not limited to, the premiums collected and any insured loss or loss expenses paid by insurance or reinsurance companies and interest income as set out in § 25-35-103.
(c) The fund shall be used for the purposes set out in § 25-35-103.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
25-35-103. Arkansas Multi-Agency Insurance 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 separate fund to be known as the “Arkansas Multi-Agency Insurance Trust Fund”.
(b) No money shall be appropriated from the trust fund for any purpose except to pay:
(1) Insurance and reinsurance premiums;
(2) Loss adjustment expenses;
(3) Related educational and training expenses;
(4) Insured claims falling below the annual aggregate deductible level;
(5) Expenses including actuarial, consultant, and service contract fees; and
(6) Cybersecurity risk insurance premiums and expenses.
(c)(1) The assets of the trust fund may be invested and reinvested as the Insurance Commissioner may determine.
(2) All income derived through investment of the trust fund as established under this chapter shall be credited as investment income to the trust fund.
(3) For the purposes of investment, trust fund moneys invested and interest earned thereon shall be administered as trust funds.
(4) All moneys deposited to the trust fund shall not be subject to any deduction, tax, levy, or any other type of assessment.
(d) All moneys received by the risk manager, including, but not limited to, the premiums collected and any insured loss or loss expenses paid by insurance or reinsurance companies shall be deposited in the trust fund created in this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 25-35-103
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 25-35-103. This identifies an authority to review, not proof of applicability.