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23-40-107. Division of Prepaid Funeral Benefits — State Insurance Department Prepaid Trust Fund.
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-40-107
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f58c00ad4f7ec3661aad9ffda048f5b3917172b57d095905079e1ec70a2d204b
Source location: content.xml paragraph 19272
Stored source content
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 into the fund for the support, operation, and maintenance of the division and, when paid into the State Treasury by the commissioner, shall be maintained by the Treasurer of State as the State Insurance Department Prepaid Trust Fund, separate from all other funds, and available only for the payment of the expenses of the division, except as provided in § 23-40-119(f).
(i) Upon proper voucher from the commissioner, the Auditor of State shall issue his or her warrant on the Treasurer of State in payment of all salaries and other expenses incurred by the division, or for any reparations awarded under § 23-40-119(f) in the administration of this chapter.
(j) However, as needed, the commissioner shall transfer from the State Insurance Department Prepaid Trust Fund to the Prepaid Funeral Contracts Recovery Program Fund a sum or sums sufficient to administer and provide reparations to persons as provided under § 23-40-119(d)(1)(A) and (f)(1).
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-40-119. Annual report and fee.
(a) Each organization shall file an annual report and an annual report fee with the Insurance Commissioner on or before March 15 of each year in such form as the commissioner may require, showing the:
(1) Names or account numbers, or both, of all persons with whom contracts for prepaid funeral benefits have been made prior to January 1 of that year that had not been fully discharged on January 1;
(2) Date of contract;
(3) Name of the trustee holding the trust fund; and
(4) Amount in the trust fund under each contract on the preceding December 31.
(b) If any officer of any organization fails or refuses to file an annual report or to cause it to be filed within thirty (30) days after he or she has been notified by the commissioner that the report is due and has not been received, then, upon a finding of such failure by a court of competent jurisdiction, he or she shall be guilty of a violation.
(c)(1) Effective on and after March 15, 1997, the annual report fee shall be based on the total amount of aggregate contracts for prepaid funeral benefits outstanding and unfulfilled as of December 31 of each year and shall be payable at the time the annual report is filed.
(2) The fee shall be based on the following schedule and shall be payable to the State Insurance Department Prepaid Trust Fund:
AGGREGATE AMOUNT OF OUTSTANDING ANNUAL PREPAID FUNERAL BENEFITS FEE DUE STATE CONTRACTS IN ARKANSAS OF ARKANSAS Up to $250,000 $200.00 Over $250,001 to $500,000 $250.00 $500,001 to $1,000,000 $500.00 $1,000,001 to $2,500,000 $1,000.00 $2,500,001 to $5,000,000 $2,000.00 $5,000,001 to $10,000,000 $3,000.00 $10,000,001 to $20,000,000 $4,000.00 $20,000,001 to $40,000,000 $5,000.00 Over $40,000,001 $6,000.00
Click to view table.
(d)(1)(A)
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-40-119
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 23-40-119. This identifies an authority to review, not proof of applicability.