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23-61-703. Insurers' administrative and financial regulation fees.
Arkansas Code — all titles (historical 2020) · legal_authorities
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 the State Insurance Department Trust Fund a nonrefundable administrative and financial regulation fee no later than:
(1) June 1; or
(2) A date or dates established by rule of the commissioner.
(b)(1) This fee shall be based upon the insurer's direct premiums and copayments written in the State of Arkansas during the preceding calendar year, as evidenced by the insurer's annual statement filed March 1 annually with the State Insurance Department pursuant to the Arkansas Insurance Code.
(2) Insurers and reinsurers with no annual direct written Arkansas premiums shall pay the minimum fee of five hundred dollars ($500).
(c) Such administrative and financial regulation fees shall be paid in the following amounts based upon the following schedule:
ARKANSAS DIRECT WRITTEN ANNUAL ADMINISTRATIVE PREMIUMS AND COPAY- AND FINANCIAL REGULA- MENTS OF INSURERS, HMO'S, TION FEE DUE STATE OF FMAA'S, AND OTHERS (total for ARKANSAS preceding calendar year) $0 $ 500 01-499,999 750 500,000-2,499,999 1,000 2,500,000-4,999,999 2,500 5,000,000-7,499,999 5,000 7,500,000-9,999,999 7,500 10,000,000-19,999,999 10,000 20,000,000-29,999,999 12,000 30,000,000-49,999,999 15,000 50,000,000-74,999,999 17,500 75,000,000-99,999,999 20,000 100,000,000 AND UP 25,000
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Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-703
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:23-61-703
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 271596cce9c31b3b7d36e813ad62b28f4b40962512c1bf39bfc4580eeb12abf4
Source location: content.xml paragraph 28564
Stored source content
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 the State Insurance Department Trust Fund a nonrefundable administrative and financial regulation fee no later than:
(1) June 1; or
(2) A date or dates established by rule of the commissioner.
(b)(1) This fee shall be based upon the insurer's direct premiums and copayments written in the State of Arkansas during the preceding calendar year, as evidenced by the insurer's annual statement filed March 1 annually with the State Insurance Department pursuant to the Arkansas Insurance Code.
(2) Insurers and reinsurers with no annual direct written Arkansas premiums shall pay the minimum fee of five hundred dollars ($500).
(c) Such administrative and financial regulation fees shall be paid in the following amounts based upon the following schedule:
ARKANSAS DIRECT WRITTEN ANNUAL ADMINISTRATIVE PREMIUMS AND COPAY- AND FINANCIAL REGULA- MENTS OF INSURERS, HMO'S, TION FEE DUE STATE OF FMAA'S, AND OTHERS (total for ARKANSAS preceding calendar year) $0 $ 500 01-499,999 750 500,000-2,499,999 1,000 2,500,000-4,999,999 2,500 5,000,000-7,499,999 5,000 7,500,000-9,999,999 7,500 10,000,000-19,999,999 10,000 20,000,000-29,999,999 12,000 30,000,000-49,999,999 15,000 50,000,000-74,999,999 17,500 75,000,000-99,999,999 20,000 100,000,000 AND UP 25,000
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(d) In no event shall the annual financial regulation fee imposed in this section and assessed to support the maintenance and operation of the department exceed twenty-five thousand dollars ($25,000) for any one (1) insurer or reinsurer in any one (1) year.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-57-602. Local taxes.
The taxes levied by §§ 26-57-603 — 26-57-605 upon any insurer shall be in lieu of all other state, county, city, town, or municipal taxes on premium receipts. No county, city, town, or municipality shall impose any privilege tax or license fee upon the insurer or its agents for the privilege of transacting the business of insurance.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-602
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 26-57-602. This identifies an authority to review, not proof of applicability.