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23-65-103. Report and tax of independently procured coverages.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-65-103. Report and tax of independently procured coverages.
(a)(1) An insured or self-insured whose home state is this state who directly procures, causes to be procured, continues, or renews insurance in an unauthorized insurer, including surplus lines insurance when procured without use of a surplus lines broker pursuant to the insurance laws of this state, within thirty (30) days after the date the insurance was procured, continued, or renewed, shall file a written report with the Insurance Commissioner on forms designated by the commissioner and furnished to the insured upon request.
(2) The report shall show:
(A) The name and address of each named insured;
(B) The name and address of the insurer;
(C) The subject of the insurance;
(D) A general description of the coverage;
(E) The amount of premium currently charged; and
(F) Such additional pertinent information as is reasonably requested by the commissioner.
(3) If the insurance also covers subjects of insurance resident, located, or to be performed outside this state, a proper pro rata portion of the entire premium payable for the insurance shall be allocated as to the subjects of insurance resident, located, or to be performed in this state, for the purposes of this section.
(b) Insurance in an unauthorized insurer procured through negotiations or an application, in whole or in part, occurring or made within this state, or for which premiums are remitted directly or indirectly from within this state, is insurance procured, continued, or renewed in this state within the intent of subsection (a) of this section.
(c)(1) For the general support of the government of this state there is levied upon the obligation, chose in action, right represented by the premium charged, or payable for the ins
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-65-103
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-65-103
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 10741817bf27189d6dbc4048f0ecd27ddbc7a099e3abac47f711c903ad92b2dc
Source location: content.xml paragraph 36891
Stored source content
23-65-103. Report and tax of independently procured coverages.
(a)(1) An insured or self-insured whose home state is this state who directly procures, causes to be procured, continues, or renews insurance in an unauthorized insurer, including surplus lines insurance when procured without use of a surplus lines broker pursuant to the insurance laws of this state, within thirty (30) days after the date the insurance was procured, continued, or renewed, shall file a written report with the Insurance Commissioner on forms designated by the commissioner and furnished to the insured upon request.
(2) The report shall show:
(A) The name and address of each named insured;
(B) The name and address of the insurer;
(C) The subject of the insurance;
(D) A general description of the coverage;
(E) The amount of premium currently charged; and
(F) Such additional pertinent information as is reasonably requested by the commissioner.
(3) If the insurance also covers subjects of insurance resident, located, or to be performed outside this state, a proper pro rata portion of the entire premium payable for the insurance shall be allocated as to the subjects of insurance resident, located, or to be performed in this state, for the purposes of this section.
(b) Insurance in an unauthorized insurer procured through negotiations or an application, in whole or in part, occurring or made within this state, or for which premiums are remitted directly or indirectly from within this state, is insurance procured, continued, or renewed in this state within the intent of subsection (a) of this section.
(c)(1) For the general support of the government of this state there is levied upon the obligation, chose in action, right represented by the premium charged, or payable for the insurance a tax at the rate of two percent (2%) of the net direct amount of the premium.
(2) The insured shall withhold the amount of the tax from the amount of premium charged by and otherwise payable to the insurer for the insurance, and within thirty (30) days after the insurance was so procured, continued, or renewed, and coincidentally with the filing of the report with the commissioner required by subsection (a) of this section, the insured shall pay the amount of the tax to the Treasurer of State through the commissioner.
(d) If the insured fails to withhold from the premium the amount of tax levied under this section, the insured is liable for the amount and shall pay the amount to the commissioner within the time stated in subsection (c) of this section.
(e) If the tax imposed under this section is delinquent, it shall bear interest at the rate of six percent (6%) per annum, compounded annually.
(f) The tax is collectible from the insured by civil action brought by the commissioner.
(g) This section does not abrogate or modify and shall not be construed or deemed to abrogate or modify § 23-65-101, § 23-65-102, or any other provision of the insurance laws of this state.
(h) This section does not apply to life or accident and health insurance.
(i)(1) The tax specified in subsection (c) of this section is not due and payable to this state if the unlicensed or unauthorized insurer reports and pays premium tax to this state under § 26-57-603 et seq., or other applicable premium tax laws for these independently procured coverages.
(2) Upon receipt of a duplicate payment of tax from the insured and the unlicensed or unauthorized insurer, this state shall refund to the insured the amount of the duplicate payment.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-65-101. Unauthorized insurance transactions prohibited.
(a)(1) No person or entity in this state shall act as agent or broker for or otherwise represent or aid any insurer, health maintenance organization, multiple employer welfare arrangement, multiple employer trust, association, or any other person or entity in the solicitation, negotiation, or effectuation of insurance, inspection of risks, fixing of rates, investigation or adjustment of losses, collection of premiums, or in any other manner in the transaction of insurance with respect to subjects of insurance resident, located, or to be performed in this state if that person or entity is not authorized or licensed by the State Insurance Department for those purposes.
(2)(A) No person or entity shall act as a producer, adjuster, or consultant without first obtaining appropriate licensure or registration as required by the insurance laws of this state for the transaction of insurance with respect to subjects of insurance or self-insurance resident, located, or to be performed in this state.
(B) No person or entity shall act as a multiple employer trust or multiple employer welfare arrangement without first obtaining appropriate registration or licensing as required by § 23-92-101.
(C) No person or entity shall act as a third-party administrator for a multiple employer trust, multiple employer welfare arrangement, collectively bargained trust, self-insurance plan, or any other plan providing accident and health insurance benefits to the citizens of this state without first obtaining appropriate registration as required by § 23-92-201 et seq.
(D) Any producer who knows or has reason to know that a health plan is not licensed in accordance with the Arkansas Insurance Code shall immediately report the health
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-65-101
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 23-65-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-65-102. Suits by unauthorized insurers prohibited.
As to transactions not permitted under § 23-63-201, no unauthorized insurer shall institute or file, or cause to be instituted or filed, any suit, action, or proceeding in this state to enforce any right, claim, or demand arising out of any insurance transaction in this state until the insurer has obtained a certificate of authority to transact such insurance in this state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-65-102
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 23-65-102. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-57-603. Tax reports generally.
(a) Each authorized, each formerly authorized, and each unauthorized insurer as defined in § 23-60-102(12) shall file with the Insurance Commissioner on or before March 1 of each year a report in form as prescribed by the commissioner showing, except as to wet marine and foreign trade insurance as defined in § 26-57-605(d), total direct premium income including policy, membership, and other fees, and all other considerations for insurance, from all kinds and classes of insurance, whether designated as premium or otherwise, written by it during the preceding calendar year on account of policies and contracts covering property, subjects, or risks located, resident, or to be performed in this state, with proper proportionate allocation of premium as to the persons, property, subjects, or risks in this state insured under policies or contracts covering persons, property, subjects, or risks located or resident in more than one (1) state, after deducting from the total direct premium income dividends and similar returns paid or credited to policyholders other than as to life insurance, applicable cancellations, returned premiums, the unabsorbed portion of any deposit premium, and the amount of reduction in, or refund of, premiums allowed to industrial life policyholders for payment of premiums directly to an office of the insurer.
(b) No deduction shall be made of the cash surrender values of policies.
(c) Considerations received on annuity contracts shall not be included in total direct premium income and shall not be subject to tax.
(d) Each authorized, unauthorized, or formerly authorized domestic, foreign, and alien insurer shall pay to the Treasurer of State through the commissioner, as a tax imposed for the privilege of transact
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-603
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 26-57-603. This identifies an authority to review, not proof of applicability.