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23-74-602. Reports.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-74-602. Reports.
(a) Reports shall be filed in accordance with the provisions of this section.
(b)(1) Every society transacting business in this state shall annually, on or before March 1, unless for cause shown such time has been extended by the Insurance Commissioner, file with the commissioner a true statement of its financial condition, transactions, and affairs for the preceding calendar year and pay any applicable fees for filing same.
(2) The statement shall be in general form and context as approved by the National Association of Insurance Commissioners for fraternal benefit societies and as supplemented by additional information required by the commissioner.
(c)(1) As part of the annual statement required by this section, each society shall file with the commissioner, on or before March 1, a valuation of its certificates in force on the immediately preceding December 31, provided that the commissioner, in his or her discretion for cause shown, may extend the time for filing the valuation for not more than two (2) calendar months.
(2) The valuation shall be done in accordance with the standards specified in § 23-74-601.
(3) The valuation and underlying data shall be certified by a qualified actuary or, at the expense of the society, verified by the actuary of the department of insurance of the state of domicile of the society.
(d) A society neglecting to file the annual statement in the form and within the time provided by this section shall forfeit one hundred dollars ($100) for each day during which the neglect continues, and, upon notice by the commissioner to that effect, its authority to do business in this state shall cease while the default continues.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-74-602
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-74-602
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 11bb977564b1ac60b9e726b2f3872c9a4d93c206972114663fb8a41a71e4c678
Source location: content.xml paragraph 42974
Stored source content
23-74-602. Reports.
(a) Reports shall be filed in accordance with the provisions of this section.
(b)(1) Every society transacting business in this state shall annually, on or before March 1, unless for cause shown such time has been extended by the Insurance Commissioner, file with the commissioner a true statement of its financial condition, transactions, and affairs for the preceding calendar year and pay any applicable fees for filing same.
(2) The statement shall be in general form and context as approved by the National Association of Insurance Commissioners for fraternal benefit societies and as supplemented by additional information required by the commissioner.
(c)(1) As part of the annual statement required by this section, each society shall file with the commissioner, on or before March 1, a valuation of its certificates in force on the immediately preceding December 31, provided that the commissioner, in his or her discretion for cause shown, may extend the time for filing the valuation for not more than two (2) calendar months.
(2) The valuation shall be done in accordance with the standards specified in § 23-74-601.
(3) The valuation and underlying data shall be certified by a qualified actuary or, at the expense of the society, verified by the actuary of the department of insurance of the state of domicile of the society.
(d) A society neglecting to file the annual statement in the form and within the time provided by this section shall forfeit one hundred dollars ($100) for each day during which the neglect continues, and, upon notice by the commissioner to that effect, its authority to do business in this state shall cease while the default continues.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-74-601. Valuation.
(a) Standards of valuation for certificates issued prior to January 1, 1991, shall be those provided by the laws applicable immediately prior to January 1, 1990.
(b)(1) The minimum standards of valuation for certificates issued on or after January 1, 1991, shall be based on the following tables:
(A) For certificates of life insurance — the Insurance Commissioner's 1941 standard ordinary mortality table, the commissioner's 1941 standard industrial mortality table, the commissioner's 1958 standard ordinary mortality table, the commissioner's 1980 standard ordinary mortality table, or any more recent table made applicable to life insurers; and
(B) For annuity and pure endowment certificates, for total and permanent disability benefits, for accidental death benefits, and for noncancellable accident and health benefits — such tables as are authorized for use by life insurers in this state.
(2) All of the above shall be under valuation methods and standards, including interest assumptions, in accordance with the laws of this state applicable to life insurers issuing policies containing like benefits.
(c) In his or her discretion, the commissioner may:
(1) Accept other standards for valuation if the commissioner finds that the reserves produced thereby will not be less in the aggregate than reserves computed in accordance with the minimum valuation standard prescribed in this section; and
(2) Vary the standards of mortality applicable to all benefit contracts on substandard lives or other extra-hazardous lives by any society authorized to do business in this state.
(d) Any society, with the consent of the commissioner of the state of domicile of the society and under such conditions, if any, which the commissioner may impose, may establi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-74-601
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 23-74-601. This identifies an authority to review, not proof of applicability.