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23-75-114. Annual report — Examination.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-75-114. Annual report — Examination.
(a)(1) Not later than March 1 of each year, every corporation shall file with the Insurance Commissioner a statement sworn to by at least two (2) of its principal officers, showing its condition on the last day of the next preceding calendar year.
(2) In accordance with the specifications applicable to annual financial reports, each licensed hospital or medical service corporation shall prepare and file with the commissioner a quarterly financial report on forms and at such times as the commissioner shall prescribe. The quarterly statement shall be verified by the officers of the corporation.
(b)(1) The commissioner may appoint an examiner, deputy examiner, or other person to examine into the affairs of the corporation. The person:
(A) Shall have the power of visitation and examination;
(B) Shall have and must be given free access to all the books, papers, and documents relating to the business of the corporation; and
(C) May summon the officers, agents, or employees thereof or any other persons and require them to testify under oath concerning the affairs, transactions, and condition of the corporation.
(2) An examination shall be conducted at least every three (3) years.
(3)(A) The cost of any examination and audit shall be paid by the corporation.
(B) All costs shall be paid upon the completion of the examination.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-75-114
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:23-75-114
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 03d9f6a9446d4ea069562ec89a0c54750296fabe3460b27c94e33028c847bcfc
Source location: content.xml paragraph 43371
Stored source content
23-75-114. Annual report — Examination.
(a)(1) Not later than March 1 of each year, every corporation shall file with the Insurance Commissioner a statement sworn to by at least two (2) of its principal officers, showing its condition on the last day of the next preceding calendar year.
(2) In accordance with the specifications applicable to annual financial reports, each licensed hospital or medical service corporation shall prepare and file with the commissioner a quarterly financial report on forms and at such times as the commissioner shall prescribe. The quarterly statement shall be verified by the officers of the corporation.
(b)(1) The commissioner may appoint an examiner, deputy examiner, or other person to examine into the affairs of the corporation. The person:
(A) Shall have the power of visitation and examination;
(B) Shall have and must be given free access to all the books, papers, and documents relating to the business of the corporation; and
(C) May summon the officers, agents, or employees thereof or any other persons and require them to testify under oath concerning the affairs, transactions, and condition of the corporation.
(2) An examination shall be conducted at least every three (3) years.
(3)(A) The cost of any examination and audit shall be paid by the corporation.
(B) All costs shall be paid upon the completion of the examination.
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