Browse Arkansas Code titles and sections
23-90-119. Assessment as credit against taxes.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-90-119. Assessment as credit against taxes.
(a) Any assessment paid by an insurer under this chapter shall be allowed to an insurer as a credit against its premium tax payable under §§ 26-57-601 — 26-57-605 and 26-57-607.
(b) The tax credit referred to in this section shall be allowed at a rate of twenty percent (20%) per year for five (5) successive years following the date of assessment.
(c) The balance of any assessment paid by the insurer and not claimed as a tax credit may be reflected in the books and records of the insurer as an admitted asset of the insurer for all purposes, including exhibition in the annual statements.
(d) However, any insurer which neglects to take the twenty percent (20%) credit during the year allowable will not be allowed to carry over the credit for the following year or years.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-90-119
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-90-119
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ed4d9d19e2614e30f0ca12eebc6cb33c8cfc20d98383da5f0e40a4b2c7cf4a3b
Source location: content.xml paragraph 55143
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23-90-119. Assessment as credit against taxes.
(a) Any assessment paid by an insurer under this chapter shall be allowed to an insurer as a credit against its premium tax payable under §§ 26-57-601 — 26-57-605 and 26-57-607.
(b) The tax credit referred to in this section shall be allowed at a rate of twenty percent (20%) per year for five (5) successive years following the date of assessment.
(c) The balance of any assessment paid by the insurer and not claimed as a tax credit may be reflected in the books and records of the insurer as an admitted asset of the insurer for all purposes, including exhibition in the annual statements.
(d) However, any insurer which neglects to take the twenty percent (20%) credit during the year allowable will not be allowed to carry over the credit for the following year or years.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-57-601. Tax additional.
The premium tax levied by §§ 26-57-603 — 26-57-605 shall be in addition to the tax paid by casualty companies and self-insurers writing workers' compensation insurance under the Workers' Compensation Law, § 11-9-101 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-601
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 26-57-601. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-57-605. Wet marine and foreign trade insurers — Report and remittance of tax.
(a) As to wet marine and foreign trade insurance written in this state during the preceding calendar year, on or before March 1 of each year, each authorized, unauthorized, or formerly authorized insurer shall file its report with the Insurance Commissioner, on forms as prescribed by the commissioner of its gross underwriting profit thereon.
(b) As a tax imposed for the privilege of transacting such wet marine and foreign trade insurance in this state, a tax of three-quarters of one percent (¾%) of the gross underwriting profit shall be reported and paid on a quarterly estimate basis at such times and upon forms as shall be prescribed by the commissioner and reconciled annually at the time of filing the annual report.
(c)(1) The gross underwriting profit shall be ascertained by deducting from the net premiums, which are the gross premiums less all return premiums and premiums for reinsurance, on wet marine and foreign trade insurance contracts, the net losses paid, which are the gross losses paid less salvage and recoveries on reinsurance ceded, during the calendar year under those contracts.
(2) In the case of insurers issuing participating contracts, the gross underwriting profit shall not include for computation of the tax prescribed by this section the amounts refunded or paid as participation dividends by the insurers to the holders of the contracts.
(d) As used in this subchapter, “wet marine and foreign trade insurance” includes only:
(1) Insurances upon vessels, crafts, hulls, and of interests therein, of, or with relations thereto;
(2) Insurance of marine builder's risks, marine war risks, and contracts of marine protection and indemnity insurance;
(3) Insurance of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-605
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 26-57-605. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-57-607. Failure to report and pay tax.
(a) The Insurance Commissioner in his or her discretion may suspend or revoke the certificate of authority of any insurer or health maintenance organization that fails to report and pay the premium tax levied under §§ 26-57-604 and 26-57-605 on the date due or during any reasonable extension of time which may have been expressly granted by the commissioner for good cause upon the insurer's request.
(b) In addition, any insurer or health maintenance organization that fails to report or pay the tax when due shall be subject to a penalty of one hundred dollars ($100) for each day of the delinquency. The penalty shall be collected by the commissioner if necessary by a civil suit therefor brought by the commissioner in the Pulaski County Circuit Court, unless the penalty is waived by the commissioner upon a showing by the insurer or organization of good cause for its failure to file its report or tax payment on or before the date due.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-607
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 26-57-607. This identifies an authority to review, not proof of applicability.