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23-92-203. Certificate of registration.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-92-203. Certificate of registration.
(a) No person shall act or hold himself or herself out as an administrator unless he or she obtains a certificate of registration from the Insurance Commissioner.
(b) The certificate may be obtained by submitting an application on a form prescribed by the commissioner, paying a twenty-five dollar ($25.00) filing fee, and placing with the commissioner a surety bond as described in § 23-92-204.
(c) Each application shall have attached to it a list of all self-insured plans and trusts that have entered into service contracts with the applicant for administrative services. Every administrator shall update the list whenever changes occur.
(d) The certificate shall be issued by the commissioner unless, after a hearing, the commissioner determines that the applicant is:
(1) Not competent;
(2) Not trustworthy;
(3) Not financially responsible; or
(4) A convicted felon.
(e) Each certificate of registration shall be valid for the year issued and shall be renewed each year thereafter by submitting a twenty-five dollar ($25.00) annual fee.
(f) After conducting a hearing and finding that an administrator has violated any of the requirements of this subchapter or fails to meet the requirements for the issuance of a certificate, the commissioner may revoke or suspend the certificate of registration.(g) The provisions in this chapter establishing standards applicable to a third-party administrator under subsection (d) of this section or fiduciary standards under § 23-92-206 do not authorize the commissioner to regulate the actions of a third-party administrator if the actions are authorized or required under its administration of a self-insured plan or trust, or apply or enforce other insurance code provisions, rules, or other
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-92-203
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:23-92-203
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0b2c8b93dddbe097f5ca30b974129fec2b5b688d61506f3c9688bf384fbc9ace
Source location: content.xml paragraph 55587
Stored source content
23-92-203. Certificate of registration.
(a) No person shall act or hold himself or herself out as an administrator unless he or she obtains a certificate of registration from the Insurance Commissioner.
(b) The certificate may be obtained by submitting an application on a form prescribed by the commissioner, paying a twenty-five dollar ($25.00) filing fee, and placing with the commissioner a surety bond as described in § 23-92-204.
(c) Each application shall have attached to it a list of all self-insured plans and trusts that have entered into service contracts with the applicant for administrative services. Every administrator shall update the list whenever changes occur.
(d) The certificate shall be issued by the commissioner unless, after a hearing, the commissioner determines that the applicant is:
(1) Not competent;
(2) Not trustworthy;
(3) Not financially responsible; or
(4) A convicted felon.
(e) Each certificate of registration shall be valid for the year issued and shall be renewed each year thereafter by submitting a twenty-five dollar ($25.00) annual fee.
(f) After conducting a hearing and finding that an administrator has violated any of the requirements of this subchapter or fails to meet the requirements for the issuance of a certificate, the commissioner may revoke or suspend the certificate of registration.(g) The provisions in this chapter establishing standards applicable to a third-party administrator under subsection (d) of this section or fiduciary standards under § 23-92-206 do not authorize the commissioner to regulate the actions of a third-party administrator if the actions are authorized or required under its administration of a self-insured plan or trust, or apply or enforce other insurance code provisions, rules, or other state laws, through such standards, for purposes of revocation or suspension of a third-party administrator's certificate.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-92-204. Bond required — Exceptions.
(a) Every applicant for a certificate of registration shall file with the application, and shall thereafter maintain in force while operating under the registration, a bond in favor of the people of the State of Arkansas executed by an authorized insurer. The bond shall have a total aggregate liability of twenty-five thousand dollars ($25,000). The bond shall be conditioned upon the full accounting and due payment to the person entitled thereto of any funds coming into the possession of the administrator.
(b) The bond shall remain in force until released by the Insurance Commissioner, or until cancelled by the surety. Without prejudice to any liability previously incurred thereunder, the surety may cancel the bond on thirty (30) days' advance written notice to both the administrator and the commissioner.
(c) Any applicant for a certificate of registration or for a renewal of a certificate shall not be required to post a bond pursuant to subsection (a) of this section if the applicant operates only pursuant to an administrative services agreement and does not collect, receive, or remit funds on the behalf of insureds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-92-204
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 23-92-204. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-92-206. Collection of premiums, etc. — Deposits and withdrawals.
(a) An administrator is a fiduciary in collecting or returning premiums or charges for the party with whom it has a written agreement for administrative services.
(b) Funds collected by the administrator shall be immediately remitted to the person entitled to the funds or deposited in a separately identifiable bank account which shall be established and maintained by the administrator.
(c) The administrator shall maintain records clearly showing the deposits and withdrawals from the separately identifiable bank account for each party with whom it has a written agreement for administrative services. The administrator shall furnish to the party, upon his or her request, copies of the required records.
(d) Subject to the written agreement required by § 23-92-202, withdrawals from the bank account shall be made only for the following:
(1) Remittance to a plan or trust entitled to the funds;
(2) Deposit in an account maintained in the name of the party with whom the administrator has a written agreement;
(3) Transfer to and deposit in a claims-paying account;
(4) Payment to the administrator for its commission, fees, or charges;
(5) Remittance of return premiums to the person entitled to the funds; or
(6) Payment of funds for premiums of reinsurance or pursuant to the provisions of any other contract entered into by the trust or plan.
(e) This section does not apply to a third-party administrator as defined in § 23-92-201.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-92-206
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 23-92-206. This identifies an authority to review, not proof of applicability.