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23-92-206. Collection of premiums, etc. — Deposits and withdrawals.
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-92-206
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8148048ce0dcab6f3f8f7f88836ed74a12735f9eddbb68a93aeb7cfe8c68f732
Source location: content.xml paragraph 55617
Stored source content
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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-92-201. Definition.
As used in this subchapter, “third-party administrator”:
(1) Means a person, firm, or partnership that collects or charges premiums from or adjusts or settles claims on residents of this state in connection with life or accident and health coverage provided by a self-insured plan or a multiple-employer trust or multiple-employer-welfare arrangement;
(2) Includes an administrative-services-only contract offered by insurers and health maintenance organizations; and
(3) Does not include:
(A) An employer, for its employees or for the employees of a subsidiary or affiliated corporation of the employer;
(B) A union, for its members;
(C) An insurer or health maintenance organization licensed to do business in this state;
(D) A creditor, for its debtors, regarding insurance covering a debt between the creditor and its debtors;
(E) A credit-card-issuing company that advances for, or collects premiums or charges from, its credit card holders, as long as that company does not adjust or settle claims;
(F) An individual who adjusts or settles claims in the normal course of his or her practice or employment and who does not collect charges or premiums in connection with life or accident and health coverage; or
(G) An agency licensed by the Insurance Commissioner and performing duties pursuant to an agency contract with an insurer authorized to do business in this state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-92-201
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 23-92-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-92-202. Written agreement required.
A third-party administrator may act in that capacity only if he or she has a written agreement with a self-insured plan or trust. The agreement shall be maintained by the third-party administrator and subject to review by the Insurance Commissioner.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-92-202
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 23-92-202. This identifies an authority to review, not proof of applicability.