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23-93-111. Liquid refund reserve requirement.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-93-111. Liquid refund reserve requirement.
(a)(1) Each provider shall establish and maintain liquid refund reserves in an amount determined in accordance with this section.
(2)(A) The refund reserve shall be equal to or shall exceed the actuarially determined annual refund amount as of the financial reporting date.
(B) The actuarially determined annual refund amount shall be calculated upon both the actual experience of the facility and published industry norms.
(C) The method which yields the greater sum shall determine the actuarially determined annual refund amount for the purposes of this section and § 23-93-106(a)(8).
(b) The provider may satisfy the liquid reserve requirement by:
(1) Holding the reserve amount in an escrow account with a federally insured financial institution or institutions located and doing business in this state;
(2) Purchasing a certificate of deposit from an Arkansas lending institution;
(3) Investing in bonds, notes, warrants, and other evidences of indebtedness which are direct obligations of the United States of America held in the provider's name and held by the provider within the State of Arkansas;
(4) Having the unqualified guaranty of an affiliated organization or individual, as evidenced by a written agreement, whose net worth as reported in its most recent financial statement audited by a certified public accountant and certified by the provider and filed with the State Insurance Department, which is equal to five (5) times the reserve amount or portion of the reserve amount to be satisfied by this method; or
(5) Any combination of the foregoing.
(c) When requested by the Insurance Commissioner, the provider shall furnish all of the information relating to the amount of the reserve and the method used to ma
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-93-111
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:23-93-111
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 9d9993fef3b123269244abf5b7cac9830d8b8c03be308d3c66f22f3cd7aba623
Source location: content.xml paragraph 56486
Stored source content
23-93-111. Liquid refund reserve requirement.
(a)(1) Each provider shall establish and maintain liquid refund reserves in an amount determined in accordance with this section.
(2)(A) The refund reserve shall be equal to or shall exceed the actuarially determined annual refund amount as of the financial reporting date.
(B) The actuarially determined annual refund amount shall be calculated upon both the actual experience of the facility and published industry norms.
(C) The method which yields the greater sum shall determine the actuarially determined annual refund amount for the purposes of this section and § 23-93-106(a)(8).
(b) The provider may satisfy the liquid reserve requirement by:
(1) Holding the reserve amount in an escrow account with a federally insured financial institution or institutions located and doing business in this state;
(2) Purchasing a certificate of deposit from an Arkansas lending institution;
(3) Investing in bonds, notes, warrants, and other evidences of indebtedness which are direct obligations of the United States of America held in the provider's name and held by the provider within the State of Arkansas;
(4) Having the unqualified guaranty of an affiliated organization or individual, as evidenced by a written agreement, whose net worth as reported in its most recent financial statement audited by a certified public accountant and certified by the provider and filed with the State Insurance Department, which is equal to five (5) times the reserve amount or portion of the reserve amount to be satisfied by this method; or
(5) Any combination of the foregoing.
(c) When requested by the Insurance Commissioner, the provider shall furnish all of the information relating to the amount of the reserve and the method used to maintain the reserve amount.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-93-106. Disclosure statement — Contents.
(a) No later than sixty (60) days prior to the first solicitation of a contract to provide continuing care, the provider shall deliver an initial disclosure statement to the State Insurance Department. This statement shall contain all of the following information:
(1) The name and business address of the provider and a statement as to whether the provider is a partnership, corporation, or other type of legal entity;
(2) The names and business addresses of the officers, directors, trustees, managing or general partners, and any person having a ten percent (10%) or greater equity or beneficial interest in or of the provider, and a description of that person's interest in or occupation with the provider;
(3) A statement as to whether the provider or any of its officers, directors, trustees, partners, managers, or affiliates, within ten (10) years prior to the date of application:
(A) Was convicted of a felony, a crime that if committed in Arkansas would be a felony, or any crime having to do with the provision of continuing care or providing of licensed nursing home care;
(B) Has been held liable or enjoined in a civil action by final judgment if the civil action involved fraud, embezzlement, fraudulent conversion, or misappropriation of property;
(C) Had a prior discharge in bankruptcy or was found insolvent in any court action; or
(D) Had any state or federal licenses or permits suspended or revoked or had any state, federal, or industry self-regulatory agency commence an action against him or her and the result of the action;
(4) A statement as to:
(A) Whether the provider is or ever has been affiliated with a religious, charitable, or other nonprofit organization;
(B) The nature of the affiliation, if an
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-93-106
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 23-93-106. This identifies an authority to review, not proof of applicability.