Browse Arkansas Code titles and sections
24-11-213. Allocation of insurance premium tax — Apportionments.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-213. Allocation of insurance premium tax — Apportionments.
(a)(1)(A) The premium taxes collected under § 24-11-301 shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-809.
(B) The combined fund shall be entitled the “Firemen's and Police Officers' Pension and Relief Fund”.
(C) The Firemen's and Police Officers' Pension and Relief Fund shall consist of a “fire portion” and a “police portion”.
(2) The remaining revenues collected under §§ 23-60-102, 24-11-301, 24-11-809, 26-57-601 — 26-57-605, and 26-57-607 shall be distributed to the Firemen's and Police Officers' Pension and Relief Fund and to the State of Arkansas as general revenues.
(3) Revenues distributed to the State of Arkansas as general revenues are subject to the allocations under § 24-11-215.
(b) The allocation of funds between the Firemen's and Police Officers' Pension and Relief Fund and the General Revenue Fund Account under this section is subject to the following conditions:
(1) The Arkansas Fire and Police Pension Review Board shall review annually the distribution of funds to each qualified city, town, or fire protection district made in the previous calendar year before disbursing funds to an area qualified under § 24-11-214;
(2) The board shall consider as part of the annual assessment of the allocation of the disbursement of funds under § 24-11-214:
(A) The certification of a new city, town, or fire protection district for participation in the Firemen's and Police Officers' Pension and Relief Fund;
(B)(i) A change in the legal description of a city, town, or fire protection district.
(ii) A change in the legal description of a city, town, or fire protection district shall be reported to the board annually by December 15; and
(C) A pop
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-213
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:24-11-213
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d52548cdb6f12618a024115b124e3e96c28c5b841b9fb56f523be204c4a95a07
Source location: content.xml paragraph 11297
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24-11-213. Allocation of insurance premium tax — Apportionments.
(a)(1)(A) The premium taxes collected under § 24-11-301 shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-809.
(B) The combined fund shall be entitled the “Firemen's and Police Officers' Pension and Relief Fund”.
(C) The Firemen's and Police Officers' Pension and Relief Fund shall consist of a “fire portion” and a “police portion”.
(2) The remaining revenues collected under §§ 23-60-102, 24-11-301, 24-11-809, 26-57-601 — 26-57-605, and 26-57-607 shall be distributed to the Firemen's and Police Officers' Pension and Relief Fund and to the State of Arkansas as general revenues.
(3) Revenues distributed to the State of Arkansas as general revenues are subject to the allocations under § 24-11-215.
(b) The allocation of funds between the Firemen's and Police Officers' Pension and Relief Fund and the General Revenue Fund Account under this section is subject to the following conditions:
(1) The Arkansas Fire and Police Pension Review Board shall review annually the distribution of funds to each qualified city, town, or fire protection district made in the previous calendar year before disbursing funds to an area qualified under § 24-11-214;
(2) The board shall consider as part of the annual assessment of the allocation of the disbursement of funds under § 24-11-214:
(A) The certification of a new city, town, or fire protection district for participation in the Firemen's and Police Officers' Pension and Relief Fund;
(B)(i) A change in the legal description of a city, town, or fire protection district.
(ii) A change in the legal description of a city, town, or fire protection district shall be reported to the board annually by December 15; and
(C) A population change that is caused by a change in the legal description of a city, town, or fire protection district;
(3)(A) The total population of a city, town, or fire protection district that is qualified to participate in the Firemen's and Police Officers' Pension and Relief Fund shall be determined by a census population assessment in the city, town, or fire protection district.
(B) The population of a city, town, or fire protection district shall be determined by the Census State Data Center at the Arkansas Economic Development Institute at the University of Arkansas at Little Rock;
(4) The legal description of the metes and bounds of a city, town, or fire protection district shall be:
(A) Based on:
(i) The standard physical features of the area; or
(ii) Boundaries that are determined by a Global Positioning System survey if the legal description of the metes and bounds of a city, town, or fire protection district cannot be based on the standard physical features of the area; and
(B) Determined by:
(i) A surveyor licensed in Arkansas;
(ii) A preexisting map maintained by the city, town, or fire protection district; or
(iii) The Geographic Information Systems Applications Laboratory located in the Donald W. Reynolds Center for Business and Economic Development at the University of Arkansas at Little Rock;
(5)(A) The preferred legal description of the metes and bounds of a city, town, or fire protection district shall be based on the standard physical features of the area.
(B) A local department shall change the description of the metes and bounds of the department to the standard physical features of the area.
(C) In the case of a fire department, the county quorum court shall determine the description of the standard physical features of the area if the local chief cannot make the determination; and
(6) The accuracy of the metes and bounds legal description of a city, town, or fire protection district shall be certified to the board by the:
(A) Mayor or other qualified representative of a city or town; or
(B) County fire coordinator of a rural fire protection district.
(c)(1) The portion of revenues that may be distributed to the Firemen's and Police Officers' Pension and Relief Fund under this section shall be:
(A) Forty percent (40%) of the total actuarial cost for a paid group covered by the Arkansas Local Police and Fire Retirement System;
(B) One hundred percent (100%) of the actuarial cost for a volunteer group covered by the Arkansas Local Police and Fire Retirement System minus required employer contributions; and
(C) Thirty percent (30%) of the consolidation and local pension and relief fund actuarial costs as provided under § 24-11-214.
(2) The remaining portion of revenues shall be distributed to the General Revenue Fund Account of the State Apportionment Fund.
(3) The portion of revenues distributed in accordance with subdivision (c)(1) of this section is subject to the requirements of § 24-11-215.
(d) The amount of revenues allocated to the Firemen's and Police Officers' Pension and Relief Fund for the fire portion and the amount of revenues allocated to the Firemen's and Police Officers' Pension and Relief Fund for the police portion shall be kept separate.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-60-102. Definitions.
As used in the Arkansas Insurance Code, unless the context otherwise requires:
(1)(A)(i) “Insurance” is any agreement, contract, or other transaction whereby one party, the “insurer”, is obligated to confer benefit of pecuniary value upon another party, the “insured” or “beneficiary”, dependent upon the happening of a fortuitous event in which the insured or beneficiary has, or is expected to have at the time of such a happening, a material interest that will be adversely affected by the happening of such an event.
(ii) A “fortuitous event” means any occurrence or failure to occur that is, or is assumed by the parties to be, to a substantial extent beyond the control of either party.
(B) “Insurance” shall, for purposes of subtitle 3 of this title, be deemed to include “annuities”, which are agreements by insurers to make periodic payments that continue during the survival of the measuring life or lives under the agreements or for a specified period.
(C) “Reinsurance” is a contract under which an originating insurer, called the “ceding” insurer, procures insurance for itself in another insurer, called the “assuming” insurer or reinsurer, with respect to part or all of an insurance risk of the originating insurer.
(D)(i) “Insurance” shall not include a debt cancellation agreement.
(ii) “Debt cancellation agreement” is a loan term or contractual arrangement modifying a loan term dealing with motor vehicles under which a lender agrees to cancel all or part of a borrower's obligation to repay an extension of credit from the lender upon the occurrence of a specified event other than the death or disability of the borrower. The agreement may be separate from or a part of other loan documents.
(2) “Insurer” includes every person engaged as
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-60-102
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 23-60-102. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-301. Appropriation of tax revenues from foreign insurers.
(a)(1) Sixty-six and two-thirds percent (662/3%) of the total tax revenues derived from premium taxes paid to the State of Arkansas by alien and foreign insurance companies upon premiums collected by the insurance companies upon insurance contracts written on motor vehicles, the licensed addresses of which are qualified cities or towns wherein the motor vehicles are insured against the perils of physical damage or the owner or operators of the motor vehicles are insured against legal liability arising out of the use, ownership, or operation of the motor vehicles, is appropriated and set aside for the:
(A) Use and benefit of all duly qualified police officers' pension and relief funds;
(B) Administrative and actuarial expenses of the Arkansas Fire and Police Pension Review Board; and
(C) Arkansas Policemen's Pension Supplement Program.
(2) The premium taxes collected in this subsection shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-809. The combined fund shall be entitled the “Firemen's and Police Officers' Pension and Relief Fund”.
(b) The amount of the tax revenues attributable to the fire peril of physical damage insurance shall not be included.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-301
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 24-11-301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-809. Apportionment of insurance premium tax generally.
(a)(1) There is apportioned and set aside for the use and benefit of duly constituted firemen's relief and pension funds and for the administrative and actuarial expenses of the Arkansas Fire and Police Pension Review Board the annual taxes of two and one-half percent (2.5%) on all foreign and alien premiums collected by all property and casualty insurance companies, corporations, or associations incorporated under the laws of any state or nation and doing business in the State of Arkansas after all cancellations and dividends to policyholders are deducted as provided by §§ 23-60-102, 24-11-809, 26-57-601 — 26-57-605, and 26-57-607 upon real and personal property insured against the perils of fire and extended coverage, tornado, windstorm, cyclone, and hail, except upon growing crops, and located in or at cities, towns, and fire protection districts in the State of Arkansas coming within the provisions of this act.
(2) The premium taxes collected in this subsection shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-301. The combined fund shall be entitled the “Firemen's and Police Officers' Pension and Relief Fund”.
(b) In the case of multiperil policies with a single premium for both the property and casualty coverages, the portion of the taxable premium shall be as follows:
(1) In the case of commercial multiperil policies, seventy percent (70%);
(2) In the case of homeowners' policies, forty-five percent (45%);
(3) In the case of automobile physical damage policies, nine percent (9%); and
(4) In the case of inland marine policies, fifteen percent (15%).
(c) All additional revenues collected as a result of the levy of the insurance premium tax on domestic
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-809
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 24-11-809. This identifies an authority to review, not proof of applicability.
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.