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24-11-301. Appropriation of tax revenues from foreign insurers.
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:24-11-301
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d006955e6acde6a1b18e1b20f74da109d0970f19d1f8d474e90b7424bc119e07
Source location: content.xml paragraph 11457
Stored source content
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.
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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.