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26-57-607. Failure to report and pay tax.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-57-607. Failure to report and pay tax.
(a) The Insurance Commissioner in his or her discretion may suspend or revoke the certificate of authority of any insurer or health maintenance organization that fails to report and pay the premium tax levied under §§ 26-57-604 and 26-57-605 on the date due or during any reasonable extension of time which may have been expressly granted by the commissioner for good cause upon the insurer's request.
(b) In addition, any insurer or health maintenance organization that fails to report or pay the tax when due shall be subject to a penalty of one hundred dollars ($100) for each day of the delinquency. The penalty shall be collected by the commissioner if necessary by a civil suit therefor brought by the commissioner in the Pulaski County Circuit Court, unless the penalty is waived by the commissioner upon a showing by the insurer or organization of good cause for its failure to file its report or tax payment on or before the date due.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-607
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:26-57-607
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ac47c36a57e889959e442318f0e18090c39a0e4780badcdb38c228bc7779230a
Source location: content.xml paragraph 27945
Stored source content
26-57-607. Failure to report and pay tax.
(a) The Insurance Commissioner in his or her discretion may suspend or revoke the certificate of authority of any insurer or health maintenance organization that fails to report and pay the premium tax levied under §§ 26-57-604 and 26-57-605 on the date due or during any reasonable extension of time which may have been expressly granted by the commissioner for good cause upon the insurer's request.
(b) In addition, any insurer or health maintenance organization that fails to report or pay the tax when due shall be subject to a penalty of one hundred dollars ($100) for each day of the delinquency. The penalty shall be collected by the commissioner if necessary by a civil suit therefor brought by the commissioner in the Pulaski County Circuit Court, unless the penalty is waived by the commissioner upon a showing by the insurer or organization of good cause for its failure to file its report or tax payment on or before the date due.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-57-604. Remittance of tax.
(a)(1)(A) Coincident with the filing of the tax report, each authorized life or accident and health insurer, including licensed health maintenance organizations, may apply for a credit for the noncommissioned salaries and wages of the insurer's Arkansas employees that are paid in connection with its insurance operations.
(B)(i) The credit may be applied as an offset against the premium tax imposed in § 26-57-603(d) on life and accident and health insurance.
(ii) However, the credit shall not be applied as an offset against the premium tax on collections resulting from an eligible individual insured under the Health Care Independence Act of 2013, § 20-77-2401 et seq. [repealed], the Arkansas Works Act of 2016, § 23-61-1001 et seq., the Arkansas Health Insurance Marketplace Act, § 23-61-801 et seq., or individual qualified health insurance plans, including without limitation stand-alone dental plans, issued through the health insurance marketplace as defined by § 23-61-1003.
(iii) The credit shall not be applied as an offset against the premium tax on collections resulting from an eligible individual insured under the Arkansas Medicaid Program as administered by a risk-based provider organization.
(2)(A) The offset shall not reduce the accident and health premium tax due by more than the following amounts:
(i) For tax years beginning before January 1, 2021, eighty percent (80%);
(ii) For the tax year beginning January 1, 2021, seventy percent (70%);
(iii) For the tax year beginning January 1, 2022, sixty percent (60%); and
(iv) For tax years beginning on and after January 1, 2023, fifty percent (50%).
(B) Beginning January 1, 2020, an authorized accident or health insurer shall not receive a credit under this subsection th
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-604
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 26-57-604. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-57-605. Wet marine and foreign trade insurers — Report and remittance of tax.
(a) As to wet marine and foreign trade insurance written in this state during the preceding calendar year, on or before March 1 of each year, each authorized, unauthorized, or formerly authorized insurer shall file its report with the Insurance Commissioner, on forms as prescribed by the commissioner of its gross underwriting profit thereon.
(b) As a tax imposed for the privilege of transacting such wet marine and foreign trade insurance in this state, a tax of three-quarters of one percent (¾%) of the gross underwriting profit shall be reported and paid on a quarterly estimate basis at such times and upon forms as shall be prescribed by the commissioner and reconciled annually at the time of filing the annual report.
(c)(1) The gross underwriting profit shall be ascertained by deducting from the net premiums, which are the gross premiums less all return premiums and premiums for reinsurance, on wet marine and foreign trade insurance contracts, the net losses paid, which are the gross losses paid less salvage and recoveries on reinsurance ceded, during the calendar year under those contracts.
(2) In the case of insurers issuing participating contracts, the gross underwriting profit shall not include for computation of the tax prescribed by this section the amounts refunded or paid as participation dividends by the insurers to the holders of the contracts.
(d) As used in this subchapter, “wet marine and foreign trade insurance” includes only:
(1) Insurances upon vessels, crafts, hulls, and of interests therein, of, or with relations thereto;
(2) Insurance of marine builder's risks, marine war risks, and contracts of marine protection and indemnity insurance;
(3) Insurance of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-605
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 26-57-605. This identifies an authority to review, not proof of applicability.