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26-57-610. Disposition of taxes.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-57-610. Disposition of taxes.
(a) The Insurance Commissioner shall deposit all taxes collected under §§ 26-57-604 and 26-57-605 into the State Treasury.
(b) On the last business day of each month the Treasurer of State shall classify the taxes by type of revenue and credit the net amounts respectively of taxes collected under §§ 26-57-604 and 26-57-605 as follows:
(1) The taxes based on premiums collected as special revenues shall be distributed to the respective cities, incorporated towns, and fire protection districts in this state for credit to the respective firemen's relief and pension funds;
(2) The taxes based on premiums collected 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 [repealed], the Arkansas Works Act of 2016, § 23-61-1001 et seq., the Arkansas Health Insurance Marketplace Act, § 23-61-801 et seq., or individual qualified health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 shall be:
(A) At the time of deposit, separately certified by the commissioner to the Treasurer of State for classification and distribution under this section; and
(B) Transferred to the Arkansas Works Program Trust Fund and used as required by the Arkansas Works Program Trust Fund;
(3) Except as provided in subdivision (b)(4) of this section [repealed], all other taxes collected under §§ 26-57-604 and 26-57-605 shall be classified as general revenues, and the net amount of taxes collected under §§ 26-57-604 and 26-57-605 shall be credited to the various State Treasury funds participating in general revenues in the respective proportions to each as provided by and to be used for the respective purposes set forth in the Revenue Stabilization Law
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-57-610
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:26-57-610
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 35a062be887cb9ade0a4908149d26682fc6209d15eef39ef13e814e075b08a96
Source location: content.xml paragraph 27960
Stored source content
26-57-610. Disposition of taxes.
(a) The Insurance Commissioner shall deposit all taxes collected under §§ 26-57-604 and 26-57-605 into the State Treasury.
(b) On the last business day of each month the Treasurer of State shall classify the taxes by type of revenue and credit the net amounts respectively of taxes collected under §§ 26-57-604 and 26-57-605 as follows:
(1) The taxes based on premiums collected as special revenues shall be distributed to the respective cities, incorporated towns, and fire protection districts in this state for credit to the respective firemen's relief and pension funds;
(2) The taxes based on premiums collected 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 shall be:
(A) At the time of deposit, separately certified by the commissioner to the Treasurer of State for classification and distribution under this section; and
(B) Transferred to the Arkansas Works Program Trust Fund and used as required by the Arkansas Works Program Trust Fund;
(3) Except as provided in subdivision (b)(4) of this section [repealed], all other taxes collected under §§ 26-57-604 and 26-57-605 shall be classified as general revenues, and the net amount of taxes collected under §§ 26-57-604 and 26-57-605 shall be credited to the various State Treasury funds participating in general revenues in the respective proportions to each as provided by and to be used for the respective purposes set forth in the Revenue Stabilization Law, § 19-5-101 et seq.; and
(4) The taxes based on premiums collected under the Arkansas Medicaid Program as administered by a risk-based provider organization shall be:
(A) At the time of deposit, separately certified by the commissioner to the Treasurer of State for classification and distribution under this section;
(B)(i) Transferred in amounts not less than fifty percent (50%) of the taxes based on premiums collected under the Arkansas Medicaid Program as administered by a risk-based provider organization to the designated account created by § 20-48-1004 within the Arkansas Medicaid Program Trust Fund to solely provide funding for home and community-based services to individuals with intellectual and developmental disabilities until the Department of Human Services certifies to the Department of Finance and Administration that the waiting list for the Alternative Community Services Waiver Program, also known as the “Developmental Disabilities Waiver”, is eliminated.
(ii) On and after the certification as described in subdivision (b)(4)(B)(i) of this section, all amounts of the taxes based on premiums collected under the Arkansas Medicaid Program as administered by a risk-based provider organization shall be transferred as described in subdivision (b)(4)(C) of this section; and
(C) On and after the certification as described in subdivision (b)(4)(A) of this section and after the transfer under subdivision (b)(4)(B)(i) of this section, transferred in the remainder to the Arkansas Medicaid Program Trust Fund and used as provided by § 19-5-985 as well as being used to provide funding for:
(i) The quality incentive pool under the Medicaid Provider-Led Organized Care Act, § 20-77-2701 et seq.;
(ii) Home and community-based services for individuals with behavioral health needs and intellectual and developmental disabilities; and
(iii) Other services covered by the Arkansas Medicaid Program as determined by the Department of Human Services.
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Arkansas Code — all titles (historical 2020) · legal_authorities
20-77-2401 — 20-77-2408. [Repealed.]
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-77-2401
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: repealed. The source passage cites 20-77-2401. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-1001. Title.
This subchapter shall be known and may be cited as the “Arkansas Works Act of 2016”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-1001
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 23-61-1001. This identifies an authority to review, not proof of applicability.
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.