§ 21-2-806 — Operations and recommendations

Arkansas § 21-2-806

• Jurisdiction: Arkansas
• Title: 21

Text

(a) At the direction of the Arkansas Cyber Response Board, the Insurance Commissioner shall receive and disburse funds necessary for the establishment and operation of the Arkansas Self-Funded Cyber Response Program. (b) The State Risk Manager shall assist in the operations of the program and shall submit to the board recommendations for: (1) (A) Premium schedules for all participating governmental entities, not to exceed a total of nine hundred thousand dollars ($900,000) in each of the first two (2) years of operation. (B) The premium schedule for each participating governmental entity for the first two (2) years of operation shall be as follows: (i) The aggregate amount for municipalities shall not exceed three hundred thousand dollars ($300,000); (ii) The aggregate amount for counties shall not exceed three hundred thousand dollars ($300,000); and (iii) The aggregate amount for school districts shall not exceed three hundred thousand dollars ($300,000); (2) Schedules for deductible amounts; (3) Loss histories, loss reporting, and loss payment procedures; (4) Program enrollments; (5) Annual review of funds, income, balances, and expenditures; and (6) Other information required by the board for efficient operation of the program. (c) The board may utilize up to five percent (5%) of the monthly premiums remitted to the Arkansas Self-Funded Cyber Response Program Trust Fund for administrative expenses and staff. (d) Additional money may be provided to the program through grants and provisions from public and private entities.

Legislative History

Added by Act 2023, No. 846,§ 2, eff. 8/1/2023.