Arkansas § 23-61-703 Insurers' administrative and financial regulation fees

Arkansas Statutes

§ 23-61-703 — Insurers' administrative and financial regulation fees

(a)Notwithstanding § 26-57-602 and other provisions of Arkansas law, all licensed insurers, including without limitation all licensed stock and mutual insurance companies, health maintenance organizations, fraternal benefit societies, hospital and medical service corporations, stipulated premium insurers, reinsurers, and farmers' mutual aid associations annually in the manner prescribed by the Insurance Commissioner shall pay to the State Insurance Department Trust Fund a nonrefundable administrative and financial regulation fee no later than:

(1)June 1; or (2) A date or dates established by rule of the commissioner.

(b)(1) This fee shall be based upon the insurer's direct premiums and copayments written in the State of Arkansas during the preceding calendar year, as evidenced by the in

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Notwithstanding § 26-57-602 and other provisions of Arkansas law, all licensed insurers, including without limitation all licensed stock and mutual insurance companies, health maintenance organizations, fraternal benefit societies, hospital and medical service corporations, stipulated premium insurers, reinsurers, and farmers' mutual aid associations annually in the manner prescribed by the Insurance Commissioner shall pay to the State Insurance Department Trust Fund a nonrefundable administrative and financial regulation fee no later than: (1) June 1; or (2) A date or dates established by rule of the commissioner. (b) (1) This fee shall be based upon the insurer's direct premiums and copayments written in the State of Arkansas during the preceding calendar year, as evidenced by the insurer's annual statement filed March 1 annually with the State Insurance Department pursuant to the Arkansas Insurance Code. (2) Insurers and reinsurers with no annual direct written Arkansas premiums shall pay the minimum fee of five hundred dollars ($500). (c) Such administrative and financial regulation fees shall be paid in the following amounts based upon the following schedule: ARKANSAS DIRECT WRITTEN PREMIUMS AND COPAYMENTS OF INSURERS, HMO'S, FMAA'S, AND OTHERS (total for preceding calendar year) ANNUAL ADMINISTRATIVE AND FINANCIAL REGULATION FEE DUE STATE OF ARKANSAS $0 $ 500 01-499,999 750 500,000-2,499,999 1,000 2,500,000-4,999,999 2,500 5,000,000-7,499,999 5,000 7,500,000-9,999,999 7,500 10,000,000-19,999,999 10,000 20,000,000-29,999,999 12,000 30,000,000-49,999,999 15,000 50,000,000-74,999,999 17,500 75,000,000-99,999,999 20,000 100,000,000 AND UP 25,000 (d) In no event shall the annual financial regulation fee imposed in this section and assessed to support the maintenance and operation of the department exceed twenty-five thousand dollars ($25,000) for any one (1) insurer or reinsurer in any one (1) year.

Arkansas § 23-61-703 (Insurers' administrative and financial regulation fees) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.