§ 23-61-805 — Funding - Publication of costs

(a) (1) The General Assembly shall establish a reasonable initial assessment or user fee and reasonable increases or decreases in the amount of future assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers for the efficient operation of the Arkansas Health Insurance Marketplace. (2) Annually by October 1, the State Insurance Department shall report to the Legislative Council in the manner and format that the Legislative Council requires the recommendations of the department for the initial assessment or user fee and increases or decreases in the amount of future assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers. (3) Annually by December 1, the Legislative Council shall review the recommendations of the department under subdivision (a)(2) of this section and report to the President Pro Tempore of the Senate and the Speaker of the House of Representatives the recommendations of the Legislative Council for the initial assessment or user fee and future increases or decreases in the amount of assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers. (b) (1) All assessments and fees shall be due and payable upon receipt in the matter required by the Insurance Commissioner and shall be delinquent if not paid within thirty (30) days of the receipt of notice of the assessment by the health insurer. (2) (A) Failure to timely pay the assessment shall automatically subject the health insurer to a penalty not to exceed ten percent (10%) of the assessment plus interest as established under subsection (a) of this section. (B) The penalty and interest is due and payable within the next thirty-day period. (3) The commissioner may enforce the collection of the assessment and penalty and interest in accordance with this subchapter and the Arkansas Insurance Code. (4) The commissioner may waive the penalty and interest authorized by this subsection if the commissioner determines that compelling circumstances exist that justify a waiver. (c) (1) The department shall publish the average costs of licensing, regulatory fees, and any other payments required by the Arkansas Health Insurance Marketplace and the administrative costs of the Arkansas Health Insurance Marketplace on an internet website to educate consumers on such costs. (2) Information published under subdivision (c)(1) of this section shall include information on moneys lost to waste, fraud, and abuse.

Legislative History

Amended by Act 2019, No. 391,§ 6, eff. 7/24/2019. Amended by Act 2019, No. 107,§ 4, eff. 3/15/2019. Amended by Act 2016EX2, No. 1,§ 3, eff. 1/1/2017. Amended by Act 2016EX2, No. 2,§ 3, eff. 1/1/2017. Added by Act 2013, No. 1500,§ 1, eff. 4/23/2013.