§ 23-69-511 — Fees - Reimbursements

(a) At the time of filing its application with the Insurance Commissioner for review and approval of an insurance business transfer plan, an applicant shall pay a nonrefundable fee to the State Insurance Department in the amount of ten thousand dollars ($10,000). (b) In the commissioner's discretion, the department may participate in the proceedings undertaken under this subchapter, and the applicant shall reimburse the department for any compensation and benefits paid to the personnel of the department for time spent engaged in the proceedings, including without limitation examiners, actuaries, attorneys, managers, and paraprofessionals. (c) The commissioner may retain independent attorneys, appraisers, actuaries, certified public accountants, or other professionals and specialists to assist department personnel in connection with the review required by this subchapter, and the cost shall be borne by the applicant. (d) The applicant shall pay the expenses of the department and its authorized consultants incurred in fulfilling their obligations under this subchapter, including the actual expenses of the department or the expenses and compensation of any consultants retained by the department. (e) Failure to pay any of the requisite fees or reimbursements within thirty (30) days of demand shall be grounds for the commissioner to request that the Pulaski County Circuit Court dismiss the petition for approval of the insurance business transfer plan before the filing of an implementation order by the court or, if after the filing of an implementation order, the commissioner may suspend or revoke the assuming insurer's certificate of authority to transact insurance business in this state.

Legislative History

Added by Act 2021, No. 1018,§ 1, eff. 7/28/2021.