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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-100-104. Antifraud assessment

Current as of March 28, 2024 | Updated by Findlaw Staff

(a)(1)(A) Each licensed insurer shall pay into the State Insurance Department Criminal Investigation Division Trust Fund a nonrefundable antifraud assessment as directed by the Insurance Commissioner for the reasonable and necessary expenses and operation of the Criminal Investigation Division.

(B) As used in this section, “licensed insurer” includes a:

(i) Licensed stock and mutual insurance company;

(ii) Reinsurer;

(iii) Health maintenance organization;

(iv) Fraternal benefit society;

(v) Hospital and medical service corporation;

(vi) Stipulated premium insurer;

(vii) Farmers' mutual aid association; and

(viii) Prepaid legal insurer.

(2) This section does not apply to an approved but nonadmitted surplus lines insurer or to a registered risk retention group.

(b)(1) The antifraud assessment required by this section shall be paid annually on or before June 1 at the time and in the manner that the commissioner prescribes or at times alternate from June 1 annually that the commissioner prescribes.

(2)(A) By rule, the commissioner may set the amount of the antifraud assessment.

(B) The antifraud assessment shall not exceed one thousand dollars ($1,000) per fiscal year.

(3) The antifraud assessment is in addition to the premium taxes and fees required under existing law.

(c) This section shall apply notwithstanding the provisions of § 26-57-601 et seq., the State Insurance Department Trust Fund Act, § 23-61-701 et seq., and other provisions of Arkansas law.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-100-104. Antifraud assessment - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-100-104/

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