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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-61-703. Administrative and financial regulation fees--Schedules--Annual maximum

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

(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

ANNUAL ADMINISTRATIVE AND

AND COPAYMENTS OF INSURERS,

FINANCIAL REGULATION FEE DUE

HMO'S, FMAA'S, AND OTHERS

STATE OF ARKANSAS

(total for preceding calendar year)

$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.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-61-703. Administrative and financial regulation fees--Schedules--Annual maximum - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-61-703/

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