Skip to main content
Find a Lawyer

Arkansas Code Title 6. Education § 6-20-1507. Premium rate--Payment

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

(a) The premium rate shall be actuarially sound.

(b) School districts, education service cooperatives, or open-enrollment public charter schools shall make payment of premium when demand is made as scheduled in the contract.

(c)(1) Any school district, education service cooperative, or open-enrollment public charter school which does not pay the premium when due shall be charged a rate of interest at five percent (5%) per annum on all payments due and unpaid on the policy issued.

(2) The State Insurance Department may cancel insurance coverage for school districts, education service cooperatives, or open-enrollment public charter schools that fail to pay the premium due within thirty (30) days.

(3) The department shall give thirty (30) days' notice before any cancellation for nonpayment.

(d) Rules of the department shall include such items as payment of premiums and other pertinent items with reference to the premium rate, but the rules shall not be more stringent than practices of commercial companies writing similar insurance in Arkansas.

(e) Premiums collected by the Public Elementary and Secondary School Insurance Program shall continue to be subject to any premium tax now or hereafter levied for the support of the firemen's pension and relief fund.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 6. Education § 6-20-1507. Premium rate--Payment - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-6-education/ar-code-sect-6-20-1507/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard