Arkansas Administrative Code

23 CAR § 2-201. Definitions. As used in this part: (1) "Act" means Acts 1965, No. 107; (2) "Class" means all securities of an insurer: (A) Which are of substantially similar character; and (B) The holders of which enjoy substantially similar rights and privileges; (3) "Equity sec…

23 CAR § 2-202. Transactions exempted from the operation of Acts 1965, No. 107, § 2. Any acquisition or disposition of any equity security by a director or officer of an insurer within six (6) months prior to the date on which Acts 1965, No. 107, shall first become applicable wit…

23 CAR § 2-301. Filing of statements. (a)(1) Initial statements of beneficial ownership of equity securities required by Acts 1965, No. 107, § 1, shall be filed on Form A, attached hereto. (2) Statements of changes in such beneficial ownership required by Section 1 shall be filed…

23 CAR § 2-302. Ownership of more than 10 percent of an equity security. (a)(1)(A) In determining for the purpose of Acts 1965, No. 107, § 1, whether a person is the beneficial owner, directly or indirectly, of more than ten percent (10%) of any class of any equity security, such…

23 CAR § 2-303. Disclaimer of beneficial ownership. Any person filing a statement may expressly declare therein that the filing of such statement shall not be construed as an admission that such person is, for the purpose of Acts 1965, No. 107, the beneficial owner of any equity …

23 CAR § 2-304. Exemptions from Sections 1 and 2. (a) During the period of twelve (12) months following their appointment and qualification, securities held by the following persons shall be exempt from Acts 1965, No. 107, §§ 1 and 2: (1) Executors or administrators of the estate…

23 CAR § 2-305. Exemption of securities purchased or sold by odd-lot dealers. Securities purchased or sold by an odd‑lot dealer in odd lots so far as reasonably necessary to carry on odd-lot transactions, or in round lots to offset odd‑lot transactions previously or simultaneousl…

23 CAR § 2-306. Certain transactions subject to Section 1 of the act. (a) The acquisition or disposition of any transferable option, put, call, spread, or straddle shall be deemed such a change in the beneficial ownership of the security to which such privilege relates as to requ…

23 CAR § 2-307. Ownership of securities held in trust. (a) Beneficial ownership of a security for the purpose of Acts 1965, No. 107, § 1, shall include the ownership of: (1) Securities as a trustee where either the trustee or members of his or her immediate family have a vested i…

23 CAR § 2-308. Exemption for small transactions. (a) Any acquisition of securities shall be exempt from Acts 1965, No. 107, § 1, where the person effecting the acquisition does not: (1) Within six (6) months thereafter effect any disposition, otherwise than by way of gift, of se…

23 CAR § 2-309. Exemption from Section 2 of the act of transactions which need not be reported under Section 1. Any transaction which has been or shall be exempted from the requirements of Acts 1965, No. 107, § 1, shall, insofar as it is otherwise subject to the provisions of Act…

23 CAR § 2-401. Exemption of certain transactions effected in connection with a distribution. (a)(1) Any transaction of purchase and sale, or sale and purchase, of a security which is effected in connection with the distribution of a substantial block of securities shall be exemp…

23 CAR § 2-402. Exemption of acquisitions of shares of stock and stock options under certain stock bonus, stock option, or similar plans. Any acquisition of shares of stock, other than stock acquired upon the exercise of an option, warrant, or right, pursuant to a stock bonus, pr…

23 CAR § 2-403. Exemption of certain transactions in which securities are received by redeeming other securities. Any acquisition of an equity security, other than a convertible security or right to purchase a security, by a director or officer of the insurer issuing such securit…

23 CAR § 2-404. Exemption of long-term profits incident to sales within six months of the exercise of an option. (a) To the extent specified in subsection (b) of this section, the Insurance Commissioner hereby exempts as not comprehended within the purposes of Acts 1965, No. 107,…

23 CAR § 2-405. Exemption of certain acquisitions and dispositions of securities pursuant to merger or consolidation. (a) The following transactions shall be exempt from the provisions of Acts 1965, No. 107, § 2, as not comprehended within the purpose of said section: (1) The acq…

23 CAR § 2-406. Exemption of transactions involving the deposit or withdrawal of equity securities under a voting trust or deposit agreement. (a) Any acquisition or disposition of an equity security involved in the deposit of such security under, or the withdrawal of such securit…

23 CAR § 2-407. Exemption of certain transactions involving the conversion of equity securities. (a)(1) Any acquisition or disposition of an equity security involved in the conversion of an equity security which, by its terms or pursuant to the terms of the insurer's charter or o…

23 CAR § 2-408. Exemption of certain transactions involving the sale of subscription rights. (a) Any sale of a subscription right to acquire any subject security of the same insurer shall be exempt from the provision of Section 2 of Acts 1965, No. 107, to the extent prescribed in…

23 CAR § 2-503. Exemption of sales of securities to be acquired. (a) Whenever any person is entitled, as an incident to his or her ownership of an issued security and without the payment of consideration, to receive another security "when issued" or "when distributed", the securi…

23 CAR § 2-601. Arbitrage transactions. (a)(1) It shall be unlawful for any director or officer of an insurer to effect any foreign or domestic arbitrage transaction in any equity security of such insurer unless he or she shall: (A) Include such transaction in the statements requ…

23 CAR § 20-101. Purpose. (a) The purpose of this part is to set out the filing requirements of those reinsurance agreements filed with the Insurance Commissioner pursuant to Acts 1991, No. 804. (b) This part is promulgated pursuant to the authority of the commissioner as set out…

23 CAR § 20-102. Definitions. As used in this part: (1) “Authorized insurer” means any foreign, domestic, or alien insurance company granted a certificate of authority by the Insurance Commissioner and authorized to do business in the State of Arkansas as an insurance company, in…

23 CAR § 20-103. Filing requirements. (a) Agreements with unauthorized insurers. Any authorized insurer that enters into any agreement of bulk or assumptive reinsurance with an unauthorized insurer which provides for the ceding of Arkansas policies or risks shall file the propose…

23 CAR § 20-104. Waiver of hearing. (a)(1) Any authorized insurer that files for approval with the Insurance Commissioner an agreement of bulk or assumptive reinsurance between itself and an unauthorized insurer may request a waiver of hearing. (2) Such request shall be made by s…

23 CAR § 20-105. Excluded contracts. This part does not apply to: (1) Contracts of excess or indemnity reinsurance; (2) Any reinsurance agreement in which the ceding insurer continues to remain directly liable for its insurance obligations and/or risks under the contracts of insu…

23 CAR § 20-106. Notice to policyholders. All assumption certificates or notice to policyholders shall contain the following information: (1) The name and address of the ceding carrier and the name and address of the assuming carrier; (2) The effective date of the agreement; (3) …

23 CAR § 20-107. Severability. If any provision of this part, or the application thereof to any person or circumstance, is held invalid, such invalidity shall not affect other provisions or applications of this part which can be given effect without the invalid provision or appli…

23 CAR § 21-101. Purpose. The purpose of this part is to implement administrative and financial regulation fees as established in the State Insurance Department Trust Fund Act, Arkansas Code § 23-61-701 et seq.

23 CAR § 21-102. Scope — Application. (a) Scope. (1) This part shall apply to all licensed insurers, including without limitation all authorized domestic, foreign, and/or alien: (A) Stock and mutual insurers; (B) Mutual assessment life and disability insurers; (C) Health maintena…

23 CAR § 21-103. Administrative and financial regulation fees. (a) Fees due on or before June 1 of each calendar year. (1)(A) All insurers are required by Arkansas Code § 23-61-703(a)(1) and by this part to forward to the State Insurance Department the nonrefundable administrativ…

23 CAR § 21-104. Payment extensions and waivers — Penalty for noncompliance. (a) Time extension. In his or her complete discretion and for good cause shown, the Insurance Commissioner may grant an extension for reporting and/or payment of the fee required by this part for any ins…

23 CAR § 22-101. Purpose. (a) The purpose of this part is to implement and clarify the pertinent fee provisions of: (1) Acts 1993, No. 652, the State Insurance Department Trust Fund Act, codified at Arkansas Code § 23-61-701 et seq.; (2) Acts 1993, No. 901, the State Insurance De…

23 CAR § 22-102. Scope and application. (a) This part or any applicable sections shall apply to insurers, agents, and other current or former licensees, permittees, registrants, and applicants for licensure of the Insurance Commissioner. (b)(1) Such licensees, registrants, or per…

23 CAR § 22-103. Derivation and classes of fees. (a)(1)(A) The State Insurance Department Trust Fund Act, Arkansas Code § 23-61-701 et seq., provides the State Insurance Department’s authority to generate revenue to support its operations by the imposition of fees. (B) It also di…

23 CAR § 22-104. Insurers (see 23 CAR § 22-102(b)(1)(A)). (a) Category A fees (maximum one thousand five hundred dollars ($1,500)) (per covered entity, filing, or transaction). DEPARTMENT SERVICE OR PRODUCT FEE AMOUNTS (1) Authorized or Licensed Insurers. (A) Department expense f…

23 CAR § 22-105. Administrative and regulatory annual fee — Producers, agencies, life settlement agents and brokers, adjusters, limited adjusters, consultants, risk retention group agents, purchasing group brokers, surplus line brokers, surplus line brokers for purchasing groups …

23 CAR § 22-106. Insurance holding company transactions. (a) Fees below are per each holding company, not per each licensed insurer. (b) All Category A fees: (1) Filing and review of each Form A on Acquisitions/Change in Control (DOMESTIC ONLY) $1,000 (2) Filing and review of eac…

23 CAR § 22-107. Health maintenance organizations. (a) Filing Pre-Acquisition Notification for Mergers/Charter Sales and Bulk Reinsurance Agreements Category A Fee $100 (b) Filing and review of provider contracts, per HMO, per contract Form Category B Fee $50 (c) Filing/Review of…

23 CAR § 22-108. Rate service or advisory organizations. All Category A fees: (1) Department Expense for independent actuarial review of previously disapproved rate/rule filing set for hearing at the request of the advisory organization (excluding Workers' Compensation which is n…

23 CAR § 22-109. Risk retention groups. (a) Initial Registration Fee Category A Fee $250 (b) Renewal Registration Fee (MARCH 1ST) Category A Fee $100 (c) Filing Annual Statement Category B Fee $50 (d) Filing and review of any information that changes any information required in t…

23 CAR § 22-110. Purchasing groups. (a) Initial Registration Fee Category A Fee $150 (b) Renewal Registration Fee (March 1ST) Category A Fee $100

23 CAR § 22-111. Automobile clubs or associations. (a) Filing Annual Financial Statement (APRIL 1ST) Category A Fee $100 (b) Form Filing, per club, per form Category B Fee $50 (c) Review of all documents necessary for and issuance of certificate of authorization Category A Fee $2…

23 CAR § 22-112. Third-party administrators. (a) All new applicants for registration as a third-party administrator (TPA) and all previously registered TPAs shall pay the following filing and processing fee for issuance/renewal of each certificate of registration, in addition to:…

23 CAR § 22-113. Service contract providers. Filing changes to the registration required in Arkansas Code § 4-114-104(c)(1) Category B Fee--------------------------$50

23 CAR § 22-114. Continuing care facilities. (a) Filing Annual Disclosure Statement, each statement, per each facility/provider and/or appointing Commissioner as agent for service of process, each provider Category A Fee $100 (b) Filing and review of initial registration applicat…

23 CAR § 22-115. Reinsurance intermediaries. (a) Filing initial application for license as reinsurance intermediary- manager $500 (b) Filing initial application as reinsurance intermediary-broker -$300 (c) Annual renewal fee for reinsurance intermediary-manager -$100 (d) Annual r…