Arkansas Administrative Code

23 CAR § 22-116. Course providers for agent prelicensing and continuing education — Annual registration and fees. (a) Annual registration. Pursuant to the State Insurance Department Trust Fund Act, Arkansas Code § 23-61-701 et seq., all approved course providers for agent prelice…

23 CAR § 22-117. Managing general agents/agencies. Filing application for initial licensure and annual renewal. Category A Fee------------------------------------------ $500

23 CAR § 22-118. Notary bond surety corporations. Initial and/or annual renewal of registration as notary bond surety corporation. Category B Fee----------------------------------------------------------$50

23 CAR § 22-119. Miscellaneous fees. (a) Category A fees. (1) Department compilations to survey, questionnaire, report, and data compilation requests (excluding government agencies) $250 (2) Filing and processing of security deposit releases $75 (b) Category B fees. (1) Adding/de…

23 CAR § 22-120. Information systems services. (a) Licensed company listings with agent appointments. Paper Disk/CD/E-Mail (1) Life & Disability Cos. $240 $170 (2) Property & Casualty Cos. $240 $170 (3) Single Company $10 $5 (b) Licensed company listings without agent appointment…

23 CAR § 22-121. Trust fund deposit required. (a)(1) All fees imposed pursuant to this part shall be due and payable to the "STATE INSURANCE DEPARTMENT TRUST FUND". (2) Fees paid pursuant to this part shall, whenever possible, be directed to the specific division of the State Ins…

23 CAR § 22-122. Cumulative/nonrefundable fees. (a) All fees and penalties imposed under this part are cumulative and in addition to any other licensure, exam, appointment, or registration fee, tax, premium tax, assessment, fine, or penalty required by the provisions of any other…

23 CAR § 22-123. Scriveners’ errors. (a) The Insurance Commissioner may, in his or her discretion, waive any fee set forth in this part for the filing of any document or thing, if he or she determines that such filing is, in fact, a refiling made solely to correct scriveners' or …

23 CAR § 22-124. Penalties. (a) General. (1) Upon failure of the applicant, licensee, registrant, permittee, or other person to pay the fees required by this part or to pay them timely when due, absent an extension granted by the Insurance Commissioner, the commissioner may, afte…

23 CAR § 22-125. Sunset clause on prelicensing electronic education fee. The provision in 23 CAR § 22-104(b)(3)(I) requiring the payment of a prelicensing electronic education fee of one dollar ($1.00) per hour shall expire on March 1, 2018, unless otherwise extended, amended, or…

23 CAR § 23-101. Purpose. The purpose of this part is to prescribe: (1) Guidelines and standards for statements of actuarial opinion which are to be submitted in accordance with Arkansas Code § 23-84-112(b) and for memoranda in support thereof; (2) Guidelines and standards for st…

23 CAR § 23-102. Severability. Any section or provision of this part held by a court to be invalid or unconstitutional will not affect the validity of any other section or provision of this part.

23 CAR § 23-103. Scope and application. (a)(1) This part shall apply to all licensed life and/or accident and health insurance companies and fraternal benefit societies: (A) Domiciled in Arkansas and doing business only in Arkansas; and (B) Which are domiciled in Arkansas and aut…

23 CAR § 23-104. Definitions. As used in this part: (1) “Actuarial opinion” means: (A) With respect to Subparts 5, 6, and 7 of this part, the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy test in acco…

23 CAR § 23-201. Submission of statement of actuarial opinion. (a)(1) There is to be included on or attached to Page 1 of the annual statement for each year the statement of an appointed actuary, entitled “Statement of Actuarial Opinion”, setting forth an opinion relating to rese…

23 CAR § 23-202. Qualified actuary. A “qualified actuary” is an individual who: (1) Is a member in good standing of the American Academy of Actuaries; (2) Is qualified to sign statements of actuarial opinion for life and health insurance company annual statements in accordance wi…

23 CAR § 23-203. Appointed actuary. (a) An “appointed actuary” is a qualified actuary who is appointed or retained to prepare the statement of actuarial opinion required by this part, either directly by or by the authority of the board of directors through an executive officer of…

23 CAR § 23-204. Standards for asset adequacy analysis. The asset adequacy analysis required by this part shall: (1) Conform to the Actuarial Standards of Practice as promulgated from time to time by the Actuarial Standards Board and on any additional standards under this part, w…

23 CAR § 23-205. Liabilities to be covered. (a) Under authority of Arkansas Code § 23-84-112, the statement of actuarial opinion shall apply to all in-force business on the statement date, whether directly issued or assumed, regardless of when or where issued, e.g.: (1) Reserves …

23 CAR § 23-301. General. (a) Every Arkansas-domiciled company doing business only in this state shall annually submit the opinion of an appointed actuary as provided for by this part in accordance with Arkansas Code § 23-84-112 except as waived under 23 CAR § 23-103. (b) The typ…

23 CAR § 23-302. Company categories. For purposes of this part, companies shall be classified as follows based on the admitted assets as of the end of the calendar year for which the actuarial opinion is applicable: (1) Category A shall consist of those companies whose admitted a…

23 CAR § 23-303. Exemption eligibility tests. (a)(1) Any Category A company that, for any year, meets all of the following criteria shall be eligible for exemption from submission of a statement of actuarial opinion in accordance with Subpart 5 of this part for the year in which …

23 CAR § 23-304. Large companies. Every Category D company shall submit a statement of actuarial opinion in accordance with Subpart 5 of this part.

23 CAR § 23-401. General description. The statement of actuarial opinion required by this section shall consist of the following: (1) A paragraph identifying the appointed actuary and his or her qualifications; (2) A regulatory authority paragraph stating that the company is exem…

23 CAR § 23-402. Recommended language. (a)(1) The following language provided is that which typically would be included in a statement of actuarial opinion in accordance with this section. (2)(A) The language may be modified as needed to meet the circumstances of a particular cas…

23 CAR § 23-403. Assumption for new issues. The adoption for new issues or new claims or other new liabilities of an actuarial assumption which differs from a corresponding assumption used for prior new issues or new claims or other new liabilities is not a change in actuarial as…

23 CAR § 23-404. Adverse opinions. (a) If the appointed actuary is unable to form an opinion, he or she shall refuse to issue a statement of actuarial opinion. (b)(1) If the appointed actuary’s opinion is adverse or qualified, he or she shall issue an adverse or qualified actuari…

23 CAR § 23-405. Reliance on information furnished by other persons. If the appointed actuary does not express an opinion as to the accuracy and completeness of the listings and summaries of policies in force, there should be attached to the opinion the statement of a company off…

23 CAR § 23-501. General description. The statement of actuarial opinion submitted in accordance with this subpart shall consist of: (1) A paragraph identifying the appointed actuary and his or her qualifications, see 23 CAR § 23-502(b); (2) A scope paragraph identifying the subj…

23 CAR § 23-502. Recommended language. (a)(1) The following paragraphs are to be included in the statement of actuarial opinion in accordance with this subpart. (2)(A) Language is that which in typical circumstances should be included in a statement of actuarial opinion. (B) The …

23 CAR § 23-503. Assumptions for new issues. The adoption for new issues or new claims or other new liabilities of an actuarial assumption that differs from a corresponding assumption used for prior new issues or new claims or other new liabilities is not a change in actuarial as…

23 CAR § 23-504. Adverse opinions. (a)(1) If the appointed actuary is unable to form an opinion, then he or she shall refuse to issue a statement of actuarial opinion. (2) If the appointed actuary’s opinion is adverse or qualified, then he or she shall issue an adverse or qualifi…

23 CAR § 23-505. Reliance on information furnished by other persons. (a) If the appointed actuary relies on the certification of others on matters concerning the accuracy or completeness of any data underlying the actuarial opinion, or the appropriateness of any other information…

23 CAR § 23-601. General. (a)(1) In accordance with Arkansas Code § 23-84-112, the appointed actuary shall prepare a memorandum to the company describing the analysis done in support of his or her opinion regarding the reserves. (2) The memorandum shall be made available for exam…

23 CAR § 23-602. Details of the memorandum section documenting asset adequacy analysis. (a) When an actuarial opinion is provided under Subpart 5 of this part, the memorandum shall demonstrate that the analysis has been done in accordance with the standards for asset adequacy ref…

23 CAR § 23-603. Details of the regulatory asset adequacy issues summary. (a) The regulatory asset adequacy issues summary shall include: (1)(A) Descriptions of the scenarios tested (including whether those scenarios are stochastic or deterministic) and the sensitivity testing do…

23 CAR § 23-604. Conformity to Actuarial Standards of Practice. The memorandum shall include the following statement: “Actuarial methods, considerations and analyses used in the preparation of this memorandum conform to the appropriate Standards of Practice as promulgated by the …

23 CAR § 23-605. Use of assets supporting the interest maintenance reserve and the asset valuation reserve. (a)(1) An appropriate allocation of assets in the amount of the interest maintenance reserve (IMR), whether positive or negative, shall be used in any asset adequacy analys…

23 CAR § 23-606. Documentation. The appointed actuary shall retain on file, for at least seven (7) years, sufficient documentation so that it will be possible to determine the: (1) Procedures followed; (2) Analyses performed; (3) Bases for assumptions; and (4) Results obtained.…

23 CAR § 23-701. Aggregation. (a) For the asset adequacy analysis for the statement of actuarial opinion provided in accordance with Subpart 5 of this part, reserves and assets may be aggregated by either of the following methods: (1)(A) Aggregate the reserves and related actuari…

23 CAR § 23-702. Selection of assets for analysis. (a) The appointed actuary shall analyze only those assets held in support of the reserves which are the subject for specific analysis, thereafter called “specified reserves”. (b)(1) A particular asset or portion thereof supportin…

23 CAR § 23-703. Required interest scenarios. (a) For the purpose of performing the asset adequacy analysis required by this part, the qualified actuary is expected to follow standards adopted by the Actuarial Standards Board. (b)(1) Nevertheless, the appointed actuary must consi…

23 CAR § 23-704. Documentation. The appointed actuary shall retain on file, for at least seven (7) years, sufficient documentation so that it will be possible to determine the: (1) Procedures followed; (2) Analyses performed; (3) Bases for assumptions; and (4) Results obtained.…

23 CAR § 23-801. Disciplinary actions. (a) The Insurance Commissioner may impose sanctions on companies which have failed to comply with the provisions of this part in: (1) Completing the annual statement with the appropriate actuarial certification and opinion; or (2) Failing to…

23 CAR § 24-101. Purpose. The purpose of this part is to prescribe: (1) Requirements for statements of actuarial opinion that are to be submitted in accordance with Arkansas Code § 23-84-112, and for memoranda in support thereof; (2) Rules applicable to the appointment of an appo…

23 CAR § 24-102. Severability. Any section or provision of this part held by a court to be invalid or unconstitutional will not affect the validity of any other section or provision of this part.

23 CAR § 24-103. Scope. (a)(1) This part shall apply to: (A) All life insurance companies and fraternal benefit societies licensed in Arkansas and licensed in and/or doing business in at least one (1) other state; and (B) All life insurance companies and fraternal benefit societi…

23 CAR § 24-104. Definitions. As used in this part: (1) “Actuarial opinion” means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with Subpart 3 of this part and with applicab…

23 CAR § 24-201. Submission of statement of actuarial opinion. (a) There is to be included on or attached to Page 1 of the annual statement for each year beginning with the year in which this part becomes effective the statement of an appointed actuary, entitled “Statement of Act…

23 CAR § 24-202. Qualified actuary. A “qualified actuary” is an individual who: (1) Is a member in good standing of the American Academy of Actuaries; (2) Is qualified to sign statements of actuarial opinion for life and health insurance company annual statements in accordance wi…