Arkansas Administrative Code

23 CAR § 31-106. Assess risk. The licensee: (1) Identifies reasonably foreseeable internal or external threats that could result in unauthorized disclosure, misuse, alteration, or destruction of customer information or customer information systems; (2) Assesses the likelihood and…

23 CAR § 31-107. Manage and control risk. The licensee: (1) Designs its information security program to control the identified risks, commensurate with the sensitivity of the information, as well as the complexity and scope of the licensee’s activities; (2) Trains staff, as appro…

23 CAR § 31-108. Oversee service provider arrangements. The licensee: (1) Exercises appropriate due diligence in selecting its service providers; and (2) Requires its service providers to implement appropriate measures designed to meet the objectives of this part.…

23 CAR § 31-109. Adjust the program. The licensee monitors, evaluates, and adjusts, as appropriate, the information security program in light of any relevant changes in: (1) Technology; (2) The sensitivity of its customer information; (3) Internal or external threats to informati…

23 CAR § 31-110. Determined violation. A violation of this part shall be deemed to be an unfair method of competition or an unfair or deceptive act and practice in this state, in violation of Arkansas Code § 23-66-201 et seq.

23 CAR § 31-111. Compliance date. Each licensee shall establish and implement an information security program, including appropriate policies and systems, pursuant to this part by January 1, 2003.

23 CAR § 32-101. Purpose. The purpose of this part is: (1) To set forth the need for the licensing of employer service assurance organizations; (2) To establish minimum standards for the conduct of those organizations; and (3) For promulgating procedures for their licensing.…

23 CAR § 32-102. Definitions. Unless otherwise noted, definitions applicable to this part shall be the same as found in Arkansas Code § 23-92-402.

23 CAR § 32-103. Fees. (a) The initial fee for an ESAO shall be five hundred dollars ($500) for the initial fee and five hundred dollars ($500) for each biennial renewal. (b) All fees are nonrefundable.

23 CAR § 32-104. Employer service assurance organizations. (a) The Insurance Commissioner has determined that it is in the best interest of the State of Arkansas to license one (1) or more ESAOs pursuant to the authority granted under Arkansas Code §§ 23-92-415 and 23-92-419 in o…

23 CAR § 32-105. License not assignable. (a) A licensee may not conduct business under any name other than that specified in the license. (b) A license issued under this part is not assignable. (c) A licensee may not conduct business under any fictitious or assumed name without p…

23 CAR § 32-106. Interpretation. This part shall be construed in accordance with Acts 2003, No. 1750.

23 CAR § 32-107. 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 applica…

23 CAR § 33-101. Purpose. The purpose of this part is to recognize, permit, and prescribe the use of the 2001 Commissioners Standard Ordinary (CSO) Mortality Table in accordance with the specific provisions of the Standard Valuation Law for Life Insurance and Annuities, Arkansas …

23 CAR § 33-102. Definitions. As used in this part: (1)(A) “2001 CSO Mortality Table” means that mortality table: (i) Consisting of separate rates of mortality for male and female lives; (ii) Developed by the American Academy of Actuaries CSO Task Force from the Valuation Basic M…

23 CAR § 33-103. 2001 CSO Mortality Table. (a)(1) At the election of the company for any one (1) or more specified plans of insurance and subject to the conditions stated in this part, the 2001 CSO Mortality Table may be used as the minimum standard for policies issued on or afte…

23 CAR § 33-104. Conditions. (a) For each plan of insurance with separate rates for smokers and nonsmokers an insurer may use: (1) Composite mortality tables to determine: (A) Minimum reserve liabilities; (B) Minimum cash surrender values; and (C) Amounts of paid-up nonforfeiture…

23 CAR § 33-105. Applicability of the 2001 CSO Mortality Table to Valuation of Life Insurance Policies, 23 CAR pt. 104. (a) The 2001 CSO Mortality Table may be used in applying Valuation of Life Insurance Policies, 23 CAR pt. 104, in the following manner, subject to the transitio…

23 CAR § 33-106. Gender-blended tables. (a)(1) For any ordinary life insurance policy delivered or issued for delivery in this state on and after January 1, 2004, that utilizes the same premium rates and charges for male and female lives or is issued in circumstances where applic…

23 CAR § 33-107. Severability. If any provision of this part or its application to any person or circumstance is for any reason held to be invalid, the remainder of the part and the application of the provision to other persons or circumstances shall not be affected.

23 CAR § 34-101. Purpose. (a) The purpose of this part is to set forth standards to protect active duty service members of the United States Armed Forces from dishonest and predatory insurance sales practices by declaring certain identified practices to be: (1) False; (2) Mislead…

23 CAR § 34-102. Scope. This part shall apply only to the solicitation or sale of any life insurance or annuity product by an insurer or insurance producer to an active duty service member of the United States Armed Forces.

23 CAR § 34-103. Exemptions. (a) This part shall not apply to solicitations or sales involving: (1) Credit insurance; (2) Group life insurance or group annuities where: (A) There is no in-person, face-to-face solicitation of individuals by an insurance producer; or (B) The contra…

23 CAR § 34-104. Definitions. As used in this part: (1)(A) “Active duty” means full-time duty in the active military service of the United States and includes members of the reserve component (National Guard and Reserve) while serving under published orders for active duty or ful…

23 CAR § 34-105. Practices declared false, misleading, deceptive, or unfair on a military installation. (a) The following acts or practices when committed on a military installation by an insurer or insurance producer with respect to the in-person, face-to-face solicitation of li…

23 CAR § 34-106. Practices declared false, misleading, deceptive, or unfair regardless of location. (a) The following acts or practices by an insurer or insurance producer constitute corrupt practices, improper influences, or inducements and are declared to be false, misleading, …

23 CAR § 34-107. Severability. (a) If any provision of this part or the application thereof to any person or circumstance is held invalid for any reason, the invalidity shall not affect the other provisions or any other application of this part which can be given effect without t…

23 CAR § 35-101. Purpose. (a) The purpose of this part is to establish requirements and standards for organizations and Arkansas cities, towns, municipalities, and counties to obtain and maintain required permits and offer charitable annuities to Arkansas residents, nonresidents,…

23 CAR § 35-102. Definitions. As used in this part: (1) “Commissioner” means the Insurance Commissioner; (2) “Corporate permit applicant” means any corporation conducted that is applying for a permit to sell or distribute fixed-dollar life-only charitable annuity agreements; (3) …

23 CAR § 35-103. Participants. (a) This part will allow corporate permit applicants to apply for a special permit to make fixed-dollar life-only annuity agreements with donors to their corporation that: (1) Either: (A) Has engaged in active operation for at least five (5) years p…

23 CAR § 35-104. Exemptions. (a) No municipality or corporation organized under the laws of another state shall be permitted to make annuity agreements in this state unless it complies with all requirements of this part imposed upon municipalities or corporations, except that a m…

23 CAR § 35-105. Application and annual statement — General requirements. (a)(1) Application A and Annual Statement B are intended to be guides in the preparation of the application and annual reports required by the act. (2) The application and annual statement filed shall conta…

23 CAR § 35-106. Application and annual statement — Incorporation by reference, summaries, and omissions. (a)(1) Information required by any item of Application A and Annual Statement B may be incorporated by reference in answer or partial answer to any other item. (2) Informatio…

23 CAR § 35-107. Application and annual statement — Additional information and exhibits. (a) In addition to the information expressly required to be included in Application A and Annual Statement B, the Insurance Commissioner may request such further material information, if any,…

23 CAR § 35-108. Request for annuity permit. Before making an annuity agreement, every permit applicant shall file, in an application in a form similar to that found in Application A, with the Insurance Commissioner for his or her approval information regarding the following: (1)…

23 CAR § 35-109. Requirements for permit holders. (a) Reserves. (1) Each corporation or municipality shall maintain reserves with respect to the annuity or income stream that it has agreed to pay to a charitable donor by: (A) Using the manner set forth in the Standard Valuation L…

23 CAR § 35-110. Violations. If after notice and hearing the Insurance Commissioner finds that a permit holder having a permit has failed to comply with the requirements of this part, the commissioner may revoke or suspend the permit or order the permit holder to cease making new…

23 CAR § 35-111. Severability. Any section or provision of this part held by the court to be invalid or unconstitutional will not affect the validity of any other section or provision.

23 CAR § 36-101. Purpose and scope. (a) The purposes of this part are to: (1) Create a legal framework within which service contracts are defined, may be sold, and are regulated in this state; (2) Add significant consumer protections; and (3) Eliminate unnecessary administration.…

23 CAR § 36-102. Definitions. As used in this part: (1) “Administrator” means the person who is responsible for the administration of a service contract; (2) “Commissioner” means the Insurance Commissioner of the State of Arkansas; (3) “Consumer” means an individual who buys othe…

23 CAR § 36-103. Requirements for doing business. (a)(1) Service contracts shall not be issued, sold, or offered for sale in this state unless the provider or its designee has complied with the requirements of Arkansas Code § 4-114-104(b). (2) Each provider of service contracts s…

23 CAR § 36-104. Required disclosures and prohibited acts. (a) A service contract issued, sold, or offered for sale in this state shall be written in clear, understandable language that is easy to read and must conspicuously disclose the requirements of Arkansas Code § 4-114-106.…

23 CAR § 36-105. Recordkeeping requirements. (a) A provider shall keep accurate accounts, books, and records concerning transactions regulated under the Service Contracts Act, Arkansas Code § 4-114-101 et seq. (b) Providers must comply with all recordkeeping requirements set fort…

23 CAR § 36-106. Enforcement. (a)(1) The Insurance Commissioner may conduct investigations or examinations of providers, administrators, insurers, or other persons to enforce the provisions of the Service Contracts Act, Arkansas Code § 4-114-101 et seq., and this part and to prot…

23 CAR § 36-107. Severability. If any provision of this part or its application to any person or circumstance is for any reason held to be invalid, the remainder of the part and the application of the provision to other persons or circumstances shall not be affected.

23 CAR § 37-101. Purpose. The purpose of this part is to recognize, permit, and prescribe the use of mortality tables that reflect differences in mortality between preferred and standard lives in determining minimum reserve liabilities in accordance with the Standard Valuation La…

23 CAR § 37-102. Definitions. As used in this part: (1)(A) “2001 CSO Mortality Table” means that mortality table: (i) Consisting of separate rates of mortality for male and female lives; (ii) Developed by the American Academy of Actuaries CSO Task Force from the Valuation Basic M…

23 CAR § 37-103. 2001 CSO Preferred Class Structure Table. (a) At the election of the company, for each calendar year of issue, for any one (1) or more specified plans of insurance and subject to satisfying the conditions stated in this part, the 2001 CSO Preferred Class Structur…

23 CAR § 37-104. Conditions. (a)(1) For each plan of insurance with separate rates for preferred and standard nonsmoker lives, an insurer may use the Super Preferred Nonsmoker, Preferred Nonsmoker, and Residual Standard Nonsmoker tables to substitute for the Nonsmoker Mortality T…

23 CAR § 38-101. Purpose. (a) The purpose of this part is to define the term “noninsurance subsidiary”, a term that was introduced in Section 11 of Acts 2007, No. 496, without definition. (b) Section 11 is codified at Arkansas Code § 23-63-818(b).