(a) The General Assembly shall establish a reasonable initial assessment or user fee and reasonable increases or decreases in the amount of future assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers for the efficient operation of the Arkansas Health Insurance Marketplace.
(b) (1) All assessments and fees shall be due and payable upon receipt in the matter required by the Insurance Commissioner and shall be delinquent if not paid within thirty (30) days of the receipt of notice of the assessment by the health insurer.(2) (A) Failure to timely pay the assessment shall automatically subject the health insurer to a penalty not to exceed ten percent (10%) of the assessment plus interest as established under subsection (a) of this section.(B) The penalty and interest is due and payable within the next thirty-day period.(3) The commissioner may enforce the collection of the assessment and penalty and interest in accordance with this subchapter and the Arkansas Insurance Code.(4) The commissioner may waive the penalty and interest authorized by this subsection if the commissioner determines that compelling circumstances exist that justify a waiver.
(1) All assessments and fees shall be due and payable upon receipt in the matter required by the Insurance Commissioner and shall be delinquent if not paid within thirty (30) days of the receipt of notice of the assessment by the health insurer.
(2) (A) Failure to timely pay the assessment shall automatically subject the health insurer to a penalty not to exceed ten percent (10%) of the assessment plus interest as established under subsection (a) of this section.(B) The penalty and interest is due and payable within the next thirty-day period.
(A) Failure to timely pay the assessment shall automatically subject the health insurer to a penalty not to exceed ten percent (10%) of the assessment plus interest as established under subsection (a) of this section.
(B) The penalty and interest is due and payable within the next thirty-day period.
(3) The commissioner may enforce the collection of the assessment and penalty and interest in accordance with this subchapter and the Arkansas Insurance Code.
(4) The commissioner may waive the penalty and interest authorized by this subsection if the commissioner determines that compelling circumstances exist that justify a waiver.
(c) (1) The State Insurance Department shall publish the average costs of licensing, regulatory fees, and any other payments required by the Arkansas Health Insurance Marketplace and the administrative costs of the Arkansas Health Insurance Marketplace on an internet website to educate consumers on such costs.(2) Information published under subdivision (c)(1) of this section shall include information on moneys lost to waste, fraud, and abuse.
(1) The State Insurance Department shall publish the average costs of licensing, regulatory fees, and any other payments required by the Arkansas Health Insurance Marketplace and the administrative costs of the Arkansas Health Insurance Marketplace on an internet website to educate consumers on such costs.
(2) Information published under subdivision (c)(1) of this section shall include information on moneys lost to waste, fraud, and abuse.