Title 25 — State Government
46 chapters · 807 sections in this title.
Ark. Code Ann. § 25-45-101 Title
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This chapter shall be known and may be cited as the “State Captive Insurance Program Act”.
Ark. Code Ann. § 25-45-102 Definitions
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(1) As used in this chapter:(1) “Cost-containment measure” means a process or practice of controlling and managing expenses of the State Captive Insurance Program established under § 25-45-103 by reducing or limiting the amount of spending required to administer the program and r…
Ark. Code Ann. § 25-45-103 State Captive Insurance Program — Creation — Mandatory participation
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(a) There is established the State Captive Insurance Program. (b) The program shall be a system of insurance provided by a captive insurance company established under § 19-3-506 for public schools and state-owned properties. (c) If a public school or state agency with state-owned…
Ark. Code Ann. § 25-45-104 Department of Shared Administrative Services — Powers and duties regarding insurance for insured entities
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(a) Upon the State Board of Finance's approval of the formation of the captive insurance company described under § 19-3-506, the Secretary of the Department of Shared Administrative Services shall:(1) Provide administrative support and employ staff to implement, administer, and o…
Ark. Code Ann. § 25-45-105 Creation — Office of Property Risk
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(a) There is created within the Department of Shared Administrative Services the Office of Property Risk that shall administer the State Captive Insurance Program. (b) The program shall be administered by the Secretary of the Department of Shared Administrative Services who shall…
Ark. Code Ann. § 25-45-106 Reserve balance — Funding mechanism established to maintain reserve balance — Definition
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(a) As used in this section, “reserve balance” means the amount in a fund that includes the existing balance, minus the claims that have been incurred but not reported, case reserves, and unearned premium reserves for each year for the State Captive Insurance Program. (b) (1) Beg…
Ark. Code Ann. § 25-45-107 Accountability — Legislative oversight — Transparency — Annual reports — Definition
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(a) The Secretary of the Department of Shared Administrative Services and the State Board of Finance shall report annually to the Legislative Council, or if the General Assembly is in session, the Joint Budget Committee, on the status of the State Captive Insurance Program. (b) T…
Ark. Code Ann. § 25-45-108 Finding of uninsurability — Effect
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(a) (1) The Secretary of the Department of Shared Administrative Services may maintain an inspection and engineering service designed to reduce the hazards in buildings insured under the State Captive Insurance Program.(2) Upon review of the Legislative Council or, if the General…
Ark. Code Ann. § 25-45-109 Premium rate and payment
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(a) The premium rate established under this chapter shall be actuarially determined and commensurate with the insured exposure. (b) An insured entity shall make payment of the insured entity's premium when demand is made as scheduled in the contract. (c) (1) An insured entity tha…
Ark. Code Ann. § 25-45-110 Public insurance adjuster — Prohibited
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The use of a public insurance adjuster or any type of public adjusting is prohibited by an insured entity under the State Captive Insurance Program.
Ark. Code Ann. § 25-45-111 Expeditious claims filing
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A claim made under the State Captive Insurance Program is required to be filed no later than one (1) year after the loss is incurred.