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Arkansas Statutes, Title 23

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Arkansas/Statutes

← All Arkansas coverage

Title 23, Public Utilities and Regulated Industries

95 chapters · 3,921 sections in this title.

All chapters in Title 233,921 Ch 63, Insurance Companies Generally230 Ch 79, Insurance Policies Generally211 Ch 99, Healthcare Providers165 Ch 4, Regulation of Rates and Charges Gene…162 Ch 18, Light, Heat, and Power Utilities154 Ch 69, Domestic Stock and Mutual Insurers109 Ch 13, Motor Carriers107 Ch 17, Telephone and Telegraph Companies97 Ch 81, Life Insurance Policies And Annuities97 Ch 112, Arkansas Motor Vehicle Commission Act97 Ch 61, State Insurance Department95 Ch 48, Organization and Operation94 Ch 51, ARKANSAS TRUST INSTITUTIONS ACT OF 202589 Ch 12, Operation and Maintenance of Railroads87

230 sections·Filtered byTitle 23✕Ch 63✕

Ark. Code Ann. § 23-63-1506 Mandatory control level event
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(a) “Mandatory control level event” means any of the following events:(1) The filing of an RBC report that indicates the health organization's total adjusted capital is less than its mandatory control level RBC;(2) The notification by the Insurance Commissioner to the health orga…
Ark. Code Ann. § 23-63-1507 Hearings
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(1) On the occurrence of the following events the health organization shall have the right to a confidential departmental hearing, on a record, at which the health organization may challenge a determination or action by the Insurance Commissioner. The health organization shall no…
Ark. Code Ann. § 23-63-1508 Confidentiality and prohibition on announcements — Prohibition on use in ratemaking
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(a) An RBC report, to the extent the information is not required to be stated in a publicly available annual statement schedule, and RBC plans, including the results or report of an examination or analysis of a health organization performed under this subchapter and a corrective …
Ark. Code Ann. § 23-63-1509 Supplemental provisions — Rules — Exemption

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(a) The provisions of this subchapter are supplemental to the other provisions of the laws of this state and shall not preclude or limit any other powers or duties of the Insurance Commissioner under those laws. (b) The commissioner may adopt reasonable rules necessary for the im…

Ark. Code Ann. § 23-63-1510 Foreign health organizations

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(a) (1) On the written request of the Insurance Commissioner, a foreign health organization shall submit to the Insurance Commissioner an RBC report as of the end of the calendar year just ended that is the later of:(A) The date an RBC report would be required to be filed by a do…

Ark. Code Ann. § 23-63-1511 Immunity

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There shall be no liability by and no cause of action shall arise against the Insurance Commissioner or the State Insurance Department or its employees or agents for any action taken by them in the performance of their powers and duties under this subchapter.

Ark. Code Ann. § 23-63-1512 Notices

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(1) A notice by the Insurance Commissioner to a health organization that may result in regulatory action under this subchapter is effective upon:(1) Dispatch if transmitted by certified mail; or(2) The health organization's receipt of notice in the case of any other transmission.…

Ark. Code Ann. § 23-63-1513 Penalties and liabilities

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(a) If the Insurance Commissioner finds after a hearing conducted in accordance with § 23-61-301 et seq. that a health organization has violated this subchapter, the commissioner may order:(1) For each separate violation, a penalty of one thousand dollars ($1000) or, if the commi…

Ark. Code Ann. § 23-63-1601 Definitions

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(1) As used in this subchapter:(1) “Affiliated company” means a company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management;(2) “Alien captive insurance company” means an insura…

Ark. Code Ann. § 23-63-1602 Application for license

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(a) When permitted by its organizational documents, a captive insurance company may apply to the Insurance Commissioner for a license to do all insurance, including workers' compensation insurance, authorized by the Arkansas Insurance Code. However:(1) A pure captive insurance co…

Ark. Code Ann. § 23-63-1603 Similar names

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A captive insurance company may not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for, any other existing business name registered in this state.

Ark. Code Ann. § 23-63-1604 Capital requirements

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(a) (1) The Insurance Commissioner shall not issue a license to a producer reinsurance captive insurance company, pure captive insurance company, sponsored captive insurance company, association captive insurance company incorporated as a stock insurer, or industrial insured capt…

Ark. Code Ann. § 23-63-1605 Surplus requirements

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(a) (1) The Insurance Commissioner shall not issue a license to a captive insurance company unless the company possesses and maintains unimpaired surplus of:(A) In the case of a producer reinsurance captive insurance company, not less than three hundred thousand dollars ($300,000…

Ark. Code Ann. § 23-63-1606 Organization

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(a) A captive insurance company may be formed and operated in any form of business organization authorized under Arkansas law and approved by the Insurance Commissioner. (b) The alien captive insurance company may register to do business in this state after the commissioner's cer…

Ark. Code Ann. § 23-63-1607 Reporting

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(a) A captive insurance company shall not be required to make an annual report, except as provided under this subchapter. (b) (1) Before March 1 of each year, or within an extension of time that, upon good cause shown, has been granted by the Insurance Commissioner, a captive ins…

Ark. Code Ann. § 23-63-1608 Examinations

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(a) (1) At least one (1) time every five (5) years, or whenever the Insurance Commissioner determines it to be prudent, the commissioner or a person appointed by the commissioner shall visit each captive insurance company and thoroughly inspect and examine its affairs to ascertai…

Ark. Code Ann. § 23-63-1609 Suspension and revocation

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(a) The license of a captive insurance company to conduct an insurance business in this state may be penalized, suspended, or revoked by the Insurance Commissioner for:(1) Insolvency or impairment of capital or surplus;(2) Failure to meet the requirements of §§ 23-63-1604 and 23-…

Ark. Code Ann. § 23-63-1610 Investments

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(a) (1) Except as provided in § 23-63-1614, an association captive insurance company, a producer reinsurance captive insurance company, a sponsored captive insurance company, and an industrial insured group shall comply with the investment requirements contained in the Arkansas I…

Ark. Code Ann. § 23-63-1611 Reinsurance

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(a) A captive insurance company may provide reinsurance under the Arkansas Insurance Code, on risks ceded by any other insurer. (b) A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers that are:(1) Complying with § 23-62-305(a…

Ark. Code Ann. § 23-63-1612 Rating organizations

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A captive insurance company may not be required to join a rating organization.

Ark. Code Ann. § 23-63-1613 Pools, plans, associations, and guaranty or insolvency funds

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(a) A captive insurance company, including a captive insurance company organized as a reciprocal insurer under this subchapter, shall not join or contribute financially to a plan, pool, association, or guaranty or insolvency fund in this state. (b) A captive insurance company, it…

Ark. Code Ann. § 23-63-1614 Premium tax — Definition

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(a) Except as provided in this section, a captive insurance company shall pay to the Insurance Commissioner by March 1 of each year, a tax at the rate of:(1) Two hundred fifty thousandths of one percent (0.250%) on the first twenty million dollars ($20,000,000);(2) One hundred fi…

Ark. Code Ann. § 23-63-1615 Rules

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(a) The Insurance Commissioner may promulgate rules relating to captive insurance companies as are necessary to carry out this subchapter. (b) (1) The commissioner may promulgate rules establishing standards to ensure that a parent or affiliated company is able to exercise contro…

Ark. Code Ann. § 23-63-1616 Limitations

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(a) The Arkansas Insurance Code does not apply to captive insurance companies except for those provisions contained in or specifically referenced in this subchapter that are to be incorporated into the Arkansas Insurance Code. (b) The Insurance Commissioner may exempt by rule or …

Ark. Code Ann. § 23-63-1617 Reorganizations, receiverships, and injunctions

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Except as provided in this subchapter, the terms and conditions in the Arkansas Insurance Code pertaining to insurance reorganizations, receiverships, and injunctions apply to captive insurance companies formed or licensed under this subchapter.

Ark. Code Ann. § 23-63-1618 Availability of funds

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(1) In the case of a producer reinsurance captive insurance company or a sponsored captive insurance company:(1) The assets of the protected cell may not be used to pay any expenses or claims other than those attributable to the protected cell; and(2) Its capital and surplus must…

Ark. Code Ann. § 23-63-1620 Sponsored captive insurance company — Requirements

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(a) One (1) or more sponsors may form a sponsored captive insurance company under this subchapter. (b) (1) A sponsor of a sponsored captive insurance company may be any person approved by the Insurance Commissioner, in his or her discretion, based on a determination that the appr…

Ark. Code Ann. § 23-63-1621 Participants

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(a) An association, corporation, limited liability company, partnership, trust, or other business entity may be a participant in a sponsored captive insurance company formed or licensed under this subchapter. (b) A sponsor may be a participant in a sponsored captive insurance com…

Ark. Code Ann. § 23-63-1622 Producer reinsurance protected cell requirements

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(1) A producer reinsurance captive insurance company formed or licensed under this subchapter may establish and maintain one (1) or more protected cells to insure risks, subject to the following conditions:(1) Each protected cell must be accounted for separately on the books and …

Ark. Code Ann. § 23-63-1623 Certificate of authority

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A licensed captive insurance company that meets the necessary requirements of the Arkansas Insurance Code imposed upon an insurer may be considered for issuance of a certificate of authority to act as an insurer in this state.

Ark. Code Ann. § 23-63-1624 Dormant captive insurance company — Definition

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(a) As used in this section, “dormant captive insurance company” means a pure captive insurance company, sponsored captive insurance company, or industrial insured captive insurance company that has:(1) Ceased transacting the business of insurance, including the issuance of insur…

Ark. Code Ann. § 23-63-1625 Violations

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(a) The Insurance Commissioner, after notice and a hearing, shall suspend or revoke a certificate of authority of a captive insurance company if the commissioner finds that the captive insurance company:(1) (A) Is in an unsound condition or is in such condition, or is using metho…

Ark. Code Ann. § 23-63-1626 Authority for expenditure of public funds

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The state or a political subdivision of the state may expend public funds for the purchase of capital stock in a captive insurance company established under § 19-3-506.

Ark. Code Ann. § 23-63-1701 Short title

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This subchapter may be cited as the “Protected Cell Company Act”.

Ark. Code Ann. § 23-63-1702 Purpose

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(1) This subchapter provides:(1) A basis for the creation of protected cells by a domestic insurer as one means of accessing alternative sources of capital and achieving the benefits of insurance securitization;(2) Funds to investors in fully funded insurance securitization trans…

Ark. Code Ann. § 23-63-1703 Definitions

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(1) For the purposes of this subchapter:(1) “Domestic insurer” means an insurer domiciled in the State of Arkansas;(2) (A) “Fair value” of an asset or liability means the amount at which that asset or liability could be bought, incurred, sold, or settled in a current transaction …

Ark. Code Ann. § 23-63-1704 Establishment of protected cells

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(a) (1) A protected cell company may establish one (1) or more protected cells by submitting a plan of operation, or amendments to a plan, with respect to each protected cell in connection with an insurance securitization to the Insurance Commissioner for prior written approval.(…

Ark. Code Ann. § 23-63-1705 Use and operation of protected cells

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(a) (1) The protected cell assets of a protected cell may not be charged with liabilities arising out of any other business the protected cell company may conduct.(2) All contracts or other documentation reflecting protected cell liabilities shall clearly indicate that only the p…

Ark. Code Ann. § 23-63-1706 Reach of creditors and other claimants

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(a) (1) (A) Protected cell assets shall be available only to the creditors of the protected cell company that are creditors to that protected cell.(B) Those creditors shall be entitled to have recourse to the protected cell assets attributable to that protected cell and shall be …

Ark. Code Ann. § 23-63-1707 Conservation, rehabilitation, or liquidation of protected cell companies

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(a) Notwithstanding any provision of the Arkansas Insurance Code or any rule promulgated under the Arkansas Insurance Code or any other applicable law or rule, upon any order of conservation, rehabilitation, or liquidation of a protected cell company, the receiver shall be bound …

Ark. Code Ann. § 23-63-1708 No transaction of an insurance business

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(a) A protected cell company insurance securitization shall not be deemed to be an insurance or reinsurance contract. (b) An investor in a protected cell company insurance securitization shall not be deemed, by sole means of this investment, to be transacting insurance business i…

Ark. Code Ann. § 23-63-1709 Authority to adopt rules

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The Insurance Commissioner may promulgate rules necessary to carry out the purpose and intent of this subchapter.

Ark. Code Ann. § 23-63-1801 Definitions

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(1) As used in this subchapter:(1) “Covered person” means a person on whose behalf a healthcare insurer offering health insurance coverage is obligated to pay benefits or provide services;(2) “Healthcare insurer” means an entity subject to the insurance laws of this state or the …

Ark. Code Ann. § 23-63-1802 Time for recoupment

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(a) (1) Except in cases of fraud committed by a healthcare provider, a healthcare insurer may exercise recoupment from a healthcare provider only during the eighteen-month period after the date that the healthcare insurer paid the claim submitted by the healthcare provider.(2) A …

Ark. Code Ann. § 23-63-1803 Persons not covered

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(a) If a healthcare insurer determines that payment was made for services not covered under the covered person's health insurance coverage, the healthcare insurer shall give written notice to the healthcare provider of its intent to exercise recoupment and may:(1) Request a refun…

Ark. Code Ann. § 23-63-1804 Recoupments — Required disclosures

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(1) If a healthcare insurer exercises recoupment, then the healthcare insurer shall provide the healthcare provider written documentation that specifies the:(1) Amount of the recoupment;(2) Covered person's name to whom the recoupment applies;(3) Patient identification number;(4)…

Ark. Code Ann. § 23-63-1805 Penalties

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The failure to comply with any provision of this subchapter shall be deemed an unfair trade practice under the Trade Practices Act, § 23-66-201 et seq., and may be punished by the fines and penalties established under §§ 23-60-108, 23-66-210, and 23-66-215.

Ark. Code Ann. § 23-63-1806 Rules

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The Insurance Commissioner shall adopt rules by January 1, 2006, to ensure compliance with this subchapter.

Ark. Code Ann. § 23-63-1807 No waiver of provisions

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The provisions of this subchapter shall not be waived, voided, or nullified by contract.

Ark. Code Ann. § 23-63-1808 Application — Audit recoupment

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The provisions of this subchapter that allow for audit recoupment from healthcare providers do not apply to a service that was authorized under § 23-99-1109, § 23-99-1113, or § 23-99-1116, except as provided for in § 23-99-1109(b).