Title 23, Public Utilities and Regulated Industries

(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…

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.

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

(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…

(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 …

(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.(…

(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…

(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 …

(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 …

(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…

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

(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 …

(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 …

(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…

(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)…

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.

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

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

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).

This subchapter shall be known and may be cited as the “Property and Casualty Actuarial Opinion Law”.

(1) As used in this subchapter:(1) “Actuarial opinion summary” means a summary of the information supporting a statement of actuarial opinion;(2) “Appointed actuary” means the actuary appointed by a property and casualty insurance company to prepare a statement of actuarial opini…

(a) (1) Unless exempted by the Insurance Commissioner, a property and casualty insurance company doing business in this state shall annually file with the commissioner a statement of actuarial opinion and an actuarial opinion summary.(2) A property and casualty insurance company …

An appointed actuary is not liable for damages to any person other than the property and casualty insurance company or the Insurance Commissioner, or both the property and casualty insurance company and the commissioner, for any act, error, omission, decision, or conduct with res…

(a) The statement of actuarial opinion shall be filed with the annual statement required by § 23-63-216 and treated as a public record under the Freedom of Information Act of 1967, § 25-19-101 et seq. (b) (1) Documents, materials, or other information in the possession or control…

This subchapter shall be known and may be cited as the “Corporate Governance Annual Disclosure Act”.

(a) The purpose of this subchapter is to:(1) Provide the Insurance Commissioner a summary of the corporate governance structure, policies, and practices of an insurer or insurance group to allow the commissioner an opportunity to gain and maintain a better understanding of the co…

(1) As used in this subchapter:(1) “Corporate governance annual disclosure” means a confidential report filed by an insurer or insurance group made according to this subchapter;(2) “Insurance group” means those insurers and affiliates included within an insurance holding company …

(a) (1) On or before June 1 of each calendar year, an insurer, or the insurance group of which the insurer is a member, shall submit a corporate governance annual disclosure to the Insurance Commissioner.(2) The corporate governance annual disclosure required under subdivision (a…

(a) (1) The insurer or insurance group shall have discretion over the responses to the corporate governance annual disclosure inquiries or questions if the corporate governance annual disclosure contains the material information necessary to permit the Insurance Commissioner to g…

(a) Documents, materials, or other information, including the corporate governance annual disclosure, in the possession or control of the State Insurance Department and obtained by, created by, or disclosed to the Insurance Commissioner or any other person under this subchapter, …

(a) The Insurance Commissioner may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the commissioner's staff, as may be reasonably necessary to assist the commissioner in reviewing th…

(a) An insurer failing, without just cause, to timely file the corporate governance annual disclosure as required under this subchapter shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day's delay, payable to the Insurance Commi…

(a) Except for § 23-63-2007 or the application of § 23-63-2007 to any person or circumstance, if any provision of this subchapter is held invalid, the determination shall not affect the provisions of this subchapter that can be given effect without the invalid provision or applic…

(a) No person shall act as an insurer and no insurer shall transact insurance in this state unless authorized by a subsisting certificate of authority issued to it by the Insurance Commissioner except as to such transactions as are expressly otherwise provided for in the Arkansas…

(a) The Insurance Commissioner shall promulgate rules necessary to implement this subchapter. (b) (1) When adopting the initial rules to implement this subchapter, the final rule shall be filed with the Secretary of State for adoption under § 25-15-204(f):(A) On or before January…

(1) To qualify for and hold authority to transact insurance in this state, an insurer must be otherwise in compliance with the Arkansas Insurance Code and with its charter powers and must be an incorporated stock insurer, an incorporated mutual insurer, or a reciprocal insurer, a…

(a) No insurer shall be authorized by original certificate of authority to transact insurance in this state which has or uses a name so similar to that of another insurer already so authorized as likely to mislead the public. (b) No life insurer shall be so authorized which has o…

(1) An insurer which otherwise qualifies therefor may be authorized to transact any one (1) kind or combination of kinds of insurance, as defined in §§ 23-62-101 — 23-62-108, except:(1) A life insurer shall be authorized to transact in addition only accident and health insurance.…

(a) (1) On and after January 1, 2006, to qualify for and maintain authority to transact any one (1) kind of insurance, as defined in §§ 23-62-101 — 23-62-108, or combination of kinds of insurance as shown in this subsection, an insurer applying for its original certificate of aut…

(a) All insurers authorized to transact insurance in this state shall make and maintain a deposit of securities as follows:(1) (A) (i) All insurers authorized to transact only life or accident and health insurance, or both, shall deposit through the Insurance Commissioner and sub…

(a) In addition to the minimum paid-in capital stock if stock insurers, or minimum surplus if mutual and reciprocal insurers, required by § 23-63-205, special surplus shall be possessed by insurers hereafter applying for original certificates of authority in this state as follows…

(a) Foreign Lloyd's plan insurers that held certificates of authority to transact insurance in this state immediately prior to January 1, 1960, may continue to be so authorized while maintaining surplus as required under § 23-63-205(b) of foreign mutual insurers transacting like …

(a) To apply for an original certificate of authority, an insurer shall file with the Insurance Commissioner its application therefor, accompanied by the applicable fees as specified in § 23-61-401, showing its name, location of its home office or principal office in the United S…

(a) The certificate of authority, if issued, shall specify the kind or kinds of insurance the insurer is authorized to transact in Arkansas. At the insurer's request, the Insurance Commissioner may issue a certificate of authority limited to particular types of insurance or insur…

(a) Certificates of authority issued or renewed under the Arkansas Insurance Code shall continue in force as long as the insurer is entitled thereto under the Arkansas Insurance Code and until suspended, revoked, or otherwise terminated. However, they are subject to continuance o…

(a) The Insurance Commissioner shall suspend or revoke an insurer's certificate of authority:(1) If the action is required by any provision of the Arkansas Insurance Code;(2) If the insurer no longer meets the requirements for the authority originally granted, on account of defic…