Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
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. § 23-63-1619 [Repealed.]
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A.C.A. § 23-63-1619Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
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).
Ark. Code Ann. § 23-63-1901 Title
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This subchapter shall be known and may be cited as the “Property and Casualty Actuarial Opinion Law”.
Ark. Code Ann. § 23-63-1902 Definitions
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(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…
Ark. Code Ann. § 23-63-1903 Annual statement of actuarial opinion, actuarial opinion summary, and supporting documentation required
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(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 …
Ark. Code Ann. § 23-63-1904 Liability of appointed actuary
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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…
Ark. Code Ann. § 23-63-1905 Confidentiality
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(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…
Ark. Code Ann. § 23-63-2001 Title
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This subchapter shall be known and may be cited as the “Corporate Governance Annual Disclosure Act”.
Ark. Code Ann. § 23-63-2002 Purpose — Intent
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(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…
Ark. Code Ann. § 23-63-2003 Definitions
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(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 …
Ark. Code Ann. § 23-63-2004 Submission of corporate governance annual disclosure to Insurance Commissioner required
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(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…
Ark. Code Ann. § 23-63-2005 Corporate governance annual disclosure
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(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…
Ark. Code Ann. § 23-63-2006 Confidentiality
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(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, …
Ark. Code Ann. § 23-63-2007 Third-party consultants
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(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…
Ark. Code Ann. § 23-63-2008 Penalties
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(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…
Ark. Code Ann. § 23-63-2009 Severability clause
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(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…
Ark. Code Ann. § 23-63-201 Certificate of authority required — Exceptions
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(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…
Ark. Code Ann. § 23-63-2010 Rules
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(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…
Ark. Code Ann. § 23-63-202 Certificate of authority — Eligibility generally
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(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…
Ark. Code Ann. § 23-63-203 Certificate of authority — Eligibility — Name of insurer
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(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…
Ark. Code Ann. § 23-63-204 Certificate of authority — Eligibility — Combinations of kinds of insurance
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(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.…
Ark. Code Ann. § 23-63-205 Certificate of authority — Eligibility — Capital funds
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(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…
Ark. Code Ann. § 23-63-206 Certificate of authority — Deposit of securities required
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(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…
Ark. Code Ann. § 23-63-207 Certificate of authority — Eligibility — Special surplus
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(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…