Current through Register Vol. 49, No. 9, September, 2024
§ 1.
PURPOSE.
The purpose of this Rule and Regulation is to adjust the
antifraud assessment specified in Arkansas Code Annotated §
23-100-104.
§ 2.
AUTHORITY AND
SCOPE.
(A) AUTHORITY. The Insurance
Commissioner ("Commissioner") hereby promulgates this rule under his authority
pursuant to Arkansas Code Annotated §§
23-100-104,
25-15--204(b), and other applicable sections of Arkansas law.
(B) SCOPE. This rule shall apply to all
licensed insurers, including but not limited to all licensed stock and mutual
insurance companies, reinsurers, health maintenance organizations, fraternal
benefit societies, hospital and medical service corporations, stipulated
premium insurers, farmers' mutual aid associations, and pre-paid legal
insurers. For purposes of this rule, "insurers" shall mean any and all the
licensed or authorized insurers referenced in this rule and as defined in
Arkansas Code Annotated §
23-60-102(11),
and shall include the other limited licenses enumerated in this section and in
ACA §
23-100-101,etseq., and not
otherwise excluded.
(C)
APPLICATION. - The rule is not intended to and shall not apply to approved but
non-admitted surplus line insurers, registered foreign and alien risk retention
groups, registered purchasing groups, or to licensed automobile clubs or
associations. This rule is intended to apply to annuity premiums and
considerations, including annuity and other fund deposit premiums listed on the
NAIC Convention Blank Schedule T. This rule is not intended to apply to
indemnity reinsurance premiums or other premiums which are not "direct
written". The rule is intended to apply to companies who have not written any
Arkansas premiums in the reported calendar year.
§ 3.
EFFECTIVE DATE: The
effective date of this rule is June 30, 1999.
§ 4.
ANTIFRAUD ASSESSMENT.
(A) The antifraud assessment of licensed
insurers due under Arkansas code Annotated §
23-100-104
shall be due and payable in the amounts, methods and manner required in
subsections (B) and (C) of this section on or before June 30th of each calendar
year, based upon the direct premiums and/or annuity considerations written or
received from or in the State of Arkansas during the previous calendar year and
as reported in the pertinent annual statement.
(B) The antifraud assessment shall be
determined and paid in accordance with the following schedule:
|
ARKANSAS
PREMIUMS
|
ANTIFRAUD ASSESSMENT
|
|
$ 0-2,499,999
|
$ 400
|
|
2,500,000-4,999,999
|
600
|
|
5,000,000-7,499,999
|
650
|
|
7,500,000-9,999,999
|
700
|
|
10,000,000-19,999,999
|
750
|
|
20,000,000-29,999,999
|
800
|
|
30,000,000-49,999,999
|
850
|
|
50,000,000-74,999,999
|
900
|
|
75,000,000-99,999,999
|
950
|
|
100,000,000 AND UP
|
1,000
|
(C)
MANNER AND METHOD OF PAYMENT.
(1) The amount
of the assessment shall be reported on a form prescribed by the Commissioner,
and the form, Form FR, and accompanying assessment payment shall be tendered to
the Insurance Fraud Investigation Division of the Arkansas Insurance
Department. The assessment shall be in the form of cash, a company check or law
firm check, certified or cashier's check or money order payable to The
Insurance Fraud Investigation Division Trust Fund, and shall be mailed or
delivered with Form FR to the Insurance Fraud Investigation Division, Arkansas
Insurance Department, 1200 West Third Street, Little Rock, AR
72201-1904.
(2) No other code or
rule fees, licensure fees, fines or taxes shall accompany the filing and
payment of this assessment and any penalties required under this rule; however,
if by error any other fees, fines or taxes accompany or are included with this
fee payment, the unrelated payment(s) shall be deposited pursuant to the other
applicable law or rule, or refunded to the payor or other appropriate
party.
(D) PAYMENT UPON
VOLUNTARY WITHDRAWAL. Any insurer voluntarily withdrawing from the State of
Arkansas, or voluntarily surrendering its Arkansas certificate of authority for
cancellation, shall report and pay the assessment owed under this rule for the
final report or calendar year of withdrawal before the Department cancels or
expires the Arkansas license and before the Department releases any security
deposit of the withdrawing insurer.
§ 5.
SEVERABILITY. If any provision of this rule
or the application thereof to any insurer, person or circumstance is held
invalid, such invalidity shall not affect other provisions or applications of
this rule which can be given effect without the invalid provisions or
application; and to this end, the provisions of this rule are declared to be
severable.
