§ 23-100-104 - Antifraud assessment. - Arkansas Statutes

23-100-104. Antifraud assessment.

(a) (1) (A) Each licensed insurer shall pay into the State Insurance Department Criminal Investigation Division Trust Fund a nonrefundable antifraud assessment as directed by the Insurance Commissioner for the reasonable and necessary expenses and operation of the Criminal Investigation Division of the State Insurance Department.

(B) As used in this section, "licensed insurer" includes a:

(i) Licensed stock and mutual insurance company;

(ii) Reinsurer;

(iii) Health maintenance organization;

(iv) Fraternal benefit society;

(v) Hospital and medical service corporation;

(vi) Stipulated premium insurer;

(vii) Farmers' mutual aid association; and

(viii) Prepaid legal insurer.

(2) This section does not apply to an approved but nonadmitted surplus lines insurer or to a registered risk retention group.

(b) (1) The antifraud assessment required by this section shall be paid annually on or before June 30 at the time and in the manner that the commissioner prescribes or at times alternate from June 30 annually that the commissioner prescribes.

(2) (A) By rule the commissioner may set the amount of the antifraud assessment.

(B) The antifraud assessment shall not exceed one thousand dollars ($1,000) per fiscal year.

(3) The antifraud assessment shall be in addition to the premium taxes and fees now required under existing law.

(c) This section shall apply notwithstanding the provisions of 26-57-601 et seq., the State Insurance Department Trust Fund Act, 23-61-701 et seq., and other provisions of Arkansas law.