§ 23-75-114 - Annual report -- Examination. - Arkansas Statutes

23-75-114. Annual report -- Examination.

(a) (1) Not later than March 1 of each year, every corporation shall file with the Insurance Commissioner a statement sworn to by at least two (2) of its principal officers, showing its condition on the last day of the next preceding calendar year.

(2) In accordance with the specifications applicable to annual financial reports, each licensed hospital or medical service corporation shall prepare and file with the commissioner a quarterly financial report on forms and at such times as the commissioner shall prescribe. The quarterly statement shall be verified by the officers of the corporation.

(b) (1) The commissioner may appoint an examiner, deputy examiner, or other person to examine into the affairs of the corporation. The person:

(A) Shall have the power of visitation and examination;

(B) Shall have and must be given free access to all the books, papers, and documents relating to the business of the corporation; and

(C) May summon the officers, agents, or employees thereof or any other persons and require them to testify under oath concerning the affairs, transactions, and condition of the corporation.

(2) An examination shall be conducted at least every three (3) years.

(3) (A) The cost of any examination and audit shall be paid by the corporation.

(B) All costs shall be paid upon the completion of the examination.