§ 24-11-301 - Appropriation of tax revenues from foreign insurers. - Arkansas Statutes

24-11-301. Appropriation of tax revenues from foreign insurers.

(a) (1) Sixty-six and two-thirds percent (662/3%) of the total tax revenues derived from premium taxes paid to the State of Arkansas by alien and foreign insurance companies upon premiums collected by the insurance companies upon insurance contracts written on motor vehicles, the licensed addresses of which are qualified cities or towns wherein the motor vehicles are insured against the perils of physical damage or the owner or operators of the motor vehicles are insured against legal liability arising out of the use, ownership, or operation of the motor vehicles, is appropriated and set aside for the:

(A) Use and benefit of all duly qualified police officers' pension and relief funds;

(B) Administrative and actuarial expenses of the Arkansas Fire and Police Pension Review Board;

(C) Arkansas Fire and Police Pension Guarantee Fund; and

(D) Arkansas Policemen's Pension Supplement Program.

(2) The premium taxes collected in this subsection shall be placed in a fund combined with the premium taxes collected pursuant to 24-11-809. The combined fund shall be entitled the "Firemen's and Police Officers' Pension and Relief Fund".

(b) The amount of the tax revenues attributable to the fire peril of physical damage insurance shall not be included.