§ 25-35-106 - Premiums and schedules of coverage and endorsements. - Arkansas Statutes

25-35-106. Premiums and schedules of coverage and endorsements.

(a) (1) Premiums shall be charged to each agency based on the rates established by the risk manager that include all costs associated with the operation of the Arkansas Multi-Agency Insurance Trust Fund, based upon sound rating techniques.

(2) The risk manager shall provide premium billings to participating state agencies for each renewal and for participating agency changes occurring during the policy year.

(3) If any participating state agency fails to pay its premium charges within thirty (30) days after the due date, the risk manager shall notify the delinquent state agency that coverage will be cancelled due to nonpayment of premium unless the delinquent payment is made within thirty (30) days of the notice.

(4) Funds appropriated or otherwise made available to participating state agencies for payment of premium shall not be reduced as a result of any shortfall of projected revenues.

(b) The risk manager will provide each agency with a renewal schedule of coverage and an endorsement for each participating state agency change occurring during the policy year.