Current with legislation from 2024 Fiscal and Special Sessions.
Section 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.(B) As used in this section, "licensed insurer" includes a: (i) Licensed stock and mutual insurance company;(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 1 at the time and in the manner that the commissioner prescribes or at times alternate from June 1 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 is in addition to the premium taxes and fees 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.Amended by Act 2017, No. 283,§ 22, eff. 8/1/2017.Acts 1997, No. 337, § 3; 1999, No. 881, § 20; 2005, No. 1697, § 28; 2007, No. 827, § 190.