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054.00.84-4. Per Contract Fee Amounts

AR ADC 054.00.84-4Arkansas Administrative Code

West's Arkansas Administrative Code
Title 054. Insurance Department
Division 00.
Rule 84. Prepaid Funeral Benefits Contracts Recovery Fund Fees
Ark. Admin. Code 054.00.84-4
054.00.84-4. Per Contract Fee Amounts
Effective for all prepaid funeral benefits contracts executed on and after January 1, 2013 until January 1, 2018, each licensee selling a prepaid funeral benefits contract shall remit to the State Insurance Department a one-time per-contract fee of not less than ten dollars ($10.00) for each prepaid funeral benefits contract, including any amendments thereto, entered into by the licensee whether cash or trust funded or funded by an insurance policy or annuity contract. A five ($5.00) dollar increase in the per contract fees is needed during the above described period, from January 1, 2013 to January 1, 2018, to increase funds in the Prepaid Funeral Contracts Recovery Program to safely meet potential reparation claims for purchasers from organizations declared insolvent or found deficient under Ark. Code Ann. § 23-40-119 (f)(1)(A) or Ark. Code Ann. § 23-40-119 (f)(1)(B). For prepaid funeral benefit contracts executed after January 1, 2018, the one-time per-contract fee shall revert to a fee of five dollars ($5.00) per-contract.

Credits

Amended Jan. 19, 2013.
Current with amendments received through May 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.00.84-4, AR ADC 054.00.84-4
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