(a) (1) The General Assembly shall establish a reasonable initial assessment or user fee and reasonable increases or decreases in the amount of future assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers for the efficient operation of the Arkansas Health Insurance Marketplace.
(2) Beginning October 1, 2014, and annually by October 1 thereafter, the Arkansas Health Insurance Marketplace shall report to the Arkansas Health Insurance Marketplace Legislative Oversight Committee in the manner and format that the Arkansas Health Insurance Marketplace Legislative Oversight Committee requires the Arkansas Health Insurance Marketplace's recommendations for the initial assessment or user fee and increases or decreases in the amount of future assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers.
(3) Beginning January 1, 2015, and annually by January 1 thereafter, the Arkansas Health Insurance Marketplace Legislative Oversight Committee shall review the recommendations of the Arkansas Health Insurance Marketplace under subdivision (a)(1) of this section and report to the President Pro Tempore of the Senate and the Speaker of the House of Representatives the Arkansas Health Insurance Marketplace Legislative Oversight Committee's recommendations for the initial assessment or user fee and future increases or decreases in the amount of assessments or user fees and penalties and interest charges for nonpayment of an assessment or user fee charged to participating health insurers.
(b) (1) An assessment may be offset in an amount equal to the amount of the assessment paid to the Arkansas Health Insurance Marketplace against the premium tax payable for the year in which the assessment is levied.
(2) An offset shall not be allowed for a penalty assessed under subsection (c) of this section.
(c) (1) All assessments and fees shall be due and payable upon receipt and shall be delinquent if not paid within thirty (30) days of the receipt of notice of the assessment by the health insurer.
(2) (A) Failure to timely pay the assessment shall automatically subject the health insurer to a penalty not to exceed ten percent (10%) of the assessment plus interest as established under subsection (a) of this section.
(B) The penalty and interest is due and payable within the next thirty-day period.
(3) The Board of Directors of the Arkansas Health Insurance Marketplace and the Insurance Commissioner may enforce the collection of the assessment and penalty and interest in accordance with this subchapter and the Arkansas Insurance Code.
(4) The board may waive the penalty and interest authorized by this subsection if the board determines that compelling circumstances exist that justify a waiver.
(d) (1) The Arkansas Health Insurance Marketplace shall publish the average costs of licensing, regulatory fees, and any other payments required by the Arkansas Health Insurance Marketplace and the administrative costs of the Arkansas Health Insurance Marketplace on an Internet website to educate consumers on such costs.
(2) Information published under subdivision (d)(1) of this section shall include information on moneys lost to waste, fraud, and abuse.
Section: Previous 23-61-802 23-61-803 23-61-804 23-61-805 23-61-806 23-61-807 23-61-808 NextLast modified: November 15, 2016