(a) The Insurance Commissioner shall deposit all taxes collected under §§ 26-57-604 and 26-57-605 into the State Treasury.
(b) On the last business day of each month the Treasurer of State shall classify the taxes by type of revenue and credit the net amounts respectively of taxes collected under §§ 26-57-604 and 26-57-605 as follows:
(1) The taxes based on premiums collected as special revenues shall be distributed to the respective cities, incorporated towns, and fire protection districts in this state for credit to the respective firemen's relief and pension funds;
(2) The taxes based on premiums collected under the Health Care Independence Act of 2013, § 20-77-2401 et seq., and the Arkansas Health Insurance Marketplace Act, § 23-61-801 et seq. shall be:
(A) At the time of deposit separately certified by the commissioner to the Treasurer of State for classification and distribution under this section; and
(B) Transferred to the Health Care Independence Program Trust Fund and used as provided by § 19-5-1141;
(3) Except as provided in subdivision (b)(4) of this section, all other taxes collected under §§ 26-57-604 and 26-57-605 shall be classified as general revenues, and the net amount of taxes collected under §§ 26-57-604 and 26-57-605 shall be credited to the various State Treasury funds participating in general revenues in the respective proportions to each as provided by and to be used for the respective purposes set forth in the Revenue Stabilization Law, § 19-5-101 et seq.; and
(4) [Repealed.]
Section: Previous 26-57-602 26-57-603 26-57-604 26-57-605 26-57-607 26-57-608 26-57-610 26-57-611 26-57-612 26-57-613 26-57-614 26-57-615 26-57-616 NextLast modified: November 15, 2016