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2017 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 3 - Insurance
Chapter 75 - Hospital and Medical Service Corporations
§ 23-75-113. Expenses and investments
Universal Citation: AR Code § 23-75-113 (2017)
- (a) The operating and administrative expenses of any corporation, including, but not limited to, all costs in connection with the solicitation of subscribers to such a corporation and capital expenditures, shall not exceed:
- (1) Thirty percent (30%) of paid subscriptions during the first year of operation;
- (2) Twenty-five percent (25%) of paid subscriptions during the second year of operation; and
- (3) Twenty percent (20%) of paid subscriptions in any year thereafter.
- (b) Every corporation heretofore incorporated shall maintain unearned subscription charges and other reserves upon the same basis as that required of domestic insurance companies transacting accident and health insurance.
- (c) The reserves required under this section constitute a liability of the corporation in a determination of its financial condition.
- (d) The funds for any corporation shall be invested as provided for insurers under §§ 23-63-801 -- 23-63-833 and 23-63-835.
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