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2017 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 3 - Insurance
Chapter 75 - Hospital and Medical Service Corporations
§ 23-75-114. Annual report -- Examination
Universal Citation: AR Code § 23-75-114 (2017)
- (a)
- (1) Not later than March 1 of each year, every corporation shall file with the Insurance Commissioner a statement sworn to by at least two (2) of its principal officers, showing its condition on the last day of the next preceding calendar year.
- (2) In accordance with the specifications applicable to annual financial reports, each licensed hospital or medical service corporation shall prepare and file with the commissioner a quarterly financial report on forms and at such times as the commissioner shall prescribe. The quarterly statement shall be verified by the officers of the corporation.
- (b) (1) The commissioner may appoint an examiner, deputy examiner, or other person to examine into the affairs of the corporation. The person:
- (A) Shall have the power of visitation and examination;
- (B) Shall have and must be given free access to all the books, papers, and documents relating to the business of the corporation; and
- (C) May summon the officers, agents, or employees thereof or any other persons and require them to testify under oath concerning the affairs, transactions, and condition of the corporation.
- (2) An examination shall be conducted at least every three (3) years.
- (3)
- (A) The cost of any examination and audit shall be paid by the corporation.
- (B) All costs shall be paid upon the completion of the examination.
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