Filing and Paying Annual Insurance Premium Taxes, Antifraud Fees, and Companies Financial Fee (CFRF)

Michael Preston SECRETARY OF COMMERCE AID tI* * L14,,117,-""" DATE: April 25, 2022 BULLETIN NO.: 07-2022 Alan McClain COMMISSIONER, ARKANSAS INSURANCE DEPARTMENT TO: ALL LICENSED INSURERS, AUTHORIZED, FORMERLY AUTHORIZED AND UNAUTHORIZED INSURERS, HEALTH MAINTENANCE ORGANIZATIONS, NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS, PRODUCER AND INSURANCE COMPANY TRADE ASSOCIATIONS, AND OTHER INTERESTED PARTIES FROM: ARKANSAS INSURANCE DEPARTMENT SUBJECT: FILING AND PAYING ANNUAL INSURANCE PREMIUM TAXES, ANTIFRAUD FEES, AND COMPANIES FINANCIAL REGULATION FEE (CFRF) This Bulletin replaces AID Bulletin 12-2016 and is applicable to any insurer, health maintenance organization, or other entity that is required by any section of the Arkansas Code to report and pay premium taxes, Antifraud Fee, or Companies Financial Regulation Fee. OPTins, a product of the National Association of Insurance Commissioners (NAIC), was developed and implemented to facilitate state specific forms and payments. Arkansas has mandated the use of OPTins for companies to file and pay their Annual Premium Taxes, Anti-fraud Assessment and Financial Regulation Fee. (Not applicable to Surplus Lines Insurers at this time). OPTins is available for mandatory filing and payment of the Annual and Quarterly premium tax filings as well as the Companies' Antifraud Assessment and Financial Regulation Fee. No checks or paper forms will be accepted by the Arkansas Insurance Department for these filings. Checks and paper forms will be returned and considered not filed, which could result in late penalties of $100 per day, as provided for in Ark. Code Ann. §§ 26-57-607(b) (premium taxes); 23-100-102(a)(2) (antifraud assessment); and 23-61-704(a)(2) and Department Rule 56, Sec. 5(C) (financial regulation fee). Submitting tax filings through OPTins is simple and requires no formal training. There are no licensing fees or special software needed. Easy to follow instructions are available at: http://www.optins.org. To implement, contact the OPTins Marketing Team at optinsmktg@naic.org or call (816) 783-8787. Setup of a new account normally takes 7-10 business days. If you already use OPTins, you do not have to contact OPTins Marketing. Once registered and set up, simply log in, upload filing forms and submit payment online. There will be no paper checks — everything is electronic and tax forms along with payment are received at AID immediately upon submission by the company in OPTins. azidc&e: tiailao a"4/•• ALAN MCCLAIN D TE i ARKANSAS INSURANCE COMMISSIONER Arkansas Department of Commerce Arkansas Insurance Department 1 Commerce Way, Suite 102 ' Little Rock, AR 72202 INSURANCE.ARKANSAS.GOV