(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the 'State Insurance Department Prepaid Trust Fund'.(b)(1) The State Insurance Department Prepaid Trust Fund shall consist of investment income, grants, refunds, gifts, and all license fees paid into the State Insurance Department Prepaid Trust Fund pursuant to the Arkansas Prepaid Funeral Benefits Law, § 23-40-101 et seq.(2) The State Insurance Department Prepaid Trust Fund shall be used for the operations and improvements of the Division of Prepaid Funeral Benefits of the State Insurance Department, as administered by the Insurance Commissioner and the Treasurer of State as set out in § 23-40-107.(3) The State Insurance Department Prepaid Trust Fund shall also consist of the assets of the Prepaid Funeral Contracts Recovery Program Fund, there to be administered by the commissioner.Amended by Act 2023, No. 345,§ 1, eff. 8/1/2023.Acts 1999, No. 1463, § 19; 2003 (1st Ex. Sess.), No. 55, § 17.
Arkansas Legal Code