(a) Any assessment paid by an insurer under this chapter shall be allowed to an insurer as a credit against its premium tax payable under §§ 26-57-601 — 26-57-605 and 26-57-607.
(b) The tax credit referred to in this section shall be allowed at a rate of twenty percent (20%) per year for five (5) successive years following the date of assessment.
(c) The balance of any assessment paid by the insurer and not claimed as a tax credit may be reflected in the books and records of the insurer as an admitted asset of the insurer for all purposes, including exhibition in the annual statements.
(d) However, any insurer which neglects to take the twenty percent (20%) credit during the year allowable will not be allowed to carry over the credit for the following year or years.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 90 - Arkansas Property And Casualty Insurance Guaranty Act
§ 23-90-104. Applicability — Exceptions
§ 23-90-106. Arkansas Property and Casualty Advisory Association — Creation — Members
§ 23-90-107. Arkansas Property and Casualty Advisory Association — Procedures
§ 23-90-108. Arkansas Property and Casualty Advisory Association — Powers and duties
§ 23-90-109. Arkansas Property and Casualty Advisory Association — Reports and recommendations
§ 23-90-111. Covered claims — Notification to insureds of insurer's insolvency
§ 23-90-112. Estimation of amount needed to pay claims — Assessment of insurers
§ 23-90-113. Failure to pay assessment
§ 23-90-114. Accounting for and repayment of assessments
§ 23-90-115. Payment of covered claims
§ 23-90-116. Duties of receiver
§ 23-90-117. Right of recovery
§ 23-90-118. Issuance of new or renewal policies
§ 23-90-119. Assessment as credit against taxes
§ 23-90-120. Liability of insurer, commissioner, etc
§ 23-90-121. Certain advertisements, announcements, and statements prohibited — Exception