Arkansas § 6-20-1507 - Premium rate and payment.
Full text of Arkansas Arkansas Code of 1987 Annotated § 6-20-1507 — Premium rate and payment., with citation guidance and answers to common questions.
§ 6-20-1507. Premium rate and payment.
The premium rate shall be actuarially sound. School districts, education service cooperatives, or open-enrollment public charter schools shall make payment of premium when demand is made as scheduled in the contract. Any school district, education service cooperative, or open-enrollment public charter school which does not pay the premium when due shall be charged a rate of interest at five percent (5%) per annum on all payments due and unpaid on the policy issued. The State Insurance Department may cancel insurance coverage for school districts, education service cooperatives, or open-enrollment public charter schools that fail to pay the premium due within thirty (30) days. The department shall give thirty (30) days' notice before any cancellation for nonpayment. Rules of the department shall include such items as payment of premiums and other pertinent items with reference to the premium rate, but the rules shall not be more stringent than practices of commercial companies writing similar insurance in Arkansas. Premiums collected by the Public Elementary and Secondary School Insurance Program shall continue to be subject to any premium tax now or hereafter levied for the support of the firemen's pension and relief fund.
Source: official Arkansas text · Last verified 2026-08-27
Frequently Asked Questions About Arkansas § 6-20-1507
What does Arkansas Code of 1987 Annotated § 6-20-1507 cover?
Section 6-20-1507 ("Premium rate and payment.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 6-20-1507?
A common citation format is "Arkansas Code of 1987 Annotated § 6-20-1507" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 6-20-1507 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.