Before making an annuity agreement, every permit applicant shall file, in an application in a form similar to that found in Application A, with the Insurance Commissioner for his or her approval information regarding the following:

1. (1) A description of annuity rates in the form of a:

   1. (A) Schedule of its maximum annuity rates that shall be computed on the basis of the annuity standard adopted by it for calculating its reserves; or
   2. (B) Statement certifying that it adopts and will adhere to the annuity rates as published from time to time by the American Council on Gift Annuities or its successor until the corporation or municipality advises the commissioner to the contrary in writing and files a schedule of its new proposed maximum annuity rates for approval;
2. (2) A copy of the current form or forms of the agreement to be issued to annuitants in the State of Arkansas;

3. (3)

   1. (A) Complete, audited financial reports of the permit applicant for each of the five (5) years preceding the application.
   2. (B) For a municipality, the report shall cover the municipal program included in the application.
   3. (C) The report should be prepared by an independent certified public accountant in accordance with generally accepted accounting principles;
4. (4) A certified copy of the permit applicant’s directors’ or governing board’s resolution requiring segregation of assets to ensure that annuity funds will not, without exception, be applied towards the payment of other debts or obligations of the permit applicant; and
5. (5) The form filings and approvals shall meet the requirements of Arkansas Code §§ 23-79-109 and 23-79-110.