Arkansas Administrative Code

23 CAR § 5-102. Scope. (a) Sections 5-103, 5-104, 5-105, 5-106, 5-107, and 5-110 of this rule apply to: (1) All insurers organized under the laws of this state; and (2) All persons proposing to form an insurer under the laws of this state. (b) Sections 5-103, 5-105, 5-108, 5-109,…

23 CAR § 5-103. Required form. (a) Biographical information shall be submitted to the Insurance Commissioner on a biographical affidavit form required by the commissioner. (b) The required biographical affidavit form is available on the State Insurance Department’s website.…

23 CAR § 5-104. Formation of a new company — Biographical information required. (a) A biographical affidavit shall be furnished to the Insurance Commissioner by all promoters, incorporators, directors, trustees, and proposed management personnel of an insurer being formed. (b) Fi…

23 CAR § 5-105. Definition of officers. The term "officers" as used in this rule shall include the: (1) President; (2) Vice President; (3) Secretary; (4) Treasurer; (5) Chief actuary; (6) General counsel; (7) Comptroller; (8) Directors; (9) Trustees; and (10) Any person, however …

23 CAR § 5-106. New officers/directors — Reporting. A biographical affidavit shall be provided by each insurer domiciled in Arkansas with respect to the appointment or election of any person to any of the offices identified in 23 CAR § 5-105, and such information shall be filed w…

23 CAR § 5-107. Subsequent reports. (a) When a biographical affidavit has been provided to the Insurance Commissioner by the insurer in accordance with 23 CAR § 5-106, no further report concerning subsequent changes in the status of an officer of the company need be reported to t…

23 CAR § 5-108. Alternative reporting. The filing of a biographical affidavit in another state by an insurer organized under the laws of that state, or by alien insurer in the state of entry, that substantially complies with the requirements of this rule shall be deemed complianc…

23 CAR § 5-109. Foreign insurers applying for admission to Arkansas. Any insurer making application with the Insurance Commissioner for a certificate of authority to transact business in the state of Arkansas shall file biographical affidavits for each of its officers as defined …

23 CAR § 5-110. Additional information. The Insurance Commissioner may request from an insurer such additional information with respect to any of its officers as deemed necessary and such request shall be promptly complied with by the company to which such request is directed.…

23 CAR § 6-101. Purpose. The purpose of this rule is to set forth the procedures for filing and the required contents of the corporate governance annual disclosure, deemed necessary by the Insurance Commissioner to carry out the provisions of the Corporate Governance Annual Discl…

23 CAR § 6-102. Definitions. As used in this part: (1) “Commissioner” means the Insurance Commissioner; (2) “Insurance group” means those insurers and affiliates included within an insurance holding company system as defined in the Insurance Holding Company Regulatory Act, Arkans…

23 CAR § 6-103. Filing procedures. (a) An insurer, or the insurance group of which the insurer is a member, required to file a corporate governance annual disclosure by the Corporate Governance Annual Disclosure Act, Arkansas Code § 23-63-2001 et seq., shall, no later than June 1…

23 CAR § 6-104. Contents of corporate governance annual disclosure. (a) The insurer or insurance group shall be as descriptive as possible in completing the corporate governance annual disclosure, with inclusion of attachments or example documents that are used in the governance …

23 CAR § 6-105. Severability clause. If any provision of this rule, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect other provisions or applications of this rule which can be given effect without the invalid provision…

23 CAR § 7-101. Purpose. The intent or purpose of this rule is as follows: (1) It is found and determined by the Insurance Commissioner that the payment of overwriting commissions beyond a period of ten (10) years is: (A) Unfair; (B) Unreasonable; and (C) Not in the best interest…

23 CAR § 7-102. Payment of commissions to officers and directors. No domestic life insurance company that has been in existence for a period of ten (10) years or more shall pay directly or indirectly to any of its officers or directors any overwriting commissions, as defined in A…

23 CAR § 8-101. Purpose. (a) The purpose of this rule is to establish requirements and standards for a limited license for rental companies by the Insurance Commissioner. (b) The commissioner may issue to a rental company a limited license authorizing the limited licensee to offe…

23 CAR § 8-102. Applicability. This rule shall be applicable to those rental companies holding a limited license pursuant to Arkansas Code § 23-64-205.

23 CAR § 8-103. Definitions. As used in this part: (1) "Limited license" means the authority of a person or entity authorized to sell certain coverages relating to the rental of vehicles pursuant to the provisions of this part; (2) "Rental agreement" means any written agreement s…

23 CAR § 8-104. Issuance of license to rental company. (a)(1) For issuance of a limited license, the applicant shall file a written application with the Insurance Commissioner for a limited license. (2) The application shall be signed by an officer of the applicant and contain su…

23 CAR § 8-105. Violation and penalty. If any provision of this part is violated by a limited licensee, the Insurance Commissioner may after notice and a hearing: (1) Revoke or suspend a limited license issued under this part in accordance with the provisions of law; or (2) Impos…

23 CAR § 8-106. Authority of rental company with limited license. (a) The rental company licensed pursuant to this part may offer or sell insurance underwritten by a licensed insurer or authorized surplus lines carrier only in connection with and incidental to the rental of vehic…

23 CAR § 8-107. Restrictions on type of insurance rental company has authority to issue. A limited licensee can only issue insurance if it meets the following provisions: (1) The rental period of the rental agreement does not exceed ninety (90) consecutive days; (2) At every rent…

23 CAR § 8-108. Authority of employee of rental company. Any limited license issued under this part shall also authorize any employee of the limited licensee to act individually on behalf, and under the supervision, of the limited licensee with respect to the kinds of coverage sp…

23 CAR § 8-109. Training of employee of rental company. Each rental company licensed pursuant to this part shall conduct a training program in which employees being trained shall receive basic instruction about the kinds of coverage specified in this part and offered for purchase…

23 CAR § 8-110. Funds do not need to be treated as funds accepted in a fiduciary capacity. (a) Notwithstanding any other provision of this part, or any rule adopted by the Insurance Commissioner, a limited licensee pursuant to this part shall not be required to treat moneys colle…

23 CAR § 8-111. Rental company shall not act as a licensed insurer, agent, or broker. No limited licensee under this part shall advertise, represent, or otherwise hold itself or any of its employees out as licensed: (1) Insurers; (2) Insurance agents; or (3) Insurance brokers.…

23 CAR § 9-101. Purpose. (a) The purpose of this rule is to set forth rules and procedures that the Insurance Commissioner deems necessary to carry out the provisions of the Insurance Holding Company Regulatory Act, Arkansas Code § 23-63-501 et seq., hereinafter referred to as “t…

23 CAR § 9-102. Definitions. (a) As used in this part: (1) “Commissioner” means the Insurance Commissioner; (2) “Enterprise risk” means any activity, circumstance, event, or series of events involving at least one (1) affiliate of an insurer that, if not remedied, is likely to ha…

23 CAR § 9-103. Severability clause. If any provision of this rule, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect other provisions or applications of this rule which can be given effect without the invalid provision…

23 CAR § 9-104. Forms — General requirements. (a)(1) Forms A, B, C, D, E, and F are intended to be guides in the preparation of the statements required by the Insurance Holding Company Regulatory Act, Arkansas Code § 23-63-501 et seq. (2) They are not intended to be blank forms w…

23 CAR § 9-105. Forms — Incorporation by reference, summaries, and omissions. (a)(1) Information required by any item of Form A, Form B, Form D, Form E, or Form F may be incorporated by reference in answer or partial answer to any other item. (2) Information contained in any fina…

23 CAR § 9-106. Forms — Information unknown or unavailable and extension of time to furnish. If it is impractical to furnish any required information, document, or report at the time it is required to be filed, there shall be filed with the Insurance Commissioner a separate docum…

23 CAR § 9-107. Forms — Additional Information and exhibits. (a)(1) In addition to the information expressly required to be included in Form A, Form B, Form C, Form D, Form E, and Form F, the Insurance Commissioner may request such further material information, if any, as may be …

23 CAR § 9-108. Subsidiaries of domestic insurers. The authority to invest in subsidiaries under Arkansas Code § 23-63-505 is in addition to any authority to invest in subsidiaries which may be contained in any other provision of the Arkansas Insurance Code.

23 CAR § 9-109. Acquisition of control — Statement filing. (a) A person required to file a statement pursuant to Arkansas Code §§ 23-63-506 – 23-63-513 shall furnish the required information on Form A, hereby made a part of this rule. (b) Such person shall also furnish the requir…

23 CAR § 9-110. Amendments to Form A. The applicant shall promptly advise the Insurance Commissioner of any changes in the information furnished on Form A arising subsequent to the date upon which such information was furnished but prior to the commissioner’s disposition of the a…

23 CAR § 9-111. Acquisition of Arkansas Code § 23-63-506 insurers. (a) If the person being acquired is deemed to be a “domestic insurer” solely because of the provisions of Arkansas Code § 23-63-506, the name of the domestic insurer on the cover page should be indicated as follow…

23 CAR § 9-112. Preacquisition notification. (a) If a domestic insurer, including any person controlling a domestic insurer, is proposing a merger or acquisition pursuant to Arkansas Code §§ 23-63-506 – 23-63-513, that person shall file a preacquisition notification form, Form E,…

23 CAR § 9-113. Statement filing — Annual registration of insurers. (a) An insurer required to file and maintain a registration statement pursuant to Arkansas Code § 23-63-514 shall furnish the required information on Form B, hereby made a part of this rule. (b) Notwithstanding t…

23 CAR § 9-114. Statement filing — Summary of registration. (a) An insurer required to file and maintain a registration statement pursuant to Arkansas Code § 23-63-514 is also required to furnish information required on Form C, hereby made a part of this rule. (b) A copy of Form …

23 CAR § 9-115. Amendments to Form B. (a) An amendment to Form B shall be filed within fifteen (15) days after the end of any month in which there is a material change to the information provided in the annual registration statement. (b)(1) Amendments shall be filed in the Form B…

23 CAR § 9-116. Alternative and consolidated registrations. (a)(1) Any authorized insurer may file a registration statement on behalf of any affiliated insurer or insurers which are required to register under Arkansas Code § 23-63-514. (2) A registration statement may include inf…

23 CAR § 9-117. Disclaimers and termination of registration. (a) A disclaimer of affiliation or a request for termination of registration claiming that a person does not, or will not upon the taking of some proposed action, control another person, hereinafter referred to as the "…

23 CAR § 9-118. Transactions subject to prior notice — Notice filing. (a) An insurer required to give notice of a proposed transaction pursuant to Arkansas Code § 23-63-515(a)(2) shall furnish the required information on Form D, hereby made a part of this rule. (b) Agreements for…

23 CAR § 9-119. Enterprise risk report. The ultimate controlling person of an insurer required to file an enterprise risk report pursuant to Arkansas Code § 23-63-514(m) shall furnish the required information on Form F, hereby made a part of this rule.

23 CAR § 9-120. Extraordinary dividends and other distributions. (a) Requests for approval of extraordinary dividends or any other extraordinary distribution to shareholders shall include the following: (1) The amount of the proposed dividend; (2) The date established for payment…