(a) A domestic insurer possessing policyholder surplus of at least twenty million dollars ($20,000,000) may be:(1) Designated as a domestic surplus lines insurer with the written approval of the Insurance Commissioner; and(2) Allowed to write surplus lines insurance in any jurisdiction in which it is eligible.
(1) Designated as a domestic surplus lines insurer with the written approval of the Insurance Commissioner; and
(2) Allowed to write surplus lines insurance in any jurisdiction in which it is eligible.
(b) A domestic surplus lines insurer is:(1) Deemed a nonadmitted surplus lines insurer in the State of Arkansas; and(2) Deemed a nonadmitted surplus lines insurer under the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203.
(1) Deemed a nonadmitted surplus lines insurer in the State of Arkansas; and
(2) Deemed a nonadmitted surplus lines insurer under the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203.
(c) A domestic surplus lines insurer is not subject to:(1) The Arkansas Property and Casualty Insurance Guaranty Act, § 23-90-101 et seq.; or(2) The Arkansas Life and Health Insurance Guaranty Association Act, § 23-96-101 et seq.
(1) The Arkansas Property and Casualty Insurance Guaranty Act, § 23-90-101 et seq.; or
(2) The Arkansas Life and Health Insurance Guaranty Association Act, § 23-96-101 et seq.
(d) A surplus lines broker that obtains surplus lines insurance from a domestic surplus lines insurer shall comply with § 23-65-315.
(e) Unless specifically exempt, the insurance laws of this state regarding financial and solvency requirements apply to a domestic surplus lines insurer.