(a) Online marketplace guarantees do not constitute insurance and are not required to comply with the Arkansas Insurance Code other than as expressly made applicable in this subchapter, provided the provider has registered with the Insurance Commissioner as required by § 23-66-804.
(b) The following activities by a provider or a provider's representative do not constitute the transaction of insurance and are likewise exempt from any licensing requirements under the Arkansas Insurance Code:(1) Marketing, providing, selling, or offering to sell online marketplace guarantees in compliance with this subchapter;(2) Determining amounts payable under online marketplace guarantees including, with respect to claims made by platform contract holders:(A) Investigating, negotiating, or administering settlements of claims; or(B) Applying the factual circumstances of the claim to the online marketplace guarantee's terms; or(3) Collecting separate consideration in connection with online marketplace guarantees.
(1) Marketing, providing, selling, or offering to sell online marketplace guarantees in compliance with this subchapter;
(2) Determining amounts payable under online marketplace guarantees including, with respect to claims made by platform contract holders:(A) Investigating, negotiating, or administering settlements of claims; or(B) Applying the factual circumstances of the claim to the online marketplace guarantee's terms; or
(A) Investigating, negotiating, or administering settlements of claims; or
(B) Applying the factual circumstances of the claim to the online marketplace guarantee's terms; or
(3) Collecting separate consideration in connection with online marketplace guarantees.
(c) A provider may:(1) Charge separate consideration for an online marketplace guarantee; and(2) (A) Provide varying levels of service and functionality depending on whether a platform user has paid separate consideration.(B) Any separate consideration collected for online marketplace guarantees shall not be subject to premium taxes.
(1) Charge separate consideration for an online marketplace guarantee; and
(2) (A) Provide varying levels of service and functionality depending on whether a platform user has paid separate consideration.(B) Any separate consideration collected for online marketplace guarantees shall not be subject to premium taxes.
(A) Provide varying levels of service and functionality depending on whether a platform user has paid separate consideration.
(B) Any separate consideration collected for online marketplace guarantees shall not be subject to premium taxes.
(d) This subchapter shall not be construed to limit a provider's rights to seek recourse from a platform user to the extent of any contractual obligation by any means permitted under an online marketplace's terms of service.
(e) An online marketplace guarantee may set a minimum threshold amount of damages that limits amounts payable to a platform contract holder if the minimum threshold amount is disclosed under § 23-66-807(e).