Title 23 — Public Utilities and Regulated Industries

It is intended that certain insurance coverages may come within the definitions of two (2) or more kinds of insurance as defined in this subchapter and §§ 23-62-201, 23-62-202, 23-62-203, 23-62-204, 23-62-205, and 23-63-701, and the inclusion of the coverage within one (1) defini…

(a) As used in the Arkansas Insurance Code, unless the context otherwise requires, “life insurance” is insurance on human lives. (b) The transaction of life insurance includes also the granting of endowment benefits, benefits for expenses incurred in connection with death, additi…

(a) As used in the Arkansas Insurance Code, unless the context otherwise requires, “accident and health insurance” is insurance of human beings against bodily injury, disablement, or death by accident or accidental means or the expense thereof or against loss of income due to dis…

As used in the Arkansas Insurance Code, unless the context otherwise requires, “property insurance” is insurance on real or personal property of every kind and of every interest therein, whether on land, water, or in the air, against loss or damage from any and all hazard or caus…

(a) As used in the Arkansas Insurance Code, unless the context otherwise requires, “casualty insurance” includes:(1) Vehicle Insurance. Insurance against loss of or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained therein or ther…

(1) As used in the Arkansas Insurance Code, unless the context otherwise requires, “surety insurance” includes:(1) Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust;(2) Insurance guaranteeing the performance o…

(1) As used in the Arkansas Insurance Code, unless the context otherwise requires, “marine insurance” includes:(1) Insurance against any and all kinds of loss or damage to:(A) Vessels, craft, aircraft, cars, automobiles, and vehicles of every kind as well as all goods, freights, …

As used in the Arkansas Insurance Code, unless the context otherwise requires, “title insurance” is insurance of owners of property or others having an interest therein, or liens or encumbrances thereon, against loss by encumbrance, a defective or invalid title, adverse claim to …

(a) (1) As used in this section, the term “funding agreement” means an agreement which authorizes an admitted life insurer to accept funds and which provides for an accumulation of those funds for the purpose of making one (1) or more payments at future dates in amounts that are …

As used in the Arkansas Insurance Code, “mortgage guaranty insurance” means insurance that insures lenders against financial loss by reason of nonpayment of principal, interest, or other sums agreed to be paid under the terms of any note, bond, or other evidence of indebtedness s…

(a) As used in this subchapter, “employee benefit stop-loss insurance” means coverage that insures an employer or an employer-sponsored health plan against the risk that:(1) One (1) claim will exceed a specific dollar amount; or(2) The entire loss of a self-insurance plan will ex…

(a) The purpose of this section is to create a new line of insurance, known as “family leave insurance”, to allow an insurer licensed to transact accident and health or life insurance business in this state to issue an insurance policy covering the risk of family leave. (b) As us…

This subchapter shall not apply to insurance of wet marine and foreign trade insurance risks.

Any authorized insurer may accept reinsurance only of such risks, in this state, and retain risk thereon within such limits, as it is authorized to insure.

The Insurance Commissioner may adopt reasonable rules to implement the provisions of this subchapter.

(a) (1) Except as provided in subsection (b) of this section, no credit shall be allowed as an asset or a deduction from liability to any ceding insurer for reinsurance unless the reinsurance contract provides that in the event of the insolvency of the ceding insurer, the reinsur…

(a) Every insurer authorized to do business in the State of Arkansas, whether foreign, domestic, or alien, including, but not limited to, farmers' mutual aid associations or companies, reciprocal insurers, stipulated premium insurers, mutual assessment life and disability compani…

(a) This subchapter may be cited as the “Arkansas Credit for Reinsurance Law”. (b) All reserves ceded to a nonadmitted reinsurer on insurance written in this state shall be subject to the provisions of this subchapter.

(a) Reinsurance of insurance risks by domestic and foreign insurance companies is also regulated under the provisions of §§ 23-62-201, 23-62-202, 23-62-204, and 23-62-205. (b) (1) The purpose of this subchapter is to protect the interest of insureds, claimants, ceding insurers, a…

Deposits and funds withheld under reinsurance treaties shall be reported in the annual statement in the exhibit entitled “Special Deposits Not for the Protection of All Policyholders”.

The Insurance Commissioner shall have the right to examine any of the reinsurance agreements or deposit arrangements of the ceding insurer at any time.

(a) (1) (A) A domestic ceding insurer shall be allowed credit for reinsurance as an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of subdivisions (a)(4) and (5) of this section and subsections (b)-(f) of this se…

(a) (1) An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of § 23-62-305 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer.(2) The Insurance Commission…

(a) For purposes of § 23-62-306(c)(3), a “qualified United States financial institution” means an institution that:(1) Is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state thereof;(2) I…

(a) The Insurance Commissioner may adopt rules implementing this subchapter. (b) The Insurance Commissioner may adopt rules:(1) Applicable to a reinsurance arrangement that relates to:(A) A life insurance policy with guaranteed nonlevel gross premiums or guaranteed nonlevel benef…

This subchapter applies to a cession of a reinsurance agreement if that reinsurance agreement has an inception, anniversary, or renewal date not less than six (6) months after July 1, 2021.

This subchapter may be cited as the “Reinsurance Intermediary Act”.

(1) As used in this subchapter:(1) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries;(2) “Controlling person” means any person, firm, association, or corporation who directly or indirectly has the power to direct or cause to be directe…

(1) For purposes of this subchapter, a “qualified United States financial institution” means an institution that:(1) Is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state thereof;(2) Is …

(a) No person, firm, association, or corporation shall act as a reinsurance intermediary broker in this state if the reinsurance intermediary broker maintains an office either directly, or as a member or employee of a firm or association, or as an officer, director, or employee o…

(a) Transactions between a reinsurance intermediary broker and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. (b) The authorization shall, at a minimum, provide that:(1) The…

(a) For at least ten (10) years after expiration of each contract of reinsurance transacted by the reinsurance intermediary broker, the reinsurance intermediary broker will keep a complete record for each transaction showing:(1) The type of contract, limits, underwriting restrict…

(a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary broker on its behalf unless the person is licensed as required by § 23-62-404. (b) An insurer may not employ an individual who is employed by a reins…

(a) Transactions between a reinsurance intermediary manager and the reinsurer it represents in such capacity shall only be entered into pursuant to a written contract, specifying the responsibilities of each party, which shall be approved by the reinsurer's board of directors. (b…

(1) The reinsurance intermediary manager shall not:(1) (A) Bind retrocessions on behalf of the reinsurer, except that the reinsurance intermediary manager may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains …

(a) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary manager on its behalf unless the person is licensed as required by § 23-62-404. (b) The reinsurer shall annually obtain a copy of statements of the …

(a) (1) A reinsurance intermediary shall be subject to examination by the Insurance Commissioner.(2) The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner. (1) A reinsurance intermediary sh…

(a) A reinsurance intermediary, insurer, or reinsurer found by the Insurance Commissioner, after a hearing conducted in accordance with §§ 23-61-301 — 23-61-307, to be in violation of any provision of this subchapter shall:(1) For each separate violation, pay a penalty in an amou…

The Insurance Commissioner may adopt reasonable rules for the implementation and administration of the provisions of this subchapter.