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Arkansas Statutes, Title 23

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Arkansas/Statutes

← All Arkansas coverage

Title 23, Public Utilities and Regulated Industries

95 chapters · 3,921 sections in this title.

All chapters in Title 233,921 Ch 63, Insurance Companies Generally230 Ch 79, Insurance Policies Generally211 Ch 99, Healthcare Providers165 Ch 4, Regulation of Rates and Charges Gene…162 Ch 18, Light, Heat, and Power Utilities154 Ch 69, Domestic Stock and Mutual Insurers109 Ch 13, Motor Carriers107 Ch 17, Telephone and Telegraph Companies97 Ch 81, Life Insurance Policies And Annuities97 Ch 112, Arkansas Motor Vehicle Commission Act97 Ch 61, State Insurance Department95 Ch 48, Organization and Operation94 Ch 51, ARKANSAS TRUST INSTITUTIONS ACT OF 202589 Ch 12, Operation and Maintenance of Railroads87

3,921 sections·Filtered byTitle 23✕

Ark. Code Ann. § 23-63-910 Deficiency
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(a) (1) If for any reason the market value of assets and securities of an insurer held on deposit in this state under § 23-63-206 or under the retaliatory provision, §§ 23-63-102 — 23-63-104, falls below the amount so required, then the insurer shall promptly deposit other or add…
Ark. Code Ann. § 23-63-911 Duration and release of deposit generally
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(a) Subject to the right of the insurer to substitute securities as provided in § 23-63-907, all deposits in this state under § 23-63-206 shall be left on deposit as long as there is outstanding any liability of the insurer with respect to which the deposit was made. (b) Any depo…
Ark. Code Ann. § 23-63-912 Duration and release of deposit of life insurance and annuity reserves
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(a) Deposits of assets and securities representing, and at least equal in amount to, the reserves of a domestic life insurer under certain of its life insurance policies and annuity contracts and deposited under § 23-81-130 shall be held as long as the policies and contracts with…
Ark. Code Ann. § 23-64-101 Scope of provisions

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This chapter shall apply with respect to any insurer, as to all insurances other than wet marine and foreign trade insurance.

Ark. Code Ann. § 23-64-102 Definitions

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(1) As used in this chapter, unless the context otherwise requires:(1) (A) An “agent” is an individual, firm, limited liability company, or corporation who is required by the Producer Licensing Model Act, § 23-64-501 et seq., to be licensed as an insurance producer by the Insuran…

Ark. Code Ann. § 23-64-103 Exceptions to definitions

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The definitions contained in § 23-64-102 shall not be deemed to include the attorney-in-fact of a reciprocal insurer.

Ark. Code Ann. § 23-64-201 License required to solicit, sell, negotiate, engage, consult, or adjust insurance — Grounds for license suspension

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(a) No insurance producer, insurer, insurance consultant, or adjuster shall permit any person not properly licensed under this chapter to solicit, sell, negotiate, engage, consult, or adjust in the business of insurance on behalf of the insurance producer, insurer, insurance cons…

Ark. Code Ann. § 23-64-202 General qualifications for licensure — Exemptions — Definitions

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(a) For the protection of the people of this state, the Insurance Commissioner shall not, at or before completion of application processing, issue, continue, or permit to exist any license as to insurance unless the licensee is in compliance with this chapter and other applicable…

Ark. Code Ann. § 23-64-203 Testing, emergency suspension, and records

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(a) The Insurance Commissioner shall prescribe the form and content of all examinations required by this chapter and shall include therein questions calculated to determine the applicant's knowledge of the laws of this state and the regulations of the commissioner relative to tho…

Ark. Code Ann. § 23-64-204 Application for insurance consultant's license

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(a) Application for an insurance consultant's license shall be made to the Insurance Commissioner by the applicant and be signed and sworn to by the applicant along with a nonrefundable application fee as prescribed by regulation. (b) The form of application shall require full an…

Ark. Code Ann. § 23-64-205 Written examination

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(a) Within a reasonable time and in a location to be determined by the Insurance Commissioner, after filing of application and payment of the applicable fees, the commissioner shall subject each applicant for license as an insurance consultant to a written examination. (b) If the…

Ark. Code Ann. § 23-64-207 Scope of broker's license and authority and insurance consultant's license

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(a) The Insurance Commissioner shall not issue a broker's license limited to particular lines of insurance. (b) (1) A broker, as such, is not an agent or other representative of an insurer and does not have power by his or her own acts to obligate the insurer upon any risk or wit…

Ark. Code Ann. § 23-64-209 Qualifications for adjuster's license

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(a) No person shall, in this state, act as or hold himself or herself out to be an adjuster unless then licensed therefor under this chapter. Application for license shall be made to the Insurance Commissioner according to forms as prescribed and furnished by him or her. The comm…

Ark. Code Ann. § 23-64-210 Licensing of adjuster and insurance consulting partnerships, limited partnerships, joint ventures, limited liability companies, and corporations

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(a) (1) (A) An adjusting or insurance consulting partnership, limited partnership, joint venture, limited liability company, or corporation may be licensed only as a licensee.(B) If a partnership, limited partnership, or joint venture, each general partner and each other individu…

Ark. Code Ann. § 23-64-214 Issuance of license — Form and content of license

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(a) The Insurance Commissioner shall promptly issue adjuster or insurance consultant's licenses applied for to persons qualified therefor in accordance with this chapter. (b) The license shall state the name and address of the licensee, the date of issue, general conditions relat…

Ark. Code Ann. § 23-64-215 Continuance of license

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(a) Unless the license of an insurance adjuster or an insurance consultant is not renewed, expires, is suspended, is revoked, or is terminated, the licensee may continue the license by:(1) Paying annually or biennially the continuation of license fee prescribed by rule of the Ins…

Ark. Code Ann. § 23-64-216 Suspension or revocation — Definition

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(a) The Insurance Commissioner may suspend for up to thirty-six (36) months, may revoke or refuse to continue, or may place in probationary status any license issued by him or her if after notice to the licensee and after hearing, unless a hearing is exempted under subdivision (a…

Ark. Code Ann. § 23-64-217 Procedure following suspension or revocation

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(a) (1) Upon the suspension or revocation of a license, the Insurance Commissioner shall immediately notify the licensee of the suspension or revocation either in person or by mail addressed to the licensee at the licensee's address last of record with the commissioner or by elec…

Ark. Code Ann. § 23-64-218 Return of license to Insurance Commissioner

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(a) (1) All licenses issued under this chapter, although issued and delivered to the licensee, shall at all times be the property of the State of Arkansas.(2) Upon any expiration, termination, suspension, or revocation of the license, the licensee or other person having possessio…

Ark. Code Ann. § 23-64-219 Appointment of agent — Continuation or termination of appointment

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(a) (1) (A) Each insurer appointing an agent in this state shall file with the Insurance Commissioner the initial agent appointment and pay the fee.(B) The appointment means the notification filed with the commissioner that an insurer has established an agency relationship with a…

Ark. Code Ann. § 23-64-220 Place of business — Maintenance of records — Definition

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(a) (1) Every resident agent or resident broker shall have and maintain in this state, or in a city or town in another state through which passes the boundary of this state, a place of business accessible to the public.(2) The place of business shall be that wherein the licensee …

Ark. Code Ann. § 23-64-221 Vending machines

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(a) A licensed producer may solicit applications for and issue policies of personal travel and accident insurance by means of mechanical vending machines supervised by him or her and placed at airports, railroad stations, bus stations, hotels, and similar places of convenience to…

Ark. Code Ann. § 23-64-223 Fiduciary duties of licensees

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(a) All funds, fees, moneys, premiums, or return premiums received by a licensee in the capacity as a licensee shall be trust funds so received by the licensee in a fiduciary capacity, and the licensee shall in the applicable regular course of business account for and pay these f…

Ark. Code Ann. § 23-64-224 Combination agent and broker license

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(a) A licensed agent may be licensed as a broker and be a broker as to insurers for which he or she is not then licensed as agent. (b) A licensed broker may be licensed as and be an agent as to insurers appointing him or her as agent. (c) The sole relationship between a broker an…

Ark. Code Ann. § 23-64-225 Excess or rejected business

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A licensed agent authorized to sell life or accident and health insurance may place, from time to time, excess or rejected risks in any other life or accident and health insurer authorized to transact insurance in this state with the knowledge and approval of the insurers as to w…

Ark. Code Ann. § 23-64-226 Termination rights of agents

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Following termination of any agency appointment as to property, casualty, or surety insurance, subject to consent of the insurer and to the terms of the insurer's contract with the agent, the agent may continue to service, and receive from the insurer commissions or other compens…

Ark. Code Ann. § 23-64-227 Appointment of Insurance Commissioner as agent for service of process

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(a) Application for an acceptance of any nonresident license provided under this chapter shall thereby be deemed to constitute irrevocable appointment of the Insurance Commissioner as the agent of the licensee for the acceptance of service of process issued in this state in any a…

Ark. Code Ann. § 23-64-230 Renewal of policies after agent's termination

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(a) (1) Any insurance company authorized to transact fire or casualty business in this state shall, upon termination of an agent's appointment by the company, permit the renewal of all contracts of insurance written by the agent for a period of twelve (12) months from the date of…

Ark. Code Ann. § 23-64-231 Settlement with terminated producers required

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(a) All life and accident and health insurance companies doing business in the State of Arkansas, as a condition of doing business in this state, shall make settlement with their authorized producers whose services are terminated by any insurance company, for all commissions then…

Ark. Code Ann. § 23-64-232 Premium delinquencies — Definitions

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(a) For purposes of this section:(1) “Account current” or “account rendered” means any system of account reconciliation between two (2) or more insurance producers, surplus lines brokers, or insurance companies that purports to render the status of the account between them in reg…

Ark. Code Ann. § 23-64-233 Limited license for self-service storage insurance — Definitions

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(a) As used in this section:(1) “Customer” means an individual or entity that obtains the use of a storage space from a self-service storage facility under the terms of a self-service storage rental agreement;(2) “Insured customer” means a customer that purchases insurance under …

Ark. Code Ann. § 23-64-234 Travel insurance — Scope — Definitions — Licensing — Premium tax

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(a) (1) This section applies to travel insurance that:(A) Covers a resident of this state;(B) Is sold, solicited, negotiated, or offered in this state; and(C) Has policies and certificates that are delivered or issued for delivery in this state.(2) This section does not apply to …

Ark. Code Ann. § 23-64-301 Continuing education required

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(a) (1) Unless exempt under § 23-64-302, an insurance producer licensed in this state shall successfully complete and report the courses of instruction required by this section within the biennial period prescribed by rule of the Insurance Commissioner for the insurance producer …

Ark. Code Ann. § 23-64-302 Requirements for licensees — Exceptions

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(1) The provisions of this subchapter shall not apply to:(1) Those natural persons holding licenses for any kind or kinds of insurance for which an examination is not required by the laws of this state;(2) Any limited or restricted license the Insurance Commissioner may exempt;(3…

Ark. Code Ann. § 23-64-303 Requirements for newly licensed agents or brokers

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Newly licensed agents or brokers shall not be required to meet the requirements of this subchapter until the first annual period after the first renewal of their licenses on the birthdate of the licensee.

Ark. Code Ann. § 23-64-304 Determination of course content and credit — Time extensions

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(a) Rules and regulations necessary and appropriate to implement and administer this subchapter shall be promulgated by the Insurance Commissioner. (b) For good cause shown, the commissioner may grant an extension of time during which the educational requirements imposed by this …

Ark. Code Ann. § 23-64-305 Programs of instruction

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(a) Subject to approval of the Insurance Commissioner, the courses or programs of instruction or parts thereof which shall be deemed to meet the commissioner's standards for continuing education required hereunder shall include, but not be limited to, the following:(1) American C…

Ark. Code Ann. § 23-64-306 Certification of courses completed — Filing fee

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(a) Every person subject to the provisions of this subchapter shall furnish, in a form satisfactory to the Insurance Commissioner, written certification as to the courses, meetings, or programs of instruction taken and successfully completed by such persons. (b) A filing fee shal…

Ark. Code Ann. § 23-64-307 Insurance Continuing Education Trust Fund

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(a) All funds received pursuant to the provisions of this subchapter shall be transmitted by the Insurance Commissioner to the Treasurer of State to the credit of an account or fund to be entitled the “Insurance Continuing Education Trust Fund”, which is hereby established. (b) A…

Ark. Code Ann. § 23-64-401 Title

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This subchapter may be cited as the “Managing General Agents Act”.

Ark. Code Ann. § 23-64-402 Definitions

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(a) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries. (b) “Insurer” means any person, firm, association, limited liability company, or corporation duly licensed in this state as an insurance company. (c) (1) “Managing general agent” m…

Ark. Code Ann. § 23-64-403 License — Surety requirements

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(a) No person, firm, association, limited liability company, or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless the person is a licensed managing general agent in this state…

Ark. Code Ann. § 23-64-404 Agency contracts — Provisions

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(1) No person, firm, association, limited liability company, or corporation acting in the capacity of a managing general agent shall place business with an insurer unless there is in force a written contract between the parties which sets forth the responsibilities of each party …

Ark. Code Ann. § 23-64-405 Reporting requirements

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(a) The insurer shall have on file an independent financial examination, in a form acceptable to the Insurance Commissioner, of each managing general agent with which it has done business. (b) If a managing general agent establishes loss reserves, the insurer shall annually obtai…

Ark. Code Ann. § 23-64-406 Representative capacity — Examinations

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The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer.

Ark. Code Ann. § 23-64-407 Penalties for violations

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(a) If the Insurance Commissioner finds after a hearing conducted in accordance with § 23-61-301 et seq. that any person has violated any provision of this subchapter, the commissioner may order:(1) For each separate violation, a penalty in an amount of two thousand dollars ($2,0…

Ark. Code Ann. § 23-64-408 Insurance Commissioner's authority to adopt rules

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

Ark. Code Ann. § 23-64-501 Title — Purpose — Scope

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(a) This subchapter shall be known and may be cited as the “Producer Licensing Model Act”. (b) This subchapter governs the qualifications and procedures for the licensing of insurance producers. It simplifies and organizes some statutory language to improve efficiency, permits th…

Ark. Code Ann. § 23-64-502 Definitions

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(1) For purposes of this subchapter:(1) “Business entity” means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity;(2) “Home state” means the District of Columbia and any state or territory of the United States…

Ark. Code Ann. § 23-64-503 License required

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A person shall not sell, solicit, or negotiate insurance in this state for any class or classes of insurance unless the person is licensed for that line of authority in accordance with this subchapter.