AR Code § 23-66-606 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 66 - Trade Practices|Subchapter 6 - Insurance Sales Consumer Protection Act|§ 23-66-606. Depository institution or affiliates of a depository institution sales practices

 The following requirements shall apply to insurance sales activities conducted by depository institutions, their employees, affiliates of a depository institution, and unaffiliated third parties conducting the insurance sales activities on behalf of a depository institution or affiliate of a depository institution that involves the use of a depository institution or affiliate of a depository institution brand name or on depository institution or affiliate of a depository institution's premises:   (1) Disclosures.  (A) The following disclosures are required with respect to the solicitation of insurance products or policies and shall be made in writing, when practicable, in a clear and conspicuous manner prior to the sale:  (i) That the insurance product or policy is not insured by the Federal Deposit Insurance Corporation or insured by any other federal government agency;  (ii) That the insurance product or policy is not a deposit or obligation of or guaranteed by the lending depository institution or affiliate of a depository institution; and  (iii) When appropriate, that certain insurance products involve investment risks, including the possible loss of principal or loss of value.    (B)  (i) When an application by a customer for a loan or other extension of credit from a depository institution or an affiliate of a depository institution is pending, and insurance is offered or sold to the customer or is required in connection with the loan or extension of credit by the depository institution or affiliate of a depository institution, a written disclosure shall be provided to the customer indicating that the customer's choice of insurer or producer shall not affect the credit decision or credit terms in any way, except that the depository institution or an affiliate of a depository institution may impose reasonable requirements concerning the credit worthiness of the insurer and the scope of coverage chosen.  (ii) A rejection of a policy furnished by the customer shall not be deemed unreasonable if it is based on uniformly applied reasonable standards relating to the extent of coverage required and the financial soundness and the services of an insurer. The standards shall not discriminate against any particular type of insurer, nor shall the standards call for rejection of a policy because it contains coverage in addition to that required in the credit transaction.    (C)  (i)  (a) The person, depository institution, or affiliate of the depository institution shall obtain written acknowledgement of the receipt of the disclosure required by this subdivision (1) from the customer at the time the customer receives the disclosure or at the time of the initial purchase of the insurance policy.  (b) If the solicitation is conducted by telephone, the person, depository institution, or affiliate of the depository institution shall obtain an oral acknowledgement of receipt of the disclosure, maintain sufficient documentation to show that the acknowledgment was given by the customer, and make reasonable efforts to obtain a written acknowledgment from the customer.    (ii) If a customer affirmatively consents to receiving the disclosures electronically and if the disclosures are provided in a format that the customer may retain or obtain later, the person, depository institution, or affiliate of the depository institution may provide the disclosure and obtain acknowledgement of the receipt of the disclosure from the customer using electronic media.    (D)  (i) An affiliate of a depository institution is subject to the disclosure requirements of this subdivision (1) if it sells, solicits, advertises, or offers insurance products or annuities at an office of a depository institution or on behalf of a depository institution.  (ii) The disclosure requirements of this subdivision (1) apply only to a depository institution when an individual purchases, applies to purchase, or is solicited to purchase insurance products or annuities primarily for personal, family, or household purposes, and only to the extent that the disclosure would be accurate.    (E) For the purposes of this subdivision (1), a person sells, solicits, advertises, or offers insurance on behalf of a depository institution, whether at an office of the depository institution or another location, if at least one (1) of the following occurs:  (i) The person represents to the customer that the sale, solicitation, advertisement, or offer of the insurance is by or on behalf of a depository institution;  (ii) A depository institution refers a customer to the person who sells insurance, and the depository institution has a contractual arrangement to receive commissions or fees derived from the sale of insurance resulting from the referral; or  (iii) Documents evidencing the sale, solicitation, advertisement, or offer of insurance identify or refer to a depository institution; and      (2) Physical Location of Insurance Activities. Insurance sales activities on depository institution or affiliate of a depository institution premises shall be conducted in a manner so as to minimize customer confusion by:  (A) Conducting the activities to the extent practicable in a location separate and distinct from the area where retail deposits routinely occur; and  (B) Where practicable, identifying the area where insurance activities are conducted with appropriate signage as to be easily distinguishable by the public as separate and distinct from deposit activities of the depository institution or affiliate of a depository institution.