reglab/housing_qa huggingface dataset:
AR Code § 23-62-307 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 3 - Arkansas Credit for Reinsurance Law|§ 23-62-307. Qualified United States financial institutions

 (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) Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and  (3) Has been determined by either the Insurance Commissioner or the Securities Valuation Office of the National Association of Insurance Commissioners to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.    (b) A “qualified United States financial institution” means, for purposes of those provisions of this law specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:  (1) Is organized, or, in the case of a United States branch or agency office of a foreign banking organization, licensed under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and  (2) Is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies.
AR Code § 23-62-308 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 3 - Arkansas Credit for Reinsurance Law|§ 23-62-308. Rules

 The Insurance Commissioner may adopt rules implementing this subchapter.
AR Code § 23-62-309 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 3 - Arkansas Credit for Reinsurance Law|§ 23-62-309. Applicability — Reinsurance agreements

 Sections 23-62-305 — 23-62-307 apply to any cession of a reinsurance agreement if that reinsurance agreement has an inception, anniversary, or renewal date not less than six (6) months after July 22, 2015.
AR Code § 23-62-401 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 4 - Reinsurance Intermediary Act|§ 23-62-401. Short title

 This subchapter may be cited as the “Reinsurance Intermediary Act”.
AR Code § 23-62-402 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 4 - Reinsurance Intermediary Act|§ 23-62-402. Definitions

 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 directed the management, control, or activities of a reinsurance intermediary;  (3) “Insurer” means any person, firm, association, or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer;  (4) “Licensed producer” means an agent, broker, or reinsurance intermediary licensed pursuant to the applicable provision of the insurance law;  (5) “Reinsurance intermediary” means a reinsurance intermediary broker or a reinsurance intermediary manager as these terms are defined in subdivisions (6) and (7) of this section;  (6) “Reinsurance intermediary broker” means any person, other than an officer or employee of the ceding insurer, firm, association, or corporation who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer;  (7)  (A) “Reinsurance intermediary manager” means any person, firm, association, or corporation who has authority to bind, or who manages, all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such a reinsurer whether known as a reinsurance intermediary manager, a manager, or other similar term.  (B) Notwithstanding the above, the following persons shall not be considered reinsurance intermediary managers, with respect to such a reinsurer, for the purposes of this subchapter:  (i) An employee of the reinsurer;  (ii) A United States manager of the United States branch of an alien reinsurer;  (iii) An underwriting manager which, pursuant to contract, manages all the reinsurance operations of the reinsurer, is under common control with the reinsurer, subject to the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., and whose compensation is not based on the volume of premiums written; and  (iv) The manager of a group, association, pool, or organization of insurers which engages in joint underwriting or joint reinsurance and which is subject to examination by the insurance commissioner of the state in which the manager's principal business office is located;      (8) “Reinsurer” means any person, firm, association, or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance; and  (9) “To be in violation” means that the reinsurance intermediary, insurer, or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provisions of this subchapter.
AR Code § 23-62-403 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 4 - Reinsurance Intermediary Act|§ 23-62-403. Qualified United States financial institutions

 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 regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies; and  (3) Has been determined by either the Insurance Commissioner or the Securities Valuation Office of the National Association of Insurance Commissioners to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.
AR Code § 23-62-405 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 4 - Reinsurance Intermediary Act|§ 23-62-405. Required contract provisions — Reinsurance intermediary brokers

 (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 insurer may terminate the reinsurance intermediary broker's authority at any time;  (2) The reinsurance intermediary broker will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by or owing to the reinsurance intermediary broker, and remit all funds due to the insurer within thirty (30) days of receipt;  (3) All funds collected for the insurer's account will be held by the reinsurance intermediary broker in a fiduciary capacity in a bank which is a qualified United States financial institution, as defined in § 23-62-403;  (4) The reinsurance intermediary broker will comply with § 23-62-406;  (5) The reinsurance intermediary broker will comply with the written standards established by the insurer for the cession or retrocession of all risks; and  (6) The reinsurance intermediary broker will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
AR Code § 23-62-406 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 4 - Reinsurance Intermediary Act|§ 23-62-406. Books and records — Reinsurance intermediary brokers

 (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 restrictions, classes or risks, and territory;  (2) The period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation;  (3) The reporting and settlement requirements of balances;  (4) The rate used to compute the reinsurance premium;  (5) The names and addresses of assuming reinsurers;  (6) The rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary broker;  (7) Related correspondence and memoranda;  (8) Proof of placement;  (9) Details regarding retrocessions handled by the reinsurance intermediary broker, including the identity of retrocessionaires and the percentage of each contract assumed or ceded;  (10) Financial records, including, but not limited to, premium and loss accounts; and  (11) When the reinsurance intermediary broker procures a reinsurance contract on behalf of a licensed ceding insurer:  (A) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or  (B) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.      (b) The insurer will have access to and the right to copy and audit all accounts and records maintained by the reinsurance intermediary broker related to its business in a form usable by the insurer.
AR Code § 23-62-407 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 4 - Reinsurance Intermediary Act|§ 23-62-407. Duties of insurers utilizing the services of a reinsurance intermediary broker

 (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 reinsurance intermediary broker with which it transacts business, unless the reinsurance intermediary broker is under common control with the insurer and subject to the Insurance Holding Company Regulatory Act, § 23-63-501 et seq.  (c) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary broker with which it transacts business.
AR Code § 23-62-409 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 4 - Reinsurance Intermediary Act|§ 23-62-409. Prohibited acts

 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 reinsurance underwriting guidelines for such retrocessions.  (B) The guidelines shall include a list of reinsurers with which the automatic agreements are in effect, and for each reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules;    (2) Commit the reinsurer to participate in reinsurance syndicates;  (3) Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he or she is appointed;  (4) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent (1%) of the reinsurer's policyholder's surplus as of December 31 of the last complete calendar year;  (5)  (A) Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer.  (B) If prior approval is given, a report must be promptly forwarded to the reinsurer;    (6) Jointly employ an individual who is employed by the reinsurer; or  (7) Appoint a reinsurance intermediary submanager.
AR Code § 23-62-410 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 4 - Reinsurance Intermediary Act|§ 23-62-410. Duties of reinsurers utilizing the services of a reinsurance intermediary manager

 (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 financial condition of each reinsurance intermediary manager which the reinsurer has engaged, prepared by an independent certified accountant in a form acceptable to the Insurance Commissioner.  (c)  (1) If a reinsurance intermediary manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the reinsurance intermediary manager.  (2) This opinion shall be in addition to any other required loss reserve certification.    (d) Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with a reinsurance intermediary manager.  (e) Within thirty (30) days of termination of a contract with a reinsurance intermediary manager, the reinsurer shall provide written notification of the termination to the commissioner.  (f)  (1) A reinsurer shall not appoint to its board of directors any officer, director, employee, controlling shareholder, or subproducer of its reinsurance intermediary manager.  (2) This subsection shall not apply to relationships governed by the Insurance Holding Company Regulatory Act, § 23-63-501 et seq.
AR Code § 23-62-411 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 4 - Reinsurance Intermediary Act|§ 23-62-411. Examination authority

 (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.    (b) A reinsurance intermediary manager may be examined as if it were the reinsurer.
AR Code § 23-62-412 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 4 - Reinsurance Intermediary Act|§ 23-62-412. Penalties and liabilities

 (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 amount not exceeding five thousand dollars ($5,000);  (2) Be subject to revocation or suspension of its license; and  (3) If a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the violation.    (b) The decision, determination, or order of the commissioner pursuant to subsection (a) of this section shall be subject to judicial review pursuant to § 23-61-307.  (c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in the insurance law.  (d) Nothing contained in this subchapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties, or confer any rights to those persons.
AR Code § 23-62-413 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 62 - Kinds of Insurance — Reinsurance|Subchapter 4 - Reinsurance Intermediary Act|§ 23-62-413. Rules

 The Insurance Commissioner may adopt reasonable rules for the implementation and administration of the provisions of this subchapter.
AR Code § 23-63-102 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 1 - General Provisions|§ 23-63-102. Retaliation for foreign taxes, fees, restrictions, etc

 (a) The Insurance Commissioner shall impose upon any insurer or upon the agent or representative of that insurer of any other state or any foreign country doing business in the State of Arkansas the same taxes, licenses, and other fees, in the aggregate, and the same fines, penalties, deposit requirements or other material requirements, obligations, prohibitions, or restrictions that are imposed upon Arkansas insurers or upon their agents or representatives by the laws of the other state or its political subdivisions or the other country or its provinces or political subdivisions.  (b) This section does not apply to:  (1) Application fees, examination fees, license fees, appointment fees, and continuation fees for agents, adjusters, service representatives, or consultants; or  (2)  (A) Personal income taxes, ad valorem taxes on real or personal property, or special purpose obligations, fees, or assessments imposed by the other state in connection with particular kinds of insurance, other than property insurance.  (B) However, the commissioner shall consider deductions from premium taxes or other taxes payable allowed because of real estate or personal property taxes paid in determining the propriety and extent of retaliatory action under this section.      (c) For reporting years beginning on or after January 1, 2005, neither this section nor § 23-63-103 shall apply to any foreign insurer if more than fifteen percent (15%) of its capital stock is owned by a corporation organized under the laws of this state and domiciled within this state.  (d) In addition to the funds now appropriated and set aside for the use and benefit of firemen's relief and pension funds by § 24-11-809, there is appropriated and set aside for the use and benefit of the firemen's relief and pension funds the additional taxes, authorized by subsections (a)-(c) of this section, on all premiums collected by all fire, tornado, and marine insurance companies, corporations, or associations incorporated under the laws of any state or nation other than the State of Arkansas, in all cities and towns in the State of Arkansas, coming within the provisions of § 24-11-809.
AR Code § 23-63-103 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 1 - General Provisions|§ 23-63-103. Retaliation for unjustified refusal to permit business because of similar name

 Whenever any other state or foreign country refuses to permit any life insurer domiciled in Arkansas to enter in and transact insurance in the state or country upon the grounds that the name of the Arkansas insurer is the same or similar to the name of a life insurer domiciled in the other state or country, the Insurance Commissioner, if satisfied that no such similarity of names actually exists, that the refusal is unjustified, and that the Arkansas insurer should be permitted to do business in the other state or country, may, in his or her discretion, suspend or revoke the certificate of authority in Arkansas of that life insurer domiciled in the other state or country whose name has been so declared to be similar to that of the Arkansas insurer.
AR Code § 23-63-104 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 63 - Insurance Companies Generally|Subchapter 1 - General Provisions|§ 23-63-104. Domicile of alien insurer

 (a) For the purpose of the Arkansas Insurance Code, except as provided under § 23-68-102(6), the domicile of an alien insurer, other than insurers formed under the laws of Canada, shall be that state designated by the insurer in writing filed with the Insurance Commissioner at time of admission to this state or within six (6) months after June 11, 1959, whichever date is the later, and may be any one (1) of the following states:  (1) That in which the insurer was first authorized to transact insurance;  (2) That in which is located the insurer's principal place of business in the United States; or  (3) That in which is held the larger deposit of trusteed assets of the insurer for the protection of its policyholders, or policyholders and creditors, in the United States.    (b) If the insurer makes no designation, its domicile shall be deemed to be that state in which is located its principal place of business in the United States.