reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 2 - LICENSING AND APPOINTMENT (§§ 23-64-201 — 23-64-234) › Section 23-64-224 - Combination agent and broker license

(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 and an insurer as to which he or she is then licensed as an agent, as to transactions arising during the existence of the agency appointment, shall be that of insurer and agent and not that of insurer and broker.
Acts 1959, No. 148, § 165; A.S.A. 1947, § 66-2822; Acts 1997, No. 1004, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 2 - LICENSING AND APPOINTMENT (§§ 23-64-201 — 23-64-234) › Section 23-64-225 - Excess or rejected business

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 which the agent is so appointed and may receive a commission thereon without being required to have an appointment as to the other insurer.
Acts 1959, No. 148, § 175; A.S.A. 1947, § 66-2832; Acts 1997, No. 1004, § 1; 2001, No. 1603, § 19.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 2 - LICENSING AND APPOINTMENT (§§ 23-64-201 — 23-64-234) › Section 23-64-226 - Termination rights of agents

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 compensation relative to, business written by him or her for the insurer during the existence of the appointment.
Acts 1959, No. 148, § 161; A.S.A. 1947, § 66-2818; Acts 1997, No. 1004, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 2 - LICENSING AND APPOINTMENT (§§ 23-64-201 — 23-64-234) › Section 23-64-227 - Appointment of Insurance Commissioner as agent for service of process

(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 action or proceeding against the licensee arising out of such licensing or at any time out of transactions under the license.
(b)
(1)
Duplicate copies of the process shall be served upon the commissioner or upon his or her deputy, assistant, or other person in charge of his or her office during his absence.
(2)
Upon receiving the service, the commissioner shall promptly forward a copy of it by registered mail, return receipt requested, to the nonresident licensee at his or her business address last of record with the commissioner.
(3)
When process is served upon the commissioner as a nonresident's process agent, the licensee shall be required to appear, answer, or plead within thirty (30) days after date of the mailing of the copy of the process by the commissioner.
(4)
Process served upon the commissioner and a copy forwarded shall for all purposes constitute service upon the person licensed.
Acts 1959, No. 148, § 170; A.S.A. 1947, § 66-2827; Acts 1987, No. 622, § 13; 1997, No. 1004, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 2 - LICENSING AND APPOINTMENT (§§ 23-64-201 — 23-64-234) › Section 23-64-231 - Settlement with terminated producers required

(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 due and owing, and thereafter make settlement, from time to time, according to the terms of the contract of employment.
(b)
Whenever any life and accident and health insurance company in this state shall merge with, or be absorbed by, another life and accident and health insurance company or another insurance company, the successor company shall succeed to all of the obligations of the merged or absorbed company with regard to any unpaid settlements due producers of the merged or absorbed company under the provisions of this section.
(c)
Nothing in this section shall prevent either party to the contract from resorting to any legal recourse now or hereafter available to the party.
Acts 2001, No. 1604, § 42.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 3 - CONTINUING EDUCATION (§§ 23-64-301 — 23-64-308) › Section 23-64-301 - Continuing education required

(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 to satisfy the continuing education requirements necessary to continue the insurance producer's license.
(2)
The exemptions in §
23-64-302(3) and (4)
do not apply to an insurance producer licensed after July 1, 2003.
(3)
A resident insurance producer who qualified for an exemption under §
23-64-302(3) or (4)
and then moved to another state may maintain the exemption when the insurance producer returns to this state if upon application to the commissioner for a reinstatement of the exemption the insurance producer has been continuously licensed in this state as a resident or nonresident insurance producer from the time he or she first qualified for the exemption.
(b)
An individual who holds a title insurance license shall complete the minimum number of hours of continuing education courses established by rule of the commissioner.
(c)
The commissioner may promulgate rules containing the continuing education requirements for insurance producers licensed in this state as necessary for continued uniformity among the states.
(d)
The commissioner may hire an independent contractor to administer all or part of this subchapter in a fair and impartial manner.
Amended by Act 2013, No. 534,§ 1, eff. 8/16/2013.
Acts 1989, No. 445, § 1; 1997, No. 1004, § 1; 2001, No. 1603, § 20; 2003, No. 1784, § 1; 2007, No. 684, § 4; 2009, No. 726, § 31; 2011, No. 760, § 7.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 3 - CONTINUING EDUCATION (§§ 23-64-301 — 23-64-308) › Section 23-64-302 - Requirements for licensees - Exceptions

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)
Any natural person who is at least sixty (60) years of age;
(4)
Any natural person who has held an active license as an agent, solicitor, consultant, or broker for a period of at least fifteen (15) consecutive years;
(5)
The licensee as a firm, limited liability company, or corporation, but this exception does not apply to any individual or natural person unless already exempted;
(6)
Nonresident producers;
(7)
Licensed insurance consultants for life, accident and health, property, or casualty insurance or for other lines of insurance;
(8)
Nonresident agents and brokers in the first full year of resident licensing following the year after a change in the state of domicile or residency to the State of Arkansas, but thereafter annually or otherwise in accordance with insurance continuing education laws and rules of the commissioner; and
(9)
A member of the Arkansas National Guard on state active duty or a member of the United States Armed Forces on active duty, including without limitation an active duty member of the:
(A)
United States Coast Guard; or
(B)
Reserve components of the United States Armed Forces.
Amended by Act 2019, No. 315,§ 2651, eff. 7/24/2019.
Amended by Act 2019, No. 462,§ 18, eff. 7/24/2019.
Acts 1989, No. 445, § 1; 1993, No. 901, § 30; 1997, No. 1004, § 1; 1999, No. 657, § 8; 2001, No. 1603, § 21; 2003, No. 1784, § 2; 2005, No. 1697, § 5.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 3 - CONTINUING EDUCATION (§§ 23-64-301 — 23-64-308) › Section 23-64-303 - Requirements for newly licensed agents or brokers

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.
Acts 1989, No. 445, § 1; 1997, No. 1004, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 3 - CONTINUING EDUCATION (§§ 23-64-301 — 23-64-308) › Section 23-64-304 - Determination of course content and credit - Time extensions

(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 subchapter may be completed, but the extension of time shall not exceed a period of one (1) calendar year.
(c)
The number of hours for which credit shall be given for such courses, meetings, or programs of instruction shall be as determined by the commissioner.
(d)
Educational requirements shall be obtained and reported annually to the commissioner on or before the birthdate of the licensee. Failure to report or obtain the mandated educational requirements along with the fee imposed in a timely manner shall result in the additional following fines:
(1)
If within thirty (30) days after the due date, a fine of twenty-five dollars ($25.00) shall be imposed automatically;
(2)
If within sixty (60) days after the due date, a fine of fifty dollars ($50.00) shall be imposed automatically;
(3)
If within ninety (90) days after the due date, a fine of one hundred dollars ($100) shall be imposed automatically;
(4)
(A)
If after ninety (90) days from the due date, the license shall become automatically suspended.
(B)
Reinstatement of the license shall require payment of a fine of one hundred fifty dollars ($150) if reinstated within one (1) year from the due date of the education; and
(5)
If after one (1) year from the due date, reinstatement is not available. Should a license be desired, the licensee must again proceed to become licensed as if never having held a license in addition to obtaining the education due when the license was suspended and paying the fine of one hundred fifty dollars ($150).
(e)
(1)
Any licensee fined under subsection (d) of this section may request that the commissioner seal the licensee's records regarding the fine.
(2)
The underlying conduct of any licensee whose record has been sealed under this section shall be deemed as a matter of law to have never occurred, and the licensee may state that the conduct or fine never occurred.
Acts 1989, No. 445, § 1; 1997, No. 1004, § 1; 2003, No. 1203, § 9.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 3 - CONTINUING EDUCATION (§§ 23-64-301 — 23-64-308) › Section 23-64-305 - Programs of instruction

(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 College Courses (CLU, ChFC);
(2)
Life Underwriter Training Council Fellow (LUTCF);
(3)
Certified Insurance Counselor (CIC);
(4)
Chartered Property Casualty Underwriter (CPCU);
(5)
Insurance Institute of America (IIA);
(6)
Certified Health Consultant (CHC);
(7)
Registered Health Underwriter (RHU);
(8)
An insurance-related course or program of instruction taught by an accredited college, university, or other educational institution in this state having a comprehensive course of instruction approved and certified by the commissioner; and
(9)
A course or program of instruction developed or sponsored by any authorized insurer, recognized agents' association, or insurance trade association, including meetings dedicated to the instruction of agents' education concerning matters of insurance or insurance law.
(b)
A person teaching any approved course or program of instruction shall be allowed credit for the same number of educational hours as would be granted a person taking and successfully completing the course, program, or meeting.
(c)
For courses, meetings, or programs not personally attended, but taken by correspondence, a proctored written exam shall be required with proof of passing the correspondence course accompanied by an affidavit from the proctor in form and substance as may be prescribed by the commissioner before credit may be considered for educational hours for that correspondence course.
(d)
Subject to approval by the commissioner, the active annual membership of the licensed agent or broker in local, regional, state, or national professional insurance organizations or associations may be approved for up to two (2) annual hours of instruction. These hours shall be credited upon timely filing with the commissioner or his or her designee appropriate written evidence acceptable to the commissioner of active membership in the organization or association.
Acts 1989, No. 445, § 1; 1997, No. 1004, § 1; 1999, No. 657, § 9.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 3 - CONTINUING EDUCATION (§§ 23-64-301 — 23-64-308) › Section 23-64-306 - Certification of courses completed - Filing fee

(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 shall be paid by the person furnishing the certification in an amount determined by the commissioner to be sufficient to cover the administrative costs related to the handling of such certification.
(c)
The commissioner shall determine the amount of the filing fee which shall not substantially exceed the cost of administering this subchapter.
Acts 1989, No. 445, § 1; 1997, No. 1004, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 3 - CONTINUING EDUCATION (§§ 23-64-301 — 23-64-308) › Section 23-64-307 - Insurance Continuing Education Trust Fund

(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)
All expenditures disbursed pursuant to this subchapter shall be paid from funds appropriated from the Insurance Continuing Education Trust Fund by the General Assembly.
Acts 1989, No. 445, § 1; 1997, No. 1004, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 4 - MANAGING GENERAL AGENTS ACT (§§ 23-64-401 — 23-64-408) › Section 23-64-401 - Title

This subchapter may be cited as the "Managing General Agents Act".
Acts 1993, No. 1094, § 1; 1997, No. 1004, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 4 - MANAGING GENERAL AGENTS ACT (§§ 23-64-401 — 23-64-408) › Section 23-64-402 - Definitions

(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" means any person, firm, association, limited liability company, or corporation who manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office, and acts as an agent for the insurer whether known as a managing general agent, manager, or other similar term, who, with or without the authority, either separately or together with affiliates:
(A)
Produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent (5%) of the policyholder surplus as reported in the last annual statement of the insurer in any one (1) quarter or year; together with
(B)
One (1) or more of the following activities related to the business produced:
(i)
Adjusts or pays claims in excess of an amount determined by the commissioner; or
(ii)
Negotiates reinsurance on behalf of the insurer.
(2)
Notwithstanding subdivision (c)(1) of this section, the following persons shall not be considered as managing general agents for the purposes of this subchapter:
(A)
An employee of the insurer;
(B)
A United States manager of the United States branch of an alien insurer;
(C)
An underwriting manager who, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, 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; or
(D)
The attorney in fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney.
(d)
"Underwrite" means the authority to accept or reject risk on behalf of the insurer.
Acts 1993, No. 1094, § 1; 1997, No. 1004, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 4 - MANAGING GENERAL AGENTS ACT (§§ 23-64-401 — 23-64-408) › Section 23-64-403 - License - Surety requirements

(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.
(b)
No person, firm, association, limited liability company, or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless the person is licensed as a managing general agent in this state pursuant to the provisions of this subchapter. The license may be a nonresident license.
(c)
The Insurance Commissioner may require the managing general agent to post a bond in an amount acceptable to him or her for the protection of the insurer.
(d)
The commissioner may require the managing general agent to maintain an errors and omissions policy.
(e)
The commissioner shall not require a license under this subchapter for insurers acting in the capacity of a managing general agent or agency in this state for risks located in this state, nor for acting for a domestic insurer with respect to risks located outside this state, so long as those insurers hold a subsisting certificate of authority listing the same lines of insurance as it will transact as a managing general agent or agency in this state.
Acts 1993, No. 1094, § 1; 1997, No. 1004, § 1; 2001, No. 1604, § 43.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 4 - MANAGING GENERAL AGENTS ACT (§§ 23-64-401 — 23-64-408) › Section 23-64-405 - Reporting requirements

(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 obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. This is in addition to any other required loss reserve certification.
(c)
The insurer shall periodically, and not less often than semiannually, conduct an on-site review of the underwriting and claims processing operations of the managing general agent.
(d)
Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who shall not be affiliated with the managing general agent.
(e)
(1)
Within thirty (30) days of entering into or termination of a contract with a managing general agent, the insurer shall provide written notification of such appointment or termination to the commissioner.
(2)
Notices of appointment of a managing general agent shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the commissioner may request.
(f)
(1)
An insurer shall review its books and records each quarter to determine if any agent has become, by operation of §
23-64-402(c)
, a managing general agent as defined in §
23-64-402(c)
.
(2)
If the insurer determines that an agent has become a managing general agent pursuant to §
23-64-402(c)
, the insurer shall promptly notify the agent and the commissioner of such a determination, and the insurer and agent must fully comply with the provisions of this subchapter within thirty (30) days.
(g)
(1)
An insurer shall not appoint to its board of directors an officer, director, employee, subagent, or controlling shareholder of its managing general agents.
(2)
This subsection does not apply to relationships governed by the Insurance Holding Company Regulatory Act, §
23-63-501
et seq.
Acts 1993, No. 1094, § 1; 1997, No. 1004, § 1; 2001, No. 1566, § 12; 2009, No. 726, § 32.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 4 - MANAGING GENERAL AGENTS ACT (§§ 23-64-401 — 23-64-408) › Section 23-64-406 - Representative capacity - Examinations

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.
Acts 1993, No. 1094, § 1; 1997, No. 1004, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 4 - MANAGING GENERAL AGENTS ACT (§§ 23-64-401 — 23-64-408) › Section 23-64-407 - Penalties for violations

(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 ($2,000) or, if the commissioner has found willful misconduct or willful violation, ten thousand dollars ($10,000);
(2)
Revocation or suspension of the managing general agent's license; and
(3)
The managing general agent to reimburse the insurer, the rehabilitator, or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this subchapter committed by the managing general agent.
(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 for 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, and auditors.
Acts 1993, No. 1094, § 1; 1997, No. 1004, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 4 - MANAGING GENERAL AGENTS ACT (§§ 23-64-401 — 23-64-408) › Section 23-64-408 - Insurance Commissioner's authority to adopt rules

The Insurance Commissioner may adopt reasonable rules for the implementation and administration of the provisions of this subchapter.
Amended by Act 2019, No. 315,§ 2653, eff. 7/24/2019.
Acts 1993, No. 1094, § 1; 1997, No. 1004, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 5 - PRODUCER LICENSING MODEL ACT (§§ 23-64-501 — 23-64-520) › Section 23-64-501 - Title - Purpose - Scope

(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 the use of new technology, and reduces costs associated with issuing and renewing insurance licenses.
(c)
This subchapter does not apply to excess and surplus lines agents and brokers licensed pursuant to the Surplus Lines Insurance Law, §
23-65-301
et seq., except as provided in §§
23-64-508
and
23-64-516(b)
.
Acts 2001, No. 580, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 5 - PRODUCER LICENSING MODEL ACT (§§ 23-64-501 — 23-64-520) › Section 23-64-503 - License required

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.
Acts 2001, No. 580, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 5 - PRODUCER LICENSING MODEL ACT (§§ 23-64-501 — 23-64-520) › Section 23-64-505 - Application for examination

(a)
A resident individual applying for an insurance producer license shall pass a written examination unless exempt pursuant to §
23-64-205
. The examination shall test the knowledge of the individual concerning the lines of authority for which application is made, the duties and responsibilities of an insurance producer, and the insurance laws of this state. Examinations required by this section shall be developed and conducted under rules prescribed by the Insurance Commissioner.
(b)
The commissioner may make arrangements, including contracting with an outside testing service, for administering examinations and collecting the nonrefundable fee set forth in §
23-61-401
and any existing or future rule and regulation.
(c)
Each individual applying for an examination shall remit a nonrefundable fee as prescribed by the commissioner as set forth in §
23-61-401
and any existing or future rule and regulation.
(d)
An individual who fails to appear for the examination as scheduled or fails to pass the examination, shall reapply for an examination and remit all required fees and forms before being rescheduled for another examination.
Amended by Act 2019, No. 315,§ 2654, eff. 7/24/2019.
Acts 2001, No. 580, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 5 - PRODUCER LICENSING MODEL ACT (§§ 23-64-501 — 23-64-520) › Section 23-64-506 - Application for license

(a)
A person applying for a resident insurance producer license shall make application to the Insurance Commissioner on the National Association of Insurance Commissioners' Uniform Application and declare under penalty of refusal, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of the individual's knowledge and belief. Before approving the application, the commissioner shall find that the individual:
(1)
Is at least eighteen (18) years of age;
(2)
Has not committed any act that is a ground for denial, suspension, or revocation set forth in §
23-64-512
;
(3)
When required by the commissioner, has completed a prelicensing course of study for the lines of authority for which the person has applied;
(4)
Has paid the fees set forth in §
23-61-401
and any existing or future rule and regulation; and
(5)
Has successfully passed the examinations for the lines of authority for which the person has applied.
(b)
A business entity acting as an insurance producer is required to obtain an insurance producer license. Application shall be made using the Uniform Business Entity Application. Before approving the application, the commissioner shall find that:
(1)
The business entity has paid the fees set forth in §
23-61-401
and any existing or future rule and regulation; and
(2)
The business entity has designated a licensed producer responsible for the business entity's compliance with the insurance laws and rules of this state.
(c)
The commissioner may require any documents reasonably necessary to verify the information contained in an application and shall cause to be conducted an investigation of the applicant's:
(1)
Background;
(2)
Trustworthiness;
(3)
Personal and business reputation; and
(4)
Financial responsibility.
(d)
Each insurer that sells, solicits, or negotiates any form of limited line credit insurance shall provide to each individual whose duties will include selling, soliciting, or negotiating limited line credit insurance a program of instruction that may be approved by the commissioner.
(e)
(1)
To obtain or renew an insurance producer's license, a resident applicant or producer must be deemed by the commissioner to be competent, trustworthy, financially responsible, and of good personal and business reputation.
(2)
Qualifications for licensure under this section must continue in order to remain licensed.
(3)
On a case-by-case basis, the commissioner may require documentation to verify qualification for licensure under this section.
Amended by Act 2019, No. 315,§ 2655, eff. 7/24/2019.
Acts 2001, No. 580, § 1; 2003, No. 1203, § 10; 2005, No. 1697, § 6.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 5 - PRODUCER LICENSING MODEL ACT (§§ 23-64-501 — 23-64-520) › Section 23-64-509 - Exemption from examination

(a)
An individual who applies for an insurance producer license in this state who was previously licensed for the same lines of authority in another state shall not be required to complete any prelicensing education or examination. This exemption is only available if the person is currently licensed in that state or if the application is received within ninety (90) days after the cancellation of the applicant's previous license and if the prior state issues a certification that, at the time of cancellation, the applicant was in good standing in that state or the state's producer database records, maintained by the National Association of Insurance Commissioners, its affiliates, or its subsidiaries, and indicates that the producer is or was licensed in good standing for the line of authority requested.
(b)
A person licensed as an insurance producer in another state who moves to this state shall make application within ninety (90) days after establishing legal residence to become a resident licensee pursuant to §
23-64-506
. No prelicensing education or examination shall be required of that person to obtain any line of authority previously held in the prior state except when the Insurance Commissioner determines otherwise by rule.
Amended by Act 2019, No. 315,§ 2657, eff. 7/24/2019.
Acts 2001, No. 580, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 5 - PRODUCER LICENSING MODEL ACT (§§ 23-64-501 — 23-64-520) › Section 23-64-510 - Assumed names

An insurance producer doing business under any name other than the producer's legal name is required to notify the Insurance Commissioner prior to using the assumed name.
Acts 2001, No. 580, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 5 - PRODUCER LICENSING MODEL ACT (§§ 23-64-501 — 23-64-520) › Section 23-64-511 - Temporary licensing

(a)
The Insurance Commissioner may issue a temporary insurance producer license for a period not to exceed one hundred eighty (180) days without requiring an examination if the commissioner deems that the temporary license is necessary for the servicing of an insurance business in the following cases:
(1)
To the surviving spouse or court-appointed personal representative of a licensed insurance producer who dies or becomes mentally or physically disabled to allow adequate time for the sale of the insurance business owned by the producer or for the recovery or return of the producer to the business or to provide for the training and licensing of new personnel to operate the producer's business;
(2)
To a member or employee of a business entity licensed as an insurance producer, upon the death or disability of an individual designated in the business entity application or the license;
(3)
To the designee of a licensed insurance producer entering active duty in the United States Armed Forces or state active duty in the Arkansas National Guard; or
(4)
In any other circumstance where the commissioner deems that the public interest will best be served by the issuance of this license.
(b)
The commissioner may by order limit the authority of any temporary licensee in any way deemed necessary to protect insureds and the public. The commissioner may require the temporary licensee to have a suitable sponsor who is a licensed producer or insurer and who assumes responsibility for all acts of the temporary licensee and may impose other similar requirements designed to protect insureds and the public. The commissioner may by order revoke a temporary license if the interest of insureds or the public are endangered. A temporary license may not continue after the owner or the personal representative disposes of the business.
Amended by Act 2019, No. 462,§ 20, eff. 7/24/2019.
Acts 2001, No. 580, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 5 - PRODUCER LICENSING MODEL ACT (§§ 23-64-501 — 23-64-520) › Section 23-64-513 - Commissions

(a)
An insurance company or insurance producer shall not pay a commission, service fee, brokerage, or other valuable consideration to a person for selling, soliciting, or negotiating insurance in this state if that person is required to be licensed under this subchapter and is not so licensed.
(b)
A person shall not accept a commission, service fee, brokerage, or other valuable consideration for selling, soliciting, or negotiating insurance in this state if that person is required to be licensed under this subchapter and is not so licensed.
(c)
Renewal or other deferred commissions may be paid to a person for selling, soliciting, or negotiating insurance in this state if the person was required to be licensed under this subchapter at the time of the sale, solicitation, or negotiation and was so licensed at that time.
(d)
An insurer or insurance producer may pay or assign commissions, service fees, brokerages, or other valuable consideration to an insurance agency or to persons who do not sell, solicit, or negotiate insurance in this state unless the payment would constitute:
(1)
A rebate, in violation of §
23-66-206(10)
or §
23-66-308
;
(2)
A violation of the Trade Practices Act, §
23-66-201
et seq., or a violation of miscellaneous trade practices under §§
23-66-301
-
23-66-316
; or
(3)
A violation of the Gramm-Leach-Bliley Act, Pub. L. No. 106-102.
Acts 2001, No. 580, § 1; 2003, No. 1203, § 12.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 5 - PRODUCER LICENSING MODEL ACT (§§ 23-64-501 — 23-64-520) › Section 23-64-514 - Appointments

(a)
An insurance producer shall not act as an agent of an insurer unless the insurance producer becomes an appointed agent of that insurer. An insurance producer who is not acting as an agent of an insurer is not required to become appointed.
(b)
To appoint a producer as its agent, the appointing insurer shall file, in a format approved by the Insurance Commissioner, a notice of appointment within fifteen (15) days after the date the agency contract is executed or the first insurance application is submitted. An insurer may also elect to appoint a producer to all or some insurers within the insurer's holding company system or group by the filing of a single appointment request.
(c)
Upon receipt of the notice of appointment, the commissioner shall verify within a reasonable time not to exceed thirty (30) days that the insurance producer is eligible for appointment. If the insurance producer is determined to be ineligible for appointment, the commissioner shall notify the insurer within five (5) days after the commissioner's determination.
(d)
An insurer shall pay an appointment fee, in the amount and method of payment set forth in §
23-61-401
and any existing or future rule, for each insurance producer appointed by the insurer.
(e)
An insurer shall remit, in a manner prescribed by the commissioner, a renewal appointment fee in the amount set forth in §
23-61-401
and any existing or future rule.
Amended by Act 2019, No. 315,§ 2658, eff. 7/24/2019.
Acts 2001, No. 580, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 5 - PRODUCER LICENSING MODEL ACT (§§ 23-64-501 — 23-64-520) › Section 23-64-516 - Reciprocity

(a)
The Insurance Commissioner shall waive any requirements for a nonresident license applicant with a valid license from his or her home state, except the requirements imposed by §
23-64-508
, if the applicant's home state awards nonresident licenses to residents of this state on the same basis.
(b)
A nonresident producer's satisfaction of his or her home state's continuing education requirements for licensed insurance producers shall constitute satisfaction of this state's continuing education requirements if the nonresident producer's home state recognizes the satisfaction of its continuing education requirements imposed upon producers from this state on the same basis.
Acts 2001, No. 580, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 5 - PRODUCER LICENSING MODEL ACT (§§ 23-64-501 — 23-64-520) › Section 23-64-517 - Reporting of actions

(a)
(1)
A producer shall report to the Insurance Commissioner any administrative action taken against the producer in another jurisdiction or by another governmental agency in this state within thirty (30) days after the final disposition of the matter.
(2)
The report shall include a copy of the order, consent order, or other relevant legal documents.
(b)
(1)
Within thirty (30) days after the producer enters a plea with the court, a producer shall report to the commissioner any criminal prosecution of the producer taken in any jurisdiction.
(2)
The report shall include a copy of the initial complaint filed, the order resulting from the hearing, and any other relevant legal documents.
Acts 2001, No. 580, § 1; 2007, No. 330, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 5 - PRODUCER LICENSING MODEL ACT (§§ 23-64-501 — 23-64-520) › Section 23-64-518 - Rules

The Insurance Commissioner may, in accordance with §
23-61-108
, promulgate reasonable rules as are necessary or proper to carry out the purposes of this subchapter.
Amended by Act 2019, No. 315,§ 2659, eff. 7/24/2019.
Acts 2001, No. 580, § 1.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614) › Subchapter 5 - PRODUCER LICENSING MODEL ACT (§§ 23-64-501 — 23-64-520) › Section 23-64-519 - Centralized producer licensing registry

(a)
The Insurance Commissioner may participate, in whole or in part, with the National Association of Insurance Commissioners, or any of its affiliates or subsidiaries, in a centralized producer license registry where insurance producer licenses and appointments may be centrally or simultaneously effected for all states that require an insurance producer license and participate in such a centralized producer license registry.
(b)
If the commissioner finds that participation in such a centralized producer license registry is in the public interest, the commissioner may adopt by rule any uniform standards and procedures as are necessary to participate in the registry. This includes the central collection of all fees for licenses or appointments that are processed through the registry.
Acts 2001, No. 580, § 1.