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 62 - KINDS OF INSURANCE - REINSURANCE (§§ 23-62-101 — 23-62-413) › Subchapter 3 - ARKANSAS CREDIT FOR REINSURANCE LAW (§§ 23-62-301 — 23-62-309) › Section 23-62-308 - Rules

(a)
The Insurance Commissioner may adopt rules implementing this subchapter.
(b)
The Insurance Commissioner may adopt rules:
(1)
Applicable to a reinsurance arrangement that relates to:
(A)
A life insurance policy with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;
(B)
A universal life insurance policy with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;
(C)
A variable annuity with guaranteed death or living benefits;
(D)
A long-term care insurance policy; or
(E)
A life or health insurance or annuity product for which the National Association of Insurance Commissioners adopts model regulatory requirements with respect to credit for reinsurance;
(2)
Applicable to a rule adopted under this section that may apply to a treaty containing:
(A)
A policy issued on or after January 1, 2015; or
(B)
A policy issued before January 1, 2015, if risk pertaining to the policy is ceded in connection with the treaty on or after January 1, 2015; and
(3)
That require a ceding insurer to calculate the amounts or forms of security according to rules promulgated by the Insurance Commissioner.
(c)
A rule adopted under this section shall not apply to cessions of an assuming insurer:
(1)
That:
(A)
Meets the conditions in §
23-62-305(f)
;
(B)
Is certified in this state; or
(C)
Maintains at least two hundred fifty million dollars ($250,000,000) in capital and surplus as determined according to the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, as it existed on January 1, 2021, and as adopted by the Insurance Commissioner by rule, excluding the impact of any permitted or prescribed practice; and
(2)
That is licensed in at least:
(A)
Twenty-six (26) states; or
(B)
Ten (10) states, and licensed or accredited in a total of thirty-five (35) states.
(d)
This section does not limit the general authority of the Insurance Commissioner to promulgate rules.
Amended by Act 2021, No. 672,§ 3, eff. 7/1/2021.
Amended by Act 2015, No. 1223,§ 4, eff. 7/22/2015, applicable to cessation under reinsurance agreements issued, renewed, or amended on or after six (6) months after the effective date of this act.
Acts 1991, No. 723, § 14.
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 62 - KINDS OF INSURANCE - REINSURANCE (§§ 23-62-101 — 23-62-413) › Subchapter 3 - ARKANSAS CREDIT FOR REINSURANCE LAW (§§ 23-62-301 — 23-62-309) › Section 23-62-309 - Applicability - Reinsurance agreements

This subchapter applies to a cession of a reinsurance agreement if that reinsurance agreement has an inception, anniversary, or renewal date not less than six (6) months after July 1, 2021.
Amended by Act 2021, No. 672,§ 4, eff. 7/1/2021.
Added by Act 2015, No. 1223,§ 5, eff. 7/22/2015, applicable to cessation under reinsurance agreements issued, renewed, or amended on or after six (6) months after the effective date of this act.
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 62 - KINDS OF INSURANCE - REINSURANCE (§§ 23-62-101 — 23-62-413) › Subchapter 4 - REINSURANCE INTERMEDIARY ACT (§§ 23-62-401 — 23-62-413) › Section 23-62-401 - Short title

This subchapter may be cited as the "Reinsurance Intermediary Act".
Acts 1993, No. 527, § 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 62 - KINDS OF INSURANCE - REINSURANCE (§§ 23-62-101 — 23-62-413) › Subchapter 4 - REINSURANCE INTERMEDIARY ACT (§§ 23-62-401 — 23-62-413) › Section 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.
Acts 1993, No. 527, § 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 62 - KINDS OF INSURANCE - REINSURANCE (§§ 23-62-101 — 23-62-413) › Subchapter 4 - REINSURANCE INTERMEDIARY ACT (§§ 23-62-401 — 23-62-413) › Section 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.
Acts 1993, No. 527, § 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 62 - KINDS OF INSURANCE - REINSURANCE (§§ 23-62-101 — 23-62-413) › Subchapter 4 - REINSURANCE INTERMEDIARY ACT (§§ 23-62-401 — 23-62-413) › Section 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.
Acts 1993, No. 527, § 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 62 - KINDS OF INSURANCE - REINSURANCE (§§ 23-62-101 — 23-62-413) › Subchapter 4 - REINSURANCE INTERMEDIARY ACT (§§ 23-62-401 — 23-62-413) › Section 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.
Acts 1993, No. 527, § 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 62 - KINDS OF INSURANCE - REINSURANCE (§§ 23-62-101 — 23-62-413) › Subchapter 4 - REINSURANCE INTERMEDIARY ACT (§§ 23-62-401 — 23-62-413) › Section 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.
Acts 1993, No. 527, § 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 62 - KINDS OF INSURANCE - REINSURANCE (§§ 23-62-101 — 23-62-413) › Subchapter 4 - REINSURANCE INTERMEDIARY ACT (§§ 23-62-401 — 23-62-413) › Section 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.
Acts 1993, No. 527, § 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 62 - KINDS OF INSURANCE - REINSURANCE (§§ 23-62-101 — 23-62-413) › Subchapter 4 - REINSURANCE INTERMEDIARY ACT (§§ 23-62-401 — 23-62-413) › Section 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.
Acts 1993, No. 527, § 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 62 - KINDS OF INSURANCE - REINSURANCE (§§ 23-62-101 — 23-62-413) › Subchapter 4 - REINSURANCE INTERMEDIARY ACT (§§ 23-62-401 — 23-62-413) › Section 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.
Acts 1993, No. 527, § 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 62 - KINDS OF INSURANCE - REINSURANCE (§§ 23-62-101 — 23-62-413) › Subchapter 4 - REINSURANCE INTERMEDIARY ACT (§§ 23-62-401 — 23-62-413) › Section 23-62-413 - 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,§ 2626, eff. 7/24/2019.
Acts 1993, No. 527, § 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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-63-101 — 23-63-116) › Section 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
.
Acts 1959, No. 148, § 67; A.S.A. 1947, § 66-2225; Acts 2005, No. 1965, § 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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-63-101 — 23-63-116) › Section 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.
Acts 1959, No. 148, § 67; A.S.A. 1947, § 66-2225.
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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-63-101 — 23-63-116) › Section 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.
Acts 1959, No. 148, § 67; A.S.A. 1947, § 66-2225.
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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-63-101 — 23-63-116) › Section 23-63-105 - Service contracts to perform administrative functions

(a)
(1)
No domestic insurer shall make any contract with any insurance company or holding company or any other type of company whereby the company is to perform substantially all of the administrative functions for the insurer until that contract is filed with and has received prior written approval by the Insurance Commissioner.
(2)
Administrative functions of an insurer include, but are not limited to, underwriting, policy issue, accounting, premium notice preparation, agents' commission statements, other periodical accounting reports, preparation of annual convention statements, and managerial consulting services.
(b)
Any disapproval by the commissioner shall be delivered to the insurer in writing, stating the grounds therefor.
(c)
The commissioner shall disapprove any contract if he or she finds that it:
(1)
Subjects the insurer to excessive charges;
(2)
Is to extend for an unreasonable length of time;
(3)
Does not contain fair and adequate standards of performance; or
(4)
Contains other inequitable provisions which impair the proper interests of stockholders or policyholders of the insurer.
(d)
(1)
All service contracts approved under this section shall be submitted annually to the commissioner for review and approval on the anniversary date of first approval.
(2)
The commissioner, in his or her discretion, may require submission of a contract for review at any time if he or she feels a review would be in the best interest of stockholders or policyholders of the insurer.
(3)
Any contract not submitted in accordance with this act shall be deemed disapproved as of the day following the day that contract should have been submitted.
(e)
The provisions of this section shall not apply to contracts of domestic licensees governed by the provisions of:
(1)
Sections
23-63-514
and
23-63-515
of the Insurance Holding Company Regulatory Act, §
23-63-501
et seq.;
(2)
The Managing General Agents Act, §
23-64-401
et seq.; and
(3)
Section
23-69-137
concerning contracts for management and exclusive agents.
Acts 1973, No. 66, § 11; A.S.A. 1947, § 66-2227; Acts 1999, No. 327, § 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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-63-101 — 23-63-116) › Section 23-63-107 - Prompt processing of payment by insurer

(a)
An insurer shall not intentionally or unreasonably delay, for more than three (3) business days after presentment for collection, the processing of any properly executed and endorsed check, draft, or electronic funds transfer issued in settlement of an insurance claim.
(b)
It is the intent of the General Assembly that an insured or a claimant be paid the insured's or the claimant's settlement proceeds at the earliest possible time.
(c)
Any insurer violating this section shall pay the insured or the claimant a penalty of two hundred dollars ($200) or fifteen percent (15%) of the face amount of the check, draft, or electronic funds transfer, whichever is higher.
Amended by Act 2021, No. 367,§ 10, eff. 7/28/2021.
Acts 1983, No. 477, § 3; A.S.A. 1947, § 66-2018.
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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-63-101 — 23-63-116) › Section 23-63-109 - Natural causes

(a)
(1)
No insurance policy or contract covering damages to property shall be cancelled nor the renewal thereof denied solely as a result of claims arising from natural causes.
(2)
"Natural cause" is defined as an act occasioned exclusively by the violence of nature where all human agency is excluded from creating or entering into the cause of the damage or injury.
(b)
Any insurer which violates the provisions of this section shall be subject to the procedures and penalties provided under the Trade Practices Act, §
23-66-201
et seq.
Acts 1997, No. 1110, § 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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-63-101 — 23-63-116) › Section 23-63-110 - Policy cancellation or premium increase

(a)
No insurance policy or contract after being issued by an insurer authorized to transact business in this state may be cancelled nor may the premium for such a policy be increased solely as a result of claims made under the policy which resulted in no loss to the insurer.
(b)
The following shall not be treated as a claim made under the policy or used to cancel or increase the premium of a policy or contract of insurance:
(1)
A request for policy information; or
(2)
A discussion between an insured and an insurer or producer as to whether an event is covered under an insurance policy, provided that the event does not materially increase the risk insured.
(c)
This section shall not apply to annuities or workers' compensation, life, disability, accident and health, or long-term care insurance.
(d)
Any insurer that violates the provisions of this section shall be subject to the procedure and penalties provided under the Trade Practices Act, §
23-66-201
et seq.
Acts 2001, No. 302, § 1; 2005, No. 1697, § 4.
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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-63-101 — 23-63-116) › Section 23-63-111 - Policyholder's right to loss information - Definition

(a)
(1)
(A)
Upon written request, each licensed property and casualty insurer shall mail or deliver the policyholder's claim loss information to the policyholder or his or her authorized producer within thirty (30) days from the date of receipt of the request from the policyholder.
(B)
If the requested claim loss information is not provided directly to the policyholder, the authorized producer shall mail or deliver the requested claim loss information to the policyholder within seven (7) days from the date of receipt of the claim loss information from the licensed property and casualty insurer.
(2)
(A)
"Claim loss information" as used in this section means the:
(i)
Date of loss;
(ii)
Property insured; and
(iii)
Amount paid.
(B)
"Claim loss information" does not include supporting claim file documentation, including, but not limited to, copies of claim files, investigation reports, evaluation statements, insured's statements, and documents protected by a common law or statutory privilege.
(b)
The insurer may charge a reasonable fee for providing the information.
(c)
The insurer shall not be required to maintain claim loss information for more than five (5) years following the termination of coverage.
Acts 2005, No. 1697, § 33; 2009, No. 726, § 11.
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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-63-101 — 23-63-116) › Section 23-63-112 - Notice of intent to settle

(a)
An insurer shall provide its insured written notice of the terms of settlement of a claim if the insured:
(1)
Notifies the insurer in writing that the amount of or liability for the claim is contested; and
(2)
Requests in writing notice of the insurer's settlement of the claim.
(b)
Except as provided in subsection (a) of this section, nothing in this section shall be construed to alter the defense or handling of a claim under any policy or contract of insurance.
(c)
The provisions of this section shall not apply to personal lines of insurance.
Acts 2005, No. 2271, § 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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-63-101 — 23-63-116) › Section 23-63-114 - Written management and service agreements

No domestic insurance carrier, health maintenance organization, farmers' mutual aid association, hospital and medical service corporation, stipulated premium insurer, or fraternal benefit society shall enter into a management or service agreement unless the agreement is in writing.
Acts 2007, No. 496, § 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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-63-101 — 23-63-116) › Section 23-63-115 - Agreement between insurers and dentists establishing fees for noncovered service prohibited - Definitions

(a)
As used in this section:
(1)
"Dental plan" means a contract, plan, or policy of insurance issued by an insurer that provides for a dental benefit;
(2)
"Insurer" means an insurance company, a health maintenance organization, a hospital and medical service corporation, or a self-insured health plan for employees of a governmental entity; and
(3)
(A)
"Noncovered service" means a service that is not reimbursable under a dental plan.
(B)
"Noncovered service" does not include a service that is reimbursable subject to a deductible, waiting period, frequency limitation, annual or lifetime maximum, or other contractual limitation.
(b)
An agreement between an insurer and a dentist establishing the fee a dentist may charge for a noncovered service is unenforceable.
Acts 2011, No. 566, § 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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-63-101 — 23-63-116) › Section 23-63-116 - Retaliatory tax credit

(a)
A domestic property and casualty insurer that pays any other state or foreign country a tax, fine, penalty, deposit requirement or other material requirement, or any other fee that is determined by the Insurance Commissioner to be a retaliatory tax is entitled to a reduction or credit upon its gross premiums tax in the same amount paid to the other state or foreign country.
(b)
This section does not apply to any of the following imposed by another state:
(1)
An application fee, examination fee, license fee, appointment fee, or a continuation fee for an agent, adjuster, service representative, or consultant of a domestic property and casualty insurer; or
(2)
An ad valorem tax on real or personal property or special purpose obligations, fees, or assessments.
Added by Act 2015, No. 1223,§ 6, eff. 7/22/2015.
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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 2 - AUTHORITY TO DO BUSINESS (§§ 23-63-201 — 23-63-218) › Section 23-63-203 - Certificate of authority - Eligibility - Name of insurer

(a)
No insurer shall be authorized by original certificate of authority to transact insurance in this state which has or uses a name so similar to that of another insurer already so authorized as likely to mislead the public.
(b)
No life insurer shall be so authorized which has or uses a name deceptively similar to that of another insurer authorized to transact insurance in this state within the preceding ten (10) years if life insurance policies originally issued by the other insurer are still outstanding in this state.
(c)
No insurer shall be so authorized which has or uses a name which tends to deceive or mislead as to the type of organization of the insurer.
(d)
In case of conflict of names hereafter between two (2) insurers, or a conflict otherwise prohibited under subsections (a)-(c) of this section, the Insurance Commissioner may permit or require as a condition to the issuance of an original certificate of authority to an applicant insurer that the insurer shall use in Arkansas such supplementation or modification of its name or such business name as may reasonably be necessary to avoid conflict. No name, supplementation, or modification shall contain the principal identifying factor contained in the name of any other insurer already authorized to transact insurance in this state.
Acts 1959, No. 148, § 47; A.S.A. 1947, § 66-2205.
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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 2 - AUTHORITY TO DO BUSINESS (§§ 23-63-201 — 23-63-218) › Section 23-63-204 - Certificate of authority - Eligibility - Combinations of kinds of insurance

An insurer which otherwise qualifies therefor may be authorized to transact any one (1) kind or combination of kinds of insurance, as defined in §§
23-62-101
-
23-62-108
, except:
(1)
A life insurer shall be authorized to transact in addition only accident and health insurance. However, the Insurance Commissioner shall continue to so authorize any life insurer otherwise qualified that, immediately prior to January 1, 1960, was lawfully authorized to transact in this state kinds of insurance in addition to life and accident and health;
(2)
A reciprocal insurer shall not transact life insurance; and
(3)
A title insurer shall be a stock insurer.
Acts 1959, No. 148, § 48; A.S.A. 1947, § 66-2206; Acts 2001, No. 1603, § 8.
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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 2 - AUTHORITY TO DO BUSINESS (§§ 23-63-201 — 23-63-218) › Section 23-63-208 - Certificate of authority - Eligibility - Lloyd's plan insurers

(a)
Foreign Lloyd's plan insurers that held certificates of authority to transact insurance in this state immediately prior to January 1, 1960, may continue to be so authorized while maintaining surplus as required under §
23-63-205(b)
of foreign mutual insurers transacting like kinds of insurance and while otherwise in compliance with the Arkansas Insurance Code.
(b)
(1)
Any other foreign or alien Lloyd's plan insurer may hereafter be authorized to transact in this state any or all kinds of insurance other than life, title, or surety insurance while otherwise in compliance with the Arkansas Insurance Code.
(2)
However, alien Lloyd's plan insurers may only be authorized to transact insurance in this state under subdivision (b)(1) of this section if the alien Lloyd's plan insurer maintains trusteed assets within the United States for the protection of its United States policyholders or policyholders and creditors, under trust arrangements and with a trust institution satisfactory to the Insurance Commissioner, of not less than five million dollars ($5,000,000), and of which at least one million dollars ($1,000,000) represents an excess of such assets over the liabilities of the alien insurer as to its insurance transactions in the United States.
Acts 1959, No. 148, § 52; A.S.A. 1947, § 66-2210; Acts 2003, No. 65, § 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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 2 - AUTHORITY TO DO BUSINESS (§§ 23-63-201 — 23-63-218) › Section 23-63-210 - Certificate of authority - Issuance

(a)
The certificate of authority, if issued, shall specify the kind or kinds of insurance the insurer is authorized to transact in Arkansas. At the insurer's request, the Insurance Commissioner may issue a certificate of authority limited to particular types of insurance or insurance coverage within the scope of a kind of insurance as defined in §§
23-62-101
et seq.,
23-62-201
,
23-62-202
,
23-62-204
,
23-62-205
, and
23-63-701
.
(b)
Although issued to the insurer, the certificate of authority is at all times the property of the State of Arkansas. Upon any expiration, suspension, or termination of the certificate, the insurer shall promptly deliver the certificate of authority to the commissioner.
Acts 1959, No. 148, § 54; A.S.A. 1947, § 66-2212; Acts 1987, No. 456, § 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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 2 - AUTHORITY TO DO BUSINESS (§§ 23-63-201 — 23-63-218) › Section 23-63-211 - Certificate of authority - Continuance, expiration, amendment, or surrender

(a)
Certificates of authority issued or renewed under the Arkansas Insurance Code shall continue in force as long as the insurer is entitled thereto under the Arkansas Insurance Code and until suspended, revoked, or otherwise terminated. However, they are subject to continuance of the certificate by the insurer each year by:
(1)
Payment prior to April 15 of the continuation fee provided in §
23-61-401
;
(2)
Due filing by the insurer of its annual statement for the calendar year preceding as required under §
23-63-216
; and
(3)
Payment by the insurer of applicable taxes, fees, and assessments, as well as timely filing of supporting annual and quarterly statements and other required filings with respect to the preceding calendar year, as required under the Arkansas Insurance Code.
(b)
(1)
If not so continued by the insurer, its certificate of authority shall expire as of midnight on the April 30 next following the failure of the insurer so to continue it in force.
(2)
If for any reason the insurer is not entitled to continuation of its certificate of authority, the Insurance Commissioner may refuse to continue the certificate, and the certificate of authority shall expire as stated in this subsection.
(3)
The commissioner shall promptly notify the insurer of the occurrence of any failure or condition resulting in impending expiration of its certificate of authority.
(c)
The commissioner may, in his or her discretion, reinstate a certificate of authority which the insurer has inadvertently permitted to expire, after the insurer has fully cured all its failures which resulted in the expiration, and upon payment by the insurer of the fee for reinstatement in the amount provided in §
23-61-401
. Otherwise, the insurer shall be granted another certificate of authority only after filing application therefor and meeting all other requirements as for an original certificate of authority in this state.
(d)
The commissioner may amend a certificate of authority at any time to accord with changes in the insurer's charter or insuring powers.
(e)
Any insurer desiring to surrender its certificate of authority, withdraw from this state, or discontinue the writing of certain classes of insurance in this state shall give ninety (90) days' notice in writing to the State Insurance Department and shall state in writing its reasons for such action. The commissioner may waive any part of the notice requirement.
Acts 1959, No. 148, § 55; 1985, No. 804, § 7; A.S.A. 1947, § 66-2213; Acts 2001, No. 1604, § 23.
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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 2 - AUTHORITY TO DO BUSINESS (§§ 23-63-201 — 23-63-218) › Section 23-63-212 - Certificate of authority - Mandatory suspension or revocation

(a)
The Insurance Commissioner shall suspend or revoke an insurer's certificate of authority:
(1)
If the action is required by any provision of the Arkansas Insurance Code;
(2)
If the insurer no longer meets the requirements for the authority originally granted, on account of deficiency of assets or otherwise; or
(3)
If the insurer's authority to transact insurance is suspended or revoked by its state of domicile, or state of entry into the United States if an alien insurer.
(b)
(1)
Except in cases of insolvency or impairment of required capital or surplus, or suspension or revocation by another state as referred to in subdivision (a)(3) of this section, the commissioner shall give the insurer at least ten (10) days' written notice in advance of any suspension or revocation under this section.
(2)
If the insurer requests a hearing thereon within the ten (10) days, the request shall automatically stay the commissioner's proposed action until his or her order is made on the hearing.
Acts 1959, No. 148, § 56; A.S.A. 1947, § 66-2214.
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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 2 - AUTHORITY TO DO BUSINESS (§§ 23-63-201 — 23-63-218) › Section 23-63-213 - Certificate of authority - Suspension or revocation for certain violations

(a)
The Insurance Commissioner shall, after a hearing thereon, suspend or revoke an insurer's certificate of authority if he or she finds that the insurer:
(1)
(A)
Is in unsound condition, or is in such condition or is using such methods and practices in the conduct of its business, as to render its further transaction of insurance in Arkansas hazardous or injurious to its policyholders or to the public.
(B)
For the purposes of this section, the commissioner may consider, among other factors, the present, past, and future trends in the financial condition of the insurer that could affect the solvency of the insurer;
(2)
Has refused to be examined or to produce its accounts, records, and files for examination, or if any of its officers have refused to give information with respect to its affairs, when required by the commissioner;
(3)
Has failed to pay any final judgment rendered against it within thirty (30) days;
(4)
Is affiliated with and under the same general management or interlocking directorate or ownership as another insurer which transacts direct insurance in Arkansas without having a certificate of authority therefor, except as permitted as to surplus lines insurers under §
23-65-101
et seq.; or
(5)
Has knowingly, or with reckless disregard of same, violated or failed to comply with any applicable provision of the Arkansas Insurance Code, or with any lawful rule, regulation, or order of the commissioner.
(b)
In his or her discretion and without advance notice or a hearing thereon, the commissioner may immediately suspend the certificate of authority of any foreign insurer as to which proceedings for receivership, conservatorship, rehabilitation, or other delinquency proceedings have been commenced in any state by the authorized official of the domiciliary state of the insurer.
(c)
If the commissioner finds that one (1) or more grounds exist for the suspension or revocation of any certificate of authority, the commissioner may in his or her discretion:
(1)
In lieu of suspension, impose upon the holder of the certificate of authority an administrative penalty in the amount of five thousand dollars ($5,000); or
(2)
In lieu of revocation, impose upon the holder of the certificate of authority an administrative penalty in the amount of ten thousand dollars ($10,000).
Acts 1959, No. 148, § 57; 1973, No. 66, § 3; 1977, No. 789, § 2; A.S.A. 1947, § 66-2215; Acts 1993, No. 901, § 8; 2001, No. 1604, § 24.
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 63 - INSURANCE COMPANIES GENERALLY (§§ 23-63-101 — 23-63-2010) › Subchapter 2 - AUTHORITY TO DO BUSINESS (§§ 23-63-201 — 23-63-218) › Section 23-63-214 - Certificate of authority - Notice of suspension or revocation

(a)
Suspension or revocation of an insurer's certificate of authority shall be by the Insurance Commissioner's order given to the insurer as provided by §
23-61-109
.
(b)
The commissioner shall promptly also give notice of the suspension or revocation to the insurer's agents in this state of record in the commissioner's office.
(c)
The insurer shall not solicit or write any new business in this state during the period of any suspension or revocation. Provided, however, the insurer shall be allowed to renew and service existing policies and contracts during the period of any suspension, unless limited by the commissioner by his or her order or by court order.
Acts 1959, No. 148, § 58; A.S.A. 1947, § 66-2216; Acts 2001, No. 1604, § 25.