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23-62-407. Duties of insurers utilizing the services of a reinsurance intermediary broker.
Arkansas Code — all titles (historical 2020) · legal_authorities
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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-62-407
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-62-407
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4f54f09c8a095054e549cc9f5e10bd3b9ed1cc1ba9aad1d2f88b58053ea5af40
Source location: content.xml paragraph 30586
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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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-62-404. Licensure.
(a) No person, firm, association, or corporation shall act as a reinsurance intermediary broker in this state if the reinsurance intermediary broker maintains an office either directly, or as a member or employee of a firm or association, or as an officer, director, or employee of a corporation:
(1) In this state, unless the reinsurance intermediary broker is a licensed producer in this state; or
(2) In another state, unless the reinsurance intermediary broker is a licensed producer in this state or the reinsurance intermediary broker is licensed in this state as a nonresident reinsurance intermediary.
(b) No person, firm, association, or corporation shall act as a reinsurance intermediary manager:
(1) For a reinsurer domiciled in this state, unless the reinsurance intermediary manager is a licensed producer in this state;
(2) In this state, if the reinsurance intermediary manager maintains an office either directly or as a member or employee of a firm or association, or as an officer, director, or employee of a corporation in this state, unless the reinsurance intermediary manager is a licensed producer in this state; and
(3) In another state for a nondomestic insurer, unless the reinsurance intermediary manager is a licensed producer in this state or the person is licensed in this state as a nonresident reinsurance intermediary.
(c) The Insurance Commissioner may require a reinsurance intermediary manager subject to subsection (b) of this section to:
(1) File a bond in an amount from an insurer acceptable to the commissioner for the protection of the reinsurer; and
(2) Maintain an errors and omissions policy in an amount acceptable to the commissioner.
(d)(1)(A) The commissioner may issue a reinsurance intermediary license t
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-62-404
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-62-404. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-501. Title.
This subchapter may be cited as the “Insurance Holding Company Regulatory Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-501
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-501. This identifies an authority to review, not proof of applicability.