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23-64-207. Scope of broker's license and authority and insurance consultant's license.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-64-207. Scope of broker's license and authority and insurance consultant's license.
(a) The Insurance Commissioner shall not issue a broker's license limited to particular lines of insurance.
(b)(1) A broker, as such, is not an agent or other representative of an insurer and does not have power by his or her own acts to obligate the insurer upon any risk or with reference to any insurance transaction unless, and to the extent, he or she has received refunded premiums from the insurer on behalf of the insured.
(2) An insurer or agent shall have the right to pay to a broker licensed under this chapter the customary commissions upon insurance placed through the broker.
(c) A license as a consultant may cover:
(1) Life and disability;
(2) Property and casualty which includes surety and marine; or
(3) Both subdivisions (c)(1) and (2) of this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-64-207
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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Record provenance
Stable record: arkansas_code:legal_authorities:23-64-207
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ad7445e2a939e09f76e17dd34b9b634b930bb7615890b7a7eb74291f1fb38ca1
Source location: content.xml paragraph 35116
Stored source content
23-64-207. Scope of broker's license and authority and insurance consultant's license.
(a) The Insurance Commissioner shall not issue a broker's license limited to particular lines of insurance.
(b)(1) A broker, as such, is not an agent or other representative of an insurer and does not have power by his or her own acts to obligate the insurer upon any risk or with reference to any insurance transaction unless, and to the extent, he or she has received refunded premiums from the insurer on behalf of the insured.
(2) An insurer or agent shall have the right to pay to a broker licensed under this chapter the customary commissions upon insurance placed through the broker.
(c) A license as a consultant may cover:
(1) Life and disability;
(2) Property and casualty which includes surety and marine; or
(3) Both subdivisions (c)(1) and (2) of this section.
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