23-64-231. Settlement with terminated producers required.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-64-231. Settlement with terminated producers required.

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.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-64-231

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.