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23-64-232. Premium delinquencies — Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-64-232. Premium delinquencies — Definitions.
(a) For purposes of this section:
(1) “Account current” or “account rendered” means any system of account reconciliation between two (2) or more insurance producers, surplus lines brokers, or insurance companies that purports to render the status of the account between them in regard to the amount of net premium or return premium due;
(2) “Insurance producer” shall have the meaning found in § 23-64-502 and shall also include surplus lines brokers;
(3) “Insurer” shall have the meaning found in § 23-60-102 and shall include a surplus lines broker when it is representing the insurer in a transaction with an insurance producer;
(4) “Reconciled item” means an item subject to an invoice, account current, or account rendered that is undisputed, liquidated, and not subject to reasonable dispute; and
(5) “Surplus lines broker” shall have the meaning found in § 23-65-308.
(b) When the premium due for an insurance policy or endorsement to the policy becomes a reconciled item and the insurance producer fails to deliver to the insurer the premiums due for the insurance policy or endorsement within the time provided by the agreement between the insurance producer and the insurer, or within sixty (60) days if no agreement, the insurer shall demand in writing that within thirty (30) days after the date of the demand, the insurance producer shall:
(1) Cure the default; and
(2) Provide a sworn affidavit declaring:
(A) That the total of its available cash and cash equivalent assets exceeds the total of all premiums that are due all of its customers and any insurers with which it holds an appointment or has a contractual relationship;
(B) The insurance producer's license number or other identification issued by the State
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-64-232
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:23-64-232
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7c4acc533c283dd6722ed5cd3059aaa486eef153ebc4678993ee37d341226139
Source location: content.xml paragraph 35532
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23-64-232. Premium delinquencies — Definitions.
(a) For purposes of this section:
(1) “Account current” or “account rendered” means any system of account reconciliation between two (2) or more insurance producers, surplus lines brokers, or insurance companies that purports to render the status of the account between them in regard to the amount of net premium or return premium due;
(2) “Insurance producer” shall have the meaning found in § 23-64-502 and shall also include surplus lines brokers;
(3) “Insurer” shall have the meaning found in § 23-60-102 and shall include a surplus lines broker when it is representing the insurer in a transaction with an insurance producer;
(4) “Reconciled item” means an item subject to an invoice, account current, or account rendered that is undisputed, liquidated, and not subject to reasonable dispute; and
(5) “Surplus lines broker” shall have the meaning found in § 23-65-308.
(b) When the premium due for an insurance policy or endorsement to the policy becomes a reconciled item and the insurance producer fails to deliver to the insurer the premiums due for the insurance policy or endorsement within the time provided by the agreement between the insurance producer and the insurer, or within sixty (60) days if no agreement, the insurer shall demand in writing that within thirty (30) days after the date of the demand, the insurance producer shall:
(1) Cure the default; and
(2) Provide a sworn affidavit declaring:
(A) That the total of its available cash and cash equivalent assets exceeds the total of all premiums that are due all of its customers and any insurers with which it holds an appointment or has a contractual relationship;
(B) The insurance producer's license number or other identification issued by the State Insurance Department; and
(C) Any other comments that describe the reason for the default or any reason that the default is disputed.
(c) The insurer shall provide a copy of the demand and any statements received from the insurance producer pursuant to subsection (b) of this section to the Insurance Commissioner as attachments to the report on which the insurance producer appears, as required by subsection (d) of this section.
(d) By the end of each month, the insurer shall furnish a report to the commissioner, on a form approved by the commissioner, the following information with respect to each insurance producer who was mailed a demand pursuant to subsection (b) of this section in the prior month:
(1) The name of the agent or agency;
(2) The amount of premiums that are in default;
(3) The date of the inception of the insurance policy or endorsement; and
(4) The date when the transaction became reconciled.
(e) Failure of the insurance producer to comply with the reporting requirements of subdivision (b)(2) of this section shall constitute a Class A misdemeanor.
(f) This section does not create an affirmative defense to, or a limitation on, prosecutions brought under § 23-64-223.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-60-102. Definitions.
As used in the Arkansas Insurance Code, unless the context otherwise requires:
(1)(A)(i) “Insurance” is any agreement, contract, or other transaction whereby one party, the “insurer”, is obligated to confer benefit of pecuniary value upon another party, the “insured” or “beneficiary”, dependent upon the happening of a fortuitous event in which the insured or beneficiary has, or is expected to have at the time of such a happening, a material interest that will be adversely affected by the happening of such an event.
(ii) A “fortuitous event” means any occurrence or failure to occur that is, or is assumed by the parties to be, to a substantial extent beyond the control of either party.
(B) “Insurance” shall, for purposes of subtitle 3 of this title, be deemed to include “annuities”, which are agreements by insurers to make periodic payments that continue during the survival of the measuring life or lives under the agreements or for a specified period.
(C) “Reinsurance” is a contract under which an originating insurer, called the “ceding” insurer, procures insurance for itself in another insurer, called the “assuming” insurer or reinsurer, with respect to part or all of an insurance risk of the originating insurer.
(D)(i) “Insurance” shall not include a debt cancellation agreement.
(ii) “Debt cancellation agreement” is a loan term or contractual arrangement modifying a loan term dealing with motor vehicles under which a lender agrees to cancel all or part of a borrower's obligation to repay an extension of credit from the lender upon the occurrence of a specified event other than the death or disability of the borrower. The agreement may be separate from or a part of other loan documents.
(2) “Insurer” includes every person engaged as
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-60-102
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 23-60-102. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-64-223. Fiduciary duties of licensees.
(a) All funds, fees, moneys, premiums, or return premiums received by a licensee in the capacity as a licensee shall be trust funds so received by the licensee in a fiduciary capacity, and the licensee shall in the applicable regular course of business account for and pay these funds, fees, moneys, premiums, or return premiums to the insured, insurer, licensee, or any other person entitled thereto.
(b) Any licensee who, not being lawfully entitled thereto, diverts or appropriates those funds or any portion thereof to his or her own use shall upon conviction be guilty of theft of property and shall be punished as provided by law.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-64-223
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 23-64-223. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-64-502. Definitions.
For purposes of this subchapter:
(1) “Business entity” means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity;
(2) “Home state” means the District of Columbia and any state or territory of the United States in which an insurance producer maintains his or her principal place of residence or principal place of business and is licensed to act as an insurance producer;
(3) “Insurance” means any of the lines of authority defined in §§ 23-62-101 — 23-62-108;
(4) “Insurance producer” means a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance;
(5) “Insurer” means those entities defined in § 23-60-102;
(6) “License” means a document issued by this state's Insurance Commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. The license itself does not create any authority, actual, apparent, or inherent, in the holder to represent or commit an insurance carrier;
(7) “Limited line credit insurance” includes credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed automobile protection (gap) insurance, and any other form of insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation that the commissioner determines should be designated a form of limited line credit insurance;
(8) “Limited line credit insurance producer” means a person who sells, solicits, or negotiates one (1) or more forms of limited line credit insurance coverage to individuals through a master, corporate, group, or
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-64-502
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 23-64-502. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-65-308. Licensing of surplus lines broker.
(a) If an insured's home state is this state, a person shall not procure a contract of surplus lines insurance with a nonadmitted insurer unless the insurer possesses a current surplus lines broker's license issued by the Insurance Commissioner.
(b) A person, while licensed as a resident insurance producer of this state as to property, casualty, surety, and marine insurance, who has held the license in this or another state, or both, for three (3) years before application for a surplus lines broker's license, and who is deemed by the commissioner to be competent and trustworthy, or a nonresident applicant holding a surplus lines broker license in his or her country of residency, may be licensed as a surplus lines broker as follows:
(1) Application to the commissioner for the license shall be made on forms furnished by the commissioner;
(2) The license fee shall be:
(A) In the amount stated in § 23-61-401(10) for each license year during any part of which the license is in force; and
(B) Paid to the commissioner;
(3) The license year shall be from the date of issuance of the license to January 1 next after its issue;
(4)(A) Before issuance of the license, a resident applicant shall file with the commissioner securities acceptable to the commissioner in favor of the State of Arkansas in the penal sum of fifty thousand dollars ($50,000), aggregate liability, with unaffiliated entities approved by the commissioner. Thereafter for as long as the license remains in effect, the resident applicant shall keep the securities in force and unimpaired.
(B) The securities shall be conditioned that the broker shall conduct business under the license according to the provisions of this subchapter and that he or she will pr
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-65-308
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 23-65-308. This identifies an authority to review, not proof of applicability.