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23-64-402. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-64-402. Definitions.
(a) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries.
(b) “Insurer” means any person, firm, association, limited liability company, or corporation duly licensed in this state as an insurance company.
(c)(1) “Managing general agent” means any person, firm, association, limited liability company, or corporation who manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office, and acts as an agent for the insurer whether known as a managing general agent, manager, or other similar term, who, with or without the authority, either separately or together with affiliates:
(A) Produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent (5%) of the policyholder surplus as reported in the last annual statement of the insurer in any one (1) quarter or year; together with
(B) One (1) or more of the following activities related to the business produced:
(i) Adjusts or pays claims in excess of an amount determined by the commissioner; or
(ii) Negotiates reinsurance on behalf of the insurer.
(2) Notwithstanding subdivision (c)(1) of this section, the following persons shall not be considered as managing general agents for the purposes of this subchapter:
(A) An employee of the insurer;
(B) A United States manager of the United States branch of an alien insurer;
(C) An underwriting manager who, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, subject to the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., and whose compensation is not based on the volume o
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-64-402
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:23-64-402
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3809bd974cdc22185711d401a8cd580d00a6a5c7fe2e4ff7d94d55d6ebe6fa22
Source location: content.xml paragraph 35934
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23-64-402. Definitions.
(a) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries.
(b) “Insurer” means any person, firm, association, limited liability company, or corporation duly licensed in this state as an insurance company.
(c)(1) “Managing general agent” means any person, firm, association, limited liability company, or corporation who manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office, and acts as an agent for the insurer whether known as a managing general agent, manager, or other similar term, who, with or without the authority, either separately or together with affiliates:
(A) Produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent (5%) of the policyholder surplus as reported in the last annual statement of the insurer in any one (1) quarter or year; together with
(B) One (1) or more of the following activities related to the business produced:
(i) Adjusts or pays claims in excess of an amount determined by the commissioner; or
(ii) Negotiates reinsurance on behalf of the insurer.
(2) Notwithstanding subdivision (c)(1) of this section, the following persons shall not be considered as managing general agents for the purposes of this subchapter:
(A) An employee of the insurer;
(B) A United States manager of the United States branch of an alien insurer;
(C) An underwriting manager who, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, subject to the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., and whose compensation is not based on the volume of premiums written; or
(D) The attorney in fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney.
(d) “Underwrite” means the authority to accept or reject risk on behalf of the insurer.
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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.