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23-64-405. Reporting requirements.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-64-405. Reporting requirements.
(a) The insurer shall have on file an independent financial examination, in a form acceptable to the Insurance Commissioner, of each managing general agent with which it has done business.
(b) If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. This is in addition to any other required loss reserve certification.
(c) The insurer shall periodically, and not less often than semiannually, conduct an on-site review of the underwriting and claims processing operations of the managing general agent.
(d) Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who shall not be affiliated with the managing general agent.
(e)(1) Within thirty (30) days of entering into or termination of a contract with a managing general agent, the insurer shall provide written notification of such appointment or termination to the commissioner.
(2) Notices of appointment of a managing general agent shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the commissioner may request.
(f)(1) An insurer shall review its books and records each quarter to determine if any agent has become, by operation of § 23-64-402(c), a managing general agent as defined in § 23-64-402(c).
(2) If the insurer determines that an agent has become a managing general agent pursuant to § 23-64-402(c), the insurer shall promptly noti
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-64-405
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:23-64-405
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 9f82a773b004cb3793dc751c89230e80792f14da16febf67bcda4160d7d68496
Source location: content.xml paragraph 36010
Stored source content
23-64-405. Reporting requirements.
(a) The insurer shall have on file an independent financial examination, in a form acceptable to the Insurance Commissioner, of each managing general agent with which it has done business.
(b) If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. This is in addition to any other required loss reserve certification.
(c) The insurer shall periodically, and not less often than semiannually, conduct an on-site review of the underwriting and claims processing operations of the managing general agent.
(d) Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who shall not be affiliated with the managing general agent.
(e)(1) Within thirty (30) days of entering into or termination of a contract with a managing general agent, the insurer shall provide written notification of such appointment or termination to the commissioner.
(2) Notices of appointment of a managing general agent shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the commissioner may request.
(f)(1) An insurer shall review its books and records each quarter to determine if any agent has become, by operation of § 23-64-402(c), a managing general agent as defined in § 23-64-402(c).
(2) If the insurer determines that an agent has become a managing general agent pursuant to § 23-64-402(c), the insurer shall promptly notify the agent and the commissioner of such a determination, and the insurer and agent must fully comply with the provisions of this subchapter within thirty (30) days.
(g)(1) An insurer shall not appoint to its board of directors an officer, director, employee, subagent, or controlling shareholder of its managing general agents.
(2) This subsection does not apply to relationships governed by the Insurance Holding Company Regulatory Act, § 23-63-501 et seq.
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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.
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. The source passage cites 23-64-402. This identifies an authority to review, not proof of applicability.