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23-64-507. License.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-64-507. License.
(a) Unless denied licensure pursuant to § 23-64-512, persons who have met the requirements of §§ 23-64-505 and 23-64-506 shall be issued an insurance producer license. An insurance producer may receive qualification for a license in one (1) or more of the following lines of authority:
(1) Life insurance coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income;
(2) Accident and health or sickness insurance coverage for sickness, bodily injury, or accidental death and may include benefits for disability income;
(3) Property insurance coverage for the direct or consequential loss or damage to property of every kind;
(4) Casualty insurance coverage against legal liability, including that for death, injury, or disability or damage to real or personal property;
(5) Variable life and variable annuity products insurance coverage provided under variable life insurance contracts and variable annuities;
(6) Personal lines property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes;
(7) Credit limited line credit insurance; or
(8) Any other line of insurance permitted under state laws or regulations.
(b) An insurance producer license shall remain in effect unless revoked or suspended:
(1) As long as the fee set forth in § 23-61-401 and any existing or future rule is paid and education requirements for resident individual producers are met by the due date; or
(2)(A) During any period of state active duty in the Arkansas National Guard or active duty in any branch of the United States military services or as a member of the Arkansas National Guard on active duty, incl
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-64-507
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:23-64-507
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1f5bd3a7125a07551af0f640f4336e110cc3298f7f87a897ed2004fa0ea974e7
Source location: content.xml paragraph 36182
Stored source content
23-64-507. License.
(a) Unless denied licensure pursuant to § 23-64-512, persons who have met the requirements of §§ 23-64-505 and 23-64-506 shall be issued an insurance producer license. An insurance producer may receive qualification for a license in one (1) or more of the following lines of authority:
(1) Life insurance coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income;
(2) Accident and health or sickness insurance coverage for sickness, bodily injury, or accidental death and may include benefits for disability income;
(3) Property insurance coverage for the direct or consequential loss or damage to property of every kind;
(4) Casualty insurance coverage against legal liability, including that for death, injury, or disability or damage to real or personal property;
(5) Variable life and variable annuity products insurance coverage provided under variable life insurance contracts and variable annuities;
(6) Personal lines property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes;
(7) Credit limited line credit insurance; or
(8) Any other line of insurance permitted under state laws or regulations.
(b) An insurance producer license shall remain in effect unless revoked or suspended:
(1) As long as the fee set forth in § 23-61-401 and any existing or future rule is paid and education requirements for resident individual producers are met by the due date; or
(2)(A) During any period of state active duty in the Arkansas National Guard or active duty in any branch of the United States military services or as a member of the Arkansas National Guard on active duty, including without limitation the:
(i) United States Coast Guard; or
(ii) United States reserves.
(B) The requirements of subdivision (b)(1) of this section are waived during the period of active duty.
(c) An individual insurance producer who allows his or her license to lapse may reinstate the same license within twelve (12) months after the due date of the renewal fee without the necessity of passing a written examination. However, a penalty in the amount of double the unpaid renewal fee shall be required for any renewal fee received after the due date.
(d) A licensed insurance producer who is unable to comply with license renewal procedures due to military service or some other extenuating circumstance, for example, a long-term medical disability, may request a waiver of those procedures. The producer may also request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures.
(e) The license shall contain the licensee's name, address, personal identification number, and the date of issuance, the lines of authority, the expiration date, and any other information the Insurance Commissioner deems necessary.
(f) Licensees shall inform the commissioner by any means acceptable to the commissioner of a change of address within thirty (30) days of the change. Failure to timely inform the commissioner of a change in legal name or address shall result in a penalty pursuant to § 23-64-216.
(g) In order to assist in the performance of the commissioner's duties, the commissioner may contract with nongovernmental entities, including the National Association of Insurance Commissioners or any affiliates or subsidiaries that the National Association of Insurance Commissioners oversees, to perform any ministerial functions, including the collection of fees, related to producer licensing that the commissioner and the nongovernmental entity may deem appropriate.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-401. License and miscellaneous fees.
The Insurance Commissioner shall collect annually or biennially as prescribed by rule of the commissioner and pay to the Treasurer of State the following fees, licenses, and miscellaneous charges:
(1) Admission fees: (A) Filing and reviewing all documents necessary for issuance of certificate of incorporation for domestic companies $100.00 (B) Issuance of an original certificate of incorporation for domestic companies 50.00 (C) Reviewing all documents necessary for issuance of original certificate of authority 500.00 (D) Issuance of original certificate of authority for all companies 150.00 (E) Issuance of original license for rate service organiza- tions and employer service assurance organizations 500.00 (F) Filing and reviewing all documents of a nonadmitted company seeking to be placed on the “approved” list for the writing of surplus lines insurance 500.00 (2) Annual renewal fees: (A) Filing an annual statement for all companies 50.00 (B) Renewal of a certificate of authority for all companies 100.00 (C) Rate service organizations and employer service as- surance organizations, annual continuation of license 100.00 (3) Other miscellaneous fees: (A) Amendment to articles of incorporation 25.00 (B) Reinstatement of certificate of authority 50.00 (C) Amending an existing certificate of authority 100.00 (4) Agent's license for resident agents: (A) Property, casualty, surety agents: Original issuance of each license 15.00 Annual continuation of appointment, each insurer 10.00 Appointment of agent by insurer, each insurer 10.00 (B) Life and accident and health insurance agents: Appointment of agent by insurer, each insurer 10.00 Annual continuation of appointment, e
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-401
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 23-61-401. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-64-505. Application for examination.
(a) A resident individual applying for an insurance producer license shall pass a written examination unless exempt pursuant to § 23-64-205. The examination shall test the knowledge of the individual concerning the lines of authority for which application is made, the duties and responsibilities of an insurance producer, and the insurance laws of this state. Examinations required by this section shall be developed and conducted under rules prescribed by the Insurance Commissioner.
(b) The commissioner may make arrangements, including contracting with an outside testing service, for administering examinations and collecting the nonrefundable fee set forth in § 23-61-401 and any existing or future rule and regulation.
(c) Each individual applying for an examination shall remit a nonrefundable fee as prescribed by the commissioner as set forth in § 23-61-401 and any existing or future rule and regulation.
(d) An individual who fails to appear for the examination as scheduled or fails to pass the examination, shall reapply for an examination and remit all required fees and forms before being rescheduled for another examination.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-64-505
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 23-64-505. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-64-506. Application for license.
(a) A person applying for a resident insurance producer license shall make application to the Insurance Commissioner on the National Association of Insurance Commissioners' Uniform Application and declare under penalty of refusal, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of the individual's knowledge and belief. Before approving the application, the commissioner shall find that the individual:
(1) Is at least eighteen (18) years of age;
(2) Has not committed any act that is a ground for denial, suspension, or revocation set forth in § 23-64-512;
(3) When required by the commissioner, has completed a prelicensing course of study for the lines of authority for which the person has applied;
(4) Has paid the fees set forth in § 23-61-401 and any existing or future rule and regulation; and
(5) Has successfully passed the examinations for the lines of authority for which the person has applied.
(b) A business entity acting as an insurance producer is required to obtain an insurance producer license. Application shall be made using the Uniform Business Entity Application. Before approving the application, the commissioner shall find that:
(1) The business entity has paid the fees set forth in § 23-61-401 and any existing or future rule and regulation; and
(2) The business entity has designated a licensed producer responsible for the business entity's compliance with the insurance laws and rules of this state.
(c) The commissioner may require any documents reasonably necessary to verify the information contained in an application and shall cause to be conducted an investigation of the applicant's:
(1) Background;
(2) Trustworthiness
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-64-506
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 23-64-506. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-64-512. License denial, nonrenewal, or revocation.
(a) The Insurance Commissioner may place on probation, suspend, revoke, or refuse to issue or renew an insurance producer's license or may levy a civil penalty in accordance with § 23-64-216 or any combination of actions for any one (1) or more of the following causes:
(1) Providing incorrect, misleading, incomplete, or materially untrue information in the license application;
(2) Violating any of the following that calls into question the insurance producer's fitness to hold a license:
(A) A law; or
(B) A regulation, subpoena, or order of:
(i) The commissioner;
(ii) Another state's insurance commissioner; or
(iii) A court of competent jurisdiction.
(3) Obtaining or attempting to obtain a license through misrepresentation or fraud;
(4) Improperly withholding, misappropriating, or converting any moneys or properties received in the course of doing insurance business;
(5) Intentionally misrepresenting the terms of an actual or proposed insurance contract or application for insurance;
(6) Having been convicted of a felony;
(7) Having admitted or been found to have committed any insurance unfair trade practice or fraud;
(8) Using fraudulent, coercive, or dishonest practices or demonstrating incompetence, untrustworthiness, lack of good personal or business reputation, or financial irresponsibility;
(9) Having an insurance producer license or its equivalent denied, suspended, or revoked in any other state, province, district, or territory;
(10) Forging another's name to an application for insurance or to any document related to an insurance transaction;
(11) Improperly using notes or any other reference material to complete an examination for an insurance license;
(12) Knowingly accepti
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-64-512
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 23-64-512. This identifies an authority to review, not proof of applicability.