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23-65-303. Insurer not admitted.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-65-303. Insurer not admitted.
(a) The permission granted in this law to place any insurance in a nonadmitted insurer shall not be deemed or construed to authorize that insurer to otherwise transact an insurance business in this state. Further, this limited permission shall not be deemed or construed so as to exempt nonadmitted insurers from the principles of the common law of insurance or from the same statutory and common law penalties that may attach in favor of insureds in the event of disputes or litigation between insureds and admitted insurers.
(b) A contract of insurance carried out by an unauthorized insurer in violation of this subchapter is voidable at the instance of the insured.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-65-303
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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Record provenance
Stable record: arkansas_code:legal_authorities:23-65-303
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 652eefbd172d771ba6ac4701f8540664c3c57099a5ab79892ae9ff022a9a63fc
Source location: content.xml paragraph 37079
Stored source content
23-65-303. Insurer not admitted.
(a) The permission granted in this law to place any insurance in a nonadmitted insurer shall not be deemed or construed to authorize that insurer to otherwise transact an insurance business in this state. Further, this limited permission shall not be deemed or construed so as to exempt nonadmitted insurers from the principles of the common law of insurance or from the same statutory and common law penalties that may attach in favor of insureds in the event of disputes or litigation between insureds and admitted insurers.
(b) A contract of insurance carried out by an unauthorized insurer in violation of this subchapter is voidable at the instance of the insured.
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