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23-65-319. Withdrawal of approval.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-65-319. Withdrawal of approval.
(a) The Insurance Commissioner may remove an approved surplus lines insurer if the commissioner has reason to believe that the insurer:
(1) Is in unsound financial condition;
(2) Is no longer eligible under § 23-65-310;
(3) Has willfully violated the laws of this state;
(4) Does not make reasonably prompt payment of just losses and claims in this state or elsewhere; or
(5) Has failed to file its annual statement when due.
(b) The commissioner shall promptly mail notice of removals to each surplus lines broker that is currently licensed.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-65-319
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:23-65-319
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: de509c30405c87505c8b649eabe399ea37e6291020d42ffa274cf5d6592e065b
Source location: content.xml paragraph 37406
Stored source content
23-65-319. Withdrawal of approval.
(a) The Insurance Commissioner may remove an approved surplus lines insurer if the commissioner has reason to believe that the insurer:
(1) Is in unsound financial condition;
(2) Is no longer eligible under § 23-65-310;
(3) Has willfully violated the laws of this state;
(4) Does not make reasonably prompt payment of just losses and claims in this state or elsewhere; or
(5) Has failed to file its annual statement when due.
(b) The commissioner shall promptly mail notice of removals to each surplus lines broker that is currently licensed.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-65-310. Surplus lines in solvent insurers.
(a) A surplus lines broker shall place surplus lines insurance only with insurers that have been approved by the Insurance Commissioner.
(b)(1) The commissioner may maintain a list of approved foreign and alien surplus lines insurers in addition to those alien insurers maintaining status on the current National Association of Insurance Commissioners' nonadmitted insurers' quarterly listing.
(2) The approved list shall not contain:
(A) An insurer that is not licensed in at least one (1) state of the United States for the kind of insurance involved;
(B) A stock insurer having capital and surplus amounting to less than three million dollars ($3,000,000);
(C) A type of insurer, other than stock insurers, having surplus of less than three million dollars ($3,000,000);
(D)(i) An alien insurer, unless:
(a) The insurer has an established and effective trust fund within the United States administered by a recognized financial institution and held for the benefit of its policyholders; and
(b) The trust fund is in the amount of not less than one million dollars ($1,000,000).
(ii)(a) The broker may place casualty insurance with an alien insurer or a pool of alien insurers having combined capital and surplus of five million dollars ($5,000,000) or more, so long as the insured signs an affidavit accepting the insurance.
(b) The affidavit shall include a statement that the insurance is not available to him or her elsewhere.
(iii) The alien insurer shall:
(a) Annually report the location and balance of the trust fund to the commissioner as the commissioner prescribes; and
(b) Report to the commissioner any change in the location of the trust fund;
(E) An insurer owned or controlled by a political sovereign or a
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-65-310
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 23-65-310. This identifies an authority to review, not proof of applicability.