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23-66-310. Illegal dealing in premiums — Excess charges for insurance.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-66-310. Illegal dealing in premiums — Excess charges for insurance.
(a) No person shall willfully collect any sum as a premium or charge for insurance that is not then provided or is not in due course to be provided, subject to acceptance of the risk by the insurer, by an insurance policy issued by an insurer as authorized by the Arkansas Insurance Code.
(b)(1) No person shall willfully collect as a premium or charge for insurance any sum in excess of the premium or charge applicable to the insurance in accordance with the applicable classifications and rates as filed and approved if necessary by the Insurance Commissioner, or in cases in which classifications, premiums, or rates are not required by the Arkansas Insurance Code to be so filed and approved, the premiums and charges shall not be in excess of those specified in the policy and as fixed by the insurer.
(2) However, the provision in subdivision (b)(1) of this section shall not be deemed to prohibit:
(A) The charging and collection by surplus lines brokers licensed under § 23-65-101 et seq. of the amount of applicable state and federal taxes in addition to the premium and expense of underwriting as required by the insurer on risks written pursuant to the surplus lines law;
(B) The charging and collection by a life insurer of amounts actually to be expended for medical examination of an applicant for life insurance or for reinstatement of a life insurance policy;
(C) A property and casualty agent from charging and collecting interest upon premiums and charges that remain unpaid for a period of thirty (30) days beyond the date that the original premium was due, subject to the supervision of the commissioner. The interest shall not exceed the maximum rate prescribed by the Arkansas Constitution;
(D
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-66-310
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-66-310
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7facce5f772b35f36c40ed81e0b2ddd3affd8f512b168819f228799a04afdbbc
Source location: content.xml paragraph 37976
Stored source content
23-66-310. Illegal dealing in premiums — Excess charges for insurance.
(a) No person shall willfully collect any sum as a premium or charge for insurance that is not then provided or is not in due course to be provided, subject to acceptance of the risk by the insurer, by an insurance policy issued by an insurer as authorized by the Arkansas Insurance Code.
(b)(1) No person shall willfully collect as a premium or charge for insurance any sum in excess of the premium or charge applicable to the insurance in accordance with the applicable classifications and rates as filed and approved if necessary by the Insurance Commissioner, or in cases in which classifications, premiums, or rates are not required by the Arkansas Insurance Code to be so filed and approved, the premiums and charges shall not be in excess of those specified in the policy and as fixed by the insurer.
(2) However, the provision in subdivision (b)(1) of this section shall not be deemed to prohibit:
(A) The charging and collection by surplus lines brokers licensed under § 23-65-101 et seq. of the amount of applicable state and federal taxes in addition to the premium and expense of underwriting as required by the insurer on risks written pursuant to the surplus lines law;
(B) The charging and collection by a life insurer of amounts actually to be expended for medical examination of an applicant for life insurance or for reinstatement of a life insurance policy;
(C) A property and casualty agent from charging and collecting interest upon premiums and charges that remain unpaid for a period of thirty (30) days beyond the date that the original premium was due, subject to the supervision of the commissioner. The interest shall not exceed the maximum rate prescribed by the Arkansas Constitution;
(D) The collection of membership dues by a property and casualty agent when membership of the applicant in an organization is a prerequisite of the insurer to the issuance of coverage; or
(E) The charging of a fee by a licensed consultant if the fee is not excessive.
(c) Nothing shall prohibit a duly licensed property or casualty agent or broker from charging a fee to the insured in addition to the premium properly charged for a policy or contract according to the insurer's rate and rule filings with the State Insurance Department, provided that:
(1) Each such fee is separately disclosed on the invoice or billing statement mailed or delivered to the insured; and
(2) The aggregate sum of the fees and all producers' commissions or other compensation due and owing for that policy or contract does not exceed twenty percent (20%) of the total gross premium charged the insured by the insurer for that policy or contract.
(d)(1) Any fee charged by a licensed insurance agent or producer for services which are not customarily associated with the solicitation, negotiation, or servicing of an insurance policy or contract shall not be deemed a premium or a charge for insurance and not prohibited by this section if:
(A) The fee is based upon a written agreement signed by the party to be charged in advance of the performance of services under the agreement;
(B) A copy of the agreement is provided to the party to be charged;
(C) The services for which the fee is charged are:
(i) Specifically stated in the agreement; and
(ii) Other than those customarily associated with solicitation, negotiation, and servicing of an insurance policy or contract;
(D) The amount of the fee charged is specifically stated in the agreement;
(E) The agreement contains a statement that:
(i) If an insurance policy or contract is purchased through the agent or producer, the agent or producer will receive a policy commission or fee in connection with the sale;
(ii) The fee charged is unrelated to any compensation received by the agent or producer for the sale of any insurance product; and
(iii) The fee under the agreement may not be waived under any circumstances; and
(F)(i) The agent or producer retains a copy of the agreement for not less than three (3) years after completion of the services.
(ii) The copy shall be available to the commissioner and his or her staff upon request.
(2) This subsection shall not apply to:
(A) Transactions for financial or estate planning services offered by insurance producers under § 23-66-206(15); or
(B) Membership dues payable to entities either directly or indirectly affiliated with an agent or insurer.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-65-101. Unauthorized insurance transactions prohibited.
(a)(1) No person or entity in this state shall act as agent or broker for or otherwise represent or aid any insurer, health maintenance organization, multiple employer welfare arrangement, multiple employer trust, association, or any other person or entity in the solicitation, negotiation, or effectuation of insurance, inspection of risks, fixing of rates, investigation or adjustment of losses, collection of premiums, or in any other manner in the transaction of insurance with respect to subjects of insurance resident, located, or to be performed in this state if that person or entity is not authorized or licensed by the State Insurance Department for those purposes.
(2)(A) No person or entity shall act as a producer, adjuster, or consultant without first obtaining appropriate licensure or registration as required by the insurance laws of this state for the transaction of insurance with respect to subjects of insurance or self-insurance resident, located, or to be performed in this state.
(B) No person or entity shall act as a multiple employer trust or multiple employer welfare arrangement without first obtaining appropriate registration or licensing as required by § 23-92-101.
(C) No person or entity shall act as a third-party administrator for a multiple employer trust, multiple employer welfare arrangement, collectively bargained trust, self-insurance plan, or any other plan providing accident and health insurance benefits to the citizens of this state without first obtaining appropriate registration as required by § 23-92-201 et seq.
(D) Any producer who knows or has reason to know that a health plan is not licensed in accordance with the Arkansas Insurance Code shall immediately report the health
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-65-101
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 23-65-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-66-206. Unfair methods of competition and unfair or deceptive acts or practices defined.
The following are defined as unfair methods of competition and unfair or deceptive acts or practices in the business of insurance:
(1) “Boycott, coercion, and intimidation” means entering into any agreement to commit or, by any concerted action, committing any act of boycott, coercion, or intimidation resulting in or tending to result in unreasonable restraint of, or monopoly in, the business of insurance;
(2) “Churning of business” means a situation in which the licensee replaces an existing policy of life insurance or accident and health insurance, or both, and that replacement is:
(A) Not in accordance with § 23-66-307; or
(B) Without objective demonstration by the licensee of the purpose of replacing the policy for the benefit and betterment of the insured;
(3) “Defamation” means making, publishing, disseminating, or circulating, directly or indirectly, or aiding, abetting, or encouraging the making, publishing, disseminating, or circulating of any oral or written statement or of any pamphlet, circular, article, or literature that is false or maliciously critical of or derogatory to the financial condition of any person and that is calculated to injure that person;
(4)(A) “Failure to maintain complaint handling procedures” means failing to adopt and implement reasonable standards for the prompt handling of complaints received by the person from insureds or claimants, or from the Insurance Commissioner on behalf of insureds or claimants, and failing to keep a record of the complaints received.
(B) A complete complaints register of all complaints that the person has received shall be maintained for the current year plus five (5) calendar years. This complaints re
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-66-206
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 23-66-206. This identifies an authority to review, not proof of applicability.