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23-66-313. Overwriting contracts of life insurer.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-66-313. Overwriting contracts of life insurer.
(a) No life insurer shall pay or contract to pay, directly or indirectly, to its president, vice president, secretary, treasurer, actuary, or medical director or other physician charged with the duty of examining risks or applicants for insurance, except regular fees paid for making examinations, nor shall the insurer pay to any officer of the insurer, other than an agent, any commission or other compensation contingent upon the writing or procuring of any policy of insurance in the insurer or procuring an application therefor, by any person whomsoever, or upon the assumption of any life insurance risk or contingent upon the payment of any renewal premium, unless and until the contract providing for the payment shall have first been filed with and approved by the Insurance Commissioner.
(b) The commissioner shall not approve any contract found by him or her to be unfair or unreasonable or contrary to the best interests of the insurer, or if it provides compensation other than reasonable compensation for substantial service actually rendered or to be rendered to the insurer.
(c) If any insurer violates this section, the commissioner shall revoke its certificate of authority.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-66-313
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:23-66-313
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: db9a8813d0bcdcb9d8abd6363bb6ae90e9ff98030f8eb8027eb4bb4b687f89b9
Source location: content.xml paragraph 38047
Stored source content
23-66-313. Overwriting contracts of life insurer.
(a) No life insurer shall pay or contract to pay, directly or indirectly, to its president, vice president, secretary, treasurer, actuary, or medical director or other physician charged with the duty of examining risks or applicants for insurance, except regular fees paid for making examinations, nor shall the insurer pay to any officer of the insurer, other than an agent, any commission or other compensation contingent upon the writing or procuring of any policy of insurance in the insurer or procuring an application therefor, by any person whomsoever, or upon the assumption of any life insurance risk or contingent upon the payment of any renewal premium, unless and until the contract providing for the payment shall have first been filed with and approved by the Insurance Commissioner.
(b) The commissioner shall not approve any contract found by him or her to be unfair or unreasonable or contrary to the best interests of the insurer, or if it provides compensation other than reasonable compensation for substantial service actually rendered or to be rendered to the insurer.
(c) If any insurer violates this section, the commissioner shall revoke its certificate of authority.
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