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23-66-505. Mandatory reporting of fraudulent insurance acts.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-66-505. Mandatory reporting of fraudulent insurance acts.
(a) A person engaged in the business of insurance having knowledge or a reasonable belief that a fraudulent insurance act is being, will be, or has been committed shall provide to the Insurance Commissioner the information required by, and in a manner prescribed by, the commissioner.
(b) Any person engaged in the business of insurance who knowingly fails to report as required by subsection (a) of this section shall be guilty of a Class A misdemeanor.
(c) Any other person having knowledge or a reasonable belief that a fraudulent insurance act is being, will be, or has been committed may provide to the commissioner the information required by, and in a manner prescribed by, the commissioner.
(d)(1) Upon the request of the commissioner or the commissioner's employees, examiners, investigators, agents, or representatives, a person engaged in the business of insurance shall provide to the commissioner all information the commissioner deems relevant pertaining to any investigation of a fraudulent act or related criminal violation.
(2) The refusal of a person to fully comply with the commissioner's request for information is grounds for the suspension, revocation, denial, or nonrenewal of any license or authority held by the person to engage in an insurance or other business subject to the commissioner's jurisdiction.
(3) A proceeding for the suspension, revocation, denial, or nonrenewal of any license or authority shall be conducted pursuant to §§ 23-63-213 and 23-64-512.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-66-505
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-66-505
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2dcc3a38e12eb255119e6c861bc81232e3838ab5efd5e7afdcb142d86ba40781
Source location: content.xml paragraph 38368
Stored source content
23-66-505. Mandatory reporting of fraudulent insurance acts.
(a) A person engaged in the business of insurance having knowledge or a reasonable belief that a fraudulent insurance act is being, will be, or has been committed shall provide to the Insurance Commissioner the information required by, and in a manner prescribed by, the commissioner.
(b) Any person engaged in the business of insurance who knowingly fails to report as required by subsection (a) of this section shall be guilty of a Class A misdemeanor.
(c) Any other person having knowledge or a reasonable belief that a fraudulent insurance act is being, will be, or has been committed may provide to the commissioner the information required by, and in a manner prescribed by, the commissioner.
(d)(1) Upon the request of the commissioner or the commissioner's employees, examiners, investigators, agents, or representatives, a person engaged in the business of insurance shall provide to the commissioner all information the commissioner deems relevant pertaining to any investigation of a fraudulent act or related criminal violation.
(2) The refusal of a person to fully comply with the commissioner's request for information is grounds for the suspension, revocation, denial, or nonrenewal of any license or authority held by the person to engage in an insurance or other business subject to the commissioner's jurisdiction.
(3) A proceeding for the suspension, revocation, denial, or nonrenewal of any license or authority shall be conducted pursuant to §§ 23-63-213 and 23-64-512.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-213. Certificate of authority — Suspension or revocation for certain violations.
(a) The Insurance Commissioner shall, after a hearing thereon, suspend or revoke an insurer's certificate of authority if he or she finds that the insurer:
(1)(A) Is in unsound condition, or is in such condition or is using such methods and practices in the conduct of its business, as to render its further transaction of insurance in Arkansas hazardous or injurious to its policyholders or to the public.
(B) For the purposes of this section, the commissioner may consider, among other factors, the present, past, and future trends in the financial condition of the insurer that could affect the solvency of the insurer;
(2) Has refused to be examined or to produce its accounts, records, and files for examination, or if any of its officers have refused to give information with respect to its affairs, when required by the commissioner;
(3) Has failed to pay any final judgment rendered against it within thirty (30) days;
(4) Is affiliated with and under the same general management or interlocking directorate or ownership as another insurer which transacts direct insurance in Arkansas without having a certificate of authority therefor, except as permitted as to surplus lines insurers under § 23-65-101 et seq.; or
(5) Has knowingly, or with reckless disregard of same, violated or failed to comply with any applicable provision of the Arkansas Insurance Code, or with any lawful rule, regulation, or order of the commissioner.
(b) In his or her discretion and without advance notice or a hearing thereon, the commissioner may immediately suspend the certificate of authority of any foreign insurer as to which proceedings for receivership, conservatorship, rehabilitation, or other delin
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-213
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 23-63-213. 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.