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23-67-214. Licensing of advisory organizations.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-67-214. Licensing of advisory organizations.
(a) No advisory organization shall provide any service relating to the rates of any insurance subject to this chapter, and no insurer shall utilize the services of the organization for those purposes unless the organization has obtained a license from the Insurance Commissioner.
(b) No advisory organization shall refuse to supply any services for which it is licensed in this state to any insurer authorized to do business in this state and offering to pay the fair and usual compensation for the services.
(c)(1) An advisory organization applying for a license shall include with its application:
(A) A copy of its constitution, charter, or articles of organization, agreement, association, or incorporation and a copy of its bylaws, plan of operation, and any other rules governing the conduct of its business;
(B) A list of its members and subscribers;
(C) The name and address of one (1) or more residents of this state upon whom notices, process affecting it, or orders of the commissioner may be served;
(D) A statement showing its technical qualifications for acting in the capacity for which it seeks a license;
(E) License fees as provided by § 23-61-401; and
(F) Any other relevant information and documents that the commissioner may require.
(2) Every organization which has applied for a license shall notify the commissioner of every material change in facts or in the documents on which its application was based. Any amendment to a document filed under this section shall be filed at least thirty (30) days before it becomes effective.
(3) If the commissioner finds that the applicant and the natural persons through whom it acts are competent, trustworthy, and technically qualified to provide the services propo
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-67-214
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:23-67-214
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: af8af223ec86e71dafd7b09dc51d83839475a5721552a3614c8cd1a0510497d9
Source location: content.xml paragraph 38908
Stored source content
23-67-214. Licensing of advisory organizations.
(a) No advisory organization shall provide any service relating to the rates of any insurance subject to this chapter, and no insurer shall utilize the services of the organization for those purposes unless the organization has obtained a license from the Insurance Commissioner.
(b) No advisory organization shall refuse to supply any services for which it is licensed in this state to any insurer authorized to do business in this state and offering to pay the fair and usual compensation for the services.
(c)(1) An advisory organization applying for a license shall include with its application:
(A) A copy of its constitution, charter, or articles of organization, agreement, association, or incorporation and a copy of its bylaws, plan of operation, and any other rules governing the conduct of its business;
(B) A list of its members and subscribers;
(C) The name and address of one (1) or more residents of this state upon whom notices, process affecting it, or orders of the commissioner may be served;
(D) A statement showing its technical qualifications for acting in the capacity for which it seeks a license;
(E) License fees as provided by § 23-61-401; and
(F) Any other relevant information and documents that the commissioner may require.
(2) Every organization which has applied for a license shall notify the commissioner of every material change in facts or in the documents on which its application was based. Any amendment to a document filed under this section shall be filed at least thirty (30) days before it becomes effective.
(3) If the commissioner finds that the applicant and the natural persons through whom it acts are competent, trustworthy, and technically qualified to provide the services proposed and that all requirements of the law are met, the commissioner shall issue a license specifying the authorized activity of the applicant. The commissioner shall not issue a license if the proposed activity would tend to create a monopoly or to lessen substantially the competition in any market.
(4) Licenses issued pursuant to this section shall remain in effect until the licensee withdraws from the state or until the license is suspended or revoked, subject, however, to continuance of the license by the advisory organization each calendar year by:
(A) Payment on or before January 1 of a continuation fee as provided in § 23-61-401;
(B) Due filing of a letter requesting continuation of its license for the following calendar year; and
(C) Submission of information which may be required by the commissioner.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-401. License and miscellaneous fees.
The Insurance Commissioner shall collect annually or biennially as prescribed by rule of the commissioner and pay to the Treasurer of State the following fees, licenses, and miscellaneous charges:
(1) Admission fees: (A) Filing and reviewing all documents necessary for issuance of certificate of incorporation for domestic companies $100.00 (B) Issuance of an original certificate of incorporation for domestic companies 50.00 (C) Reviewing all documents necessary for issuance of original certificate of authority 500.00 (D) Issuance of original certificate of authority for all companies 150.00 (E) Issuance of original license for rate service organiza- tions and employer service assurance organizations 500.00 (F) Filing and reviewing all documents of a nonadmitted company seeking to be placed on the “approved” list for the writing of surplus lines insurance 500.00 (2) Annual renewal fees: (A) Filing an annual statement for all companies 50.00 (B) Renewal of a certificate of authority for all companies 100.00 (C) Rate service organizations and employer service as- surance organizations, annual continuation of license 100.00 (3) Other miscellaneous fees: (A) Amendment to articles of incorporation 25.00 (B) Reinstatement of certificate of authority 50.00 (C) Amending an existing certificate of authority 100.00 (4) Agent's license for resident agents: (A) Property, casualty, surety agents: Original issuance of each license 15.00 Annual continuation of appointment, each insurer 10.00 Appointment of agent by insurer, each insurer 10.00 (B) Life and accident and health insurance agents: Appointment of agent by insurer, each insurer 10.00 Annual continuation of appointment, e
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-401
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 23-61-401. This identifies an authority to review, not proof of applicability.