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23-79-301. Purpose.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-79-301. Purpose.
The purpose of this subchapter is to provide minimum standards for commercial lines property and casualty insurance policies or contracts. These minimum standards are designed to minimize restrictions in coverage and to assure minimum standards for these commercial policies or contracts for the protection of the public. This subchapter is not intended to impede flexibility and innovation in the development of commercial property and casualty insurance policy or contract form or content. This subchapter is not intended to conflict with the provisions concerning insurance contracts in the Arkansas Insurance Code and, in particular, the provisions of § 23-60-105. This subchapter is not intended to conflict with nor apply to insurance policies and contracts of surplus lines insurers operating in this state in compliance with § 23-65-310.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-79-301
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:23-79-301
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b3a13bcc999e4cbebab8e97fa26ab97054e5b603d5c5e1bbc9143518c6c5c879
Source location: content.xml paragraph 46560
Stored source content
23-79-301. Purpose.
The purpose of this subchapter is to provide minimum standards for commercial lines property and casualty insurance policies or contracts. These minimum standards are designed to minimize restrictions in coverage and to assure minimum standards for these commercial policies or contracts for the protection of the public. This subchapter is not intended to impede flexibility and innovation in the development of commercial property and casualty insurance policy or contract form or content. This subchapter is not intended to conflict with the provisions concerning insurance contracts in the Arkansas Insurance Code and, in particular, the provisions of § 23-60-105. This subchapter is not intended to conflict with nor apply to insurance policies and contracts of surplus lines insurers operating in this state in compliance with § 23-65-310.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-60-105. Particular provisions prevail.
Provisions of the Arkansas Insurance Code relative to a particular kind of insurance or a particular type of insurer or to a particular matter shall prevail over provisions relating to insurance in general or insurers in general or to such matters in general.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-60-105
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 23-60-105. This identifies an authority to review, not proof of applicability.
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.