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23-91-214. Management and exclusive agency contracts.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-91-214. Management and exclusive agency contracts.
(a) No insurer may enter into any exclusive agency contract or management contract unless the contract is first filed with the Insurance Commissioner and not disapproved under this section within thirty (30) days after filing or after such reasonable extended period as the commissioner may specify by notice given within the thirty (30) days.
(b) The commissioner shall disapprove a contract under subsection (a) of this section if the commissioner finds that:
(1) It subjects the insurer to excessive charges;
(2) The contract extends for an unreasonable period of time;
(3) The contract does not contain fair and adequate standards of performance;
(4) The persons empowered under the contract to manage the insurer are not sufficiently trustworthy, competent, experienced, and free from conflict of interest to manage the insurer with due regard for the interests of its insureds, creditors, or the public; or
(5) The contract contains provisions which impair the interests of the insurer's insureds or creditors of the public in this state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-91-214
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:23-91-214
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b8cc2784d3e8d7033c82286fb9141b52772b8fe99f3358b5ca27836cb780df85
Source location: content.xml paragraph 55381
Stored source content
23-91-214. Management and exclusive agency contracts.
(a) No insurer may enter into any exclusive agency contract or management contract unless the contract is first filed with the Insurance Commissioner and not disapproved under this section within thirty (30) days after filing or after such reasonable extended period as the commissioner may specify by notice given within the thirty (30) days.
(b) The commissioner shall disapprove a contract under subsection (a) of this section if the commissioner finds that:
(1) It subjects the insurer to excessive charges;
(2) The contract extends for an unreasonable period of time;
(3) The contract does not contain fair and adequate standards of performance;
(4) The persons empowered under the contract to manage the insurer are not sufficiently trustworthy, competent, experienced, and free from conflict of interest to manage the insurer with due regard for the interests of its insureds, creditors, or the public; or
(5) The contract contains provisions which impair the interests of the insurer's insureds or creditors of the public in this state.
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