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(a)
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(1) There is created the State Insurance Department.
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(2) The State Insurance Department is a division of the Department of Commerce.
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(b) Suitable space shall be assigned for the use of the State Insurance Department.
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(c)
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(1)
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(A) The purpose of the State Insurance Department is to serve and protect the public interest by the equitable enforcement of the state’s laws and rules affecting the insurance industry.
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(B) The primary mission of the State Insurance Department shall be consumer protection through insurer solvency and market conduct regulation, and fraud prosecution and deterrence.
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(2) Nothing in this subsection shall be construed to limit the Insurance Commissioner’s authority as enumerated in other provisions of the Arkansas Insurance Code.
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