§ 23-62-411. Examination authority
(a) (1) A reinsurance intermediary shall be subject to examination by the Insurance Commissioner. (2) The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner. (b) A reinsurance intermediary manager may be examined as if it were the reinsurer.
§ 23-62-412. Penalties and liabilities
(a) A reinsurance intermediary, insurer, or reinsurer found by the Insurance Commissioner, after a hearing conducted in accordance with §§ 23-61-301 — 23-61-307, to be in violation of any provision of this subchapter shall: (1) For each separate violation, pay a penalty in an amount not exceeding five thousand dollars ($5,000); (2) Be subject to […]
§ 23-62-306. Asset or reduction from liability for reinsurance ceded by domestic insurer to assuming insurer — Noncompliant assuming insurer
(a) An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of § 23-62-305 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer. (b) The reduction shall be in the amount of funds held by or […]
§ 23-62-107. Marine insurance
As used in the Arkansas Insurance Code, unless the context otherwise requires, “marine insurance” includes: (1) Insurance against any and all kinds of loss or damage to: (A) Vessels, craft, aircraft, cars, automobiles, and vehicles of every kind as well as all goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, bullion, precious stones, securities, choses […]
§ 23-62-307. Qualified United States financial institutions
(a) For purposes of § 23-62-306(c)(3), a “qualified United States financial institution” means an institution that: (1) Is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state thereof; (2) Is regulated, supervised, and examined by United States federal […]
§ 23-62-108. Title insurance
As used in the Arkansas Insurance Code, unless the context otherwise requires, “title insurance” is insurance of owners of property or others having an interest therein, or liens or encumbrances thereon, against loss by encumbrance, a defective or invalid title, adverse claim to title, or closing protection.
§ 23-62-308. Rules
The Insurance Commissioner may adopt rules implementing this subchapter.
§ 23-62-109. Funding agreements
(a) (1) As used in this section, the term “funding agreement” means an agreement which authorizes an admitted life insurer to accept funds and which provides for an accumulation of those funds for the purpose of making one (1) or more payments at future dates in amounts that are not based on mortality or morbidity […]
§ 23-62-309. Applicability — Reinsurance agreements
Sections 23-62-305 — 23-62-307 apply to any cession of a reinsurance agreement if that reinsurance agreement has an inception, anniversary, or renewal date not less than six (6) months after July 22, 2015.
§ 23-62-110. Mortgage guaranty insurance
As used in the Arkansas Insurance Code, “mortgage guaranty insurance” means insurance that insures lenders against financial loss by reason of nonpayment of principal, interest, or other sums agreed to be paid under the terms of any note, bond, or other evidence of indebtedness secured by a mortgage, deed of trust, or other instrument constituting […]