§ 23-66-601. Short title
This subchapter may be cited as the “Insurance Sales Consumer Protection Act”.
§ 23-66-602. Purpose
The purpose of this subchapter is to regulate the business of insurance and protect the interests of insurance consumers.
§ 23-66-603. Definitions
For the purpose of this subchapter: (1) “Affiliate” means any company that controls, is controlled by, or is under common control with another company; (2) “Customer” means a person who obtains, applies for, or is solicited to obtain insurance products primarily for personal, family, and household purposes; (3) “Depository institution” means a bank or savings […]
§ 23-66-604. Exemption
The provisions of § 23-66-606 shall not apply to or affect in any way a broker-dealer licensed by the State of Arkansas when such a broker-dealer is conducting insurance sales activities on premises other than depository institution or an affiliate of a depository institution premises.
§ 23-66-605. Insurance in connection with a loan
(a) The following shall apply when insurance is required as a condition of obtaining a loan or extension of credit: (1) (A) No person, depository institution, or affiliate of a depository institution may require as a condition precedent to the lending of money or extension of credit, or any renewal thereof, that the person to […]
§ 23-66-606. Depository institution or affiliates of a depository institution sales practices
The following requirements shall apply to insurance sales activities conducted by depository institutions, their employees, affiliates of a depository institution, and unaffiliated third parties conducting the insurance sales activities on behalf of a depository institution or affiliate of a depository institution that involves the use of a depository institution or affiliate of a depository institution […]
§ 23-66-607. Customer privacy
No person, depository institution, or affiliate of a depository institution who lends money or extends credit may release, without the express consent of the customer, borrower, mortgagor, or purchaser: (1) Insurance information of a customer relative to a policy which is required by the credit transaction, for the purpose of soliciting, selling, or replacing such […]
§ 23-66-318. Claims or loss histories — Provision for copies to named insureds
(a) (1) A vendor of loss history information shall make all disclosures and furnish the reports without charge to the insured if within thirty (30) days after receipt by the insured of a notification of declination, cancellation, nonrenewal, or reduction in coverage the insured so requests. (2) Otherwise, the vendor of loss history information may […]
§ 23-66-505. Mandatory reporting of fraudulent insurance acts
(a) A person engaged in the business of insurance having knowledge or a reasonable belief that a fraudulent insurance act is being, will be, or has been committed shall provide to the Insurance Commissioner the information required by, and in a manner prescribed by, the commissioner. (b) Any person engaged in the business of insurance […]
§ 23-66-319. Cancellation of insurance policies by third parties
(a) Anyone holding the right to request cancellation of the named insured’s insurance policy, other than the insurer, shall send to the insured and to the insured’s agent or broker of record at least ten (10) days’ written notice of the intention to cancel the policy. The right to be mailed this notice is personal […]