§ 23-103-409. Title insurance agent — Restrictions
A title insurance agent shall not: (1) Bind reinsurance on behalf of the title insurer; (2) Permit any of its directors, officers, controlling shareholders, or employees to serve on the title insurer’s board of directors if the title insurance agent wrote five percent (5%) or more of the direct premiums of the title insurer written […]
§ 23-103-410. Title insurance inventory maintenance
(a) The title insurer and the title insurance agency shall each maintain an inventory of all numbered policy forms or policy numbers assigned to the title insurance agency by the title insurer. (b) If title insurance policies are generated electronically by the title insurer, the title insurer shall maintain the inventory of policy numbers assigned […]
§ 23-103-411. Title insurer — Audit
(a) (1) At least one (1) time each year, a title insurer shall conduct an on-site audit of the escrow and closing practices related to the issuance of title insurance policies, escrow accounts, security arrangements, files, underwriting and claims practices, and policy inventory of the title insurance agencies that the title insurer has authorized to […]
§ 23-103-412. Title insurer — Restrictions
A title insurer shall not: (1) Appoint any director, officer, controlling shareholder, or employee of a title insurance agency to serve on the title insurer’s board of directors if the title insurance agency wrote five percent (5%) or more of the direct premiums of the title insurer written during the previous calendar year as shown […]
§ 23-102-116. Rules
The Insurance Commissioner is authorized to promulgate such reasonable rules as are necessary to carry out the provisions of this chapter.
§ 23-102-117. Federal or multistate catastrophic funds
In the event a federal or multistate catastrophic insurance or reinsurance program intended to serve purposes similar to the purposes of the Market Assistance Program or the Arkansas Earthquake Authority is created, the Board of the Arkansas Earthquake Authority shall promptly take appropriate actions to coordinate with the federal or multistate program to the extent […]
§ 23-102-118. Exemption from Arkansas Property and Casualty Insurance Guaranty Act
Notwithstanding any other provision of law to the contrary, neither the Arkansas Earthquake Authority nor its policyholders shall be subject to the provisions of or be eligible for the benefits provided by the Arkansas Property and Casualty Insurance Guaranty Act, § 23-90-101 et seq.
§ 23-102-103. Definitions
As used in this chapter: (1) “Authority” means the Arkansas Earthquake Authority; (2) “Board” means the Board of the Arkansas Earthquake Authority; (3) “Commissioner” means the Insurance Commissioner; (4) “Event” means an earthquake and all subsequent earthquakes occurring within the following seventy-two-hour period; (5) “Insurer” means all property insurers as defined in § 23-62-104 and […]
§ 23-102-119. Termination of Arkansas Earthquake Authority
Upon termination of the Arkansas Earthquake Authority by the General Assembly or the Insurance Commissioner, its remaining funds shall be transferred to the State Insurance Department Trust Fund unless otherwise directed by the General Assembly.
§ 23-102-104. Establishment of Arkansas Earthquake Authority
(a) There is created a nonprofit legal entity to be known as the “Arkansas Earthquake Authority”. The authority shall operate subject to the supervision and control of the Board of the Arkansas Earthquake Authority. The authority is created as a political subdivision, instrumentality, and body politic of the State of Arkansas and, as such, is […]