§ 23-103-401. Title
This subchapter shall be known and may be cited as the “Arkansas Title Insurance Act”.
§ 23-102-105. Board
(a) The Arkansas Earthquake Authority shall operate subject to the supervision and control of the Board of the Arkansas Earthquake Authority. There shall be a board of seven (7) members to be appointed by the Insurance Commissioner, which shall meet at least annually to review and prescribe operating rules. The commissioner shall apportion the number […]
§ 23-103-402. Definitions
As used in this subchapter: (1) “Closing” means the collection and disbursement of funds and title insurance premiums out of escrow in connection with a transaction involving either personal or real property, including the transfer of title or creation of a lien on the title; (2) “Closing agent” means a person that facilitates a closing; […]
§ 23-102-106. Immunity and limitations on liability
There is no liability on the part of and no cause of action of any nature may arise against any participating insurer, the Arkansas Earthquake Authority’s agents or employees, the Board of the Arkansas Earthquake Authority, or the Insurance Commissioner or his or her representatives for any act or omission in the performance of their […]
§ 23-103-403. Requirement for license
(a) (1) Except as provided in subdivision (a)(2) of this section and § 23-103-404, only an appointed title insurance agency licensed under § 23-64-101 et seq. shall issue title insurance policies, reports, or otherwise transact title insurance business. (2) An appointed title insurance agency licensed under § 23-64-101 et seq. shall not issue closing protection […]
§ 23-102-107. Plan of operation — Suspension of operation — Dissolution
(a) (1) The Board of the Arkansas Earthquake Authority shall adopt a plan of operation pursuant to this chapter and shall submit to the Insurance Commissioner for approval the plan of operation, including the Arkansas Earthquake Authority’s bylaws and operating rules and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable […]
§ 23-102-108. Powers
(a) The Board of the Arkansas Earthquake Authority shall have the general powers and authority granted under the laws of the State of Arkansas and in addition thereto, the specific authority to: (1) Enter into contracts as are necessary or proper to carry out the provisions and purposes of this chapter; (2) Assess insurers pursuant […]
§ 23-102-109. Market Assistance Program
(a) The Board of the Arkansas Earthquake Authority shall develop and implement a Market Assistance Program to assist insureds in procuring residential earthquake coverage in the voluntary market. This shall be accomplished by providing those seeking residential earthquake coverage with a list of insurers participating in the program. (b) Insurers may participate in the program […]
§ 23-102-110. Coverages accessible through Arkansas Earthquake Authority
(a) As long as the Market Assistance Program has at least one (1) approved insurer, no residential earthquake coverage shall be issued by the Arkansas Earthquake Authority, except as provided in subsection (b) of this section. (b) If there are no approved insurers in the program or if after notice and hearing, the Board of […]
§ 23-102-111. Administration of Arkansas Earthquake Authority
(a) The Board of the Arkansas Earthquake Authority may either appoint an Executive Director of the Arkansas Earthquake Authority or may select a Plan Administrator of the Arkansas Earthquake Authority. If an executive director is chosen, he or she shall hire all staff necessary to enable him or her to discharge the duties imposed under […]