§ 23-60-101. Title
This code constitutes the Arkansas Insurance Code.
§ 23-60-102. Definitions
As used in the Arkansas Insurance Code, unless the context otherwise requires: (1) (A) (i) “Insurance” is any agreement, contract, or other transaction whereby one party, the “insurer”, is obligated to confer benefit of pecuniary value upon another party, the “insured” or “beneficiary”, dependent upon the happening of a fortuitous event in which the insured […]
§ 23-60-103. Application of code
Unless otherwise expressly provided for in the Arkansas Insurance Code, no provision of the Arkansas Insurance Code shall apply with respect to the following entities: (1) Domestic stipulated premium insurers, as identified in § 23-70-101 et seq., concerning stipulated premium insurers except as stated in those sections; (2) Assessment life, health, and accident insurers, as […]
§ 23-60-104. Exceptions — Burial associations — Health care sharing ministries — Direct primary care agreements — Definitions
(a) The Arkansas Insurance Code and rules promulgated by the Insurance Commissioner under the Arkansas Insurance Code do not apply to a: (1) Burial association governed by §§ 23-78-101 — 23-78-119 and 23-78-121 — 23-78-125; (2) Direct primary care agreement; or (3) Health care sharing ministry. (b) As used in this section: (1) (A) “Direct […]
§ 23-60-105. Particular provisions prevail
Provisions of the Arkansas Insurance Code relative to a particular kind of insurance or a particular type of insurer or to a particular matter shall prevail over provisions relating to insurance in general or insurers in general or to such matters in general.
§ 23-60-106. Prior acts, offenses, rights, etc., not affected
The Arkansas Insurance Code shall not impair or affect any act done; offense committed or right accruing, accrued, or acquired; or liability, penalty, forfeiture, or punishment incurred prior to the time the Arkansas Insurance Code takes effect, but the same may be enjoyed, asserted, enforced, prosecuted, or inflicted, as fully and to the same extent […]
§ 23-60-107. Captions and headings not to affect meaning
The scope and meaning of any provision shall not be limited or otherwise affected by the caption or heading of any chapter, section, or provision.
§ 23-60-108. Penalty generally
Unless a greater penalty is provided by another law of this state, a violation of a statute or rule enforceable by the Insurance Commissioner is punishable: (1) By the refusal, suspension, revocation, or nonrenewal of a license or certificate of authority; and (2) A fine no greater than one thousand dollars ($1,000) per violation, not […]
§ 23-60-109. Penalty for false or misleading statements
Any person who files any statement, application, form, or other document required to be filed by the Arkansas Insurance Code knowing the statement or information contained in the document to be false or misleading in any material respect shall be guilty of a Class D felony.
§ 23-60-110. Compliance with code required
No person shall transact a business of insurance in Arkansas, or relative to a subject of insurance resident, located, or to be performed in Arkansas, without complying with the applicable provisions of the Arkansas Insurance Code.
§ 23-60-111. Civil liability
(a) In the absence of fraud or bad faith, no civil cause of action of any nature shall arise against the person for supplying any information: (1) Relating to suspected fraudulent insurance acts furnished to or received from law enforcement officials or their agents and employees; (2) Relating to suspected fraudulent insurance acts furnished to […]
§ 23-60-112. American Law Institute — Restatement not public policy
A statement of the law in the American Law Institute’s Restatement of the Law, Liability Insurance does not constitute the public policy of this state if the statement of the law is inconsistent or in conflict with, or otherwise not addressed by: (1) A statute of the State of Arkansas; (2) The common law and […]