§ 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 […]

§ 23-66-608. Authorization to promulgate rules

The Insurance Commissioner may promulgate rules to effectuate the purposes of this subchapter.

§ 23-66-609. Prohibited activities

No person, depository institution, or affiliate of a depository institution who lends money or extends credit may: (1) Use an advertisement or other insurance promotional material that would cause a reasonable person to mistakenly believe that the federal government or the state is responsible for the insurance sales activity of or stands behind the credit […]

§ 23-66-610. Commissioner’s powers — Administrative proceedings

(a) The Insurance Commissioner shall have the power to examine and investigate the insurance activities of depository institutions in order to determine whether a depository institution has been or is engaged in any unfair trade practice prohibited by this subchapter. (b) The commissioner shall notify the appropriate bank regulatory agency of the commissioner’s intent to […]