Arkansas § 23-63-1102 Definitions

Arkansas Statutes

§ 23-63-1102 — Definitions

As used in this subchapter:

(1)"Accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners;

(2)"Control" or "controlled" has the meaning set out in § 23-63-503 ;

(3)"Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by a producer;

(4)"Controlling producer" means a producer who, directly or indirectly, controls an insurer;

(5)(A) "Licensed insurer" or "insurer" means any person, firm, association, or corporation duly licensed to transact a property and casualty insurance business in this state.

(B)The following, among other things, are not licensed ins

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As used in this subchapter: (1) "Accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners; (2) "Control" or "controlled" has the meaning set out in § 23-63-503 ; (3) "Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by a producer; (4) "Controlling producer" means a producer who, directly or indirectly, controls an insurer; (5) (A) "Licensed insurer" or "insurer" means any person, firm, association, or corporation duly licensed to transact a property and casualty insurance business in this state. (B) The following, among other things, are not licensed insurers for the purposes of this subchapter: (i) All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, the Product Liability Risk Retention Act of 1981, and §§ 23-94-101 - 23-94-108 [repealed], 23-94-201 - 23-94-209 [revised], and 23-94-301 - 23-94-303 [repealed]; (ii) All residual market pools and joint underwriting authorities or associations; and (iii) All captive insurers, that is, insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks of member organizations and group members and their affiliates; and (6) "Producer" means an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, such a person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation.

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