§ 23-64-507 — License

(a) Unless denied licensure pursuant to § 23-64-512 , persons who have met the requirements of §§ 23-64-505 and 23-64-506 shall be issued an insurance producer license. An insurance producer may receive qualification for a license in one (1) or more of the following lines of authority: (1) Life insurance coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income; (2) Accident and health or sickness insurance coverage for sickness, bodily injury, or accidental death and may include benefits for disability income; (3) Property insurance coverage for the direct or consequential loss or damage to property of every kind; (4) Casualty insurance coverage against legal liability, including that for death, injury, or disability or damage to real or personal property; (5) Variable life and variable annuity products insurance coverage provided under variable life insurance contracts and variable annuities; (6) Personal lines property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes; (7) Credit limited line credit insurance; or (8) Any other line of insurance permitted under state laws or regulations. (b) An insurance producer license shall remain in effect unless revoked or suspended: (1) As long as the fee set forth in § 23-61-401 and any existing or future rule is paid and education requirements for resident individual producers are met by the due date; or (2) (A) During any period of state active duty in the Arkansas National Guard or active duty in any branch of the United States Armed Forces or as a member of the Arkansas National Guard on active duty, including without limitation the: (i) United States Coast Guard; or (ii) Reserve components of the United States Armed Forces. (B) The requirements of subdivision (b)(1) of this section are waived during the period of active duty. (c) An individual insurance producer who allows his or her license to lapse may reinstate the same license within twelve (12) months after the due date of the renewal fee without the necessity of passing a written examination. However, a penalty in the amount of double the unpaid renewal fee shall be required for any renewal fee received after the due date. (d) A licensed insurance producer who is unable to comply with license renewal procedures due to military service or some other extenuating circumstance, for example, a long-term medical disability, may request a waiver of those procedures. The producer may also request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures. (e) The license shall contain the licensee's name, address, personal identification number, and the date of issuance, the lines of authority, the expiration date, and any other information the Insurance Commissioner deems necessary. (f) Licensees shall inform the commissioner by any means acceptable to the commissioner of a change of address within thirty (30) days of the change. Failure to timely inform the commissioner of a change in legal name or address shall result in a penalty pursuant to § 23-64-216 . (g) In order to assist in the performance of the commissioner's duties, the commissioner may contract with nongovernmental entities, including the National Association of Insurance Commissioners or any affiliates or subsidiaries that the National Association of Insurance Commissioners oversees, to perform any ministerial functions, including the collection of fees, related to producer licensing that the commissioner and the nongovernmental entity may deem appropriate.

Legislative History

Amended by Act 2019, No. 315,§ 2656, eff. 7/24/2019. Amended by Act 2019, No. 462,§ 19, eff. 7/24/2019. Acts 2001, No. 580, § 1; 2005, No. 1697, § 7.