§ 23-65-320 — Domestic surplus lines insurers

(a) A domestic insurer possessing policyholder surplus of at least twenty million dollars ($20,000,000) may be: (1) Designated as a domestic surplus lines insurer with the written approval of the Insurance Commissioner; and (2) Allowed to write surplus lines insurance in any jurisdiction in which it is eligible. (b) A domestic surplus lines insurer is: (1) Deemed a nonadmitted surplus lines insurer in the State of Arkansas; and (2) Deemed a nonadmitted surplus lines insurer under the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203. (c) A domestic surplus lines insurer is not subject to: (1) The Arkansas Property and Casualty Insurance Guaranty Act, § 23-90-101 et seq.; or (2) The Arkansas Life and Health Insurance Guaranty Association Act, § 23-96-101 et seq. (d) A surplus lines broker that obtains surplus lines insurance from a domestic surplus lines insurer shall comply with § 23-65-315 . (e) Unless specifically exempt, the insurance laws of this state regarding financial and solvency requirements apply to a domestic surplus lines insurer.

Legislative History

Amended by Act 2013, No. 157,§ 1, eff. 8/16/2013. Acts 2011, No. 332, § 1.