§ 23-66-603 — Definitions

Arkansas § 23-66-603

• Jurisdiction: Arkansas
• Title: 23

Text

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 association and does not include an insurance company; (4) "Insurance" means all policies or products defined or regulated as insurance pursuant to § 23-60-101 et seq. except: (A) Credit life, credit accident and health, credit property, credit casualty, credit involuntary unemployment, mortgagor's decreasing term life, and mortgagor's accident and health and sickness insurance; (B) Insurance placed by a financial institution in connection with collateral pledged as security for a loan when the debtor breaches the contractual obligation to provide that insurance; and (C) Private mortgage insurance; (5) "Insurance information" means information concerning the premiums, terms, and conditions of insurance coverage, including expiration dates and rates, and insurance claims of a customer contained in the records of a depository institution or an affiliate of a depository institution; and (6) "Person" means any natural or artificial entity, including, but not limited to, individuals, partnerships, associations, trusts, or corporations.

Legislative History

Acts 1997, No. 900, § 3; 1999, No. 881, § 9; 2001, No. 1728, § 3; 2003, No. 1747, § 10.