Arkansas Code Title 23, Subtitle 3, Chapter 62, Subchapter 4 - Reinsurance Intermediary Act

• § 23-62-401 - Short Title.
  This subchapter may be cited as the "Reinsurance Intermediary Act".
• § 23-62-402 - Definitions.
  As used in this subchapter: (1) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries; (2)...
• § 23-62-403 - Qualified United States Financial Institutions.
  For purposes of this subchapter, a "qualified United States financial institution" means an institution that: (1) Is organized or, in the case of a...
• § 23-62-404 - Licensure.
  (a) No person, firm, association, or corporation shall act as a reinsurance intermediary broker in this state if the reinsurance intermediary broker maintains an...
• § 23-62-405 - Required Contract Provisions -- Reinsurance Intermediary Brokers.
  (a) Transactions between a reinsurance intermediary broker and the insurer it represents in such capacity shall only be entered into pursuant to a written...
• § 23-62-406 - Books and Records -- Reinsurance Intermediary Brokers.
  (a) For at least ten (10) years after expiration of each contract of reinsurance transacted by the reinsurance intermediary broker, the reinsurance intermediary broker...
• § 23-62-407 - Duties of Insurers Utilizing the Services of a Reinsurance Intermediary Broker.
  (a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary broker on its...
• § 23-62-408 - Required Contract Provisions -- Reinsurance Intermediary Managers.
  (a) Transactions between a reinsurance intermediary manager and the reinsurer it represents in such capacity shall only be entered into pursuant to a written...
• § 23-62-409 - Prohibited Acts.
  The reinsurance intermediary manager shall not: (1) (A) Bind retrocessions on behalf of the reinsurer, except that the reinsurance intermediary manager may bind facultative...
• § 23-62-410 - Duties of Reinsurers Utilizing the Services of a Reinsurance Intermediary Manager.
  (a) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a reinsurance intermediary manager on its...
• § 23-62-411 - Examination Authority.
  (a) (1) A reinsurance intermediary shall be subject to examination by the Insurance Commissioner. (2) The commissioner shall have access to all books, bank...
• § 23-62-412 - Penalties and Liabilities.
  (a) A reinsurance intermediary, insurer, or reinsurer found by the Insurance Commissioner, after a hearing conducted in accordance with §§ 23-61-301 -- 23-61-307, to...
• § 23-62-413 - Rules and Regulations.
  The Insurance Commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this subchapter.

Last modified: November 15, 2016