Arkansas Code Title 23, Subtitle 3, Chapter 64, Subchapter 5 - Producer Licensing Model Act
- § 23-64-501 - Title -- Purpose -- Scope.
(a) This subchapter shall be known and may be cited as the "Producer Licensing Model Act".(b) This subchapter governs the qualifications and procedures for...
- § 23-64-502 - Definitions.
For purposes of this subchapter: (1) "Business entity" means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity; (2)...
- § 23-64-503 - License Required.
A person shall not sell, solicit, or negotiate insurance in this state for any class or classes of insurance unless the person is licensed...
- § 23-64-504 - Exceptions to Licensing.
(a) Nothing in this subchapter shall be construed to require an insurer to obtain an insurance producer license. In this section, the term "insurer"...
- § 23-64-505 - Application for Examination.
(a) A resident individual applying for an insurance producer license shall pass a written examination unless exempt pursuant to § 23-64-205. The examination shall...
- § 23-64-506 - Application for License.
(a) A person applying for a resident insurance producer license shall make application to the Insurance Commissioner on the National Association of Insurance Commissioners'...
- § 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...
- § 23-64-508 - Nonresident Licensing.
(a) Unless denied licensure pursuant to § 23-64-512, a nonresident person shall receive a nonresident producer license if: (1) The person is currently licensed...
- § 23-64-509 - Exemption From Examination.
(a) An individual who applies for an insurance producer license in this state who was previously licensed for the same lines of authority in...
- § 23-64-510 - Assumed Names.
An insurance producer doing business under any name other than the producer's legal name is required to notify the Insurance Commissioner prior to using...
- § 23-64-511 - Temporary Licensing.
(a) The Insurance Commissioner may issue a temporary insurance producer license for a period not to exceed one hundred eighty (180) days without requiring...
- § 23-64-512 - License Denial, Nonrenewal, or Revocation.
(a) The Insurance Commissioner may place on probation, suspend, revoke, or refuse to issue or renew an insurance producer's license or may levy a...
- § 23-64-513 - Commissions.
(a) An insurance company or insurance producer shall not pay a commission, service fee, brokerage, or other valuable consideration to a person for selling,...
- § 23-64-514 - Appointments.
(a) An insurance producer shall not act as an agent of an insurer unless the insurance producer becomes an appointed agent of that insurer....
- § 23-64-515 - Notification to Insurance Commissioner of Termination.
(a) Termination for Cause. An insurer or authorized representative of the insurer that terminates the appointment, employment, contract, or other insurance business relationship with...
- § 23-64-516 - Reciprocity.
(a) The Insurance Commissioner shall waive any requirements for a nonresident license applicant with a valid license from his or her home state, except...
- § 23-64-517 - Reporting of Actions.
(a) (1) A producer shall report to the Insurance Commissioner any administrative action taken against the producer in another jurisdiction or by another governmental...
- § 23-64-518 - Regulations.
The Insurance Commissioner may, in accordance with § 23-61-108, promulgate reasonable regulations as are necessary or proper to carry out the purposes of this
- § 23-64-519 - Centralized Producer Licensing Registry.
(a) The Insurance Commissioner may participate, in whole or in part, with the National Association of Insurance Commissioners, or any of its affiliates or...
- § 23-64-520 - Compensation Disclosure.
(a) As used in this section: (1) "Affiliate" means a person that controls, is controlled by, or is under common control with a producer;...
Last modified: November 15, 2016