Arkansas Code Title 23, Subtitle 3, Chapter 91, Subchapter 2 - Arkansas Legal Insurance Act

• § 23-91-201 - Title.
  This subchapter shall be cited as the "Arkansas Legal Insurance Act".
• § 23-91-202 - Construction and Purposes.
  This subchapter shall be interpreted liberally in order to achieve the following purposes: (1) To encourage the development of effective and economically sound methods...
• § 23-91-203 - Definitions.
  As used in this subchapter: (1) "Commissioner" means the Insurance Commissioner; (2) "Insurer" means any person who obtains a certificate of authority under this...
• § 23-91-204 - Applicability of Insurance Law.
  (a) The provisions of the insurance law apply generally to legal insurance offered by insurers licensed to write other kinds of insurance. However, legal...
• § 23-91-205 - Applicability of Unauthorized Insurance Law.
  Subject to the provisions of this subchapter, the relevant and applicable provisions of the Unauthorized Insurers Process Act, § 23-65-201 et seq., and the...
• § 23-91-206 - Exemption.
  (a) (1) This subchapter does not apply to any person not domiciled in this state but issuing only group, blanket, or franchise policies or...
• § 23-91-207 - Penalty Provisions -- Applicability of §§ 23-60-108 and 23-60-109.
  The relevant and applicable provisions of §§ 23-60-108 and 23-60-109 apply to violations of this subchapter.
• § 23-91-208 - Authorization Required.
  (a) No person may transact the business of legal insurance in this state without first obtaining a certificate of authority under this subchapter.(b) (1)...
• § 23-91-209 - Conditions for Issuing Certificate of Authority.
  (a) Upon receipt of an application for a certificate of authority, the Insurance Commissioner shall issue or deny a certificate pursuant to this subchapter...
• § 23-91-210 - Regulation of Policy Forms.
  (a) (1) Each contractual obligation for legal insurance shall be evidenced by a policy or master policy. (2) Legal insurance may be written on...
• § 23-91-211 - Regulation of Rates.
  (a) Rate filings shall be subject to the following procedures and requirements: (1) Every insurer shall file with the Insurance Commissioner every manual of...
• § 23-91-212 - Approval of Forms and Rates.
  (a) If the Insurance Commissioner determines that any form reviewed under § 23-91-210 or any schedule of rates reviewed under § 23-91-211 complies with...
• § 23-91-213 - Segregated Accounts Required -- Exception.
  Except for employee welfare benefit plans regulated by the Employee Retirement Income Security Act of 1974, persons transacting the business of legal insurance, and...
• § 23-91-214 - Management and Exclusive Agency Contracts.
  (a) No insurer may enter into any exclusive agency contract or management contract unless the contract is first filed with the Insurance Commissioner and...
• § 23-91-215 - Annual Report.
  Each insurer shall annually, on or before March 1, file with the Insurance Commissioner a report verified by at least two (2) principal officers....
• § 23-91-216 - Reserves Required.
  An insurer must maintain the reserves necessary for the sound operation of the business including unearned premium reserves, and the amount and manner of...
• § 23-91-217 - Investment of Assets.
  The investable funds generated through the transaction of the business of legal insurance by persons who are not licensed to transact other lines of...
• § 23-91-218 - Trade Practices.
  The Trade Practices Act, § 23-66-201 et seq., and §§ 23-66-301 -- 23-66-314 and 23-66-316 apply to persons transacting the business of legal insurance...
• § 23-91-219 - Licensing of Agents.
  (a) Agents shall be licensed in accordance with such provisions as the Insurance Commissioner in his or her discretion deems applicable under § 23-64-101...
• § 23-91-220 - Examination of Insurer's Affairs.
  (a) The Insurance Commissioner shall make an examination of the affairs of any insurer as often as the commissioner deems it necessary for the...
• § 23-91-221 - Professional Ethics.
  The Insurance Commissioner shall report to the Attorney General for reference to the Supreme Court any information which the commissioner considers to be of...
• § 23-91-222 - Revocation of Certificate of Authority.
  The Insurance Commissioner may suspend, revoke, or refuse to renew any certificate of authority issued to a person transacting the business of legal insurance...
• § 23-91-223 - Rehabilitation and Liquidation.
  The relevant provisions of §§ 23-68-101 -- 23-68-113 and 23-68-115 -- 23-68-132 shall apply to a person transacting the business of legal insurance under...
• § 23-91-224 - Authority to Promulgate Rules.
  The Insurance Commissioner may promulgate such reasonable rules or regulations as are necessary or proper to carry out the provisions of this subchapter.
• § 23-91-225 - Fees.
  Every person subject to this subchapter shall pay to the Insurance Commissioner the fees required by the applicable and relevant provisions of § 23-61-401.
• § 23-91-226 - Taxation.
  (a) Taxation on legal insurance premiums shall be fixed at the rate of two and one-half percent (2.5%) of direct written premium income in...
• § 23-91-227 - Public Documents.
  All applications, filings, and reports required under this subchapter shall be treated as public documents.

Last modified: November 15, 2016