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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-61-102. Appointment of Insurance Commissioner

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) The head of the State Insurance Department shall be the Insurance Commissioner appointed by the Governor with the advice and consent of the Senate. No person shall be eligible for appointment as commissioner unless a citizen of this state and at least thirty (30) years of age.

(b) The commissioner shall serve at the pleasure of the Governor and shall report to the Secretary of the Department of Commerce.

(c) The commissioner shall take and subscribe to the usual oath of office.

(d) The commissioner shall receive the salary provided by law.

(e)(1) At the time of taking office, the commissioner shall execute bond to the State of Arkansas in the sum of fifty thousand dollars ($50,000) for the faithful performance of his or her duties.

(2) The form and surety of the bond shall be subject to the approval of the Secretary of the Department of Commerce and the Auditor of State.

(3) An authorized surety insurer shall be the surety on the bond.

(f)(1) The commissioner shall have an official seal.

(2) All certificates issued by the commissioner shall bear his or her seal.

(3) Every document executed by the commissioner pursuant to law and bearing his or her official seal shall be received as evidence in any court or other tribunal and may be recorded in the same manner and with like effect as deeds regularly acknowledged.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-61-102. Appointment of Insurance Commissioner - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-61-102/

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