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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-61-106. Insurance Commissioner, deputies, assistants, and other employees--Financial interest prohibited--Exception

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

(a) The Insurance Commissioner, any deputy, examiner, assistant, or employee of the commissioner, or any employee of the Department of Commerce working for the State Insurance Department shall not be financially interested, directly or indirectly, in any insurer, insurance agency, or insurance transaction, except as:

(1) A policyholder or claimant under a policy;

(2) A grantor of a mortgage or similar instrument on the person's residence to an entity regulated under the Arkansas Insurance Code if done under customary terms and in the ordinary course of business; or

(3) A settlor or beneficiary of a blind trust into which any otherwise impermissible holdings have been placed, provided that the commissioner may make reasonable exceptions upon full and complete written disclosure to the commissioner of the exact nature and extent of the otherwise impermissible financial interest and adhering to any and all reasonable restrictions as the commissioner may impose upon the terms and conditions of employment.

(b) Notwithstanding the requirements of subsection (a) of this section, the commissioner may employ or retain, from time to time, insurance actuaries, technicians, or other professional personnel who are independently practicing their professions even though similarly employed or retained by insurers or others.

(c) The commissioner, any assistant, deputy, examiner, or other employee of the commissioner, or any employee of the Department of Commerce working for the State Insurance Department shall not be given nor receive any fee, compensation, loan, gift, or other thing of value in addition to the compensation and expense allowance provided pursuant to law for any service rendered or to be rendered as commissioner, deputy, examiner, or employee, or in connection therewith.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-61-106. Insurance Commissioner, deputies, assistants, and other employees--Financial interest prohibited--Exception - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-61-106/

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