Skip to main content
Find a Lawyer

Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-63-1102. Definitions

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

As used in this subchapter:

(1) “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners;

(2) “Control” or “controlled” has the meaning set out in § 23-63-503(2);

(3) “Controlled insurer” means a licensed insurer which is controlled, directly or indirectly, by a producer;

(4) “Controlling producer” means a producer who, directly or indirectly, controls an insurer;

(5)(A) “Licensed insurer” or “insurer” means any person, firm, association, or corporation duly licensed to transact a property and casualty insurance business in this state.

(B) The following, among other things, are not licensed insurers for the purposes of this subchapter:

(i) All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986,  1 the Product Liability Risk Retention Act of 1981,  2 and §§ 23-94-101 -- 23-94-108, 23-94-201 -- 23-94-209, and 23-94-301 -- 23-94-303;

(ii) All residual market pools and joint underwriting authorities or associations; and

(iii) All captive insurers, that is, insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks of member organizations and group members and their affiliates; and

(6) “Producer” means an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, such a person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association, or corporation.

1 P.L. 99-499.
2 15 U.S.C.A. § 3901 et seq.
Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-63-1102. Definitions - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-63-1102/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard