Skip to main content
Find a Lawyer

Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-66-308. Unlawful rebates, discounts, etc.

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

(a) No property, casualty, or surety insurer or any employee thereof and no broker, agent, or solicitor shall pay, allow, or give, or offer to pay, allow, or give, directly or indirectly, as an inducement to insure or after insurance has been effected, any rebate, discount, abatement, credit, or reduction of the premium named in a policy of insurance, or any special favor or advantage in the dividends or other benefits to accrue thereon, or any valuable consideration or inducement whatever not specified in the policy except to the extent provided for in an applicable filing with the Insurance Commissioner as provided by law.

(b) No insured named in a policy, nor any employee of the insured, shall knowingly receive or accept, directly or indirectly, any such rebate, discount, abatement, credit, or reduction of premium, or any special favor or advantage or valuable consideration or inducement.

(c) This section shall not be construed as prohibiting:

(1) The payment of commissions or other compensation to licensed agents, brokers, or solicitors;

(2) An insurer from allowing or returning to its participating policyholders, members, or subscribers any dividends, savings, or unabsorbed premium deposits;

(3) A licensed insurance consultant who is also a licensed producer from adjusting or refunding to his or her clients any part of a consulting fee under a prior written agreement with a client paying total annual premiums, for all lines of business, of one hundred thousand dollars ($100,000) or more based on commissions received by the consultant from insurers; or

(4) Token gifts of one hundred dollars ($100) or less in wholesale value that are used for advertisement purposes, including without limitation pens, calendars, notebooks, and other items.

(d) This section does not include within the definition of rebates or otherwise prohibit the practice of engaging in an arrangement that would not violate section 106 of the Bank Holding Company Act Amendments of 1972, 12 U.S.C. § 1972, as interpreted by the Board of Governors of the Federal Reserve System, or section 1464(q) of the Home Owners’ Loan Act, 12 U.S.C. § 1461 et seq.

(e) The commissioner may promulgate rules to implement this section.

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 § 23-66-308. Unlawful rebates, discounts, etc. - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-66-308/

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