Withdrawal of approval

  1. Law
  2. Arkansas Code
  3. Public Utilities and Regulated Industries
  4. Insurance
  5. Unauthorized Insurers and Surplus Lines
  6. Surplus Lines Insurance Law
  7. Withdrawal of approval

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  1. (a) The Insurance Commissioner may remove an approved surplus lines insurer if the commissioner has reason to believe that the insurer:

    1. (1) Is in unsound financial condition;

    2. (2) Is no longer eligible under § 23-65-310;

    3. (3) Has willfully violated the laws of this state;

    4. (4) Does not make reasonably prompt payment of just losses and claims in this state or elsewhere; or

    5. (5) Has failed to file its annual statement when due.

  2. (b) The commissioner shall promptly mail notice of removals to each surplus lines broker that is currently licensed.


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