Agreement authorized — Requirements

1. Law
2. Arkansas Code
3. Public Utilities and Regulated Industries
4. Insurance
5. Unauthorized Insurers and Surplus Lines
6. Multistate Agreements or Compacts
7. Agreement authorized — Requirements

1. (a) The Insurance Commissioner may enter into written multistate agreements or compacts with other state jurisdictions on behalf of the State of Arkansas to provide for cooperation and assistance among member jurisdictions in the administration and collection of taxes imposed on multistate surplus lines insurance.

2. (b) A multistate agreement or compact authorized by this subchapter may provide for:

   1. (1) Determining the home state for surplus lines insurers and surplus lines brokers;

   2. (2) Establishing the record requirements for surplus lines brokers;

   3. (3) Audit procedures;

   4. (4) The exchange of information;

   5. (5) Uniform criteria for eligibility of insurers and eligibility for licensing of surplus lines brokers;

   6. (6) Reporting requirements and reporting periods;

   7. (7) Methods for collecting and forwarding surplus lines taxes;

   8. (8) Penalties to another jurisdiction; and

   9. (9) Rules to facilitate the administration of the multistate agreement or compact.

3. (c) A multistate agreement or compact authorized by this subchapter:

   1. (1) Shall not preclude the commissioner from auditing the records of a person subject to this subchapter;

   2. (2) Is not effective until filed with the commissioner; and

   3. (3) Shall have the same effect as enacted legislation.

Download our app to see the most-to-date content.