(a)(1) There is created the State Insurance Department.(2) The State Insurance Department is a division of the Department of Commerce.(b) Suitable space shall be assigned for the use of the State Insurance Department.(c)(1)(A) The purpose of the State Insurance Department is to serve and protect the public interest by the equitable enforcement of the state's laws and rules affecting the insurance industry.(B) The primary mission of the State Insurance Department shall be consumer protection through insurer solvency and market conduct regulation, and fraud prosecution and deterrence.(2) Nothing in this subsection shall be construed to limit the Insurance Commissioner's authority as enumerated in other provisions of the Arkansas Insurance Code.Amended by Act 2019, No. 315,§ 2610, eff. 7/24/2019.Amended by Act 2019, No. 910,§ 590, eff. 7/1/2019.Acts 1959, No. 148, § 16; A.S.A. 1947, § 66-2101; Acts 2001, No. 610, § 1.
Arkansas Legal Code