(a) Each surplus lines broker shall keep in his or her office a full and true record of each of his or her surplus lines contracts procured within this state where this state is the home state of the insured, including a copy of the daily report, if any, and showing the following items as applicable: (1) Amount of the insurance;(2) Gross premium charged;(3) Return premium paid, if any;(4) Rate of premium charged upon the several items of property;(5) Effective date of the contract and the contract terms;(6) Name and address of the insurer;(7) Name and address of the insured;(8) Brief general description of property insured and where located; and(9) Other information as required by the Insurance Commissioner.(b) The records shall be open to examination by the commissioner and shall be kept available and open to inspection by the commissioner for the next five (5) years following the termination of the contracts.Acts 1959, No. 148, § 199; A.S.A. 1947, § 66-2919; Acts 2001, No. 1555, § 7; 2011, No. 1055, § 2.
Arkansas Legal Code