(a) The Insurance Commissioner shall revoke a surplus lines broker's license: (1) If the surplus lines broker fails to file his or her quarterly statement or fails to remit the tax as required by law;(2) If the surplus lines broker fails to maintain an office, keep records, or allow the commissioner to examine his or her records as required by law; or(3) For any cause for which an agent's license may be revoked.(b) The commissioner may suspend or revoke a license whenever he or she deems the suspension or revocation to be for the best interest of the people of this state.(c) The procedures provided by § 23-64-218 for the suspension or revocation of an agent's license shall be applicable to suspension or revocation of a surplus lines broker's license.(d) A surplus lines broker whose license has been revoked shall not be licensed within one (1) year thereafter or until payment of fines or delinquent taxes.Amended by Act 2013, No. 1133,§ 8, eff. 8/16/2013.Acts 1959, No. 148, § 203; A.S.A. 1947, § 66-2923; Acts 2001, No. 1555, § 9; 2011, No. 1055, § 2.
Arkansas Legal Code