(a) The Insurance Commissioner may remove an approved surplus lines insurer if the commissioner has reason to believe that the surplus lines insurer: (1) Is in unsound financial condition;(2) Is no longer eligible under § 23-65-310;(3) Has willfully violated the laws of this state;(4) Does not make reasonably prompt payment of just losses and claims in this state or elsewhere; or(5) Has failed to file its annual statement when due.(b) The commissioner shall promptly mail notice of removals to each surplus lines broker that is currently licensed.Acts 1959, No. 148, § 207.1, as added by Acts 1983, No. 522, § 24; A.S.A. 1947, § 66-2928; Acts 2011, No. 1055, § 2. (a) The Insurance Commissioner may remove an approved surplus lines insurer if the commissioner has reason to believe that the surplus lines insurer: (1) Is in unsound financial condition;(2) Is no longer eligible under § 23-65-310;(3) Has willfully violated the laws of this state;(4) Does not make reasonably prompt payment of just losses and claims in this state or elsewhere; or(5) Has failed to file its annual statement when due.(b) The commissioner shall promptly mail notice of removals to each surplus lines broker that is currently licensed.Acts 1959, No. 148, § 207.1, as added by Acts 1983, No. 522, § 24; A.S.A. 1947, § 66-2928; Acts 2011, No. 1055, § 2.
Arkansas Legal Code