Life- Chapter 15 (AR State Law) Graded A+

Life- Chapter 15 (AR State Law) Graded A+ LIFE AND HEALTH LAWS Insurance Commissioner Appointed by the Governor with the advice and consent of the Senate. Must be resident of this state and be at least 30 years of age. Shall execute a $50,000 bond to the State of Arkansas. General Duties & Powers of Commissioner General supervision, control, regulation or persons and companies authorized to transact the business of insurance in Arkansas. Regulates premium rates, policy forms, insurer solvency. Issues proper insurance license for agents, brokers, and Certificates of Authority for the insurers who qualify to conduct business in the state. May institute audits, exams, investigations, etc. Examinations of Records Can exam as often as he/she wants. Must examine each insurer at least once every 5 years. May examine each insurer applying for a Certificate of Authority. May subpoena witnesses, administer oaths, and require the disclosure of books and records with respect to an exam. Self Incrimination- any person who asks to be excused from attending, testifying, or producing any documents in connection with any exam. Hearings/Notice of Hearings/Orders May hold hearing for any purpose within scope of the Insurance. Must hold hearing within 30 days of its demand and give notice of date, time, location 10 days in advance. Will make his/her order within 30 days after the end of the hearing. Appeal will take place within 30 days after the notice of appeal has been received by commissioner. Penalties Refusal, suspension or revocation of license or Certificate of Authority. Fine of up to $1,000 for each violation. Order for restitution of actual losses to affected persons. State-Specific Definitions Insurance Transaction Solicitation, preliminary negotiations, execution of an insurance contract,