Arkansas Code of 1987 (2023)
Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105)
Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417)
Chapter 64 - LICENSEES, AGENTS, BROKERS, ADJUSTERS, AND CONSULTANTS (§§ 23-64-101 — 23-64-614)
Subchapter 4 - MANAGING GENERAL AGENTS ACT (§§ 23-64-401 — 23-64-408)
Section 23-64-403 - License - Surety requirements

• (a) No person, firm, association, limited liability company, or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless the person is a licensed managing general agent in this state.

• (b) No person, firm, association, limited liability company, or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless the person is licensed as a managing general agent in this state pursuant to the provisions of this subchapter. The license may be a nonresident license.

• (c) The Insurance Commissioner may require the managing general agent to post a bond in an amount acceptable to him or her for the protection of the insurer.

• (d) The commissioner may require the managing general agent to maintain an errors and omissions policy.

• (e) The commissioner shall not require a license under this subchapter for insurers acting in the capacity of a managing general agent or agency in this state for risks located in this state, nor for acting for a domestic insurer with respect to risks located outside this state, so long as those insurers hold a subsisting certificate of authority listing the same lines of insurance as it will transact as a managing general agent or agency in this state.

Acts 1993, No. 1094, § 1; 1997, No. 1004, § 1; 2001, No. 1604, § 43.