Licensing Requirements: Arkansas law requires surplus lines brokers to be licensed. Ark. Code Ann. §§ 23-65-308, 23-64-508. To be licensed as a resident surplus lines broker, a person (1) must be
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. All funds, fees, monies, premiums,
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Insurance producers may charge fees in addition to commissions
Fees may be charged if they are separately disclosed to the insured in the invoice or premium billing statement. Producers also are required to disclose certain compensation arrangements to clients.
What entities are covered? “Any person or business that acquires, owns, or licenses computerized data that includes personal information” of Arkansas residents. § 4-110-105(a)(1). Is there a requirement for service