Arkansas Administrative Code Agency 054 - Arkansas Insurance Department
The Arkansas Administrative Code, Agency 054, pertains to the Arkansas Insurance Department (AID), which regulates the insurance industry in the state. This code encompasses a comprehensive set of rules and regulations aimed at ensuring consumer protection, maintaining market stability, and overseeing the licensing and conduct of insurance professionals.
Key Areas Covered by Agency 054
Investment Regulations for Insurers
Rule 054.00.94-006 (Reg. 36) establishes limitations on investments in medium-grade and lower-grade obligations for domestic Arkansas insurers. The purpose is to protect the interests of the Arkansas insurance-buying public by specifying allowable investments and avoiding undesirable results when market conditions adversely affect insurers with high concentrations in such obligations.
Educational Requirements for Insurance Agents
Rule 054.00.91-008 outlines the curricula for courses of instruction required for applicants seeking insurance licenses in Arkansas. It establishes criteria for course providers, examination mechanisms, and the duties of the Insurance Advisory Examining Board. The rule applies to all applicants seeking licenses as insurance agents, brokers, solicitors, and consultants.
Administrative and Regulatory Fees
Rule 054.00.99-005 (Reg. 57) addresses the imposition of fees by the AID to support its operations. It categorizes fees into two classes: Category A (material or substantive corporate transactions) and Category B (less complex filings). Category A fees are capped at a maximum of $1,500 per transaction.
Minimum Reserve Standards for Disability Insurance
Rule 054.00.98-004 (Reg. 22) sets minimum reserve standards for individual and group disability insurance contracts. This regulation ensures that insurers maintain adequate reserves to meet future policyholder obligations.
Viatical Settlements Regulation
Rule 054.00.98-009 (Reg. 69) governs viatical settlements, which involve the sale of a life insurance policy by the policyholder to a third party. The regulation aims to protect policyholders and ensure ethical practices in the viatical settlement industry.
Insurance Holding Company Systems
Rule 054.00.98-010 (Reg. 15) pertains to insurance holding company systems, providing reporting forms and instructions to ensure transparency and regulatory oversight of such entities.
Life and Disability Insurance Guaranty Fund Notices
Rule 054.00.98-011 (Reg. 49) requires insurers to provide notices regarding the Life and Disability Insurance Guaranty Fund, informing policyholders of the protections available in case of insurer insolvency.
Employee Leasing Firms and Groups
Rule 054.00.98-013 (Reg. 58) addresses the regulation of employee leasing firms and groups, ensuring compliance with insurance requirements and protecting the interests of leased employees.
Accessing the Full Regulations
For a comprehensive list and detailed information on all rules and regulations under Agency 054, you can visit the Arkansas Insurance Department's official website: (insurance.arkansas.gov). Additionally, Casetext provides an accessible compilation of these regulations: (casetext.com).(casetext.com)
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