Thursday, May 06, 2010

Arkansas Clarifies Reporting Requirements

The Arkansas Insurance Department has issued Rule 24 to clarify existing legislation regarding surplus lines insurance in order to provide clear guidance to originating producers and brokers and surplus line brokers in Arkansas.

Rule 24 provides direction regarding forms and documents necessary for reporting and accounting on property, casualty, surety and marine insurance issued by surplus line insurers through surplus line brokers.

Among the items the rule reviews include: requirements regarding the surplus line broker's affidavit, responsibility for conducting and reporting a diligent search, language on the contract indicating the policy is written by a surplus lines insurer, and payment of the state’s surplus lines premium tax.

A copy of the approved Rule 24 is available to download from the Arkansas Insurance Department.

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