§ 23-64-207 - Scope of broker's license and authority and an insurance consultant's license. - Arkansas Statutes

23-64-207. Scope of broker's license and authority and an insurance consultant's license.

(a) The Insurance Commissioner shall not issue a broker's license limited to particular lines of insurance.

(b) (1) A broker, as such, is not an agent or other representative of an insurer and does not have power by his or her own acts to obligate the insurer upon any risk or with reference to any insurance transaction unless, and to the extent, he or she has received refunded premiums from the insurer on behalf of the insured.

(2) An insurer or agent shall have the right to pay to a broker licensed under this chapter the customary commissions upon insurance placed through the broker.

(c) A license as a consultant may cover:

(1) Life and disability;

(2) Property and casualty which includes surety and marine; or

(3) Both subdivisions (c)(1) and (2) of this section.