§ 23-64-220 - Place of business -- Maintenance of records. - Arkansas Statutes

23-64-220. Place of business -- Maintenance of records.

(a) (1) Every resident agent or resident broker shall have and maintain in this state, or in a city or town in another state through which passes the boundary of this state, a place of business accessible to the public.

(2) The place of business shall be that wherein the licensee principally conducts transactions under his or her license.

(3) The address of the place shall appear upon the license, and the licensee shall promptly notify the Insurance Commissioner in writing of any change of address within ten (10) days of that change of address.

(4) Nothing in this section shall be deemed to prohibit maintenance of the place of business in the licensee's place of residence in this state.

(b) The licenses of the licensee shall be conspicuously displayed in the place of business in a part thereof customarily open to the public.

(c) (1) (A) The agent or broker shall keep at his or her place of business the usual and customary records pertaining to transactions under his or her license for at least:

(i) Five (5) years from the date the record was created; or

(ii) One (1) year following the final settlement or final adjudication of a criminal proceeding, civil litigation, or an administrative proceeding:

(a) Commenced within five (5) years from the date the record was created; and

(b) Involving records pertaining to a transaction conducted by the agent or broker under his or her license.

(B) A record required to be kept by this subsection may be maintained in its original form, electronically, or as a hard copy.

(2) As used in this subsection, "usual and customary records" means:

(A) Applications;

(B) Memoranda;

(C) Notations of telephone conversations or other communications;

(D) Billing information;

(E) Correspondence;

(F) Policy information;

(G) Claims files; and

(H) Any other records detailing insurer information or insurance policies or contracts bound through the agent or broker.