§ 23-65-319 - Withdrawal of approval. - Arkansas Statutes

23-65-319. Withdrawal of approval.

(a) The Insurance Commissioner may remove an approved surplus lines insurer if, at any time, the commissioner has reason to believe that the insurer:

(1) Is in unsound financial condition;

(2) Is no longer eligible under 23-65-310;

(3) Has willfully violated the laws of this state;

(4) Does not make reasonably prompt payment of just losses and claims in this state or elsewhere; or

(5) Has failed to file its annual statement when due.

(b) The commissioner shall promptly mail notice of all removals to each surplus lines broker which is currently licensed.