(a) Fraud investigators who are employees of an insurer shall:

1. (1) Be qualified by education, experience, or training in the detection, investigation, and proper reporting of suspected fraudulent insurance acts, and may be employees whose principal responsibilities are the processing and disposition of claims, if they meet the qualification requirements herein stated; and

2. (2)

   1. (A) Complete a minimum of three (3) hours of continuing education annually in the detection, investigation, and proper reporting of suspected fraudulent insurance acts.
   2. (B) The specific curriculum, location, and certification of said continuing education courses are not mandated but shall be consistent with industry standards for continuing education for insurance fraud:

(i) Prevention;

1. (ii) Detection; or

   1. (iii) Investigation.

(b) Independent contractors hired by an insurer as fraud investigators shall be investigation companies:

1. (1) Licensed by the State of Arkansas under the provisions of Arkansas Code § 17-40-301 et seq.; or
2. (2) Duly exempted from licensure by the Division of Arkansas State Police.