- (a) The State Insurance Department is an agency of state government created under Acts 1959, No. 148, as codified under Arkansas Code § 23-61-101 et seq.
(b)
- (1) Pursuant to Arkansas Code § 23-61-101(c)(1), the primary mission of the department is consumer protection through insurer solvency and market conduct regulation, and fraud prosecution and deterrence.
(2) Specifically, under the direction and supervision of the Insurance Commissioner, pursuant to Arkansas Code § 23-61-103(c), the department regulates:
- (A) The licensing of insurance companies;
- (B) The licensing of insurance producers;
- (C) Regulation of premium rates and policy forms;
- (D) Regulation of insurer solvency and receiverships; and
- (E) Any other matters relating to the effective regulation of the business of insurance.
- (c) The individual in charge of day-to-day operations is the commissioner, who is appointed by the Governor under Arkansas Code § 23-61-102.
- (d) From time to time, the department issues administrative orders, rules, bulletins, and directives pertaining to the business of insurance or other regulation of business organizations subject to the jurisdiction of the department.
(e) For administrative purposes, the department is comprised of divisions, which include, but are not limited to:
- (1) Licensing;
- (2) Financial regulation;
- (3) Accounting regulation;
- (4) Legal services;
- (5) General administration;
- (6) Public employee claims;
- (7) Risk management for state-owned properties;
- (8) Consumer services or affairs; and
- (9) Liquidation and receiverships.
- (f) A current organizational chart reflecting the organization and operations of divisions shall be available from the department’s website at the following link: https://www.insurance.arkansas.gov/administration/organizationchart2.