Licensing of corporations and partnerships acting as surplus line brokers
Arkansas Code § 23-61-108; Arkansas Code § 23-65-101
- (a) All individuals acting as surplus line brokers in this state must first individually qualify for and be issued a surplus line broker's license pursuant to Arkansas Code § 23-65-308.
(b)
- (1) Hereinafter, any corporation or partnership that provides a facility for transacting business on a surplus line basis shall be required to apply for and obtain a surplus line broker's license in the name of the corporation or partnership pursuant to Arkansas Code § 23-65-308.
- (2) Each individual to act as a surplus line broker under the license must qualify individually for a surplus line broker's license and upon doing so will be added to the license of the corporate or partnership broker.
- (3) As to corporations and partnerships currently operating on this basis but not being corporately licensed, a period of sixty (60) days is granted beyond the effective date of this part within which such licenses must be obtained in order for such corporations, partnerships, and individuals to remain in compliance with this part.