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SURPLUS LINES INSURERS
Finance Division-
Updated January 9,
2012!
 
The Commissioner will continue to maintain a list of
eligible surplus lines insurers. The Nonadmitted and Reinsurance Reform Act
of 2010 (NRRA) restricts the eligibility requirements Arkansas may impose on a company to be a
nonadmitted insurer in our state.
The
Items below are ANNUAL FILINGS which
were in place prior to the enactment
of
the NRRA have been reviewed and please note the following:
- Financial
Statement and Other Filings Checklist (No longer Required)
- Annual
Continuation Form : SPECIAL
NOTICE TO SURPLUS LINES INSURERS:
PURSUANT
TO FEDERAL LEGISLATION ENTITLED THE NONADMITTED AND REINSURANCE REFORM ACT
AND 2011 ARKANSAS LEGISLATION TO IMPLEMENT
THE FEDERAL ACT, SURPLUS LINES INSURERS WILL NO LONGER BE REQUIRED TO PAY ANNUAL
STATE FILING FEES OR
RULE 57 ANNUAL CONTINUATION FEES.
ACCORDINGLY, THE FORM FOR SUBMISSION OF THOSE FEES HAS BEEN REMOVED
FROM THIS WEBSITE FOR FOREIGN SURPLUS LINES INSURANCE COMPANIES.
- Earthquake
Market Analysis – Due Annually April 1st (No longer required for Approved or Eligible)
- Arkansas
Mandatory Comprehensive Health Insurance Pool Form – (No longer Required)
- Information on
Surplus Lines Coverage (This is an informational web page document only- not
a filing requirement)
- Foreign nonadmitted insurers should request to
be removed from the Approved
Surplus Lines Insurers list and added to the Eligible Surplus Lines Insurers
list and have their Arkansas
statutory deposit released. The instructions and process for operating
under the NRRA are explained below.
- For all filing Questions, email Kimberly Johnson at Kimberly.johnson@arkansas.gov
Approved Surplus Lines Insurers “SL”- (Prior to July 21,
2011 NRRA effective date)
- Defined
as a foreign nonadmitted insurer who has applied and been approved under
AR Code Ann. §23-65-310
and currently maintains a minimum statutory deposit of $100,000 in our
state.
- List
of Approved Surplus Lines Insurers- Use our company search feature and
select Company Type “Surplus Lines”
http://insurance.arkansas.gov/is/companysearch/cosearch.asp
- Questions
concerning Approved Surplus Lines Insurers should be directed to Kimberly Johnson, Insurance Examiner at
501-371-2680 or Kimberly.johnson@arkansas.gov
- We
are encouraging all “Approved” insurers to be transitioned to the
Eligible Insurers list, as long as you meet federal requirements.
Eligible Surplus Lines Insurers “ESL”- (After July 21, 2011
NRRA effective date)
- Defined
as a foreign nonadmitted insurer (does not include a risk retention
group) that satisfies the following NRRA eligibility requirements:
a. Insurer must be authorized
to write in its domiciliary jurisdiction, and
b. Have Capital and Surplus or
its equivalent under the laws of its domiciliary jurisdiction, which equals
the greater of the minimum capital and surplus requirement under the law of
its home state, or $15,000,000.
- List
of Eligible Surplus Lines Insurers- Use our company search feature and
select Company Type “Eligible Surplus Lines NRRA Qualified” http://insurance.arkansas.gov/is/companysearch/cosearch.asp
- If you have never been licensed in
Arkansas, as a surplus lines insurer, to be added to our list of
eligible surplus lines insurers we ask that you provide the following :
- Notice
of Intent Letter (This is simply a letter stating that you intend to write
in our state under the NRRA) addressed to the Commissioner, which
includes the attached documentation: (This information should be sent to the attention of Kimberly Johnson, Insurance Examiner,
Finance Division, 1200 West Third Street, Little Rock, AR 72201-1904)
- Certificate
of Compliance from the surplus line insurer’s state of domicile.
- Copy
of most recent financial statement filed with its state of domicile.
- Completed
Uniform Consent to Service of Process Form (UCAA Form 12) - surplus
line insurers do not have to appoint a resident agent, but
provide the full name and address where a service of process is to be
forwarded on Exhibit B of the form. Admitted companies holding a
certificate of authority in our state must appoint a resident agent.
- If you are an Approved Surplus
Lines Insurer, to be added to our list of eligible surplus lines
insurers we ask that you provide the following: NOTE: Foreign nonadmitted insurers should request to
be removed from the Approved
Surplus Lines Insurers list and added to the Eligible Surplus Lines Insurers
list and have their Arkansas
statutory deposit released.
- Send
a written request (no email or faxed request will be accepted) on
company letterhead (it must be signed by an officer of the company)
stating how it meets the NRRA eligibility requirements for an eligible
surplus lines insurer as listed above.
- Certificate
of Compliance from the surplus line insurer’s state of domicile.
- Copy
of most recent financial statement filed with its state of domicile.
- Completed
Uniform Consent to Service of Process Form (UCAA Form 12) - surplus
line insurers do not have to appoint a resident agent, but
provide the full name and address where a service of process is to be
forwarded on Exhibit B of the form. Admitted companies holding a
certificate of authority in our state must appoint a resident agent.
- Include
a check for $75.00, payable to the Arkansas Insurance Department Trust
Fund per Rule 57 for the Release of a Security Deposit.
- Entire
request should be submitted to Malisa Landers,
Securities Administrator, Finance Division, 1200 West Third Street, Little
Rock, AR 72201-1904.
- No
deposit will be considered for release until all fees owed from
previous deposit transactions have been paid in full. The releases will
be processed in the order received. Overdue Company fees or filings due
to other Divisions of this Department may be collected before the final
deposit release.
- Questions
concerning the Deposit release process should be directed to Malisa Landers, Securities Administrator at:
501-371-2679 or Malisa.landers@arkansas.gov
- Questions
concerning Eligible Surplus Lines Insurers should be directed to Kimberly Johnson, Insurance Examiner at
501-371-2680 or Kimberly.johnson@arkansas.gov
Alien Surplus Lines Insurers
- Quarterly
Listing of Alien Insurers- The National Association of Insurance
Commissioners (NAIC) announced the listing is now available for
reference and download from the NAIC website. http://www.naic.org/documents/committees_c_surplus_lines_fawg_related_docs_quarterly_listing_alien_insurers.pdf
- Application
for companies which intend to apply for listing on the NAIC Quarterly
Listing of Alien Insurers- http://www.naic.org/committees_c_surplus_lines_iid_plan.htm
- For
nonadmitted insurers domiciled outside the U.S., a surplus lines broker
may place business with such insurers provided the insurer is listed on
the Quarterly Listing of Alien Insurers maintained by the International
Insurers Department of the National Association of Insurance
Commissioners.
- For
questions concerning Alien Surplus Lines in Arkansas- Contact Carol Stiffler,
501-371-2807
Domestic Surplus Lines Insurers “DSL”
- Qualifications
for Domestic Surplus Lines Insurers- Ark. Code Ann. §23-65-320
- Domestic
insurer possessing policyholder surplus of at least twenty million
dollars ($20,000,000)
- All
provisions of the Arkansas Insurance Code regarding financial and
solvency requirements apply to domestic surplus lines insurers unless
domestic surplus lines insurers are otherwise specifically exempted.
- List
of Domestic Surplus Lines Insurers- Use our company search feature and
select Company Type “Domestic Surplus Lines” http://insurance.arkansas.gov/is/companysearch/cosearch.asp
- Bulletin
8-2011 issued August 2, 2011 concerning the Licensing of Domestic
Surplus Lines Insurers pursuant to Ark. Code Ann. §23-65-320
- Questions
concerning Domestic Surplus Lines Insurers should be directed to Kimberly Johnson, Insurance Examiner at
501-371-2680 or Kimberly.johnson@arkansas.gov
- Financial
Statement and Other Filings Checklist- (Word)
(PDF)
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