(a)
(1) If a surplus lines risk has been assumed by an unauthorized insurer under this subchapter and the premium has been received by the surplus lines broker who placed the insurance, the insurer shall be deemed to have received the premium due to it for the coverage.
(2) The insurer shall be liable to the insured for:
(A) Losses covered by the insurance; and
(B) Unearned premiums that may become payable to the insured upon cancellation of the insurance.
(b) Each unauthorized insurer assuming a surplus lines direct risk under the insurance laws of this state shall be deemed to have subjected itself to the terms of this section.
(c) This section shall not deprive the surplus lines insurer of any right of action against the surplus lines broker.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 65 - Unauthorized Insurers and Surplus Lines
Subchapter 3 - Surplus Lines Insurance Law
§ 23-65-303. Insurer not admitted
§ 23-65-305. Conditions of procurement
§ 23-65-307. Endorsement of contract
§ 23-65-308. Licensing of surplus lines broker
§ 23-65-309. Acceptance of business from agents by surplus lines brokers
§ 23-65-310. Surplus lines in solvent insurers
§ 23-65-311. Evidence of insurance — Changes
§ 23-65-312. Liability of insurer as to losses and unearned premiums
§ 23-65-313. Records of brokers
§ 23-65-314. Quarterly statement
§ 23-65-316. Penalty for failure to file quarterly statement or remit tax
§ 23-65-317. Revocation of broker's license
§ 23-65-318. Action against insurer — Service of process