§ 23-64-102 - Definitions.
23-64-102. Definitions.
As used in this chapter, unless the context otherwise requires:
(1) (A) An "agent" is an individual, firm, limited liability company, or corporation who is required by 23-64-501 et seq. to be licensed as an insurance producer by the Insurance Commissioner.
(B) An agent shall be deemed to be the agent of the appointing insurer;
(2) (A) (i) A "resident agent" is an agent whose residence is in or who may vote in this state or who is licensed as a resident insurance producer by the commissioner in accordance with 23-64-501 et seq.
(ii) Every reference herein to "an agent, a resident of this state" and to "a licensed agent, a resident of this state" shall include any duly licensed resident agent as defined in this section.
(B) By reciprocal arrangements with another state under which residents of Arkansas may be licensed and operate as resident agents of the other state, the commissioner may license, as resident agents of Arkansas, residents of the other state who:
(i) In cities or towns through which passes the Arkansas boundary, or border communities or border trade areas, maintain their principal place of business in that city, town, community, or trade area; and
(ii) Are otherwise qualified for the license.
(C) The terms "border communities" or "border trade areas" shall mean communities and trade areas situated within five (5) miles of the Arkansas boundary.
(D) Firms and corporations of which all the members and persons exercising the license power qualify individually as to residence under the definition in this subdivision (2) may be licensed as resident agents;
(3) A "broker" is an individual, firm, limited liability company, or corporation who is required to be licensed as an insurance producer under 23-64-501 et seq. who represents insureds or prospective insureds other than himself or herself and not on behalf of an insurer or agent. A broker shall be deemed to be the agent of the insured;
(4) (A) An "adjuster" is an individual, firm, limited liability company, or corporation who for compensation as an independent contractor or as the employee of an independent contractor or for fee or commission investigates and negotiates, on behalf of the insurer, settlement of claims arising under insurance contracts.
(B) A licensed attorney at law who is qualified to practice law in this state is not deemed to be an "adjuster" for the purposes of this chapter.
(C) A salaried employee of an insurer or of a managing general agent or of any adjustment bureau or association owned and maintained by insurers to adjust losses of member insurers is not deemed to be an "adjuster" for the purposes of this chapter.
(D) A resident agent or marine average adjuster or an agent or broker who adjusts or assists in adjustment of losses arising under policies procured through the broker or issued by the insurer represented by the agent that is appointed by the insurer shall not be deemed to be an "adjuster" for the purposes of this chapter.
(E) (i) The commissioner may issue "limited adjusters' licenses" to persons who are sponsored and are employees of self-insured, self-funded, entities for purposes of the adjustment of claims for or on the behalf of that self-insured sponsoring entity.
(ii) The limited license shall be valid only while the employee is employed by the sponsoring self-insured entity.
(iii) Qualifications, fees, and other aspects of licensure for "limited adjusters' licenses" shall be as established by regulation;
(5) (A) An "insurance consultant" is an individual, firm, limited liability company, or corporation which, for a fee, in any manner advises or counsels anyone as to his or her insurance needs and coverages under any insurance policy or contract.
(B) The term "insurance consultant" shall not be deemed to include licensed attorneys, actuaries, certified public accountants, medical bill analysts, or any other person who gives or offers incidental advice to the public in the normal course of a business or professional activity other than insurance consulting; and
(6) For purposes of the commissioner's reciprocal arrangements or agreements with the insurance supervisory officials of other states for licensure of nonresident insurance applicants as permitted in 23-64-203 or other applicable laws, the term "insurance producer" means "agent" or "broker", or both, as applicable, as defined in this section.