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Arkansas: Bulletin Addresses New Producer Disclosure Requirements
Arkansas Insurance Commissioner Julie Benafield Bowman issued Bulletin No. 5-2005, on July 25, providing the Insurance Department's guidelines on application of Section 9 of Act 1697 of 2005. The new law provides for more transparency of transactions for insurance consumers through better disclosure of producer compensation arrangements.
The Bulletin points out that for the majority of producers who do not act as brokers, the new requirements will mean disclosure only of (1) the source of compensation for that placement, and (2) the fact that the producer represents the insurer and will be providing services to the consumer on the insurer's behalf.
The Bulletin also includes guidelines developed by the Insurance Department in response to questions received from licensees on implementation of the law.
Direct questions to NAMIC Regulatory Affairs Counsel Marsha Harrison.
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