Arkansas Administrative Code
Agency 054 - Arkansas Insurance Department
Rule 054.00.07-004 - Rule 88: Title Insurance Licensing and Appointment Fees
Universal Citation: AR Admin Rules 054.00.07-004
Current through Register Vol. 49, No. 9, September, 2024
SECTION 1. PURPOSE
The purpose of this Rule is to implement and clarify the pertinent fees of Act 684 of 2007 (the "Arkansas Title Insurance Act") and Arkansas Insurance Department Rule 87 "Title Insurance" and to set the fee standards and guidelines for applicants seeking Title Insurance Agent and Agency licenses in the State of Arkansas.
SECTION 2. AUTHORITY
The authority for this Rule is power given to the Insurance Commissioner for the State of Arkansas by the Arkansas Title Insurance Act, provisions of Ark. Code Ann. §§ 23-61-701 et seq., § 23-61-108, §§ 25-15-201 et seq., and other applicable Arkansas laws.
SECTION 3. APPLICABILITY AND SCOPE
A. This Rule shall apply to all
applicants seeking a title insurance agent or agency license under the Arkansas
Title Insurance Act, Ark. Code Ann. §§
23-103-401 et
seq.
B. This Rule shall apply to
title insurance agents or agencies previously licensed pursuant to the repealed
Arkansas Title Insurance Agents' Licensing Act, §§ 23-103-101 et seq.
who continue to meet all the residency and other requirements of the Arkansas
Title Insurance Act and this Rule, effective January 1, 2008.
C. This Rule shall apply to title insurers,
title insurance agents, and title insurance agencies.
D. Those not required to have a license under
the Arkansas Title Insurance Act are exempt from this Rule.
SECTION 4. TITLE INSURANCE AGENT LICENSING FEES
A. APPLICANTS FOR
NEW, FIRST TIME AGENT LICENSE
(1)
Administrative and Regulatory Fee ------------------------------ $35
(a) Each new title insurance agent applicant
for a first time license shall pay a nonrefundable THIRTY-FIVE DOLLAR ($35)
Administrative and Regulatory Fee ("ARF") for each and every original title
insurance license as referenced in Ark. Code Ann. §
23-61-706(b).
(b) Such fees shall be payable to "The State
Insurance Department Trust Fund".
(2) Background Check Fee
-------------------------------------------- $22
(a) Each new title insurance agent applicant
for a first time license shall pay a nonrefundable TWENTY-TWO DOLLAR ($22) fee
for the ASP-122 Background Check.
(b) Such fees shall be payable separately to
"The State Insurance Department Trust Fund" and must be attached to the ASP-122
form. Payment for the ASP-122 cannot be in the form of a personal
check.
(3) Examination
Fees
(a) Examination fees will be determined
by the examination provider and such fees will be paid directly to the
provider.
(b) Examination provider
information will be available on the Department website at:
B. ANNUAL
RENEWAL FEES FOR TITLE INSURANCE AGENT LICENSES
(1) Administrative and Regulatory Fee
------------------------------ $35
(a) Each
title insurance agent licensee shall pay a nonrefundable THIRTY-FIVE DOLLAR
($35) fee for each and every title insurance agent license renewal.
(b) Such fees shall be payable to "The State
Insurance Department Trust Fund".
(2) Continuing Education Filing Fee
--------------------------------- $10
(a)
Each title insurance agent, upon renewal, shall pay a nonrefundable TEN DOLLAR
($10) Continuing Education Filing Fee.
(b) Such fees shall be payable to "The State
Insurance Department Trust Fund".
(c) Failure to obtain or report educational
requirements along with the fee imposed annually to the Commissioner on or
before the birthday of the licensee shall result in the fines contained in Ark.
Code Ann. §
23-64-304(d).
(3) Late Renewal Penalty Fee
--------------------------------------- $105
(4) Renewal will be on or before the title
insurance agent's birthday, after the year of issue.
(5) For title insurance agent licenses in
effect on December 31, 2007, the first title insurance agent license renewal
will be due January 31, 2008. The first renewal based on the licensee's
birthday will start January 1, 2009.
C. CERTIFICATION OF LICENSE FEE
------------------------------------ $10
SECTION 5. TITLE INSURANCE AGENCY LICENSING FEES
A. APPLICANTS FOR NEW,
FIRST TIME LICENSE ----------------- $250
(1)
Each new agency applicant for a first time license shall pay a nonrefundable
TWO HUNDRED FIFTY DOLLAR ($250) fee for each and every original title insurance
agency license.
(2) The fee of TWO
HUNDRED FIFTY DOLLARS ($250) includes the Administrative and Regulatory Fee
("ARF") of THIRTY-FIVE DOLLARS ($35) as referenced in Ark. Code Ann. §
23-61-706(b).
B. TITLE INSURANCE AGENCY AFFILIATION FEE
------------------- $10
(1) If a licensed
individual title insurance agent is acting for a title insurance agency, the
agency must add the individual to the agency license, and an affiliation form
and fee must be submitted to the Department.
(2) The agency affiliation form, called a
producer addition form, can be obtained from the Department website. The form
and instructions are under the "Business Entity (Agency)" heading at:
C. TITLE INSURANCE
AGENCY TERMINATION OF AFFILIATION FEE
----------------------------------------------------------- $10
(1) If the affiliation of a title insurance
agent with a title insurance agency will be terminated, a termination form and
fee must be submitted to the Department.
(2) The agency affiliation termination form,
called a producer termination form, can be obtained from the Department
website. The form and instructions are under the "Business Entity (Agency)"
heading at:
D. ANNUAL RENEWAL FEES
FOR TITLE INSURANCE AGENCY LICENSES
-------------------------------------------------------------------- $250
(1) Each agency title insurance licensee
shall pay a nonrefundable TWO HUNDRED FIFTY DOLLAR ($250) fee for each and
every title insurance license renewal.
(2) The fee of TWO HUNDRED FIFTY DOLLARS
($250) includes the Administrative and Regulatory Fee ("ARF") of THIRTY-FIVE
DOLLARS ($35) as referenced in Ark. Code Ann. §
23-61-706(b).
(3) Late Renewal Penalty Fee
--------------------------------------- $100
(4) Renewal deadlines for each title
insurance agency license shall be October 1 of each year.
(5) For title insurance agency licenses in
effect on December 31, 2007, the first title insurance agency license renewal
will be January 31, 2008, with the next renewal date occurring October 1, 2009.
Thereafter, the renewal will occur October 1 of each year.
C. CERTIFICATION OF LICENSE FEE
------------------------------------ $10
SECTION 6. TITLE INSURANCE AGENT APPOINTMENT FEES
A. LICENSED TITLE
INSURANCE AGENT APPOINTMENT
FEE ------------------------------------------------------------------------------- $20
(1) A title insurer must submit a
form and fee to the Department for each title insurance agent or agency
appointment.
(2) The appointment
form and instructions can be obtained from the Department website at:
B. LICENSED TITLE
INSURANCE AGENT APPOINTMENT RENEWAL FEE
--------------------------------------------------------------- $20
(1) As of June 1 of each year, an invoice
will be mailed to each title insurer reflecting all active title insurance
agent appointments as of that date.
(2) Appointment renewal payment will be due
thirty (30) days from the invoice date.
(3) Appointment renewal fees will double if
the payment is late.
SECTION 7. EFFECTIVE DATE
The provisions of this Rule shall be effective on January 1, 2008.
Disclaimer: These regulations may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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