Form AID-LI-SLB Surplus Lines Insurance Broker / Producer Bond - Arkansas

What Is Form AID-LI-SLB?

This is a legal form that was released by the Arkansas Insurance Department - a government authority operating within Arkansas. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is the AID-LI-SLB Surplus Lines Insurance Broker/Producer Bond?
A: The AID-LI-SLB Surplus Lines Insurance Broker/Producer Bond is a type of bond required by the state of Arkansas for individuals or businesses that engage in surplus lines insurance brokering or production.

Q: Who needs to obtain the AID-LI-SLB Surplus Lines Insurance Broker/Producer Bond?
A: Individuals or businesses that engage in surplus lines insurance brokering or production in Arkansas need to obtain the AID-LI-SLB Surplus Lines Insurance Broker/Producer Bond.

Q: Why is the AID-LI-SLB Surplus Lines Insurance Broker/Producer Bond required?
A: The bond is required to ensure that surplus lines insurance brokers/producers comply with the state's regulations and protect their clients from any financial damages resulting from their actions.

Q: How much does the AID-LI-SLB Surplus Lines Insurance Broker/Producer Bond cost?
A: The cost of the bond varies depending on the bond amount, which is determined by the Arkansas Insurance Department. It typically ranges from a few hundred dollars to several thousand dollars.

Q: How long does the AID-LI-SLB Surplus Lines Insurance Broker/Producer Bond remain valid?
A: The bond usually remains valid for one year from the date it is issued. It needs to be renewed annually to maintain compliance with the Arkansas Insurance Department.

Q: What happens if I fail to obtain or renew the AID-LI-SLB Surplus Lines Insurance Broker/Producer Bond?
A: Failure to obtain or renew the bond can result in penalties, fines, and potential suspension or revocation of your surplus lines insurance broker/producer license in Arkansas.