Created on March 7, 1917 by the Arkansas General Assembly with the passage of Act 190, the Arkansas Insurance Department succeeded the state “Insurance Bureau” which was established in the office of the Auditor of State in 1873.
The head of the Insurance Department shall be an Insurance Commissioner appointed by the Governor with the advice and consent of the Senate. The Insurance Commissioner shall enforce the provisions of the Arkansas Insurance Code and shall execute the duties imposed upon him or her by the Arkansas Insurance Code.
Pursuant to Ark. Code Ann. § 23-61-101(c), the purpose of the department is to serve and protect the public interest by the equitable enforcement of the state's laws and regulations affecting the insurance industry. The primary mission of the department shall be consumer protection through insurer solvency and market conduct regulation, and fraud prosecution and deterrence.
Today, the Department fulfills its purpose and primary mission through 167 Arkansans working in 15 separate divisions with a budget of approximately $13.8 million to advocate for consumers and regulate an industry that writes $13.7 billion* in premiums.
*As of December 31, 2016