Number of Licensed Insurance Agencies in Arkansas Grew 4% in 2017

Arkansas in 2017 had a 4 percent rise in the number of licensed insurance agencies compared with the previous year, the Arkansas Insurance Department (AID) reported.

In an announcement released by the AID, Arkansas Insurance Commissioner Allen Kerr said the department’s “move toward online licensure has made it easier for agents and agencies to sell their products in Arkansas. Today, over 90 percent of our licenses are issued online. Our goal is to make it 100 percent.”

At the end of 2017, the Arkansas Insurance Department had licensed 9,269 business agencies, an increase over the 8,896 at the end of 2016.

The types of business entities licensed in Arkansas include surplus lines agencies, consultant agencies, title insurance agencies, third-party administrators, managing general agencies, self-funded insurance plans, mutli-employer welfare trusts, multi-employer trusts, reinsurance intermediaries, risk retention agencies, health insurance exchange agencies, and viatical brokers.

Car rental agencies and self-storage facilities that sell insurance coverage are also licensed by AID, as are retail stores that sell insurance to cover portable electronic devices.

Since the end of 2014, the number of licensed business entities has increased 7 percent.

Source: Arkansas Insurance Department