Arkansas Code Annotated

Ark. Code Ann. § 23-64-223 (2026)

Fiduciary duties of licensees

✓ current as of May 2026

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All funds, fees, moneys, premiums, or return premiums received by a licensee in the capacity as a licensee shall be trust funds so received by the licensee in a fiduciary capacity, and the licensee shall in the applicable regular course of business account for and pay these funds, fees, moneys, premiums, or return premiums to the insured, insurer, licensee, or any other person entitled thereto.
Any licensee who, not being lawfully entitled thereto, diverts or appropriates those funds or any portion thereof to his or her own use shall upon conviction be guilty of theft of property and shall be punished as provided by law.

History. Acts 1959, No. 148, § 174; 1985, No. 804, § 14; A.S.A. 1947, § 66-2831; Acts 1997, No. 1004, § 1.

Publisher's Notes. For cumulative effect of 1985 amendment to this section, see Publisher's Notes to § 23-64-201.

This section was formerly codified as § 23-64-225. Former § 23-64-223 has been renumbered as § 23-64-221.

Research References

U. Ark. Little Rock L.J.

Legislative Survey, Insurance, 8 U. Ark. Little Rock L.J. 587.

Case Notes

Violations.

There was substantial evidence to support the revocation of the license of a title insurance company owner because there was a longtime pattern of poor record-keeping, poor management, and questionable business practices that enabled the owner's employee to commit fraud; and the owner disregarded the sanctity of escrow accounts and failed to place correct information on title policies regarding his license, business name, and the required statutory notices. Moreover, the sanction was not too harsh because revocation was an available sanction for the violations that occurred. Dyer v. Ark. Ins. Dep't, 2015 Ark. App. 446, 468 S.W.3d 303 (2015).

Cited: State v. Hagan-Sherwin, 356 Ark. 597, 158 S.W.3d 156 (2004).

Notes of Decisions

Cited in 2 cases, 2004–2015 · leading case: State v. Hagan-Sherwin, 158 S.W.3d 156 (Ark. 2004).

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State v. Hagan-Sherwin, 158 S.W.3d 156 (Ark. 2004). · cites it 6× “The State claims that the trial court committed prejudicial error by instructing the jury with the choice-of-evils defense and a non-statutory defense of entrapment by estoppel.”

Dyer v. Arkansas Ins. Dep't, 2015 Ark. App. 446 (Ark. Ct. App. 2015). · cites it 2× “See Ark.Code Ann. § 23-64-223 (Repl. 2012). 27 .”

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